Heart Of Louisiana Federal Credit Union Mortgage Rates, Fees & Info

Pineville, LA

LEI: 549300X7EIYXZ10LDJ13

Tax ID: 72-0494346

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

Review & Overview

Heart Of Louisiana Federal Credit Union is a smaller credit union specializing in Home Purchase, Cash Out Refi, and Refi loans. Heart Of Louisiana Federal Credit Union has a high proportion of conventional loans. Their top (well, only) market is Alexandria.

Heart Of Louisiana Federal 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. Heart Of Louisiana Federal 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.

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SimulatedRates™ Mortgage Type	Simulated Rate	Simulation Date
15 Year Conventional Purchase	12.81%	11/22/24
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.

Heart Of Louisiana Federal Credit Union Mortgage Calculator

Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Heart Of Louisiana Federal Credit Union. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.

Originations

Origination Dollar Volume (All Markets)

$1,475,000

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
ALEXANDRIA, LA (FHA\|USDA\|VA)	16	$1,420,000	$88,750	$2,333	6.34%
Outside of Metro Areas	1	$55,000	$55,000	$6,575	5.00%

Heart Of Louisiana Federal Credit Union's top markets include and Alexandria among others.

Their top states include:

Louisiana (FHA|USDA|VA)

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	17	$1,475,000	$86,765	$2,583	6.27%

For 2018, Heart Of Louisiana Federal Credit Union's most frequently originated type of loan was Conventional, with 17 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	10	$650,000	$65,000	$1,875	7.23%
Cash Out Refi	4	$340,000	$85,000	$3,300	4.84%
Refi	3	$485,000	$161,667	$3,985	4.96%

For 2018, Heart Of Louisiana Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 10 originations. The 2nd most popular reason was Cash Out Refi, with 4 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
15 Year	6	$280,000	$46,667	$1,042	7.52%
30 Year	6	$940,000	$156,667	$3,911	4.85%
10 Year	2	$50,000	$25,000	$19	8.25%
20 Year	2	$150,000	$75,000	$3,788	5.38%
Other	1	$55,000	$55,000	$6,575	5.00%

For 2018, Heart Of Louisiana Federal Credit Union's most frequently cited loan duration was 15 Year, with 6 originations. The 2nd most popular length was 30 Year, with 6 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	8	$330,000	$41,250
$1k-2k	6	$570,000	$95,000
$3k-4k	3	$575,000	$191,667

Heart Of Louisiana Federal Credit Union's average total fees were $3,911, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 8 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
4-5%	8	$870,000	$108,750
Over 8%	6	$170,000	$28,333
3-4%	1	$95,000	$95,000
5-6%	1	$285,000	$285,000
6-7%	1	$55,000	$55,000

During 2018, Heart Of Louisiana Federal Credit Union's average interest rate for loans was 4.85%, while their most frequently originated rate bucket for loans was 4-5%, with 8 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100,000 or less	12	$620,000	$51,667	$1,938	6.84%
$100k-200k	3	$335,000	$111,667	$3,215	4.71%
$200k-400k	2	$520,000	$260,000	$5,501	5.13%

2018 saw Heart Of Louisiana Federal Credit Union place emphasis on $100,000 or less loans with 12 originations, totaling $620,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$50k or less	9	$455,000	$50,556	$1,830	7.31%
$100k-150k	3	$625,000	$208,333	$4,668	5.04%
$75k-100k	3	$265,000	$88,333	$3,325	4.17%
$50k-75k	2	$130,000	$65,000	$1,727	6.56%

Heart Of Louisiana Federal Credit Union lent most frequently to those with incomes in the $50k or less range, with 9 originations. The second most popular income band? $100k-150k, with 3 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	6	$740,000	$123,333	$2,898	5.98%
30-36%	4	$160,000	$40,000	$1,653	7.94%
<20%	3	$255,000	$85,000	$3,526	5.21%
44%	1	$25,000	$25,000	$19	9.76%
37%	1	$65,000	$65,000	$2,669	4.25%
40%	1	$125,000	$125,000	$2,864	4.88%
41%	1	$105,000	$105,000	$3,779	4.38%

Heart Of Louisiana Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 6 originations. The next most common DTI ratio? 30-36%, with 4 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	17	$1,475,000	$86,765	$2,583	6.27%

Approval Rates

Total approvals of all applications
83.78%

Heart Of Louisiana Federal Credit Union has a below average approval rate.

Pick Rate

Approvals leading to origination
70.59%

Heart Of Louisiana Federal Credit Union has a below average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	17	$1,475,000	$86,765

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Single Family (1-4 Units):Manufactured	8	$290,000	$36,250
Single Family (1-4 Units):Site-Built	9	$1,185,000	$131,667

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	1	$105,000	$105,000	$3,001	4.88%
40-60%	2	$150,000	$75,000	$3,834	5.13%
60-80%	8	$730,000	$91,250	$2,282	6.45%
80-100%	6	$490,000	$81,667	$2,496	6.63%

Complaints

Bank Name	Product	Issue	2018 CPFB Complaints	% of Total Issues
HARTFORD FUNDING, LTD	FHA mortgage	Trouble during payment process	1	100.0%