Heritage South Community Cu Mortgage Rates, Fees & Info
Shelbyville, TNLEI: 5493006MRGHEPWMR2015
Tax ID: 62-6040478
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Mortgage Data
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, 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. Heritage South Community Cu 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.18% | 4/14/24 |
| 30 Year Conventional Refi | 5.16% | 4/14/24 |
| 30 Year Cash-out Refi | 6.20% | 4/14/24 |
| 30 Year FHA Purchase | 5.91% | 4/14/24 |
| 30 Year USDA Purchase | 6.88% | 4/14/24 |
| 15 Year Conventional Purchase | 6.76% | 4/14/24 |
| 15 Year Conventional Refi | 7.64% | 4/14/24 |
| 15 Year Cash-out Refi | 7.64% | 4/14/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
134Origination Dollar Volume (All Markets)
$16,290,000Top 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) | 67 | $7,875,000 | $117,537 | $2,500 | 6.44% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 32 | $4,850,000 | $151,563 | $3,142 | 5.57% |
| Lewisburg, TN (FHA|USDA|VA) | 25 | $2,735,000 | $109,400 | $2,696 | 5.31% |
| Tullahoma-Manchester, TN (FHA|USDA|VA) | 6 | $580,000 | $96,667 | $2,794 | 5.46% |
| Outside of Metro Areas | 4 | $250,000 | $62,500 | $1,621 | 5.60% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 132 | $16,090,000 | $121,894 | $2,615 | 5.96% |
| FHA | 1 | $125,000 | $125,000 | $6,141 | 4.99% |
| USDA | 1 | $75,000 | $75,000 | $3,912 | 4.75% |
For 2018, Heritage South Community Cu's most frequently originated type of loan was Conventional, with 132 originations. Their 2nd most popular type was FHA, with 1 originations.
Loan Reason
For 2018, Heritage South Community Cu's most frequently cited loan purpose was Home Purchase, with 66 originations. The 2nd most popular reason was Cash Out Refi, with 37 originations.
Loan Duration/Length
For 2018, Heritage South Community Cu's most frequently cited loan duration was Other, with 37 originations. The 2nd most popular length was 15 Year, with 28 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 54 | $6,560,000 | $121,481 |
| $2k-3k | 13 | $2,255,000 | $173,462 |
| $1k-2k | 11 | $1,395,000 | $126,818 |
| $3k-4k | 5 | $1,395,000 | $279,000 |
Heritage South Community Cu's average total fees were $3,790, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 54 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 62 | $6,830,000 | $110,161 |
| 4-5% | 48 | $7,720,000 | $160,833 |
| 6-7% | 16 | $1,110,000 | $69,375 |
| 7-8% | 5 | $445,000 | $89,000 |
| Over 8% | 2 | $110,000 | $55,000 |
During 2018, Heritage South Community Cu's average interest rate for loans was 4.81%, while their most frequently originated rate bucket for loans was 5-6%, with 62 originations.
Loan Sizing
2018 saw Heritage South Community Cu place emphasis on $100,000 or less loans with 67 originations, totaling $4,115,000 in origination value.
Applicant Income
Heritage South Community Cu lent most frequently to those with incomes in the $50k or less range, with 34 originations. The second most popular income band? $100k-150k, with 32 originations.
Applicant Debt to Income Ratio
Heritage South Community Cu lent most frequently to those with DTI ratios of 20-30%, with 40 originations. The next most common DTI ratio? <20%, with 23 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications87.06%
Heritage South Community Cu has an average approval rate.
Pick Rate
Approvals leading to origination70.90%
Heritage South Community Cu has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 134 | $16,290,000 | $121,567 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 16 | $1,370,000 | $85,625 |
| Single Family (1-4 Units):Site-Built | 118 | $14,920,000 | $126,441 |