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

Madison, WI

LEI: 549300LENIDYCDF93Y54

Tax ID: 39-0716655

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

    Heartland Credit Union (madison) is a smaller credit union specializing in Home Purchase and Cash Out Refi loans. Heartland Credit Union (madison) has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Madison, Platteville, Baraboo, Watertown, and Janesville among others. We have data for 13 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 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 6.23% 12/3/24
    30 Year Conventional Refi 6.39% 12/3/24
    30 Year Cash-out Refi 6.32% 12/3/24
    15 Year Conventional Purchase 5.69% 12/3/24
    15 Year Conventional Refi 5.98% 12/3/24
    15 Year Cash-out Refi 5.98% 12/3/24
    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

    298

    Origination Dollar Volume (All Markets)

    $39,420,000

    Awards

    Heartland Credit Union (Madison) 30 Year Conventional Loans bronze Heartland Credit Union (Madison) 30 Year Conventional Loans silver Heartland Credit Union (Madison) 30 Year Conventional Loans bronze
    Show all (3) 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
    MADISON, WI (FHA|USDA|VA) 188 $27,130,000 $144,309 $1,604 4.58%
    Platteville, WI (FHA|USDA|VA) 66 $6,140,000 $93,030 $1,396 4.30%
    Outside of Metro Areas 22 $3,010,000 $136,818 $1,962 4.40%
    Baraboo, WI (FHA|USDA|VA) 5 $815,000 $163,000 $2,355 4.75%
    Watertown-Fort Atkinson, WI (FHA|USDA|VA) 3 $695,000 $231,667 $1,873 4.88%
    JANESVILLE-BELOIT, WI (FHA|USDA|VA) 4 $510,000 $127,500 $1,923 4.34%
    Beaver Dam, WI (FHA|USDA|VA) 2 $240,000 $120,000 $1,465 3.88%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $215,000 $215,000 $2,108 4.63%
    APPLETON, WI (FHA|USDA|VA) 2 $190,000 $95,000 $1,984 5.00%
    MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 2 $160,000 $80,000 $1,989 5.40%
    Menomonie, WI (FHA|USDA|VA) 1 $155,000 $155,000 $349 3.38%
    Stevens Point, WI (FHA|USDA|VA) 1 $105,000 $105,000 $2,042 4.88%
    OSHKOSH-NEENAH, WI (FHA|USDA|VA) 1 $55,000 $55,000 $1,784 3.63%
    Heartland Credit Union (madison)'s top markets include Madison, Platteville, Baraboo, Watertown, and Janesville 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.

    HERITAGE CREDIT UNION
    Similarity Rank: 78
    Royal Bank
    Similarity Rank: 81
    American Trust & Savings Bank
    Similarity Rank: 108
    United Community Bank
    Similarity Rank: 147
    Landmark Credit Union
    Similarity Rank: 192
    State Bank of Cross Plains
    Similarity Rank: 207
    Farmers and Merchants Union Bank
    Similarity Rank: 288
    The First National Bank and Trust Company
    Similarity Rank: 289
    Mound City Bank
    Similarity Rank: 350
    Oregon Community Bank
    Similarity Rank: 407

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 296 $39,180,000 $132,365 $1,599 4.50%
    USDA 2 $240,000 $120,000 $3,083 4.81%

    For 2018, Heartland Credit Union (madison)'s most frequently originated type of loan was Conventional, with 296 originations. Their 2nd most popular type was USDA, with 2 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 158 $27,310,000 $172,848 $2,508 4.52%
    Cash Out Refi 88 $8,440,000 $95,909 $696 4.50%
    Refi 31 $2,705,000 $87,258 $562 4.45%
    Home Improvement 16 $600,000 $37,500 $90 4.70%
    Other 5 $365,000 $73,000 $291 3.82%

    For 2018, Heartland Credit Union (madison)'s most frequently cited loan purpose was Home Purchase, with 158 originations. The 2nd most popular reason was Cash Out Refi, with 88 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 158 $27,960,000 $176,962 $2,499 4.56%
    Other 55 $4,875,000 $88,636 $382 3.61%
    15 Year 29 $2,175,000 $75,000 $949 5.01%
    5 Year 29 $2,365,000 $81,552 $91 4.77%
    10 Year 19 $1,155,000 $60,789 $191 5.39%
    20 Year 5 $635,000 $127,000 $2,076 4.53%
    3 Year 3 $255,000 $85,000 $0 5.08%

    For 2018, Heartland Credit Union (madison)'s most frequently cited loan duration was 30 Year, with 158 originations. The 2nd most popular length was Other, with 55 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 225 $24,375,000 $108,333
    $1k-2k 39 $8,425,000 $216,026
    $2k-3k 13 $2,635,000 $202,692
    $4k-5k 3 $715,000 $238,333
    $3k-4k 2 $330,000 $165,000
    $5k+ 1 $235,000 $235,000

    Heartland Credit Union (madison)'s average total fees were $2,499, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 225 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 151 $24,415,000 $161,689
    3-4% 97 $10,675,000 $110,052
    5-6% 33 $3,655,000 $110,758
    6-7% 17 $675,000 $39,706

    During 2018, Heartland Credit Union (madison)'s average interest rate for loans was 4.56%, while their most frequently originated rate bucket for loans was 4-5%, with 151 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 127 $6,875,000 $54,134 $750 4.60%
    $100k-200k 111 $15,635,000 $140,856 $1,904 4.37%
    $200k-400k 55 $14,345,000 $260,818 $2,893 4.55%
    $400k-600k 4 $1,750,000 $437,500 $2,449 4.34%
    $600k-1MM 1 $815,000 $815,000 $0 4.50%

    2018 saw Heartland Credit Union (madison) place emphasis on $100,000 or less loans with 127 originations, totaling $6,875,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 84 $9,910,000 $117,976 $1,634 4.39%
    $50k or less 59 $4,925,000 $83,475 $1,502 4.46%
    $75k-100k 59 $7,875,000 $133,475 $1,574 4.35%
    $100k-150k 50 $8,480,000 $169,600 $1,830 4.58%
    $150k-250k 34 $5,610,000 $165,000 $1,444 4.78%
    $250k+ 5 $1,125,000 $225,000 $4,119 5.20%

    Heartland Credit Union (madison) lent most frequently to those with incomes in the $50k-75k range, with 84 originations. The second most popular income band? $50k or less, with 59 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 74 $9,430,000 $127,432 $1,741 4.47%
    30-36% 73 $9,955,000 $136,370 $1,622 4.24%
    <20% 32 $2,620,000 $81,875 $1,023 4.29%
    40% 12 $2,030,000 $169,167 $2,122 4.36%
    41% 11 $1,525,000 $138,636 $1,973 4.53%
    50-60% 10 $750,000 $75,000 $466 5.30%
    36% 9 $1,405,000 $156,111 $1,812 4.85%
    42% 8 $1,750,000 $218,750 $2,116 4.41%
    37% 7 $1,275,000 $182,143 $2,388 4.45%
    39% 7 $1,495,000 $213,571 $2,813 4.46%
    43% 7 $795,000 $113,571 $1,701 4.87%
    >60% 6 $560,000 $93,333 $636 4.92%
    46% 6 $830,000 $138,333 $1,723 4.56%
    38% 5 $435,000 $87,000 $1,811 4.84%
    44% 5 $725,000 $145,000 $1,069 4.37%
    49% 2 $310,000 $155,000 $864 5.12%
    47% 1 $95,000 $95,000 $1,616 3.88%
    48% 1 $85,000 $85,000 $349 3.63%
    45% 1 $65,000 $65,000 $45 6.43%

    Heartland Credit Union (madison) lent most frequently to those with DTI ratios of 20-30%, with 74 originations. The next most common DTI ratio? 30-36%, with 73 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 254 $33,690,000 $132,638 $1,674 4.53%
    Not provided 32 $2,940,000 $91,875 $837 4.21%
    Not applicable 5 $1,265,000 $253,000 $0 4.95%
    American Indian 3 $735,000 $245,000 $2,290 3.96%
    Asian 3 $565,000 $188,333 $3,084 5.17%
    Black 1 $225,000 $225,000 $5,573 4.38%

    Approval Rates

    Total approvals of all applications
    92.91%

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

    Pick Rate

    Approvals leading to origination
    82.55%

    Heartland Credit Union (madison) has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 298 $39,420,000 $132,282

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 1 $815,000 $815,000
    Single Family (1-4 Units):Manufactured 1 $85,000 $85,000
    Single Family (1-4 Units):Site-Built 296 $38,520,000 $130,135

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 38 $2,410,000 $63,421 $350 4.65%
    40-60% 32 $3,030,000 $94,688 $843 4.27%
    60-80% 83 $13,585,000 $163,675 $2,226 4.37%
    80-100% 104 $18,460,000 $177,500 $2,254 4.47%
    Over 100% 1 $185,000 $185,000 $4,027 4.75%
    Under 20% 36 $1,000,000 $27,778 $114 4.92%