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. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Evansville, Owensboro, Jasper, Washington, and Madisonville among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Heritage Federal Credit Union has an 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.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.86% 11/21/24
    30 Year Conventional Refi 6.80% 11/21/24
    15 Year Conventional Purchase 5.96% 11/21/24
    15 Year Conventional Refi 6.25% 11/21/24
    15 Year Cash-out Refi 6.25% 11/21/24
    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

    696

    Origination Dollar Volume (All Markets)

    $82,540,000

    Awards

    Heritage Federal Credit Union 30 Year Conventional Loans bronze Heritage Federal Credit Union 30 Year Conventional Loans silver
    Show all (2) 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) 562 $63,090,000 $112,260 $1,433 5.25%
    Outside of Metro Areas 98 $14,870,000 $151,735 $1,784 5.00%
    OWENSBORO, KY (FHA|USDA|VA) 19 $2,705,000 $142,368 $2,442 5.75%
    Jasper, IN (FHA|USDA|VA) 8 $820,000 $102,500 $1,711 4.81%
    Washington, IN (FHA|USDA|VA) 3 $495,000 $165,000 $2,626 6.21%
    Madisonville, KY (FHA|USDA|VA) 4 $300,000 $75,000 $1,063 6.17%
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 1 $165,000 $165,000 $2,179 4.88%
    TERRE HAUTE, IN (FHA|USDA|VA) 1 $95,000 $95,000 $2,218 6.00%
    Heritage Federal Credit Union's top markets include Evansville, Owensboro, Jasper, Washington, and Madisonville among others.

    Their top states include:
  • Indiana (FHA|USDA|VA)
  • Kentucky (FHA|USDA|VA)
  • (FHA|USDA|VA)
  • Illinois (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: 21
    CRANE
    Similarity Rank: 34
    BOONVILLE FEDERAL SAVINGS BANK
    Similarity Rank: 42
    Heritage Federal Credit Union
    Similarity Rank: 232
    Independence Bank of Kentucky
    Similarity Rank: 410
    First Federal Savings Bank
    Similarity Rank: 416
    INDIANA MEMBERS CREDIT UNION
    Similarity Rank: 494
    Banterra Bank
    Similarity Rank: 520
    MORTGAGE MASTERS OF INDIANA, INC.
    Similarity Rank: 1540
    NAVY FEDERAL CREDIT UNION
    Similarity Rank: 1768

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 691 $81,945,000 $118,589 $1,511 5.24%
    HELOC 4 $530,000 $132,500 n/a 0.00%
    FHA 1 $65,000 $65,000 $336 8.49%

    For 2022, Heritage Federal Credit Union's most frequently originated type of loan was Conventional, with 691 originations. Their 2nd most popular type was HELOC, with 4 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 269 $11,975,000 $44,517 $347 5.93%
    Refi 204 $29,050,000 $142,402 $1,899 4.35%
    Home Purchase 201 $36,085,000 $179,527 $2,664 5.25%
    NA 17 $5,265,000 $309,706 $0 0.00%
    Other 5 $165,000 $33,000 $281 5.23%

    For 2022, Heritage Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 269 originations. The 2nd most popular reason was Refi, with 204 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 258 $50,680,000 $196,434 $2,747 5.13%
    15 Year 149 $13,505,000 $90,638 $1,038 4.99%
    10 Year 133 $6,825,000 $51,316 $480 5.96%
    5 Year 71 $1,805,000 $25,423 $322 5.32%
    Other 68 $7,480,000 $110,000 $409 4.71%
    20 Year 16 $2,240,000 $140,000 $2,960 4.80%
    3 Year 1 $5,000 $5,000 $336 4.09%

    For 2022, Heritage Federal Credit Union's most frequently cited loan duration was 30 Year, with 258 originations. The 2nd most popular length was 15 Year, with 149 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 273 $50,345,000 $184,414
    $1k-2k 32 $4,490,000 $140,313
    $2k-3k 11 $2,955,000 $268,636
    $3k-4k 7 $1,205,000 $172,143
    $4k-5k 4 $670,000 $167,500
    $5k+ 4 $530,000 $132,500

    Heritage Federal Credit Union's average total fees were $2,747, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 273 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 184 $21,810,000 $118,533
    4-5% 161 $20,385,000 $126,615
    6-7% 117 $13,245,000 $113,205
    3-4% 107 $13,445,000 $125,654
    7-8% 41 $3,185,000 $77,683
    2.5-3% 27 $2,765,000 $102,407
    Over 8% 26 $960,000 $36,923
    <2.5% 6 $950,000 $158,333

    During 2022, Heritage Federal Credit Union's average interest rate for loans was 5.13%, while their most frequently originated rate bucket for loans was 5-6%, with 184 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 392 $18,500,000 $47,194 $708 5.46%
    $100k-200k 201 $29,385,000 $146,194 $2,472 4.92%
    $200k-400k 85 $22,405,000 $263,588 $2,687 5.02%
    $400k-600k 9 $4,355,000 $483,889 $3,111 5.22%
    $600k-1MM 7 $4,915,000 $702,143 $3,632 4.94%
    $1MM+ 2 $2,980,000 $1,490,000 $4,432 5.25%

    2022 saw Heritage Federal Credit Union place emphasis on $100,000 or less loans with 392 originations, totaling $18,500,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 159 $16,555,000 $104,119 $1,705 5.22%
    $75k-100k 147 $16,825,000 $114,456 $1,543 5.14%
    $50k or less 144 $11,390,000 $79,097 $1,579 5.09%
    $100k-150k 139 $18,555,000 $133,489 $1,392 5.43%
    $150k-250k 76 $11,730,000 $154,342 $1,241 5.39%
    $250k+ 6 $1,800,000 $300,000 $1,244 4.80%

    Heritage Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 159 originations. The second most popular income band? $75k-100k, with 147 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 187 $18,515,000 $99,011 $1,370 5.18%
    30-36% 127 $15,295,000 $120,433 $1,639 5.38%
    <20% 106 $7,880,000 $74,340 $955 4.65%
    37% 24 $4,050,000 $168,750 $2,040 5.74%
    39% 22 $2,010,000 $91,364 $1,428 5.46%
    42% 21 $2,745,000 $130,714 $1,496 5.10%
    43% 20 $2,360,000 $118,000 $2,024 5.20%
    38% 20 $3,130,000 $156,500 $2,136 5.70%
    36% 19 $1,825,000 $96,053 $1,319 5.46%
    40% 18 $2,850,000 $158,333 $1,867 4.69%
    45% 16 $3,110,000 $194,375 $2,117 5.73%
    41% 14 $2,460,000 $175,714 $2,493 5.30%
    46% 13 $2,145,000 $165,000 $2,102 5.19%
    47% 13 $1,375,000 $105,769 $1,923 5.80%
    50-60% 12 $1,990,000 $165,833 $1,676 5.94%
    44% 11 $1,615,000 $146,818 $1,660 5.83%
    >60% 9 $545,000 $60,556 $702 5.49%
    49% 9 $1,635,000 $181,667 $2,191 5.81%
    48% 8 $1,270,000 $158,750 $1,876 5.53%

    Heritage Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 187 originations. The next most common DTI ratio? 30-36%, with 127 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 632 $71,480,000 $113,101 $1,495 5.25%
    Not applicable 17 $5,265,000 $309,706 $0 0.00%
    Not provided 30 $3,690,000 $123,000 $1,758 5.33%
    Black 8 $800,000 $100,000 $1,059 4.80%
    American Indian 4 $770,000 $192,500 $2,727 4.91%
    Asian 4 $470,000 $117,500 $1,868 5.07%
    Filipino 1 $65,000 $65,000 $336 7.74%

    Approval Rates

    Total approvals of all applications
    89.73%

    Heritage Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    88.22%

    Heritage Federal Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 696 $82,540,000 $118,592

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    696 $82,540,000 $118,592

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 110 $6,850,000 $62,273 $604 5.54%
    40-60% 79 $8,835,000 $111,835 $1,859 4.50%
    60-80% 128 $21,330,000 $166,641 $2,355 4.61%
    80-100% 168 $34,050,000 $202,679 $2,627 5.23%
    Under 20% 187 $5,885,000 $31,471 $330 5.80%