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 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.
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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
67Origination Dollar Volume (All Markets)
$8,515,000Top 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) | 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% |
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 | 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
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
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
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
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
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
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
Approval Rates
Total approvals of all applications84.43%
Heritage Community Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination52.24%
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 |