Heritage South Community Cu Mortgage Rates, Fees & Info

Shelbyville, TN

LEI: 5493006MRGHEPWMR2015

Tax ID: 62-6040478

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 South Community Cu is a smaller mortgage company specializing in Cash Out Refi and Home Purchase loans. Heritage South Community Cu has a high proportion of conventional loans. Their top markets by origination volume include: Shelbyville, Nashville, Lewisburg, and Tullahoma among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Heritage South Community Cu 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.

    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 6.18% 12/16/24
    30 Year Conventional Refi 5.16% 12/16/24
    30 Year Cash-out Refi 6.20% 12/16/24
    30 Year FHA Purchase 5.91% 12/16/24
    30 Year USDA Purchase 6.88% 12/16/24
    15 Year Conventional Purchase 6.76% 12/16/24
    15 Year Conventional Refi 7.64% 12/16/24
    15 Year Cash-out Refi 7.64% 12/16/24
    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 South Community Cu Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Heritage South Community Cu. 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

    91

    Origination Dollar Volume (All Markets)

    $12,915,000

    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
    Shelbyville, TN (FHA|USDA|VA) 39 $5,735,000 $147,051 $2,743 8.07%
    NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 31 $5,015,000 $161,774 $2,764 7.99%
    Lewisburg, TN (FHA|USDA|VA) 16 $1,540,000 $96,250 $2,649 8.59%
    Tullahoma-Manchester, TN (FHA|USDA|VA) 3 $365,000 $121,667 $1,617 7.64%
    Outside of Metro Areas 2 $260,000 $130,000 $2,661 7.71%
    Heritage South Community Cu's top markets include Shelbyville, Nashville, Lewisburg, and Tullahoma among others.

    Their top states include:
  • Tennessee (FHA|USDA|VA)

    • Similar Lenders

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

    First Farmers and Merchants Bank
    Similarity Rank: 130
    US COMMUNITY
    Similarity Rank: 472
    TENNESSEE TRUST MORTGAGE, INC
    Similarity Rank: 736
    THE TENNESSEE CREDIT UNION
    Similarity Rank: 848
    CORNERSTONE FINANCIAL CREDIT UNION
    Similarity Rank: 864
    The Farmers Bank
    Similarity Rank: 972
    SHELTER LENDING SERVICES, L.L.C.
    Similarity Rank: 1183
    ASCEND FEDERAL CREDIT UNION
    Similarity Rank: 1462
    Listerhill Credit Union
    Similarity Rank: 1513
    FIRST CONTINENTAL MORTGAGE, LTD.
    Similarity Rank: 1760

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 91 $12,915,000 $141,923 $2,717 8.11%

    For 2023, Heritage South Community Cu's most frequently originated type of loan was Conventional, with 91 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 55 $5,975,000 $108,636 $2,598 8.18%
    Home Purchase 26 $5,440,000 $209,231 $3,135 7.90%
    Refi 9 $1,445,000 $160,556 $4,418 8.40%
    Home Improvement 1 $55,000 $55,000 $1,617 7.45%

    For 2023, Heritage South Community Cu's most frequently cited loan purpose was Cash Out Refi, with 55 originations. The 2nd most popular reason was Home Purchase, with 26 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 34 $3,740,000 $110,000 $2,729 7.90%
    Other 23 $4,005,000 $174,130 $2,860 7.83%
    1 Year 13 $3,135,000 $241,154 $0 8.49%
    5 Year 12 $1,700,000 $141,667 $0 8.25%
    10 Year 9 $335,000 $37,222 $2,304 8.91%

    For 2023, Heritage South Community Cu's most frequently cited loan duration was 15 Year, with 34 originations. The 2nd most popular length was Other, with 23 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 55 $4,365,000 $79,364
    $1k-2k 11 $3,715,000 $337,727

    Heritage South Community Cu's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 55 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    7-8% 42 $4,940,000 $117,619
    Over 8% 40 $5,270,000 $131,750
    6-7% 8 $2,630,000 $328,750
    5-6% 1 $75,000 $75,000

    During 2023, Heritage South Community Cu's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 7-8%, with 42 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 50 $2,770,000 $55,400 $2,370 8.36%
    $100k-200k 20 $3,040,000 $152,000 $2,743 7.73%
    $200k-400k 15 $3,915,000 $261,000 $3,333 7.96%
    $400k-600k 3 $1,315,000 $438,333 $4,937 7.35%
    $600k-1MM 3 $1,875,000 $625,000 $4,397 8.00%

    2023 saw Heritage South Community Cu place emphasis on $100,000 or less loans with 50 originations, totaling $2,770,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 23 $3,545,000 $154,130 $2,731 8.06%
    $50k-75k 23 $2,135,000 $92,826 $2,539 8.40%
    $150k-250k 13 $2,125,000 $163,462 $2,983 7.76%
    $50k or less 13 $1,425,000 $109,615 $2,471 8.38%
    $75k-100k 10 $1,020,000 $102,000 $2,537 8.14%
    $250k+ 8 $2,590,000 $323,750 $4,067 7.59%

    Heritage South Community Cu lent most frequently to those with incomes in the $100k-150k range, with 23 originations. The second most popular income band? $50k-75k, with 23 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 20 $2,700,000 $135,000 $2,694 7.86%
    30-36% 16 $1,510,000 $94,375 $2,398 8.28%
    >60% 9 $1,575,000 $175,000 $3,239 8.21%
    <20% 8 $1,290,000 $161,250 $2,658 8.27%
    43% 7 $1,395,000 $199,286 $2,744 9.10%
    36% 4 $240,000 $60,000 $2,318 8.55%
    50-60% 4 $960,000 $240,000 $4,300 7.04%
    45% 4 $360,000 $90,000 $2,131 8.14%
    44% 3 $425,000 $141,667 $2,986 7.79%
    42% 2 $230,000 $115,000 $2,413 7.23%
    40% 2 $70,000 $35,000 $2,243 9.93%
    46% 2 $730,000 $365,000 $4,221 7.55%
    49% 2 $650,000 $325,000 $4,572 7.32%
    38% 2 $120,000 $60,000 $2,487 7.93%
    37% 2 $80,000 $40,000 $2,345 8.00%
    41% 1 $205,000 $205,000 $2,955 7.50%
    47% 1 $75,000 $75,000 $2,780 7.95%
    48% 1 $245,000 $245,000 $2,643 7.05%
    39% 1 $55,000 $55,000 $2,563 7.95%

    Heritage South Community Cu lent most frequently to those with DTI ratios of 20-30%, with 20 originations. The next most common DTI ratio? 30-36%, with 16 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 87 $12,465,000 $143,276 $2,716 8.11%
    Black 4 $450,000 $112,500 $2,731 8.05%

    Approval Rates

    Total approvals of all applications
    85.51%

    Heritage South Community Cu has an average approval rate.

    Pick Rate

    Approvals leading to origination
    76.92%

    Heritage South Community Cu has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 91 $12,915,000 $141,923

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    91 $12,915,000 $141,923

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 16 $1,530,000 $95,625 $2,588 7.89%
    40-60% 8 $1,430,000 $178,750 $3,131 8.19%
    60-80% 21 $4,305,000 $205,000 $3,413 8.08%
    80-100% 15 $4,145,000 $276,333 $3,108 7.61%
    Under 20% 31 $1,505,000 $48,548 $2,285 8.47%