Heritage South Community Cu Mortgage Rates, Fees & Info

Shelbyville, TN

LEI: 5493006MRGHEPWMR2015

Tax ID: 62-6040478

5 stars - out of 5 stars, based on 15 reviews

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

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Mortgage Data

  • SimulatedRates™
  • Review & Overview

    Heritage 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.

    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 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.


    Originations

    218

    Origination Dollar Volume (All Markets)

    $36,770,000

    Awards

    HERITAGE SOUTH COMMUNITY CU 30 Year Conventional Loans bronze
    Show all (1) awards

    Relative Rate

    Heritage South Community Cu's average 30 year fixed mortgage rate was 3.25%.

    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.

    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) 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.

    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.

    KELLEY MORTGAGE, LLC
    Similarity Rank: 336
    First Vision Bank of Tennessee
    Similarity Rank: 657
    US COMMUNITY
    Similarity Rank: 686
    TENNESSEE TRUST MORTGAGE, INC
    Similarity Rank: 952
    Southeast Financial Credit Union
    Similarity Rank: 990
    U S WIDE FINANCIAL LLC
    Similarity Rank: 1932
    HERITAGE SOUTH COMMUNITY CU
    Similarity Rank: 2106
    The Farmers Bank
    Similarity Rank: 2295
    First Farmers and Merchants Bank
    Similarity Rank: 2592
    FIRST EQUITY MORTGAGE INCORPORATED
    Similarity Rank: 3328

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 211 $35,285,000 $167,227 $2,177 3.90%
    FHA 3 $565,000 $188,333 $7,048 3.08%
    USDA 3 $615,000 $205,000 $7,243 2.79%
    VA 1 $305,000 $305,000 $4,295 2.38%

    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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 112 $20,100,000 $179,464 $2,236 4.04%
    Cash Out Refi 55 $9,125,000 $165,909 $2,537 3.74%
    Refi 51 $7,545,000 $147,941 $2,362 3.63%

    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.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 60 $12,710,000 $211,833 $3,227 3.25%
    15 Year 39 $4,395,000 $112,692 $2,864 3.73%
    5 Year 37 $4,465,000 $120,676 $0 4.33%
    1 Year 37 $7,475,000 $202,027 $0 4.39%
    Other 32 $5,430,000 $169,688 $2,510 4.27%
    20 Year 7 $1,445,000 $206,429 $2,680 2.99%
    10 Year 6 $850,000 $141,667 $2,650 3.77%

    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
    $<1k 123 $17,975,000 $146,138
    $1k-2k 22 $4,960,000 $225,455
    $3k-4k 14 $3,170,000 $226,429
    $2k-3k 11 $1,575,000 $143,182
    $4k-5k 5 $1,465,000 $293,000
    $5k+ 1 $325,000 $325,000

    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.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 79 $13,705,000 $173,481
    4-5% 78 $12,450,000 $159,615
    2.5-3% 37 $7,395,000 $199,865
    <2.5% 17 $2,505,000 $147,353
    5-6% 3 $285,000 $95,000
    6-7% 2 $160,000 $80,000
    7-8% 2 $270,000 $135,000

    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.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 84 $12,000,000 $142,857 $2,347 3.88%
    $100,000 or less 69 $4,655,000 $67,464 $1,472 4.15%
    $200k-400k 56 $15,350,000 $274,107 $3,401 3.47%
    $400k-600k 7 $3,335,000 $476,429 $2,121 4.22%
    $600k-1MM 2 $1,430,000 $715,000 $3,037 3.63%

    2021 saw Heritage South Community Cu place emphasis on $100k-200k loans with 84 originations, totaling $12,000,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 46 $5,140,000 $111,739 $2,378 3.72%
    $50k-75k 43 $6,445,000 $149,884 $2,990 3.74%
    $100k-150k 42 $7,680,000 $182,857 $2,407 3.86%
    $250k+ 40 $9,160,000 $229,000 $507 4.30%
    $75k-100k 30 $4,660,000 $155,333 $2,602 3.63%
    $150k-250k 16 $3,500,000 $218,750 $2,209 3.81%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    <20% 56 $8,250,000 $147,321 $1,482 3.90%
    20-30% 56 $10,340,000 $184,643 $3,047 3.64%
    30-36% 36 $5,540,000 $153,889 $2,545 3.92%
    >60% 11 $1,705,000 $155,000 $364 4.16%
    37% 8 $920,000 $115,000 $2,803 4.01%
    36% 7 $1,555,000 $222,143 $3,464 3.46%
    40% 6 $1,780,000 $296,667 $3,852 3.62%
    38% 6 $1,240,000 $206,667 $3,306 3.73%
    42% 5 $1,355,000 $271,000 $1,951 4.06%
    39% 4 $590,000 $147,500 $2,573 4.36%
    50-60% 4 $470,000 $117,500 $4,057 3.72%
    47% 3 $375,000 $125,000 $3,495 4.32%
    44% 3 $515,000 $171,667 $1,699 4.08%
    41% 3 $415,000 $138,333 $1,885 4.25%
    43% 3 $855,000 $285,000 $1,524 4.30%
    45% 2 $310,000 $155,000 $0 4.50%
    46% 2 $230,000 $115,000 $1,807 4.78%
    48% 1 $55,000 $55,000 $0 4.00%

    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.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 207 $35,305,000 $170,556 $2,325 3.85%
    Black 6 $660,000 $110,000 $2,257 4.58%
    Other Pacific Islander 1 $305,000 $305,000 $4,089 3.25%
    Other Asian 3 $275,000 $91,667 $2,552 4.43%
    American Indian 1 $225,000 $225,000 $5,899 3.25%

    Approval Rates

    Total approvals of all applications
    88.12%

    Heritage South Community Cu has an average approval rate.

    Pick Rate

    Approvals leading to origination
    94.95%

    Heritage South Community Cu has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 218 $36,770,000 $168,670

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    218 $36,770,000 $168,670

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 24 $2,130,000 $88,750 $2,033 3.72%
    40-60% 34 $3,720,000 $109,412 $2,449 4.02%
    60-80% 104 $20,110,000 $193,365 $2,153 3.96%
    80-100% 50 $10,330,000 $206,600 $2,914 3.71%
    Over 100% 1 $295,000 $295,000 $6,440 2.50%
    Under 20% 5 $185,000 $37,000 $918 3.40%