Heritage South Credit Union Mortgage Rates, Fees & Info

Sylacauga, AL

LEI: 549300D15L4ETR8E9517

Tax ID: 63-0288900

5 stars - Updated: 12/16/24 - out of 5 stars, based on 7 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • 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 Credit Union is a smaller credit union specializing in Cash Out Refi, Home Purchase, and Other loans. Heritage South Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Talladega, Alexander City, Birmingham, Daphne, and Cape Coral among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Heritage South Credit Union 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 Credit Union 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 relatively high 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 9.58% 12/16/24
    30 Year Conventional Refi 6.36% 12/16/24
    30 Year Cash-out Refi 7.60% 12/16/24
    15 Year Conventional Purchase 8.38% 12/16/24
    15 Year Conventional Refi 10.49% 12/16/24
    15 Year Cash-out Refi 10.49% 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 Credit Union Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Heritage South Credit Union. 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

    51

    Origination Dollar Volume (All Markets)

    $7,795,000

    Awards

    Heritage South Credit Union 30 Year Conventional Loans gold
    Show all (1) awards

    Relative Rate

    Heritage South Credit Union's average 30 year fixed mortgage rate was 6.94%.

    The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

    This yields a difference of 0.46%.

    Relative Fees (Closing Costs)

    Heritage South Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $2,629.

    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 $9,089.

    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
    Talladega-Sylacauga, AL (FHA|USDA|VA) 30 $4,080,000 $136,000 $1,824 6.51%
    Alexander City, AL (FHA|USDA|VA) 6 $1,470,000 $245,000 $1,506 6.31%
    BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 8 $690,000 $86,250 $1,425 6.47%
    DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 2 $610,000 $305,000 $2,309 6.38%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $405,000 $405,000 $5,039 6.25%
    AUBURN-OPELIKA, AL (FHA|USDA|VA) 1 $215,000 $215,000 $3,032 6.75%
    MONTGOMERY, AL (FHA|USDA|VA) 1 $165,000 $165,000 $2,578 7.00%
    GADSDEN, AL (FHA|USDA|VA) 1 $115,000 $115,000 $2,431 6.75%
    Outside of Metro Areas 1 $45,000 $45,000 $1,661 6.75%
    Heritage South Credit Union's top markets include Talladega, Alexander City, Birmingham, Daphne, and Cape Coral among others.

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

    • Similar Lenders

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

    Regions Bank
    Similarity Rank: 1636
    Renasant Bank
    Similarity Rank: 2300
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION
    Similarity Rank: 7515
    MOVEMENT MORTGAGE, LLC
    Similarity Rank: 9048
    QUICKEN LOANS, LLC
    Similarity Rank: 11136
    UNITED WHOLESALE MORTGAGE, LLC
    Similarity Rank: 14512

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 51 $7,795,000 $152,843 $1,861 6.50%

    For 2023, Heritage South Credit Union's most frequently originated type of loan was Conventional, with 51 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 24 $2,620,000 $109,167 $1,612 6.58%
    Home Purchase 21 $3,185,000 $151,667 $2,222 6.60%
    Other 5 $1,935,000 $387,000 $2,261 5.83%
    Refi 1 $55,000 $55,000 $350 5.63%

    For 2023, Heritage South Credit Union's most frequently cited loan purpose was Cash Out Refi, with 24 originations. The 2nd most popular reason was Home Purchase, with 21 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 28 $2,280,000 $81,429 $1,568 6.41%
    30 Year 12 $2,490,000 $207,500 $2,629 6.94%
    1 Year 4 $1,910,000 $477,500 $0 5.75%
    10 Year 3 $145,000 $48,333 $1,631 7.33%
    30+ year 2 $590,000 $295,000 $0 6.00%
    Other 2 $380,000 $190,000 $1,549 5.75%

    For 2023, Heritage South Credit Union's most frequently cited loan duration was 15 Year, with 28 originations. The 2nd most popular length was 30 Year, with 12 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 46 $5,460,000 $118,696
    $1k-2k 2 $810,000 $405,000
    $2k-3k 2 $720,000 $360,000
    $4k-5k 1 $805,000 $805,000

    Heritage South Credit Union's average total fees were $2,629, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 46 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 21 $3,845,000 $183,095
    6-7% 17 $2,555,000 $150,294
    7-8% 10 $920,000 $92,000
    Over 8% 2 $200,000 $100,000
    4-5% 1 $275,000 $275,000

    During 2023, Heritage South Credit Union's average interest rate for loans was 6.94%, while their most frequently originated rate bucket for loans was 5-6%, with 21 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 25 $1,335,000 $53,400 $1,427 6.52%
    $100k-200k 14 $2,010,000 $143,571 $2,196 6.76%
    $200k-400k 8 $2,370,000 $296,250 $2,555 6.16%
    $400k-600k 3 $1,275,000 $425,000 $3,908 6.17%
    $600k-1MM 1 $805,000 $805,000 $0 6.00%

    2023 saw Heritage South Credit Union place emphasis on $100,000 or less loans with 25 originations, totaling $1,335,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 14 $2,240,000 $160,000 $1,959 6.41%
    $75k-100k 13 $2,035,000 $156,538 $1,764 6.38%
    $50k-75k 9 $925,000 $102,778 $1,987 6.92%
    $50k or less 9 $485,000 $53,889 $1,462 6.53%
    $150k-250k 4 $950,000 $237,500 $2,644 6.38%
    $250k+ 2 $1,160,000 $580,000 $0 6.00%

    Heritage South Credit Union lent most frequently to those with incomes in the $100k-150k range, with 14 originations. The second most popular income band? $75k-100k, with 13 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 12 $1,100,000 $91,667 $1,732 6.67%
    30-36% 12 $2,610,000 $217,500 $1,867 6.15%
    <20% 6 $560,000 $93,333 $2,042 6.67%
    42% 3 $725,000 $241,667 $1,328 6.29%
    44% 3 $525,000 $175,000 $1,781 6.83%
    43% 3 $855,000 $285,000 $2,670 6.50%
    38% 3 $105,000 $35,000 $1,288 6.21%
    40% 2 $180,000 $90,000 $843 6.81%
    46% 2 $300,000 $150,000 $2,334 6.88%
    37% 1 $125,000 $125,000 $2,044 7.25%
    36% 1 $55,000 $55,000 $2,020 8.00%
    50-60% 1 $405,000 $405,000 $5,039 6.25%
    47% 1 $195,000 $195,000 $2,556 5.50%
    39% 1 $55,000 $55,000 $350 5.63%

    Heritage South Credit Union lent most frequently to those with DTI ratios of 20-30%, with 12 originations. The next most common DTI ratio? 30-36%, with 12 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 48 $7,510,000 $156,458 $1,882 6.51%
    Black 3 $285,000 $95,000 $1,577 6.29%

    Approval Rates

    Total approvals of all applications
    89.19%

    Heritage South Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    74.51%

    Heritage South Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 51 $7,795,000 $152,843

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    51 $7,795,000 $152,843

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 12 $860,000 $71,667 $1,309 6.08%
    40-60% 7 $1,845,000 $263,571 $2,603 6.93%
    60-80% 8 $930,000 $116,250 $2,040 6.34%
    80-100% 21 $4,085,000 $194,524 $2,127 6.73%
    Under 20% 3 $75,000 $25,000 $750 5.92%