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

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  • 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 Home Purchase and Cash Out 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 Lawrenceburg 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 above 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.

    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% 11/21/24
    30 Year Conventional Refi 5.16% 11/21/24
    30 Year Cash-out Refi 6.20% 11/21/24
    30 Year FHA Purchase 5.91% 11/21/24
    30 Year USDA Purchase 6.88% 11/21/24
    15 Year Conventional Purchase 6.76% 11/21/24
    15 Year Conventional Refi 7.64% 11/21/24
    15 Year Cash-out Refi 7.64% 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 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

    176

    Origination Dollar Volume (All Markets)

    $30,290,000

    Awards

    HERITAGE SOUTH COMMUNITY CU 30 Year Conventional Loans gold HERITAGE SOUTH COMMUNITY CU 30 Year Conventional Loans gold HERITAGE SOUTH COMMUNITY CU 30 Year Conventional Loans gold
    Show all (3) 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
    Shelbyville, TN (FHA|USDA|VA) 75 $12,155,000 $162,067 $2,940 5.16%
    NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 48 $9,640,000 $200,833 $3,815 5.19%
    Lewisburg, TN (FHA|USDA|VA) 34 $5,690,000 $167,353 $3,253 5.46%
    Outside of Metro Areas 9 $1,435,000 $159,444 $4,032 4.85%
    Tullahoma-Manchester, TN (FHA|USDA|VA) 9 $1,285,000 $142,778 $2,815 5.00%
    Lawrenceburg, TN (FHA|USDA|VA) 1 $85,000 $85,000 $2,784 6.60%
    Heritage South Community Cu's top markets include Shelbyville, Nashville, Lewisburg, Tullahoma, and Lawrenceburg 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.

    HERITAGE SOUTH COMMUNITY CU
    Similarity Rank: 18
    US COMMUNITY
    Similarity Rank: 295
    First Farmers and Merchants Bank
    Similarity Rank: 456
    Listerhill Credit Union
    Similarity Rank: 858
    THE TENNESSEE CREDIT UNION
    Similarity Rank: 868
    Third Federal Savings and Loan Association of Cleveland
    Similarity Rank: 1404
    TENNESSEE TRUST MORTGAGE, INC
    Similarity Rank: 1512
    The Farmers Bank
    Similarity Rank: 1545
    ASCEND FEDERAL CREDIT UNION
    Similarity Rank: 2100
    First Federal Bank
    Similarity Rank: 2260

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 171 $29,125,000 $170,322 $2,975 5.28%
    FHA 3 $735,000 $245,000 $9,346 3.37%
    VA 1 $305,000 $305,000 $4,295 2.38%
    USDA 1 $125,000 $125,000 $6,315 2.75%

    For 2022, Heritage South Community Cu's most frequently originated type of loan was Conventional, with 171 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 88 $14,830,000 $168,523 $3,779 5.29%
    Cash Out Refi 70 $12,460,000 $178,000 $2,974 5.09%
    Refi 14 $2,440,000 $174,286 $3,054 5.44%
    Home Improvement 2 $340,000 $170,000 $2,949 4.00%
    Other 2 $220,000 $110,000 $2,448 5.68%

    For 2022, Heritage South Community Cu's most frequently cited loan purpose was Home Purchase, with 88 originations. The 2nd most popular reason was Cash Out Refi, with 70 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    5 Year 40 $5,600,000 $140,000 $0 5.73%
    Other 36 $5,980,000 $166,111 $2,917 5.52%
    15 Year 35 $4,135,000 $118,143 $2,673 5.58%
    30 Year 34 $8,450,000 $248,529 $4,172 3.64%
    1 Year 26 $5,670,000 $218,077 $0 5.20%
    10 Year 4 $220,000 $55,000 $2,389 7.85%
    20 Year 1 $235,000 $235,000 $2,169 3.63%

    For 2022, Heritage South Community Cu's most frequently cited loan duration was 5 Year, with 40 originations. The 2nd most popular length was Other, with 36 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 76 $10,300,000 $135,526
    $1k-2k 17 $4,275,000 $251,471
    $2k-3k 6 $1,030,000 $171,667
    $3k-4k 5 $1,355,000 $271,000
    $5k+ 2 $740,000 $370,000
    $4k-5k 1 $305,000 $305,000

    Heritage South Community Cu's average total fees were $4,172, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 76 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 53 $8,385,000 $158,208
    4-5% 48 $8,710,000 $181,458
    3-4% 27 $6,405,000 $237,222
    6-7% 20 $2,340,000 $117,000
    7-8% 12 $1,320,000 $110,000
    2.5-3% 9 $2,095,000 $232,778
    Over 8% 6 $730,000 $121,667
    <2.5% 1 $305,000 $305,000

    During 2022, Heritage South Community Cu's average interest rate for loans was 3.64%, while their most frequently originated rate bucket for loans was 5-6%, with 53 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 74 $10,700,000 $144,595 $3,173 5.33%
    $200k-400k 48 $12,340,000 $257,083 $3,510 4.41%
    $100,000 or less 45 $2,885,000 $64,111 $2,390 5.96%
    $400k-600k 7 $3,155,000 $450,714 $6,190 5.05%
    $600k-1MM 2 $1,210,000 $605,000 $3,045 4.00%

    2022 saw Heritage South Community Cu place emphasis on $100k-200k loans with 74 originations, totaling $10,700,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 36 $4,380,000 $121,667 $2,996 5.07%
    $50k-75k 35 $5,375,000 $153,571 $3,502 5.44%
    $75k-100k 31 $6,085,000 $196,290 $3,058 5.14%
    $100k-150k 28 $5,320,000 $190,000 $3,257 5.05%
    $250k+ 27 $5,125,000 $189,815 $2,755 5.20%
    $150k-250k 19 $4,005,000 $210,789 $3,221 5.42%

    Heritage South Community Cu lent most frequently to those with incomes in the $50k or less range, with 36 originations. The second most popular income band? $50k-75k, with 35 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 46 $7,340,000 $159,565 $3,538 5.05%
    <20% 28 $4,600,000 $164,286 $2,690 5.22%
    50-60% 24 $4,250,000 $177,083 $3,555 5.57%
    30-36% 23 $3,515,000 $152,826 $2,827 4.94%
    >60% 8 $2,440,000 $305,000 $2,169 5.25%
    47% 8 $1,130,000 $141,250 $2,338 5.69%
    36% 5 $1,005,000 $201,000 $2,967 4.39%
    41% 5 $415,000 $83,000 $2,628 5.50%
    37% 5 $725,000 $145,000 $2,824 6.07%
    43% 5 $1,125,000 $225,000 $2,646 6.19%
    46% 3 $605,000 $201,667 $2,681 4.83%
    38% 3 $535,000 $178,333 $4,640 4.64%
    44% 3 $355,000 $118,333 $2,817 4.50%
    48% 3 $585,000 $195,000 $3,076 5.15%
    39% 2 $440,000 $220,000 $2,329 7.13%
    49% 2 $610,000 $305,000 $8,858 3.85%
    40% 1 $205,000 $205,000 $3,589 3.38%
    42% 1 $215,000 $215,000 $1,775 4.75%
    45% 1 $195,000 $195,000 $3,999 5.80%

    Heritage South Community Cu lent most frequently to those with DTI ratios of 20-30%, with 46 originations. The next most common DTI ratio? <20%, with 28 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 158 $27,220,000 $172,278 $3,110 5.17%
    Black 15 $2,325,000 $155,000 $6,381 5.85%
    Asian 1 $405,000 $405,000 $3,025 4.75%
    Not provided 1 $275,000 $275,000 $0 4.13%
    1 $65,000 $65,000 $2,525 4.50%

    Approval Rates

    Total approvals of all applications
    90.75%

    Heritage South Community Cu has an average approval rate.

    Pick Rate

    Approvals leading to origination
    83.52%

    Heritage South Community Cu has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 176 $30,290,000 $172,102

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    176 $30,290,000 $172,102

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 20 $1,910,000 $95,500 $2,442 5.78%
    40-60% 25 $3,615,000 $144,600 $2,726 5.60%
    60-80% 78 $15,770,000 $202,179 $3,441 4.98%
    80-100% 40 $8,010,000 $200,250 $4,018 4.86%
    Over 100% 3 $465,000 $155,000 $2,645 4.44%
    Under 20% 10 $520,000 $52,000 $2,294 6.55%