Heritage Credit Union Mortgage Rates, Fees & Info
MADISON, WILEI: 549300T4CTNAVBW4WJ06
Tax ID: 39-6048473
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Mortgage Data
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, Rockford, Baraboo, Milwaukee, and Eau Claire among others. We have data for 23 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.
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Originations
296Origination Dollar Volume (All Markets)
$38,750,000Awards
HERITAGE CREDIT UNION - 2019
HERITAGE CREDIT UNION is a 2019 , due to their low .
For 2019, less than of lenders were eligible for this award.
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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 | 104 | $10,920,000 | $105,000 | $1,396 | 4.02% |
| MADISON, WI (FHA|USDA|VA) | 53 | $10,195,000 | $192,358 | $1,364 | 3.81% |
| ROCKFORD, IL (FHA|USDA|VA) | 55 | $5,395,000 | $98,091 | $1,293 | 3.87% |
| Baraboo, WI (FHA|USDA|VA) | 22 | $3,440,000 | $156,364 | $1,416 | 3.79% |
| MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) | 15 | $2,735,000 | $182,333 | $1,379 | 4.20% |
| EAU CLAIRE, WI (FHA|USDA|VA) | 8 | $1,480,000 | $185,000 | $1,866 | 4.07% |
| Galesburg, IL (FHA|USDA|VA) | 16 | $980,000 | $61,250 | $1,247 | 4.15% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 1 | $755,000 | $755,000 | $0 | 3.63% |
| DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) | 3 | $385,000 | $128,333 | $1,654 | 4.29% |
| JANESVILLE-BELOIT, WI (FHA|USDA|VA) | 3 | $365,000 | $121,667 | $1,358 | 4.12% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $1,782 | 4.38% |
| Rochelle, IL (FHA|USDA|VA) | 2 | $300,000 | $150,000 | $1,259 | 3.81% |
| Beaver Dam, WI (FHA|USDA|VA) | 2 | $280,000 | $140,000 | $1,682 | 3.63% |
| Menomonie, WI (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $1,659 | 4.00% |
| Watertown-Fort Atkinson, WI (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $1,396 | 4.00% |
| RACINE, WI (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $0 | 3.75% |
| OSHKOSH-NEENAH, WI (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $1,131 | 3.13% |
| WAUSAU-WESTON, WI (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $2,109 | 3.38% |
| Platteville, WI (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $1,459 | 4.13% |
| Stevens Point, WI (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $1,539 | 4.13% |
| SHEBOYGAN, WI (FHA|USDA|VA) | 2 | $50,000 | $25,000 | $129 | 4.24% |
| Sterling, IL (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $2,079 | 3.88% |
| Freeport, IL (FHA|USDA|VA) | 1 | $5,000 | $5,000 | $0 | 5.74% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 296 | $38,750,000 | $130,912 | $1,377 | 3.96% |
For 2019, Heritage Credit Union's most frequently originated type of loan was Conventional, with 296 originations.
Loan Reason
For 2019, Heritage Credit Union's most frequently cited loan purpose was Refi, with 214 originations. The 2nd most popular reason was Home Purchase, with 79 originations.
Loan Duration/Length
For 2019, Heritage Credit Union's most frequently cited loan duration was 30 Year, with 115 originations. The 2nd most popular length was 15 Year, with 92 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 296 | $38,750,000 | $130,912 |
Heritage Credit Union's average total fees were $1,625, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 296 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 198 | $27,630,000 | $139,545 |
| 4-5% | 83 | $9,905,000 | $119,337 |
| 5-6% | 13 | $1,175,000 | $90,385 |
| 7-8% | 2 | $40,000 | $20,000 |
During 2019, Heritage Credit Union's average interest rate for loans was 4.11%, while their most frequently originated rate bucket for loans was 3-4%, with 198 originations.
Loan Sizing
2019 saw Heritage Credit Union place emphasis on $100k-200k loans with 133 originations, totaling $18,105,000 in origination value.
Applicant Income
Heritage Credit Union lent most frequently to those with incomes in the $50k-75k range, with 76 originations. The second most popular income band? $50k or less, with 74 originations.
Applicant Debt to Income Ratio
Heritage Credit Union lent most frequently to those with DTI ratios of 20-30%, with 102 originations. The next most common DTI ratio? 30-36%, with 61 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications81.96%
Heritage Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination61.15%
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 | 296 | $38,750,000 | $130,912 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 2 | $320,000 | $160,000 |
| Single Family (1-4 Units):Site-Built | 294 | $38,430,000 | $130,714 |