Heritage Community Credit Union Mortgage Rates, Fees & Info
Sacramento, CALEI: 549300P7QM2ETZZY0323
Tax ID: 94-1289802
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Mortgage Data
Review & Overview
Heritage Community Credit Union is a smaller credit union specializing in Home Improvement and Refi loans. Heritage Community Credit Union has a high proportion of conventional loans. Their top two markets are Sacramento and San Francisco .Heritage Community Credit Union 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 Community Credit Union 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.87% | 4/21/24 |
| 30 Year Conventional Refi | 6.49% | 4/21/24 |
| 30 Year Cash-out Refi | 6.29% | 4/21/24 |
| 15 Year Conventional Refi | 5.87% | 4/21/24 |
| 15 Year Cash-out Refi | 5.87% | 4/21/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
49Origination Dollar Volume (All Markets)
$3,665,000Top 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) | 47 | $3,595,000 | $76,489 | $1,057 | 5.66% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $566 | 7.25% |
| Outside of Metro Areas | 1 | $25,000 | $25,000 | $0 | 4.50% |
Their top states include:
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 30 | $2,660,000 | $88,667 | $1,040 | 6.07% |
| HELOC | 19 | $1,005,000 | $52,895 | n/a | 5.03% |
For 2018, Heritage Community Credit Union's most frequently originated type of loan was Conventional, with 30 originations. Their 2nd most popular type was HELOC, with 19 originations.
Loan Reason
For 2018, Heritage Community Credit Union's most frequently cited loan purpose was Home Improvement, with 27 originations. The 2nd most popular reason was Other, with 14 originations.
Loan Duration/Length
For 2018, Heritage Community Credit Union's most frequently cited loan duration was Other, with 25 originations. The 2nd most popular length was 15 Year, with 15 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 22 | $1,320,000 | $60,000 |
| $1k-2k | 7 | $1,225,000 | $175,000 |
Heritage Community Credit Union's average total fees were $2,564, 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 |
|---|---|---|---|
| 5-6% | 24 | $1,640,000 | $68,333 |
| 4-5% | 13 | $1,375,000 | $105,769 |
| 7-8% | 10 | $560,000 | $56,000 |
| 6-7% | 2 | $90,000 | $45,000 |
During 2018, Heritage Community Credit Union's average interest rate for loans was 4.79%, while their most frequently originated rate bucket for loans was 5-6%, with 24 originations.
Loan Sizing
2018 saw Heritage Community Credit Union place emphasis on $100,000 or less loans with 36 originations, totaling $1,670,000 in origination value.
Applicant Income
Heritage Community Credit Union lent most frequently to those with incomes in the $100k-150k range, with 23 originations. The second most popular income band? $150k-250k, with 8 originations.
Applicant Debt to Income Ratio
Heritage Community Credit Union lent most frequently to those with DTI ratios of 30-36%, with 12 originations. The next most common DTI ratio? 20-30%, with 9 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications94.50%
Heritage Community Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination8.16%
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 | 49 | $3,665,000 | $74,796 |