Heritage South Credit Union Mortgage Rates, Fees & Info
Sylacauga, ALLEI: 549300D15L4ETR8E9517
Tax ID: 63-0288900
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Jump to:
Mortgage Data
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.
Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.
SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 9.58% | 11/17/24 |
| 30 Year Conventional Refi | 6.36% | 11/17/24 |
| 30 Year Cash-out Refi | 7.60% | 11/17/24 |
| 15 Year Conventional Purchase | 8.38% | 11/17/24 |
| 15 Year Conventional Refi | 10.49% | 11/17/24 |
| 15 Year Cash-out Refi | 10.49% | 11/17/24 |
| 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
51Origination Dollar Volume (All Markets)
$7,795,000Awards
Heritage South Credit Union - 2023
Heritage South Credit Union is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
Work for Heritage South Credit Union?
Use this award on your own site. Either save and use the images below, or pass the provided image embed code to your development team.
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% |
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.
Similarity Rank: 1636
Similarity Rank: 2300
Similarity Rank: 7515
Similarity Rank: 9048
Similarity Rank: 11136
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
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
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
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
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
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 applications89.19%
Heritage South Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination74.51%
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 |