Heritage Bank Mortgage Rates, Fees & Info

Spicer, MN

LEI: 549300KUIZTYQRC0R888

Tax ID: 41-0880598

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

Jump to:

Mortgage Data

Review & Overview

Heritage Bank is a smaller bank specializing in Home Purchase loans. Heritage Bank has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Sioux City, Willmar, Sioux Falls, Minneapolis, and Wichita among others. We have data for 77 markets. (Some data included below & more in-depth data is available with an active subscription.)

Heritage Bank 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 Bank 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.

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 6.05% 10/31/24
30 Year Conventional Refi 6.88% 10/31/24
30 Year Cash-out Refi 6.69% 10/31/24
30 Year FHA Purchase 7.66% 10/31/24
30 Year FHA Refi 6.27% 10/31/24
30 Year VA Purchase 6.91% 10/31/24
30 Year USDA Purchase 6.91% 10/31/24
15 Year Conventional Purchase 6.32% 10/31/24
15 Year Conventional Refi 6.21% 10/31/24
15 Year Cash-out Refi 6.21% 10/31/24
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 Bank Mortgage Calculator






Your Estimates

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

This is not an official calculator from Heritage Bank. 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

387

Origination Dollar Volume (All Markets)

$134,365,000

Awards

Heritage Bank FHA Loans gold
Show all (1) 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
SIOUX CITY, IA-NE-SD (FHA|USDA|VA) 51 $24,365,000 $477,745 $4,844 4.41%
Willmar, MN (FHA|USDA|VA) 79 $17,335,000 $219,430 $4,646 4.94%
SIOUX FALLS, SD (FHA|USDA|VA) 30 $13,990,000 $466,333 $4,755 4.38%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 34 $10,210,000 $300,294 $5,829 4.65%
Outside of Metro Areas 59 $9,565,000 $162,119 $4,315 4.94%
WICHITA, KS (FHA|USDA|VA) 1 $6,345,000 $6,345,000 $0 5.61%
RAPID CITY, SD (FHA|USDA|VA) 1 $5,365,000 $5,365,000 $0 3.50%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 4 $2,650,000 $662,500 $13,363 5.44%
OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 3 $2,615,000 $871,667 $11,857 3.83%
ST. CLOUD, MN (FHA|USDA|VA) 12 $2,350,000 $195,833 $5,871 3.74%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 3 $1,995,000 $665,000 $11,566 6.25%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 4 $1,910,000 $477,500 $9,321 5.14%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 4 $1,660,000 $415,000 $8,933 5.34%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 3 $1,605,000 $535,000 $9,741 5.04%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 3 $1,545,000 $515,000 $10,067 4.63%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $1,495,000 $1,495,000 $18,994 4.50%
PUNTA GORDA, FL (FHA|USDA|VA) 6 $1,230,000 $205,000 $6,311 6.28%
DULUTH, MN-WI (FHA|USDA|VA) 9 $1,025,000 $113,889 $3,829 3.43%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 2 $990,000 $495,000 $9,543 6.19%
MADISON, WI (FHA|USDA|VA) 1 $915,000 $915,000 $12,314 4.50%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 1 $905,000 $905,000 $13,184 6.38%
Alexandria, MN (FHA|USDA|VA) 7 $895,000 $127,857 $3,029 3.46%
FLAGSTAFF, AZ (FHA|USDA|VA) 1 $895,000 $895,000 $15,157 5.50%
TUCSON, AZ (FHA|USDA|VA) 1 $875,000 $875,000 $14,583 6.38%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $855,000 $855,000 $18,088 5.00%
Storm Lake, IA (FHA|USDA|VA) 5 $845,000 $169,000 $3,159 2.78%
Brookings, SD (FHA|USDA|VA) 2 $820,000 $410,000 $9,673 5.00%
Mitchell, SD (FHA|USDA|VA) 1 $785,000 $785,000 $0 6.50%
MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 2 $760,000 $380,000 $5,987 5.97%
GAINESVILLE, FL (FHA|USDA|VA) 1 $755,000 $755,000 $9,958 5.25%
MONROE, LA (FHA|USDA|VA) 1 $745,000 $745,000 $12,408 4.88%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 2 $730,000 $365,000 $7,136 6.50%
RENO, NV (FHA|USDA|VA) 2 $730,000 $365,000 $6,390 5.77%
SALISBURY, MD-DE (FHA|USDA|VA) 1 $685,000 $685,000 $12,507 6.38%
Juneau, AK (FHA|USDA|VA) 1 $675,000 $675,000 $9,822 6.35%
BLOOMSBURG-BERWICK, PA (FHA|USDA|VA) 1 $635,000 $635,000 $13,780 5.38%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $605,000 $605,000 $8,598 4.88%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 1 $565,000 $565,000 $11,441 6.10%
APPLETON, WI (FHA|USDA|VA) 1 $565,000 $565,000 $7,782 6.38%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 1 $545,000 $545,000 $10,226 5.63%
FARMINGTON, NM (FHA|USDA|VA) 1 $535,000 $535,000 $7,384 5.50%
VISALIA, CA (FHA|USDA|VA) 1 $495,000 $495,000 $8,666 6.60%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $485,000 $485,000 $10,703 5.63%
COLUMBUS, OH (FHA|USDA|VA) 2 $440,000 $220,000 $6,963 6.05%
Elkins, WV (FHA|USDA|VA) 1 $435,000 $435,000 $7,796 6.48%
STAUNTON, VA (FHA|USDA|VA) 1 $425,000 $425,000 $7,451 6.73%
Kearney, NE (FHA|USDA|VA) 1 $425,000 $425,000 $6,323 4.75%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 1 $395,000 $395,000 $8,408 5.38%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $375,000 $375,000 $8,339 5.50%
RACINE, WI (FHA|USDA|VA) 1 $365,000 $365,000 $5,859 4.25%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $355,000 $355,000 $7,680 3.88%
Brainerd, MN (FHA|USDA|VA) 2 $330,000 $165,000 $4,453 4.40%
WAUSAU-WESTON, WI (FHA|USDA|VA) 1 $325,000 $325,000 $6,380 5.00%
Centralia, IL (FHA|USDA|VA) 1 $295,000 $295,000 $4,983 5.88%
MIDLAND, TX (FHA|USDA|VA) 1 $285,000 $285,000 $7,963 5.00%
SPRINGFIELD, MO (FHA|USDA|VA) 1 $265,000 $265,000 $5,518 6.13%
New Ulm, MN (FHA|USDA|VA) 1 $265,000 $265,000 $5,755 5.55%
Bemidji, MN (FHA|USDA|VA) 1 $265,000 $265,000 $8,585 5.50%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 1 $265,000 $265,000 $5,620 4.88%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 1 $265,000 $265,000 $6,299 5.50%
Hutchinson, MN (FHA|USDA|VA) 1 $255,000 $255,000 $8,510 5.00%
LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA) 1 $245,000 $245,000 $5,199 5.63%
Winona, MN (FHA|USDA|VA) 2 $230,000 $115,000 $4,460 5.63%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $225,000 $225,000 $5,212 5.75%
Steamboat Springs, CO (FHA|USDA|VA) 1 $225,000 $225,000 $0 5.25%
Watertown, SD (FHA|USDA|VA) 1 $205,000 $205,000 $5,560 3.75%
Gloversville, NY (FHA|USDA|VA) 1 $195,000 $195,000 $6,202 6.25%
LAKE CHARLES, LA (FHA|USDA|VA) 1 $195,000 $195,000 $5,093 5.88%
Vermillion, SD (FHA|USDA|VA) 2 $190,000 $95,000 $1,895 2.88%
FARGO, ND-MN (FHA|USDA|VA) 1 $185,000 $185,000 $4,632 6.75%
Red Wing, MN (FHA|USDA|VA) 1 $165,000 $165,000 $4,497 5.38%
MANKATO, MN (FHA|USDA|VA) 2 $160,000 $80,000 $3,564 3.06%
Aberdeen, SD (FHA|USDA|VA) 1 $145,000 $145,000 $4,651 6.38%
Spirit Lake, IA (FHA|USDA|VA) 2 $130,000 $65,000 $1,739 2.56%
DAYTON-KETTERING, OH (FHA|USDA|VA) 1 $125,000 $125,000 $6,382 4.38%
Marshall, MN (FHA|USDA|VA) 1 $115,000 $115,000 $3,473 5.75%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 1 $55,000 $55,000 $2,614 5.31%
Heritage Bank's top markets include Sioux City, Willmar, Sioux Falls, Minneapolis, and Wichita among others.

Their top states include:
  • Minnesota (FHA|USDA|VA)
  • Iowa (FHA|USDA|VA)
  • South Dakota (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)
  • Similar Lenders

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

    SIOUXLAND FEDERAL CREDIT UNION
    Similarity Rank: 40
    Primebank
    Similarity Rank: 140
    American State Bank
    Similarity Rank: 288
    MY Credit Union
    Similarity Rank: 304
    SIOUX FALLS
    Similarity Rank: 378
    South Metro Federal Credit Union
    Similarity Rank: 429
    Cornerstone State Bank
    Similarity Rank: 464
    WESTconsin Credit Union
    Similarity Rank: 684
    CU MORTGAGE DIRECT, LLC
    Similarity Rank: 741

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 325 $123,065,000 $378,662 $5,340 4.75%
    FHA 50 $9,200,000 $184,000 $7,736 4.96%
    USDA 9 $1,465,000 $162,778 $6,089 4.68%
    VA 3 $635,000 $211,667 $5,135 4.25%

    For 2022, Heritage Bank's most frequently originated type of loan was Conventional, with 325 originations. Their 2nd most popular type was FHA, with 50 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 302 $97,280,000 $322,119 $6,158 4.76%
    Refi 33 $14,425,000 $437,121 $3,607 4.34%
    Cash Out Refi 25 $5,015,000 $200,600 $4,385 4.61%
    Other 19 $2,775,000 $146,053 $3,614 5.54%
    Home Improvement 8 $14,870,000 $1,858,750 $2,235 5.75%

    For 2022, Heritage Bank's most frequently cited loan purpose was Home Purchase, with 302 originations. The 2nd most popular reason was Refi, with 33 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 300 $85,730,000 $285,767 $6,176 4.72%
    20 Year 35 $8,555,000 $244,429 $2,791 5.45%
    Other 21 $17,925,000 $853,571 $0 4.69%
    15 Year 16 $3,860,000 $241,250 $4,241 3.96%
    10 Year 12 $14,610,000 $1,217,500 $779 4.86%
    1 Year 2 $420,000 $210,000 $0 7.00%
    30+ year 1 $3,265,000 $3,265,000 $0 5.25%

    For 2022, Heritage Bank's most frequently cited loan duration was 30 Year, with 300 originations. The 2nd most popular length was 20 Year, with 35 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $2k-3k 81 $15,165,000 $187,222
    $5k+ 66 $41,240,000 $624,848
    $1k-2k 64 $7,470,000 $116,719
    $<1k 54 $3,150,000 $58,333
    $3k-4k 49 $12,285,000 $250,714
    $4k-5k 32 $10,780,000 $336,875

    Heritage Bank's average total fees were $6,176, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 81 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 120 $58,440,000 $487,000
    6-7% 78 $24,550,000 $314,744
    3-4% 76 $27,730,000 $364,868
    4-5% 68 $20,610,000 $303,088
    <2.5% 32 $580,000 $18,125
    7-8% 8 $1,480,000 $185,000
    2.5-3% 4 $810,000 $202,500
    Over 8% 1 $165,000 $165,000

    During 2022, Heritage Bank's average interest rate for loans was 4.72%, while their most frequently originated rate bucket for loans was 5-6%, with 120 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 113 $17,105,000 $151,372 $4,938 5.11%
    $200k-400k 109 $29,755,000 $272,982 $6,369 5.01%
    $100,000 or less 83 $3,465,000 $41,747 $1,541 3.47%
    $400k-600k 37 $18,565,000 $501,757 $8,814 5.36%
    $600k-1MM 35 $26,745,000 $764,143 $11,837 5.33%
    $1MM+ 10 $38,730,000 $3,873,000 $16,518 5.01%

    2022 saw Heritage Bank place emphasis on $100k-200k loans with 113 originations, totaling $17,105,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 89 $12,255,000 $137,697 $4,020 4.20%
    $50k or less 64 $6,760,000 $105,625 $4,031 4.18%
    $75k-100k 53 $10,295,000 $194,245 $4,950 4.79%
    $250k+ 50 $30,150,000 $603,000 $10,026 5.53%
    $150k-250k 48 $17,840,000 $371,667 $6,954 5.46%
    $100k-150k 46 $13,140,000 $285,652 $6,062 5.08%

    Heritage Bank lent most frequently to those with incomes in the $50k-75k range, with 89 originations. The second most popular income band? $50k or less, with 64 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 80 $22,220,000 $277,750 $5,878 4.92%
    20-30% 58 $15,280,000 $263,448 $5,420 4.66%
    42% 28 $6,980,000 $249,286 $5,067 4.27%
    <20% 24 $6,860,000 $285,833 $5,900 4.64%
    44% 21 $4,795,000 $228,333 $5,632 4.88%
    40% 18 $3,560,000 $197,778 $4,737 4.55%
    41% 16 $4,990,000 $311,875 $6,310 4.14%
    39% 15 $3,715,000 $247,667 $5,152 5.08%
    45% 15 $2,805,000 $187,000 $5,376 5.08%
    49% 13 $3,095,000 $238,077 $5,491 4.38%
    43% 12 $2,140,000 $178,333 $4,490 4.46%
    37% 9 $3,185,000 $353,889 $8,001 5.68%
    36% 9 $2,065,000 $229,444 $5,700 4.97%
    48% 8 $2,600,000 $325,000 $5,884 4.03%
    50-60% 8 $1,620,000 $202,500 $6,714 5.44%
    38% 6 $1,820,000 $303,333 $6,848 5.78%
    46% 4 $1,220,000 $305,000 $8,166 5.78%
    47% 3 $1,155,000 $385,000 $7,710 4.83%

    Heritage Bank lent most frequently to those with DTI ratios of 30-36%, with 80 originations. The next most common DTI ratio? 20-30%, with 58 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 306 $75,060,000 $245,294 $5,462 4.70%
    Not applicable 37 $43,925,000 $1,187,162 $0 4.88%
    Black 12 $6,330,000 $527,500 $10,161 5.06%
    Not provided 20 $4,820,000 $241,000 $5,574 5.10%
    Asian 9 $3,455,000 $383,889 $7,722 5.37%
    American Indian 3 $775,000 $258,333 $6,336 5.62%

    Approval Rates

    Total approvals of all applications
    92.40%

    Heritage Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    74.42%

    Heritage Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 387 $134,365,000 $347,196

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    387 $134,365,000 $347,196

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 20 $2,680,000 $134,000 $3,598 5.79%
    40-60% 21 $3,905,000 $185,952 $4,065 4.15%
    60-80% 77 $51,405,000 $667,597 $4,874 5.01%
    80-100% 217 $75,065,000 $345,922 $7,407 5.27%
    Under 20% 51 $1,125,000 $22,059 $629 2.15%