Heritage Community Credit Union Mortgage Rates, Fees & Info

Sacramento, CA

LEI: 549300P7QM2ETZZY0323

Tax ID: 94-1289802

5 stars - Updated: 2/26/24 - out of 5 stars, based on 8 reviews

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

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Mortgage Data

Review & Overview

Heritage Community Credit Union is a smaller credit union specializing in Home Improvement and Cash Out Refi loans. Heritage Community Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Sacramento, Riverside, and Santa Maria among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)

Heritage Community Credit Union has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Heritage Community Credit Union 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.

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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.87% 2/26/24
30 Year Conventional Refi 6.49% 2/26/24
30 Year Cash-out Refi 6.29% 2/26/24
15 Year Conventional Refi 5.87% 2/26/24
15 Year Cash-out Refi 5.87% 2/26/24
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 Community Credit Union Mortgage Calculator






Your Estimates

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

This is not an official calculator from Heritage Community Credit Union. 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

67

Origination Dollar Volume (All Markets)

$8,515,000

Relative Rate

Heritage Community Credit Union's average 30 year fixed mortgage rate was 3.97%.

The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

This yields a difference of -0.79%.

Relative Fees (Closing Costs)

Heritage Community Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $5,834.

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 $4,750.

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
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 65 $7,965,000 $122,538 $1,797 5.17%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 1 $365,000 $365,000 $10,219 5.25%
SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) 1 $185,000 $185,000 $2,905 3.25%
Heritage Community Credit Union's top markets include Sacramento, Riverside, and Santa Maria among others.

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

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

    El Dorado Savings Bank, F.S.B.
    Similarity Rank: 546
    HERITAGE COMMUNITY CREDIT UNION
    Similarity Rank: 567
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 37 $5,765,000 $155,811 $2,054 4.92%
    HELOC 30 $2,750,000 $91,667 n/a 5.43%

    For 2022, Heritage Community Credit Union's most frequently originated type of loan was Conventional, with 37 originations. Their 2nd most popular type was HELOC, with 30 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 37 $2,815,000 $76,081 $399 5.46%
    Other 9 $1,055,000 $117,222 $349 5.67%
    Refi 9 $1,155,000 $128,333 $1,151 5.06%
    Cash Out Refi 9 $2,235,000 $248,333 $3,787 3.46%
    Home Purchase 3 $1,255,000 $418,333 $9,194 5.08%

    For 2022, Heritage Community Credit Union's most frequently cited loan purpose was Home Improvement, with 37 originations. The 2nd most popular reason was Other, with 9 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 33 $2,895,000 $87,727 $308 5.40%
    15 Year 10 $1,040,000 $104,000 $810 5.19%
    30 Year 9 $3,185,000 $353,889 $5,834 3.97%
    10 Year 8 $620,000 $77,500 $455 5.06%
    20 Year 7 $775,000 $110,714 $1,550 5.50%

    For 2022, Heritage Community Credit Union's most frequently cited loan duration was Other, with 33 originations. The 2nd most popular length was 15 Year, with 10 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 22 $1,730,000 $78,636
    $1k-2k 10 $2,200,000 $220,000
    $5k+ 3 $1,465,000 $488,333
    $4k-5k 1 $265,000 $265,000

    Heritage Community Credit Union's average total fees were $5,834, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 22 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 20 $3,860,000 $193,000
    5-6% 16 $2,010,000 $125,625
    4-5% 13 $1,035,000 $79,615
    6-7% 11 $945,000 $85,909
    7-8% 4 $460,000 $115,000
    Over 8% 2 $80,000 $40,000
    2.5-3% 1 $125,000 $125,000

    During 2022, Heritage Community Credit Union's average interest rate for loans was 3.97%, while their most frequently originated rate bucket for loans was 3-4%, with 20 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 31 $1,655,000 $53,387 $490 5.46%
    $100k-200k 26 $3,370,000 $129,615 $1,465 5.03%
    $200k-400k 7 $1,915,000 $273,571 $5,287 4.88%
    $400k-600k 2 $950,000 $475,000 $5,865 3.44%
    $600k-1MM 1 $625,000 $625,000 $10,960 3.63%

    2022 saw Heritage Community Credit Union place emphasis on $100,000 or less loans with 31 originations, totaling $1,655,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 20 $2,180,000 $109,000 $1,237 5.21%
    $150k-250k 18 $2,770,000 $153,889 $2,812 5.38%
    $75k-100k 11 $1,275,000 $115,909 $1,915 5.56%
    $50k-75k 10 $970,000 $97,000 $1,931 4.14%
    $250k+ 7 $1,225,000 $175,000 $3,684 5.36%
    $50k or less 1 $95,000 $95,000 $0 4.00%

    Heritage Community Credit Union lent most frequently to those with incomes in the $100k-150k range, with 20 originations. The second most popular income band? $150k-250k, with 18 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 16 $1,840,000 $115,000 $2,651 4.95%
    30-36% 10 $1,860,000 $186,000 $4,677 5.14%
    <20% 6 $690,000 $115,000 $1,238 5.02%
    42% 6 $460,000 $76,667 $549 6.13%
    40% 5 $435,000 $87,000 $324 6.65%
    39% 5 $365,000 $73,000 $266 5.30%
    37% 4 $380,000 $95,000 $514 5.50%
    >60% 3 $205,000 $68,333 $0 4.67%
    36% 2 $280,000 $140,000 $566 6.13%
    38% 2 $750,000 $375,000 $3,503 3.25%
    41% 2 $400,000 $200,000 $1,847 3.62%
    46% 2 $530,000 $265,000 $8,176 3.94%
    45% 1 $105,000 $105,000 $0 3.75%
    43% 1 $75,000 $75,000 $0 3.75%
    44% 1 $95,000 $95,000 $0 4.00%

    Heritage Community Credit Union lent most frequently to those with DTI ratios of 20-30%, with 16 originations. The next most common DTI ratio? 30-36%, with 10 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 57 $7,635,000 $133,947 $2,302 5.16%
    Black 3 $265,000 $88,333 $3,027 4.04%
    Asian 2 $260,000 $130,000 $516 4.50%
    Not provided 3 $255,000 $85,000 $379 5.58%
    Other Pacific Islander 1 $55,000 $55,000 $216 6.50%
    Not applicable 1 $45,000 $45,000 $116 6.25%

    Approval Rates

    Total approvals of all applications
    84.43%

    Heritage Community Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    52.24%

    Heritage Community Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 67 $8,515,000 $127,090

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    67 $8,515,000 $127,090

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 13 $1,835,000 $141,154 $1,923 4.98%
    40-60% 3 $775,000 $258,333 $3,088 3.46%
    60-80% 2 $750,000 $375,000 $3,503 3.25%
    80-100% 4 $1,730,000 $432,500 $8,939 4.72%
    Under 20% 45 $3,425,000 $76,111 $501 5.43%