Heritage Grove Federal Credit Union Mortgage Rates, Fees & Info

Salem, OR

LEI: 549300GL7DLQR39MW179

Tax ID: 93-0550980

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

Jump to:

  • 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 Grove Federal Credit Union is a smaller credit union specializing in Home Improvement and Refi loans. Heritage Grove Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Salem, Portland, Albany, and Newport among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Heritage Grove Federal 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 Grove Federal Credit Union 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 6.54% 5/4/24
    30 Year Cash-out Refi 6.91% 5/4/24
    30 Year FHA Purchase 6.27% 5/4/24
    30 Year VA Purchase 6.52% 5/4/24
    15 Year Conventional Purchase 6.09% 5/4/24
    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 Grove Federal 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 Grove Federal 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

    49

    Origination Dollar Volume (All Markets)

    $5,005,000

    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
    SALEM, OR (FHA|USDA|VA) 40 $4,260,000 $106,500 $1,615 4.04%
    PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 4 $400,000 $100,000 $3,114 3.56%
    ALBANY-LEBANON, OR (FHA|USDA|VA) 3 $205,000 $68,333 $1,315 7.04%
    Outside of Metro Areas 1 $75,000 $75,000 $332 4.25%
    Newport, OR (FHA|USDA|VA) 1 $65,000 $65,000 $762 4.49%
    Heritage Grove Federal Credit Union's top markets include Salem, Portland, Albany, and Newport among others.

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

    • Similar Lenders

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

    Rivermark Community Credit Union
    Similarity Rank: 420
    Oregon State Credit Union
    Similarity Rank: 1180
    MARION AND POLK SCHOOLS CREDIT UNION
    Similarity Rank: 1380
    OREGON COMMUNITY
    Similarity Rank: 1782
    FIRST COMMUNITY
    Similarity Rank: 2448
    OnPoint Community Credit Union
    Similarity Rank: 2508
    NORTHWEST COMMUNITY
    Similarity Rank: 2688
    LPMC, LLC
    Similarity Rank: 2772
    MID AMERICA MORTGAGE, INC.
    Similarity Rank: 2920
    Columbia State Bank
    Similarity Rank: 3692

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 49 $5,005,000 $102,143 $1,676 4.20%

    For 2020, Heritage Grove Federal Credit Union's most frequently originated type of loan was Conventional, with 49 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 21 $1,405,000 $66,905 $1,087 4.35%
    Refi 16 $2,190,000 $136,875 $2,571 3.39%
    Other 9 $835,000 $92,778 $719 5.32%
    Cash Out Refi 2 $480,000 $240,000 $5,397 3.63%
    Home Purchase 1 $95,000 $95,000 $332 4.99%

    For 2020, Heritage Grove Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 21 originations. The 2nd most popular reason was Refi, with 16 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 17 $2,235,000 $131,471 $2,353 3.66%
    10 Year 10 $700,000 $70,000 $824 5.23%
    Other 10 $440,000 $44,000 $302 4.29%
    5 Year 5 $195,000 $39,000 $393 4.44%
    30 Year 4 $840,000 $210,000 $4,820 3.44%
    20 Year 3 $595,000 $198,333 $2,782 4.08%

    For 2020, Heritage Grove Federal Credit Union's most frequently cited loan duration was 15 Year, with 17 originations. The 2nd most popular length was 10 Year, with 10 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 36 $2,780,000 $77,222
    $2k-3k 6 $1,050,000 $175,000
    $1k-2k 3 $375,000 $125,000
    $4k-5k 2 $470,000 $235,000
    $3k-4k 1 $315,000 $315,000

    Heritage Grove Federal Credit Union's average total fees were $4,820, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 36 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 19 $1,475,000 $77,632
    3-4% 17 $2,235,000 $131,471
    2.5-3% 4 $590,000 $147,500
    <2.5% 3 $465,000 $155,000
    5-6% 3 $105,000 $35,000
    6-7% 1 $65,000 $65,000
    7-8% 1 $35,000 $35,000
    Over 8% 1 $35,000 $35,000

    During 2020, Heritage Grove Federal Credit Union's average interest rate for loans was 3.44%, while their most frequently originated rate bucket for loans was 4-5%, with 19 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 26 $1,200,000 $46,154 $359 4.88%
    $100k-200k 17 $2,255,000 $132,647 $2,673 3.49%
    $200k-400k 6 $1,550,000 $258,333 $4,340 3.23%

    2020 saw Heritage Grove Federal Credit Union place emphasis on $100,000 or less loans with 26 originations, totaling $1,200,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 14 $1,520,000 $108,571 $1,595 4.33%
    $75k-100k 12 $1,150,000 $95,833 $1,681 4.19%
    $150k-250k 7 $655,000 $93,571 $1,943 3.92%
    $50k or less 7 $765,000 $109,286 $1,899 3.92%
    $50k-75k 6 $450,000 $75,000 $929 4.51%
    $250k+ 2 $420,000 $210,000 $3,378 3.75%

    Heritage Grove Federal 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 12 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 12 $1,410,000 $117,500 $2,481 3.52%
    30-36% 8 $820,000 $102,500 $1,422 4.15%
    50-60% 8 $850,000 $106,250 $1,412 4.30%
    <20% 7 $825,000 $117,857 $1,824 3.64%
    44% 2 $170,000 $85,000 $2,248 6.50%
    45% 2 $350,000 $175,000 $2,954 4.25%
    46% 2 $160,000 $80,000 $682 4.37%
    49% 1 $65,000 $65,000 $0 4.49%
    >60% 1 $45,000 $45,000 $332 5.24%
    37% 1 $85,000 $85,000 $332 4.49%
    38% 1 $35,000 $35,000 $267 4.49%
    39% 1 $15,000 $15,000 $0 3.99%
    40% 1 $35,000 $35,000 $332 7.49%
    43% 1 $25,000 $25,000 $332 5.49%
    47% 1 $115,000 $115,000 $1,889 4.49%

    Heritage Grove Federal 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 8 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 45 $4,695,000 $104,333 $1,710 4.21%
    Not provided 2 $210,000 $105,000 $2,450 3.56%
    Asian 1 $65,000 $65,000 $0 4.49%
    American Indian 1 $35,000 $35,000 $332 4.49%

    Approval Rates

    Total approvals of all applications
    87.50%

    Heritage Grove Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    85.71%

    Heritage Grove Federal Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 49 $5,005,000 $102,143

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 49 $5,005,000 $102,143

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 12 $1,280,000 $106,667 $1,627 4.28%
    40-60% 10 $1,530,000 $153,000 $3,109 3.03%
    60-80% 6 $1,350,000 $225,000 $3,708 3.68%
    80-100% 1 $65,000 $65,000 $762 4.49%
    Under 20% 20 $780,000 $39,000 $360 4.87%