Heritage South Community Cu Mortgage Rates, Fees & InfoShelbyville, TN
Tax ID: 62-6040478
Review & OverviewHeritage South Community Cu is a smaller mortgage company specializing in Home Purchase, Cash Out Refi, and Refi loans. Heritage South Community Cu 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.) They have a low ratio of USDA loans. Their top markets by origination volume include: Shelbyville, Nashville, Lewisburg, Tullahoma, and Mcminnville among others. We have data for 6 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 an average pick rate when compared to similar lenders. Heritage South Community Cu is typically an average 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.
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|Simulated Rate||Simulation Date|
|30 Year Conventional Purchase||4.59%||10/3/22|
|30 Year Conventional Refi||4.36%||10/3/22|
|30 Year Cash-out Refi||6.23%||10/3/22|
|30 Year FHA Purchase||6.50%||10/3/22|
|30 Year USDA Purchase||4.50%||10/3/22|
|15 Year Conventional Purchase||7.08%||10/3/22|
|15 Year Conventional Refi||5.41%||10/3/22|
|15 Year Cash-out Refi||5.41%||10/3/22|
|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.|
Origination Dollar Volume (All Markets)$36,770,000
Heritage South Community Cu's average 30 year fixed mortgage rate was
The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.
This yields a difference of 0.1%.
Relative Fees (Closing Costs)
Heritage South Community Cu's average total fees/closing costs for a 30 year fixed rate
mortgage were $3,227.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $4,750.
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)||86||$14,770,000||$171,744||$2,999||3.70%|
|NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA)||66||$14,410,000||$218,333||$1,838||3.88%|
|Lewisburg, TN (FHA|USDA|VA)||42||$4,920,000||$117,143||$1,648||4.19%|
|Tullahoma-Manchester, TN (FHA|USDA|VA)||16||$1,830,000||$114,375||$2,840||3.90%|
|Outside of Metro Areas||7||$745,000||$106,429||$2,647||3.84%|
|McMinnville, TN (FHA|USDA|VA)||1||$95,000||$95,000||$2,405||4.00%|
Heritage South Community Cu's top markets include Shelbyville, Nashville, Lewisburg, Tullahoma, and Mcminnville among others.
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.
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|Loan Type||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
For 2021, Heritage South Community Cu's most frequently originated type of loan was Conventional, with 211 originations. Their 2nd most popular type was FHA, with 3 originations.
|Loan Reason||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
|Cash Out Refi||55||$9,125,000||$165,909||$2,537||3.74%|
For 2021, Heritage South Community Cu's most frequently cited loan purpose was Home Purchase, with 112 originations. The 2nd most popular reason was Cash Out Refi, with 55 originations.
For 2021, Heritage South Community Cu's most frequently cited loan duration was 30 Year, with 60 originations. The 2nd most popular length was 15 Year, with 39 originations.
Origination Fees/Closing Costs
|Origination Fee/Closing Cost||Originations||Total Value||Average Loan|
Heritage South Community Cu's average total fees were $3,227, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 123 originations.
|Loan Rate||Originations||Total Value||Average Loan|
During 2021, Heritage South Community Cu's average interest rate for loans was 3.25%, while their most frequently originated rate bucket for loans was 3-4%, with 79 originations.
2021 saw Heritage South Community Cu place emphasis on $100k-200k loans with 84 originations, totaling $12,000,000 in origination value.
Heritage South Community Cu lent most frequently to those with incomes in the $50k or less range, with 46 originations. The second most popular income band? $50k-75k, with 43 originations.
Applicant Debt to Income Ratio
Heritage South Community Cu lent most frequently to those with DTI ratios of <20%, with 56 originations. The next most common DTI ratio? 20-30%, with 56 originations.
Approval RatesTotal approvals of all applications
Heritage South Community Cu has an average approval rate.
Pick RateApprovals leading to origination
Heritage South Community Cu has an average pick rate.
Points and Fees
|Points||Originations||Total Value||Average Loan|