First Heritage Federal Credit Union Mortgage Rates, Fees & Info

Painted Post, NY

LEI: 549300H0B8QZSS10X971

Tax ID: 16-0802201

5 stars - Updated: 11/17/24 - out of 5 stars, based on 20 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

    First Heritage Federal Credit Union is a smaller credit union specializing in Home Purchase loans. First Heritage Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Elmira, Corning, Rochester, Sayre, and Williamsport among others. We have data for 14 markets. (Some data included below & more in-depth data is available with an active subscription.)

    First Heritage 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. First Heritage Federal 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 6.22% 11/17/24
    30 Year Conventional Refi 6.21% 11/17/24
    30 Year Cash-out Refi 6.07% 11/17/24
    15 Year Conventional Purchase 5.69% 11/17/24
    15 Year Conventional Refi 5.60% 11/17/24
    15 Year Cash-out Refi 5.60% 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.

    First Heritage 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 First Heritage 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

    419

    Origination Dollar Volume (All Markets)

    $40,945,000
    Show all (7) awards

    Relative Rate

    First Heritage Federal Credit Union's average 30 year fixed mortgage rate was 6.4%.

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

    This yields a difference of -0.08%.

    Relative Fees (Closing Costs)

    First Heritage Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $2,990.

    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
    ELMIRA, NY (FHA|USDA|VA) 156 $14,030,000 $89,936 $1,042 6.54%
    Outside of Metro Areas 128 $12,410,000 $96,953 $781 6.43%
    Corning, NY (FHA|USDA|VA) 106 $10,640,000 $100,377 $917 6.73%
    ROCHESTER, NY (FHA|USDA|VA) 5 $1,165,000 $233,000 $1,663 6.42%
    Sayre, PA (FHA|USDA|VA) 7 $695,000 $99,286 $1,470 6.39%
    WILLIAMSPORT, PA (FHA|USDA|VA) 6 $500,000 $83,333 $1,181 6.45%
    SYRACUSE, NY (FHA|USDA|VA) 2 $330,000 $165,000 $3,762 6.38%
    BINGHAMTON, NY (FHA|USDA|VA) 2 $290,000 $145,000 $1,814 6.25%
    ITHACA, NY (FHA|USDA|VA) 1 $205,000 $205,000 $0 7.75%
    Seneca Falls, NY (FHA|USDA|VA) 2 $170,000 $85,000 $0 5.99%
    Auburn, NY (FHA|USDA|VA) 1 $155,000 $155,000 $3,901 6.75%
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 1 $155,000 $155,000 $0 6.24%
    Olean, NY (FHA|USDA|VA) 1 $125,000 $125,000 $3,212 6.88%
    Lewisburg, PA (FHA|USDA|VA) 1 $75,000 $75,000 $0 5.99%
    First Heritage Federal Credit Union's top markets include Elmira, Corning, Rochester, Sayre, and Williamsport among others.

    Their top states include:
  • New York (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)

    • Similar Lenders

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

    Chemung Canal Trust Company
    Similarity Rank: 96
    FIRST HERITAGE FEDERAL CREDIT UNION
    Similarity Rank: 126
    Five Star Bank
    Similarity Rank: 187
    VISIONS
    Similarity Rank: 220
    The Lyons National Bank
    Similarity Rank: 266
    1ST PRIORITY MORTGAGE, INC.
    Similarity Rank: 276
    Community Bank
    Similarity Rank: 456
    PARAGON HOME LOANS INC.
    Similarity Rank: 660
    Premium Mortgage Corporation
    Similarity Rank: 1007
    Mortgage Research Center, LLC
    Similarity Rank: 1836

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 419 $40,945,000 $97,721 $971 6.54%

    For 2023, First Heritage Federal Credit Union's most frequently originated type of loan was Conventional, with 419 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 142 $21,730,000 $153,028 $2,720 6.66%
    Other 100 $5,180,000 $51,800 $5 6.40%
    Home Improvement 96 $4,160,000 $43,333 $1 6.35%
    Refi 41 $4,045,000 $98,659 $542 6.41%
    Cash Out Refi 40 $5,830,000 $145,750 $2,671 7.09%

    For 2023, First Heritage Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 142 originations. The 2nd most popular reason was Other, with 100 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 165 $16,785,000 $101,727 $223 6.86%
    30 Year 95 $16,645,000 $175,211 $2,990 6.40%
    10 Year 79 $3,815,000 $48,291 $49 6.38%
    5 Year 63 $1,555,000 $24,683 $0 6.05%
    20 Year 11 $1,805,000 $164,091 $3,018 6.52%
    Other 4 $160,000 $40,000 $0 7.68%
    1 Year 1 $155,000 $155,000 $0 9.50%
    3 Year 1 $25,000 $25,000 $0 5.99%

    For 2023, First Heritage Federal Credit Union's most frequently cited loan duration was 15 Year, with 165 originations. The 2nd most popular length was 30 Year, with 95 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 350 $31,370,000 $89,629
    $1k-2k 1 $245,000 $245,000

    First Heritage Federal Credit Union's average total fees were $2,990, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 350 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 259 $22,815,000 $88,089
    5-6% 101 $10,085,000 $99,851
    7-8% 50 $6,600,000 $132,000
    Over 8% 8 $1,400,000 $175,000
    4-5% 1 $45,000 $45,000

    During 2023, First Heritage Federal Credit Union's average interest rate for loans was 6.40%, while their most frequently originated rate bucket for loans was 6-7%, with 259 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 272 $12,850,000 $47,243 $296 6.50%
    $100k-200k 105 $14,575,000 $138,810 $1,979 6.63%
    $200k-400k 32 $8,100,000 $253,125 $3,159 6.53%
    $400k-600k 6 $2,900,000 $483,333 $4,267 6.58%
    $600k-1MM 4 $2,520,000 $630,000 $4,923 7.41%

    2023 saw First Heritage Federal Credit Union place emphasis on $100,000 or less loans with 272 originations, totaling $12,850,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 97 $7,355,000 $75,825 $857 6.45%
    $100k-150k 78 $7,430,000 $95,256 $962 6.31%
    $75k-100k 66 $4,910,000 $74,394 $866 6.46%
    $50k or less 59 $3,025,000 $51,271 $701 6.44%
    $150k-250k 44 $6,250,000 $142,045 $1,403 6.49%
    $250k+ 17 $4,135,000 $243,235 $1,984 6.40%

    First Heritage Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 97 originations. The second most popular income band? $100k-150k, with 78 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 106 $9,500,000 $89,623 $1,079 6.36%
    30-36% 70 $7,840,000 $112,000 $1,332 6.42%
    <20% 61 $5,465,000 $89,590 $867 6.47%
    36% 18 $1,410,000 $78,333 $770 6.44%
    38% 16 $1,020,000 $63,750 $562 6.65%
    50-60% 12 $2,050,000 $170,833 $799 6.77%
    37% 10 $440,000 $44,000 $242 6.33%
    39% 10 $710,000 $71,000 $1,188 6.37%
    43% 10 $710,000 $71,000 $341 6.63%
    48% 9 $745,000 $82,778 $749 6.40%
    40% 9 $1,585,000 $176,111 $1,927 6.34%
    41% 9 $645,000 $71,667 $757 6.26%
    45% 8 $620,000 $77,500 $558 6.66%
    >60% 7 $745,000 $106,429 $986 6.55%
    46% 4 $160,000 $40,000 $631 6.18%
    49% 4 $490,000 $122,500 $0 6.49%
    44% 4 $110,000 $27,500 $0 6.24%
    42% 4 $480,000 $120,000 $1,358 6.46%

    First Heritage Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 106 originations. The next most common DTI ratio? 30-36%, with 70 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 355 $31,165,000 $87,789 $908 6.41%
    Not applicable 45 $6,215,000 $138,111 $0 7.49%
    Not provided 17 $3,335,000 $196,176 $2,315 6.78%
    American Indian 2 $230,000 $115,000 $2,118 6.68%

    Approval Rates

    Total approvals of all applications
    85.01%

    First Heritage Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    82.82%

    First Heritage Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 419 $40,945,000 $97,721

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    419 $40,945,000 $97,721

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 99 $5,345,000 $53,990 $124 6.48%
    40-60% 45 $5,025,000 $111,667 $561 6.55%
    60-80% 94 $12,780,000 $135,957 $1,899 6.77%
    80-100% 88 $14,260,000 $162,045 $2,701 6.60%
    Over 100% 3 $305,000 $101,667 $0 8.08%
    Under 20% 90 $3,230,000 $35,889 $5 6.27%