Heritage Federal Credit Union Mortgage Rates, Fees & Info

Newburgh, IN

LEI: 254900YPMNKIA6O0HC78

Tax ID: 35-1155006

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Heritage Federal Credit Union is a smaller credit union specializing in Refi and Home Purchase loans. Heritage Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Evansville, Owensboro, Indianapolis, Jasper, and Clarksville among others. We have data for 10 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Heritage Federal Credit Union has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Heritage Federal Credit Union is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.86% 4/28/24
    30 Year Conventional Refi 6.80% 4/28/24
    15 Year Conventional Purchase 5.96% 4/28/24
    15 Year Conventional Refi 6.25% 4/28/24
    15 Year Cash-out Refi 6.25% 4/28/24
    These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

    Heritage Federal Credit Union Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Heritage Federal Credit Union. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    1,012

    Origination Dollar Volume (All Markets)

    $142,230,000

    Awards

    Heritage Federal Credit Union 30 Year Conventional Loans silver Heritage Federal Credit Union 30 Year Conventional Loans silver Heritage Federal Credit Union 30 Year Conventional Loans gold
    Show all (3) awards

    Top Markets

    Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

    Market Originations Total Value Average Loan Average Fees Average Rate
    EVANSVILLE, IN-KY (FHA|USDA|VA) 846 $116,430,000 $137,624 $1,661 3.14%
    Outside of Metro Areas 144 $22,350,000 $155,208 $2,028 3.03%
    OWENSBORO, KY (FHA|USDA|VA) 10 $1,450,000 $145,000 $2,258 3.02%
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 2 $620,000 $310,000 $2,022 2.75%
    Jasper, IN (FHA|USDA|VA) 4 $540,000 $135,000 $1,744 2.91%
    CLARKSVILLE, TN-KY (FHA|USDA|VA) 1 $285,000 $285,000 $2,796 2.38%
    Washington, IN (FHA|USDA|VA) 2 $190,000 $95,000 $556 5.34%
    WICHITA, KS (FHA|USDA|VA) 1 $135,000 $135,000 $2,275 3.25%
    LOUISVILLE, KY (FHA|USDA|VA) 1 $115,000 $115,000 $2,237 2.75%
    LEXINGTON-FAYETTE, KY (FHA|USDA|VA) 1 $115,000 $115,000 $2,520 3.50%
    Heritage Federal Credit Union's top markets include Evansville, Owensboro, Indianapolis, Jasper, and Clarksville among others.

    Their top states include:
  • Indiana (FHA|USDA|VA)
  • Kentucky (FHA|USDA|VA)
  • (FHA|USDA|VA)
  • Illinois (FHA|USDA|VA)
  • Kansas (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Heritage Federal Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    EVANSVILLE
    Similarity Rank: 28
    BOONVILLE FEDERAL SAVINGS BANK
    Similarity Rank: 204
    First Federal Savings Bank
    Similarity Rank: 252
    Heritage Federal Credit Union
    Similarity Rank: 280
    United Fidelity Bank, fsb
    Similarity Rank: 340
    INDIANA MEMBERS CREDIT UNION
    Similarity Rank: 486
    CRANE
    Similarity Rank: 680
    LOANFLIGHT LENDING, LLC
    Similarity Rank: 1170
    Independence Bank of Kentucky
    Similarity Rank: 1632
    MORTGAGE MASTERS OF INDIANA, INC.
    Similarity Rank: 1825

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,011 $142,155,000 $140,608 $1,713 3.13%
    HELOC 1 $75,000 $75,000 n/a 0.00%

    For 2021, Heritage Federal Credit Union's most frequently originated type of loan was Conventional, with 1,011 originations. Their 2nd most popular type was HELOC, with 1 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 643 $95,405,000 $148,375 $1,845 2.87%
    Home Purchase 188 $30,720,000 $163,404 $2,116 3.22%
    Cash Out Refi 127 $8,795,000 $69,252 $589 3.83%
    Home Improvement 25 $945,000 $37,800 $349 5.03%
    NA 19 $5,775,000 $303,947 $0 0.00%
    Other 10 $590,000 $59,000 $345 4.79%

    For 2021, Heritage Federal Credit Union's most frequently cited loan purpose was Refi, with 643 originations. The 2nd most popular reason was Home Purchase, with 188 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 371 $69,255,000 $186,671 $2,207 3.20%
    15 Year 327 $38,795,000 $118,639 $1,588 2.83%
    Other 121 $12,365,000 $102,190 $475 3.26%
    20 Year 89 $14,985,000 $168,371 $2,025 2.82%
    10 Year 82 $6,160,000 $75,122 $999 3.87%
    5 Year 22 $670,000 $30,455 $305 4.16%

    For 2021, Heritage Federal Credit Union's most frequently cited loan duration was 30 Year, with 371 originations. The 2nd most popular length was 15 Year, with 327 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 689 $114,045,000 $165,522
    $1k-2k 20 $2,610,000 $130,500
    $2k-3k 4 $810,000 $202,500
    $4k-5k 2 $590,000 $295,000
    $5k+ 2 $1,070,000 $535,000
    $3k-4k 1 $85,000 $85,000

    Heritage Federal Credit Union's average total fees were $2,207, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 689 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 403 $59,915,000 $148,672
    2.5-3% 257 $38,475,000 $149,708
    <2.5% 236 $32,710,000 $138,602
    5-6% 31 $1,675,000 $54,032
    4-5% 28 $1,720,000 $61,429
    6-7% 13 $665,000 $51,154
    7-8% 6 $150,000 $25,000
    Over 8% 1 $45,000 $45,000

    During 2021, Heritage Federal Credit Union's average interest rate for loans was 3.20%, while their most frequently originated rate bucket for loans was 3-4%, with 403 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 417 $24,975,000 $59,892 $1,139 3.41%
    $100k-200k 399 $56,855,000 $142,494 $1,916 2.91%
    $200k-400k 172 $45,730,000 $265,872 $2,270 2.97%
    $400k-600k 15 $7,115,000 $474,333 $2,888 2.99%
    $600k-1MM 8 $6,070,000 $758,750 $4,849 3.29%
    $1MM+ 1 $1,485,000 $1,485,000 $0 0.00%

    2021 saw Heritage Federal Credit Union place emphasis on $100,000 or less loans with 417 originations, totaling $24,975,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 251 $21,575,000 $85,956 $1,538 3.14%
    $50k-75k 242 $29,810,000 $123,182 $1,738 3.11%
    $100k-150k 201 $34,625,000 $172,264 $1,742 3.05%
    $75k-100k 187 $25,665,000 $137,246 $1,662 3.17%
    $150k-250k 74 $18,250,000 $246,622 $2,024 3.20%
    $250k+ 13 $4,285,000 $329,615 $2,481 2.99%

    Heritage Federal Credit Union lent most frequently to those with incomes in the $50k or less range, with 251 originations. The second most popular income band? $50k-75k, with 242 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 327 $44,525,000 $136,162 $1,713 3.07%
    <20% 200 $24,940,000 $124,700 $1,633 2.93%
    30-36% 183 $24,815,000 $135,601 $1,788 3.21%
    38% 29 $3,715,000 $128,103 $1,439 3.55%
    37% 28 $4,240,000 $151,429 $1,725 3.33%
    39% 25 $4,555,000 $182,200 $1,960 3.07%
    36% 24 $3,430,000 $142,917 $1,910 3.07%
    42% 23 $3,685,000 $160,217 $1,799 3.33%
    44% 22 $4,070,000 $185,000 $1,972 3.30%
    40% 21 $2,795,000 $133,095 $1,435 3.28%
    41% 19 $3,135,000 $165,000 $1,718 3.46%
    43% 16 $2,240,000 $140,000 $1,702 2.88%
    46% 12 $2,150,000 $179,167 $1,830 3.17%
    45% 11 $1,735,000 $157,727 $1,813 3.14%
    50-60% 10 $1,490,000 $149,000 $993 3.84%
    47% 9 $1,505,000 $167,222 $1,500 3.09%
    48% 9 $1,825,000 $202,778 $2,019 3.05%
    49% 2 $150,000 $75,000 $2,520 3.50%
    >60% 2 $200,000 $100,000 $0 3.13%

    Heritage Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 327 originations. The next most common DTI ratio? <20%, with 200 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 923 $125,875,000 $136,376 $1,693 3.14%
    Not provided 50 $7,500,000 $150,000 $1,991 2.90%
    Not applicable 21 $6,165,000 $293,571 $3,926 2.13%
    Black 12 $1,320,000 $110,000 $1,263 3.20%
    Asian Indian 3 $1,055,000 $351,667 $2,756 2.54%
    Asian 3 $315,000 $105,000 $1,945 3.04%

    Approval Rates

    Total approvals of all applications
    90.92%

    Heritage Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    85.18%

    Heritage Federal Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,012 $142,230,000 $140,543

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,012 $142,230,000 $140,543

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 137 $8,925,000 $65,146 $904 3.32%
    40-60% 202 $24,280,000 $120,198 $1,631 2.78%
    60-80% 348 $57,790,000 $166,063 $1,954 2.96%
    80-100% 223 $42,525,000 $190,695 $2,274 3.14%
    Under 20% 70 $2,130,000 $30,429 $335 4.53%