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, Refi, and Cash Out Refi loans. Heartland Credit Union (madison) has a high proportion of conventional loans. Their top markets by origination volume include: Madison, Platteville, Baraboo, Milwaukee, and Janesville among others. We have data for 14 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% 12/4/24
    30 Year Conventional Refi 6.39% 12/4/24
    30 Year Cash-out Refi 6.32% 12/4/24
    15 Year Conventional Purchase 5.69% 12/4/24
    15 Year Conventional Refi 5.98% 12/4/24
    15 Year Cash-out Refi 5.98% 12/4/24
    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

    413

    Origination Dollar Volume (All Markets)

    $82,285,000

    Awards

    Heartland Credit Union (Madison) 30 Year Conventional Loans gold Heartland Credit Union (Madison) 30 Year Conventional Loans silver Heartland Credit Union (Madison) 30 Year Conventional Loans silver
    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) 298 $63,500,000 $213,087 $2,553 2.79%
    Platteville, WI (FHA|USDA|VA) 51 $6,565,000 $128,725 $2,404 2.64%
    Outside of Metro Areas 26 $3,910,000 $150,385 $2,141 2.91%
    Baraboo, WI (FHA|USDA|VA) 12 $2,320,000 $193,333 $2,868 2.67%
    MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 6 $1,810,000 $301,667 $2,869 2.62%
    JANESVILLE-BELOIT, WI (FHA|USDA|VA) 5 $955,000 $191,000 $2,137 2.60%
    Beaver Dam, WI (FHA|USDA|VA) 3 $855,000 $285,000 $3,568 2.42%
    Watertown-Fort Atkinson, WI (FHA|USDA|VA) 4 $800,000 $200,000 $2,265 2.88%
    APPLETON, WI (FHA|USDA|VA) 1 $375,000 $375,000 $1,591 3.00%
    Whitewater, WI (FHA|USDA|VA) 2 $370,000 $185,000 $0 4.00%
    FOND DU LAC, WI (FHA|USDA|VA) 2 $330,000 $165,000 $1,664 2.56%
    OSHKOSH-NEENAH, WI (FHA|USDA|VA) 1 $225,000 $225,000 $7,229 3.38%
    GREEN BAY, WI (FHA|USDA|VA) 1 $215,000 $215,000 $2,776 3.00%
    SHEBOYGAN, WI (FHA|USDA|VA) 1 $55,000 $55,000 $1,711 2.13%
    Heartland Credit Union (madison)'s top markets include Madison, Platteville, Baraboo, Milwaukee, 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.

    MidWestOne Bank
    Similarity Rank: 342
    DMB Community Bank
    Similarity Rank: 400
    Dane County Credit Union
    Similarity Rank: 531
    The Greenwood's State Bank
    Similarity Rank: 625
    Farmers & Merchants State Bank
    Similarity Rank: 784
    Monona Bank
    Similarity Rank: 793
    Hometown Bank
    Similarity Rank: 798
    The Park Bank
    Similarity Rank: 819
    Starion Bank
    Similarity Rank: 900
    State Bank of Cross Plains
    Similarity Rank: 900

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 413 $82,285,000 $199,237 $2,524 2.77%

    For 2021, Heartland Credit Union (madison)'s most frequently originated type of loan was Conventional, with 413 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 132 $30,870,000 $233,864 $2,756 2.92%
    Refi 125 $21,815,000 $174,520 $1,977 2.63%
    Cash Out Refi 94 $18,650,000 $198,404 $2,891 2.84%
    Other 43 $7,505,000 $174,535 $2,736 2.59%
    Home Improvement 19 $3,445,000 $181,316 $2,394 2.78%

    For 2021, Heartland Credit Union (madison)'s most frequently cited loan purpose was Home Purchase, with 132 originations. The 2nd most popular reason was Refi, with 125 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 226 $53,010,000 $234,558 $3,051 2.97%
    15 Year 93 $15,475,000 $166,398 $2,186 2.29%
    20 Year 41 $7,045,000 $171,829 $2,556 2.78%
    Other 34 $4,010,000 $117,941 $412 2.59%
    10 Year 14 $1,460,000 $104,286 $1,497 2.78%
    3 Year 3 $755,000 $251,667 $0 3.83%
    5 Year 2 $530,000 $265,000 $0 4.50%

    For 2021, Heartland Credit Union (madison)'s most frequently cited loan duration was 30 Year, with 226 originations. The 2nd most popular length was 15 Year, with 93 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 206 $33,490,000 $162,573
    $1k-2k 122 $26,360,000 $216,066
    $2k-3k 41 $10,305,000 $251,341
    $3k-4k 14 $2,970,000 $212,143
    $5k+ 14 $4,600,000 $328,571
    $4k-5k 6 $1,650,000 $275,000

    Heartland Credit Union (madison)'s average total fees were $3,051, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 206 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 254 $52,500,000 $206,693
    <2.5% 113 $17,895,000 $158,363
    3-4% 39 $10,215,000 $261,923
    4-5% 6 $1,610,000 $268,333
    5-6% 1 $65,000 $65,000

    During 2021, Heartland Credit Union (madison)'s average interest rate for loans was 2.97%, while their most frequently originated rate bucket for loans was 2.5-3%, with 254 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 182 $27,030,000 $148,516 $2,195 2.69%
    $200k-400k 138 $38,140,000 $276,377 $3,151 2.88%
    $100,000 or less 67 $5,005,000 $74,701 $1,566 2.70%
    $400k-600k 26 $12,110,000 $465,769 $4,186 3.03%

    2021 saw Heartland Credit Union (madison) place emphasis on $100k-200k loans with 182 originations, totaling $27,030,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 110 $25,130,000 $228,455 $2,977 2.72%
    $50k-75k 84 $12,890,000 $153,452 $2,007 2.72%
    $75k-100k 79 $13,825,000 $175,000 $2,427 2.75%
    $150k-250k 60 $16,630,000 $277,167 $3,172 2.73%
    $50k or less 56 $6,200,000 $110,714 $1,834 2.77%
    $250k+ 14 $4,730,000 $337,857 $2,674 3.17%

    Heartland Credit Union (madison) lent most frequently to those with incomes in the $100k-150k range, with 110 originations. The second most popular income band? $50k-75k, with 84 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 139 $26,945,000 $193,849 $2,516 2.72%
    30-36% 91 $17,805,000 $195,659 $2,554 2.74%
    <20% 73 $13,305,000 $182,260 $2,457 2.65%
    41% 13 $3,005,000 $231,154 $2,421 2.73%
    38% 13 $2,765,000 $212,692 $3,031 2.71%
    39% 13 $2,455,000 $188,846 $2,301 2.78%
    40% 11 $2,715,000 $246,818 $2,429 2.81%
    37% 9 $2,185,000 $242,778 $2,764 2.76%
    36% 8 $1,490,000 $186,250 $3,202 3.26%
    42% 7 $1,025,000 $146,429 $2,901 2.79%
    43% 6 $1,530,000 $255,000 $2,753 2.94%
    44% 5 $1,085,000 $217,000 $1,573 3.28%
    47% 4 $1,200,000 $300,000 $3,220 2.88%
    45% 4 $630,000 $157,500 $1,719 3.03%
    49% 2 $190,000 $95,000 $2,339 2.81%
    46% 1 $205,000 $205,000 $2,434 2.88%
    48% 1 $145,000 $145,000 $1,979 2.63%
    50-60% 1 $225,000 $225,000 $0 2.38%
    >60% 1 $325,000 $325,000 $2,557 2.88%

    Heartland Credit Union (madison) lent most frequently to those with DTI ratios of 20-30%, with 139 originations. The next most common DTI ratio? 30-36%, with 91 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 334 $65,900,000 $197,305 $2,524 2.73%
    Not provided 63 $12,515,000 $198,651 $2,517 2.80%
    Not applicable 8 $2,440,000 $305,000 $0 4.03%
    Asian 5 $895,000 $179,000 $2,637 2.88%
    Black 3 $535,000 $178,333 $2,544 3.54%

    Approval Rates

    Total approvals of all applications
    95.99%

    Heartland Credit Union (madison) has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    89.35%

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

    Points and Fees

    Points Originations Total Value Average Loan
    NA 413 $82,285,000 $199,237

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    413 $82,285,000 $199,237

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 40 $4,440,000 $111,000 $1,497 2.69%
    40-60% 111 $17,455,000 $157,252 $1,904 2.64%
    60-80% 156 $36,320,000 $232,821 $3,022 2.83%
    80-100% 98 $23,600,000 $240,816 $3,032 2.89%
    Under 20% 7 $325,000 $46,429 $480 2.48%