Heritage Bank Mortgage Rates, Fees & Info
Spicer, MNLEI: 549300KUIZTYQRC0R888
Tax ID: 41-0880598
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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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.05% | 4/28/24 |
| 30 Year Conventional Refi | 6.88% | 4/28/24 |
| 30 Year Cash-out Refi | 6.69% | 4/28/24 |
| 30 Year FHA Purchase | 7.66% | 4/28/24 |
| 30 Year FHA Refi | 6.27% | 4/28/24 |
| 30 Year VA Purchase | 6.91% | 4/28/24 |
| 30 Year USDA Purchase | 6.91% | 4/28/24 |
| 15 Year Conventional Purchase | 6.32% | 4/28/24 |
| 15 Year Conventional Refi | 6.21% | 4/28/24 |
| 15 Year Cash-out Refi | 6.21% | 4/28/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
387Origination Dollar Volume (All Markets)
$134,365,000Awards
Heritage Bank - 2022
Heritage Bank is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
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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% |
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.
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Product Mix
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
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
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
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
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
2022 saw Heritage Bank place emphasis on $100k-200k loans with 113 originations, totaling $17,105,000 in origination value.
Applicant Income
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
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
Approval Rates
Total approvals of all applications92.40%
Heritage Bank has an average approval rate.
Pick Rate
Approvals leading to origination74.42%
Heritage Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 387 | $134,365,000 | $347,196 |