Heritage Credit Union Mortgage Rates, Fees & Info

MADISON, WI

LEI: 549300T4CTNAVBW4WJ06

Tax ID: 39-6048473

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

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

    Heritage Credit Union is a smaller credit union specializing in Refi and Home Purchase loans. Heritage Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Madison, Milwaukee, Rockford, Baraboo, and Eau Claire among others. We have data for 13 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Heritage 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 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.

    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.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.


    Originations

    224

    Origination Dollar Volume (All Markets)

    $26,260,000
    Show all (8) 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
    Outside of Metro Areas 100 $8,890,000 $88,900 $1,247 4.36%
    MADISON, WI (FHA|USDA|VA) 46 $8,470,000 $184,130 $1,360 4.12%
    MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 20 $2,570,000 $128,500 $1,086 4.45%
    ROCKFORD, IL (FHA|USDA|VA) 23 $1,945,000 $84,565 $1,209 4.45%
    Baraboo, WI (FHA|USDA|VA) 14 $1,930,000 $137,857 $1,281 4.14%
    EAU CLAIRE, WI (FHA|USDA|VA) 7 $835,000 $119,286 $1,518 4.41%
    Galesburg, IL (FHA|USDA|VA) 6 $440,000 $73,333 $1,569 3.73%
    JANESVILLE-BELOIT, WI (FHA|USDA|VA) 2 $410,000 $205,000 $2,243 3.87%
    Watertown-Fort Atkinson, WI (FHA|USDA|VA) 2 $320,000 $160,000 $1,049 3.94%
    WAUSAU-WESTON, WI (FHA|USDA|VA) 1 $265,000 $265,000 $0 3.75%
    Menomonie, WI (FHA|USDA|VA) 1 $125,000 $125,000 $0 5.25%
    Rochelle, IL (FHA|USDA|VA) 1 $35,000 $35,000 $149 5.75%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $25,000 $25,000 $280 4.49%
    Heritage Credit Union's top markets include Madison, Milwaukee, Rockford, Baraboo, and Eau Claire among others.

    Their top states include:
  • Wisconsin (FHA|USDA|VA)
  • Illinois (FHA|USDA|VA)
  • (FHA|USDA|VA)

    • Similar Lenders

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

    AppleTree Credit Union
    Similarity Rank: 10
    NORTHWESTERN MUTUAL
    Similarity Rank: 12
    Rock Valley Credit Union
    Similarity Rank: 30
    FIRST NORTHERN Credit Union
    Similarity Rank: 72
    Kohler Credit Union
    Similarity Rank: 128
    Empower Credit Union
    Similarity Rank: 135
    United Community Bank
    Similarity Rank: 147
    State Bank of Cross Plains
    Similarity Rank: 207
    HERITAGE CREDIT UNION
    Similarity Rank: 221
    PRIME FINANCIAL CREDIT UNION
    Similarity Rank: 275

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 224 $26,260,000 $117,232 $1,270 4.30%

    For 2018, Heritage Credit Union's most frequently originated type of loan was Conventional, with 224 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 156 $17,370,000 $111,346 $989 4.31%
    Home Purchase 66 $8,810,000 $133,485 $1,987 4.19%
    Cash Out Refi 2 $80,000 $40,000 $235 7.24%

    For 2018, Heritage Credit Union's most frequently cited loan purpose was Refi, with 156 originations. The 2nd most popular reason was Home Purchase, with 66 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 99 $15,465,000 $156,212 $1,605 4.09%
    15 Year 41 $4,555,000 $111,098 $1,240 4.13%
    20 Year 31 $3,625,000 $116,935 $1,404 4.64%
    Other 24 $1,340,000 $55,833 $347 5.23%
    10 Year 15 $845,000 $56,333 $1,167 3.93%
    5 Year 14 $430,000 $30,714 $374 4.31%

    For 2018, Heritage Credit Union's most frequently cited loan duration was 30 Year, with 99 originations. The 2nd most popular length was 15 Year, with 41 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 224 $26,260,000 $117,232

    Heritage Credit Union's average total fees were $1,605, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 224 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 109 $14,945,000 $137,110
    4-5% 88 $9,010,000 $102,386
    5-6% 19 $1,865,000 $98,158
    6-7% 3 $145,000 $48,333
    2.5-3% 2 $210,000 $105,000
    Over 8% 2 $50,000 $25,000
    7-8% 1 $35,000 $35,000

    During 2018, Heritage Credit Union's average interest rate for loans was 4.09%, while their most frequently originated rate bucket for loans was 3-4%, with 109 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 111 $6,015,000 $54,189 $1,032 4.53%
    $100k-200k 80 $10,980,000 $137,250 $1,453 4.09%
    $200k-400k 30 $7,590,000 $253,000 $1,601 4.05%
    $400k-600k 2 $870,000 $435,000 $980 3.56%
    $600k-1MM 1 $805,000 $805,000 $4,334 3.88%

    2018 saw Heritage Credit Union place emphasis on $100,000 or less loans with 111 originations, totaling $6,015,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 75 $6,115,000 $81,533 $1,293 4.26%
    $50k-75k 61 $5,875,000 $96,311 $1,107 4.28%
    $75k-100k 32 $4,410,000 $137,813 $1,184 4.43%
    $100k-150k 31 $4,375,000 $141,129 $1,364 4.38%
    $150k-250k 21 $3,835,000 $182,619 $1,524 4.32%
    $250k+ 4 $1,650,000 $412,500 $2,293 3.59%

    Heritage Credit Union lent most frequently to those with incomes in the $50k or less range, with 75 originations. The second most popular income band? $50k-75k, with 61 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 65 $8,275,000 $127,308 $1,320 4.23%
    30-36% 56 $5,480,000 $97,857 $1,146 4.40%
    <20% 19 $2,465,000 $129,737 $1,300 4.00%
    38% 15 $1,755,000 $117,000 $1,267 4.12%
    39% 13 $1,225,000 $94,231 $1,003 4.76%
    40% 12 $2,140,000 $178,333 $1,291 4.30%
    41% 11 $1,135,000 $103,182 $1,326 4.26%
    42% 11 $1,205,000 $109,545 $1,325 4.40%
    37% 9 $1,035,000 $115,000 $1,897 4.24%
    36% 4 $300,000 $75,000 $1,078 4.81%
    43% 3 $195,000 $65,000 $671 4.70%
    46% 2 $360,000 $180,000 $1,030 4.63%
    50-60% 2 $190,000 $95,000 $2,034 3.69%
    44% 1 $255,000 $255,000 $2,500 3.88%
    45% 1 $245,000 $245,000 $1,076 3.25%

    Heritage Credit Union lent most frequently to those with DTI ratios of 20-30%, with 65 originations. The next most common DTI ratio? 30-36%, with 56 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 213 $24,945,000 $117,113 $1,289 4.29%
    Asian 3 $505,000 $168,333 $1,044 4.08%
    Black 3 $345,000 $115,000 $1,467 4.50%
    Not provided 4 $330,000 $82,500 $361 4.84%
    Native Hawaiian or Islander 1 $135,000 $135,000 $1,144 3.88%

    Approval Rates

    Total approvals of all applications
    75.51%

    Heritage Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    54.91%

    Heritage 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 224 $26,260,000 $117,232

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 5 $385,000 $77,000
    Single Family (1-4 Units):Site-Built 219 $25,875,000 $118,151

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 30 $1,760,000 $58,667 $814 4.63%
    40-60% 27 $3,005,000 $111,296 $1,149 4.33%
    60-80% 98 $13,470,000 $137,449 $1,391 4.20%
    80-100% 49 $7,565,000 $154,388 $1,755 4.05%
    Under 20% 20 $460,000 $23,000 $312 4.84%