Heartland Credit Union (madison) Mortgage Rates, Fees & Info

Madison, WI

LEI: 549300LENIDYCDF93Y54

Tax ID: 39-0716655

5 stars - Updated: 3/28/24 - out of 5 stars, based on 22 reviews

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

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Mortgage Data

Review & Overview

Heartland Credit Union (madison) is a smaller credit union specializing in Home Purchase loans. Heartland Credit Union (madison) has a high proportion of conventional loans. Their top markets by origination volume include: Madison, Platteville, Baraboo, Milwaukee, and Watertown among others. We have data for 15 markets. (Some data included below & more in-depth data is available with an active subscription.)

Heartland Credit Union (madison) 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. Heartland Credit Union (madison) 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 6.23% 3/28/24
30 Year Conventional Refi 6.39% 3/28/24
30 Year Cash-out Refi 6.32% 3/28/24
15 Year Conventional Purchase 5.69% 3/28/24
15 Year Conventional Refi 5.98% 3/28/24
15 Year Cash-out Refi 5.98% 3/28/24
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.

Heartland Credit Union (madison) Mortgage Calculator






Your Estimates

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

This is not an official calculator from Heartland Credit Union (madison). 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

479

Origination Dollar Volume (All Markets)

$57,455,000

Awards

Heartland Credit Union (Madison) 30 Year Conventional Loans silver Heartland Credit Union (Madison) 30 Year Conventional Loans gold Heartland Credit Union (Madison) 30 Year Conventional Loans bronze
Show all (3) awards

Relative Rate

Heartland Credit Union (madison)'s average 30 year fixed mortgage rate was 6.45%.

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

This yields a difference of -0.03%.

Relative Fees (Closing Costs)

Heartland Credit Union (madison)'s average total fees/closing costs for a 30 year fixed rate mortgage were $2,419.

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
MADISON, WI (FHA|USDA|VA) 356 $44,840,000 $125,955 $1,633 5.34%
Outside of Metro Areas 28 $3,780,000 $135,000 $1,620 6.06%
Platteville, WI (FHA|USDA|VA) 43 $3,225,000 $75,000 $1,590 5.25%
Baraboo, WI (FHA|USDA|VA) 12 $1,120,000 $93,333 $2,192 5.20%
MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 5 $1,005,000 $201,000 $2,311 6.02%
Watertown-Fort Atkinson, WI (FHA|USDA|VA) 7 $855,000 $122,143 $1,956 5.44%
JANESVILLE-BELOIT, WI (FHA|USDA|VA) 11 $795,000 $72,273 $604 5.39%
Beaver Dam, WI (FHA|USDA|VA) 7 $725,000 $103,571 $2,640 5.53%
OSHKOSH-NEENAH, WI (FHA|USDA|VA) 2 $370,000 $185,000 $2,602 5.87%
SHEBOYGAN, WI (FHA|USDA|VA) 2 $250,000 $125,000 $2,022 6.00%
GREEN BAY, WI (FHA|USDA|VA) 1 $155,000 $155,000 $2,723 5.88%
Marinette, WI-MI (FHA|USDA|VA) 1 $125,000 $125,000 $2,848 7.00%
Whitewater, WI (FHA|USDA|VA) 2 $100,000 $50,000 $0 3.99%
APPLETON, WI (FHA|USDA|VA) 1 $85,000 $85,000 $1,928 6.25%
FOND DU LAC, WI (FHA|USDA|VA) 1 $25,000 $25,000 $0 3.99%
Heartland Credit Union (madison)'s top markets include Madison, Platteville, Baraboo, Milwaukee, and Watertown among others.

Their top states include:
  • Wisconsin (FHA|USDA|VA)
  • Similar Lenders

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

    Royal Bank
    Similarity Rank: 48
    Starion Bank
    Similarity Rank: 147
    Bank of Sun Prairie
    Similarity Rank: 270
    Heartland Credit Union (Madison)
    Similarity Rank: 270
    Mound City Bank
    Similarity Rank: 319
    State Bank of Cross Plains
    Similarity Rank: 364
    The Park Bank
    Similarity Rank: 396
    Settlers Bank
    Similarity Rank: 490
    Oregon Community Bank
    Similarity Rank: 767

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 306 $25,440,000 $83,137 n/a 4.78%
    Conventional 173 $32,015,000 $185,058 $1,663 6.48%

    For 2023, Heartland Credit Union (madison)'s most frequently originated type of loan was HELOC, with 306 originations. Their 2nd most popular type was Conventional, with 173 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 149 $10,975,000 $73,658 $424 4.92%
    Home Purchase 122 $27,340,000 $224,098 $2,420 6.00%
    Cash Out Refi 84 $8,210,000 $97,738 $1,060 5.37%
    Refi 72 $6,360,000 $88,333 $739 5.64%
    Other 52 $4,570,000 $87,885 $115 4.95%

    For 2023, Heartland Credit Union (madison)'s most frequently cited loan purpose was Home Improvement, with 149 originations. The 2nd most popular reason was Home Purchase, with 122 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    5 Year 334 $30,590,000 $91,587 $135 4.88%
    30 Year 92 $20,860,000 $226,739 $2,419 6.45%
    15 Year 19 $1,695,000 $89,211 $443 7.24%
    10 Year 16 $1,030,000 $64,375 $166 7.03%
    Other 8 $1,060,000 $132,500 $360 6.06%
    3 Year 5 $1,565,000 $313,000 $0 5.75%
    20 Year 4 $560,000 $140,000 $2,248 5.91%
    1 Year 1 $95,000 $95,000 $0 6.50%

    For 2023, Heartland Credit Union (madison)'s most frequently cited loan duration was 5 Year, with 334 originations. The 2nd most popular length was 30 Year, with 92 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 96 $20,040,000 $208,750
    $1k-2k 8 $1,790,000 $223,750
    $3k-4k 2 $460,000 $230,000
    $2k-3k 1 $435,000 $435,000

    Heartland Credit Union (madison)'s average total fees were $2,419, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 96 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 141 $12,745,000 $90,390
    3-4% 140 $11,370,000 $81,214
    6-7% 93 $17,865,000 $192,097
    5-6% 52 $10,350,000 $199,038
    7-8% 44 $4,630,000 $105,227
    Over 8% 7 $345,000 $49,286

    During 2023, Heartland Credit Union (madison)'s average interest rate for loans was 6.45%, while their most frequently originated rate bucket for loans was 4-5%, with 141 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 266 $13,060,000 $49,098 $552 5.17%
    $100k-200k 139 $19,375,000 $139,388 $1,988 5.47%
    $200k-400k 53 $14,475,000 $273,113 $2,500 6.08%
    $400k-600k 18 $8,480,000 $471,111 $2,747 5.94%
    $600k-1MM 3 $2,065,000 $688,333 $2,350 5.87%

    2023 saw Heartland Credit Union (madison) place emphasis on $100,000 or less loans with 266 originations, totaling $13,060,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 119 $15,265,000 $128,277 $1,897 5.27%
    $50k-75k 96 $8,080,000 $84,167 $1,854 5.43%
    $75k-100k 83 $8,265,000 $99,578 $1,364 5.38%
    $150k-250k 77 $11,145,000 $144,740 $1,752 5.22%
    $50k or less 57 $4,445,000 $77,982 $1,199 5.55%
    $250k+ 19 $3,815,000 $200,789 $1,714 5.44%

    Heartland Credit Union (madison) lent most frequently to those with incomes in the $100k-150k range, with 119 originations. The second most popular income band? $50k-75k, with 96 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 115 $11,625,000 $101,087 $1,577 5.36%
    <20% 108 $9,220,000 $85,370 $1,272 5.15%
    30-36% 73 $8,925,000 $122,260 $1,492 5.38%
    50-60% 22 $2,000,000 $90,909 $818 4.97%
    40% 16 $1,640,000 $102,500 $2,000 5.65%
    38% 16 $1,710,000 $106,875 $1,956 5.31%
    41% 14 $1,260,000 $90,000 $1,903 5.65%
    44% 13 $1,875,000 $144,231 $2,370 5.22%
    36% 11 $1,185,000 $107,727 $2,504 5.21%
    47% 11 $1,695,000 $154,091 $1,582 6.12%
    >60% 9 $1,785,000 $198,333 $134 5.28%
    39% 8 $1,000,000 $125,000 $2,892 5.26%
    37% 7 $1,205,000 $172,143 $2,338 6.08%
    48% 7 $1,355,000 $193,571 $2,495 5.57%
    43% 7 $755,000 $107,857 $2,125 5.58%
    46% 6 $700,000 $116,667 $1,631 5.60%
    42% 5 $1,315,000 $263,000 $2,765 6.14%
    45% 4 $310,000 $77,500 $94 5.24%
    49% 3 $1,065,000 $355,000 $2,051 6.25%

    Heartland Credit Union (madison) lent most frequently to those with DTI ratios of 20-30%, with 115 originations. The next most common DTI ratio? <20%, with 108 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 414 $44,550,000 $107,609 $1,556 5.31%
    Not applicable 17 $5,745,000 $337,941 $0 6.14%
    Not provided 27 $4,775,000 $176,852 $2,081 6.27%
    Asian 10 $1,160,000 $116,000 $1,963 5.60%
    Black 8 $670,000 $83,750 $0 4.62%
    Asian Indian 1 $485,000 $485,000 $2,833 6.50%
    American Indian 1 $45,000 $45,000 $0 3.99%
    Other Pacific Islander 1 $25,000 $25,000 $284 6.99%

    Approval Rates

    Total approvals of all applications
    92.47%

    Heartland Credit Union (madison) has an average approval rate.

    Pick Rate

    Approvals leading to origination
    88.73%

    Heartland Credit Union (madison) has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 479 $57,455,000 $119,948

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    479 $57,455,000 $119,948

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 124 $13,240,000 $106,774 $990 5.15%
    40-60% 44 $6,580,000 $149,545 $1,735 5.20%
    60-80% 52 $13,270,000 $255,192 $2,456 6.26%
    80-100% 54 $14,660,000 $271,481 $2,481 6.13%
    Under 20% 205 $9,705,000 $47,341 $192 5.15%