Heritage Credit Union Mortgage Rates, Fees & Info

MADISON, WI

LEI: 549300T4CTNAVBW4WJ06

Tax ID: 39-6048473

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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 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 19 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.

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    Originations

    315

    Origination Dollar Volume (All Markets)

    $45,575,000

    Awards

    HERITAGE CREDIT UNION 30 Year Conventional Loans silver HERITAGE CREDIT UNION 30 Year Conventional Loans gold HERITAGE CREDIT UNION 30 Year Conventional Loans gold
    Show all (3) 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
    MADISON, WI (FHA|USDA|VA) 65 $14,565,000 $224,077 $1,464 3.03%
    Outside of Metro Areas 115 $13,545,000 $117,783 $1,528 3.19%
    ROCKFORD, IL (FHA|USDA|VA) 51 $4,785,000 $93,824 $1,453 3.03%
    Baraboo, WI (FHA|USDA|VA) 20 $3,630,000 $181,500 $1,525 3.11%
    MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 24 $3,280,000 $136,667 $1,303 3.13%
    EAU CLAIRE, WI (FHA|USDA|VA) 12 $1,740,000 $145,000 $1,457 3.23%
    JANESVILLE-BELOIT, WI (FHA|USDA|VA) 5 $875,000 $175,000 $1,578 2.95%
    Galesburg, IL (FHA|USDA|VA) 9 $815,000 $90,556 $1,575 3.03%
    Whitewater, WI (FHA|USDA|VA) 1 $325,000 $325,000 $2,835 3.13%
    Platteville, WI (FHA|USDA|VA) 2 $320,000 $160,000 $1,802 3.56%
    Menomonie, WI (FHA|USDA|VA) 1 $305,000 $305,000 $1,907 3.38%
    WAUSAU-WESTON, WI (FHA|USDA|VA) 1 $245,000 $245,000 $1,395 2.50%
    Rochelle, IL (FHA|USDA|VA) 2 $220,000 $110,000 $1,552 2.88%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 2 $220,000 $110,000 $1,363 3.31%
    Freeport, IL (FHA|USDA|VA) 1 $215,000 $215,000 $2,300 3.50%
    FOND DU LAC, WI (FHA|USDA|VA) 1 $175,000 $175,000 $1,578 3.38%
    DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 1 $145,000 $145,000 $945 3.25%
    LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA) 1 $125,000 $125,000 $1,021 2.75%
    APPLETON, WI (FHA|USDA|VA) 1 $45,000 $45,000 $549 8.25%
    Heritage Credit Union's top markets include Madison, Rockford, Baraboo, Milwaukee, and Eau Claire among others.

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

    ILLINOIS STATE CREDIT UNION
    Similarity Rank: 129
    Rock Valley Credit Union
    Similarity Rank: 135
    FIRST NORTHERN Credit Union
    Similarity Rank: 180
    Hometown Bank
    Similarity Rank: 360
    Stillman Bank
    Similarity Rank: 455
    Empower Credit Union
    Similarity Rank: 459
    Royal Bank
    Similarity Rank: 504
    Starion Bank
    Similarity Rank: 546
    Westbury Bank
    Similarity Rank: 612
    NORTHWEST BANK OF ROCKFORD
    Similarity Rank: 620

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 315 $45,575,000 $144,683 $1,486 3.13%

    For 2020, Heritage Credit Union's most frequently originated type of loan was Conventional, with 315 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 258 $36,740,000 $142,403 $1,378 3.07%
    Home Purchase 53 $8,515,000 $160,660 $2,016 3.42%
    Home Improvement 4 $320,000 $80,000 $1,470 2.88%

    For 2020, Heritage Credit Union's most frequently cited loan purpose was Refi, with 258 originations. The 2nd most popular reason was Home Purchase, with 53 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 190 $24,680,000 $129,895 $1,420 2.91%
    30 Year 79 $17,065,000 $216,013 $1,774 3.56%
    10 Year 34 $3,020,000 $88,824 $1,330 2.92%
    20 Year 6 $540,000 $90,000 $1,800 3.56%
    5 Year 3 $75,000 $25,000 $282 5.41%
    Other 3 $195,000 $65,000 $638 4.79%

    For 2020, Heritage Credit Union's most frequently cited loan duration was 15 Year, with 190 originations. The 2nd most popular length was 30 Year, with 79 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 313 $45,175,000 $144,329
    $1k-2k 1 $145,000 $145,000
    $2k-3k 1 $255,000 $255,000

    Heritage Credit Union's average total fees were $1,774, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 313 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 142 $18,050,000 $127,113
    3-4% 126 $21,500,000 $170,635
    <2.5% 29 $4,055,000 $139,828
    4-5% 14 $1,600,000 $114,286
    5-6% 3 $325,000 $108,333
    Over 8% 1 $45,000 $45,000

    During 2020, Heritage Credit Union's average interest rate for loans was 3.56%, while their most frequently originated rate bucket for loans was 2.5-3%, with 142 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 147 $20,735,000 $141,054 $1,472 3.11%
    $100,000 or less 117 $7,685,000 $65,684 $1,390 3.13%
    $200k-400k 45 $11,915,000 $264,778 $1,676 3.18%
    $400k-600k 5 $2,235,000 $447,000 $1,714 3.20%
    $1MM+ 1 $3,005,000 $3,005,000 $5,341 3.25%

    2020 saw Heritage Credit Union place emphasis on $100k-200k loans with 147 originations, totaling $20,735,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 85 $9,795,000 $115,235 $1,447 3.11%
    $100k-150k 73 $11,935,000 $163,493 $1,420 3.22%
    $75k-100k 65 $8,505,000 $130,846 $1,498 3.09%
    $50k or less 59 $5,105,000 $86,525 $1,487 3.15%
    $150k-250k 27 $6,045,000 $223,889 $1,645 3.03%
    $250k+ 6 $4,190,000 $698,333 $1,981 2.94%

    Heritage Credit Union lent most frequently to those with incomes in the $50k-75k range, with 85 originations. The second most popular income band? $100k-150k, with 73 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 110 $14,280,000 $129,818 $1,463 3.12%
    30-36% 64 $8,670,000 $135,469 $1,398 3.16%
    <20% 41 $4,925,000 $120,122 $1,498 3.13%
    42% 18 $2,350,000 $130,556 $1,524 3.41%
    38% 15 $2,225,000 $148,333 $1,536 3.13%
    40% 13 $1,895,000 $145,769 $1,612 3.08%
    41% 9 $1,835,000 $203,889 $1,749 3.25%
    44% 8 $1,220,000 $152,500 $1,435 2.97%
    37% 7 $955,000 $136,429 $1,306 3.11%
    36% 7 $3,585,000 $512,143 $2,219 3.43%
    48% 7 $1,445,000 $206,429 $1,493 2.82%
    39% 6 $850,000 $141,667 $1,508 2.90%
    45% 4 $540,000 $135,000 $1,504 2.75%
    47% 3 $435,000 $145,000 $1,381 2.92%
    46% 1 $85,000 $85,000 $1,657 2.25%
    43% 1 $195,000 $195,000 $1,105 3.13%
    49% 1 $85,000 $85,000 $1,008 2.88%

    Heritage Credit Union lent most frequently to those with DTI ratios of 20-30%, with 110 originations. The next most common DTI ratio? 30-36%, with 64 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 296 $43,540,000 $147,095 $1,480 3.13%
    Not provided 10 $1,050,000 $105,000 $1,654 3.09%
    Asian 2 $410,000 $205,000 $1,143 2.63%
    Black 4 $350,000 $87,500 $1,502 3.13%
    American Indian 2 $180,000 $90,000 $1,820 4.00%
    Not applicable 1 $45,000 $45,000 $1,470 2.75%

    Approval Rates

    Total approvals of all applications
    80.91%

    Heritage Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    68.89%

    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 315 $45,575,000 $144,683

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 2 $290,000 $145,000
    Single Family (1-4 Units):Site-Built 313 $45,285,000 $144,681

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 36 $3,050,000 $84,722 $1,229 2.94%
    40-60% 75 $12,285,000 $163,800 $1,423 2.89%
    60-80% 146 $22,060,000 $151,096 $1,522 3.13%
    80-100% 50 $7,920,000 $158,400 $1,779 3.46%
    Under 20% 8 $260,000 $32,500 $766 4.29%