Members Heritage Credit Union Mortgage Rates, Fees & Info

Lexington, KY

LEI: 549300YSLPB4FWL34Z59

Tax ID: 61-0575996

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • 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

    Members Heritage Credit Union is a smaller credit union specializing in Home Purchase loans. Members Heritage Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Lexington, Richmond, Frankfort, Elizabethtown, and Lafayette among others. We have data for 10 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Members Heritage Credit Union has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Members 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.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.47% 5/4/24
    30 Year Conventional Refi 6.23% 5/4/24
    30 Year Cash-out Refi 6.86% 5/4/24
    15 Year Conventional Purchase 5.78% 5/4/24
    15 Year Conventional Refi 5.55% 5/4/24
    15 Year Cash-out Refi 5.55% 5/4/24
    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.

    Members Heritage Credit Union Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Members Heritage 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

    82

    Origination Dollar Volume (All Markets)

    $12,100,000

    Awards

    MEMBERS HERITAGE Credit Union 30 Year Conventional Loans bronze
    Show all (1) 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
    LEXINGTON-FAYETTE, KY (FHA|USDA|VA) 67 $9,625,000 $143,657 $2,269 4.71%
    Richmond-Berea, KY (FHA|USDA|VA) 3 $1,045,000 $348,333 $4,492 3.92%
    Outside of Metro Areas 4 $630,000 $157,500 $2,561 4.28%
    Frankfort, KY (FHA|USDA|VA) 2 $290,000 $145,000 $1,201 4.44%
    ELIZABETHTOWN-FORT KNOX, KY (FHA|USDA|VA) 1 $165,000 $165,000 $1,674 4.38%
    LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 1 $125,000 $125,000 $1,833 4.50%
    HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 1 $115,000 $115,000 $3,414 4.00%
    HUNTINGTON-ASHLAND, WV-KY-OH (FHA|USDA|VA) 1 $45,000 $45,000 $2,609 4.00%
    Maysville, KY (FHA|USDA|VA) 1 $35,000 $35,000 $100 6.75%
    Mount Sterling, KY (FHA|USDA|VA) 1 $25,000 $25,000 $0 9.00%
    Members Heritage Credit Union's top markets include Lexington, Richmond, Frankfort, Elizabethtown, and Lafayette among others.

    Their top states include:
  • Kentucky (FHA|USDA|VA)
  • Indiana (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)

    • Similar Lenders

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

    COMMONWEALTH
    Similarity Rank: 240
    Peoples Exchange Bank
    Similarity Rank: 344
    MORTGAGE SUPPLIERS, INC.
    Similarity Rank: 578
    MEMBERS HERITAGE Credit Union
    Similarity Rank: 640
    Kentucky Bank
    Similarity Rank: 672
    Guardian Savings Bank, A Federal Savings Bank
    Similarity Rank: 720
    Traditional Bank, Inc.
    Similarity Rank: 962
    PARK COMMUNITY CREDIT UNION, INC.
    Similarity Rank: 1168
    Central Bank
    Similarity Rank: 1200
    City National Bank of West Virginia
    Similarity Rank: 1209

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 82 $12,100,000 $147,561 $2,290 4.71%

    For 2019, Members Heritage Credit Union's most frequently originated type of loan was Conventional, with 82 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 44 $7,710,000 $175,227 $2,686 4.07%
    Home Improvement 14 $2,120,000 $151,429 $2,242 5.05%
    Other 11 $455,000 $41,364 $218 7.52%
    Cash Out Refi 7 $1,145,000 $163,571 $3,428 4.20%
    Refi 6 $670,000 $111,667 $1,965 4.02%

    For 2019, Members Heritage Credit Union's most frequently cited loan purpose was Home Purchase, with 44 originations. The 2nd most popular reason was Home Improvement, with 14 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 40 $7,800,000 $195,000 $2,691 4.22%
    20 Year 19 $1,835,000 $96,579 $1,579 5.93%
    15 Year 18 $2,190,000 $121,667 $2,401 4.36%
    10 Year 5 $275,000 $55,000 $1,383 5.23%

    For 2019, Members Heritage Credit Union's most frequently cited loan duration was 30 Year, with 40 originations. The 2nd most popular length was 20 Year, with 19 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 60 $8,010,000 $133,500
    $2k-3k 8 $1,280,000 $160,000
    $1k-2k 6 $440,000 $73,333
    $3k-4k 5 $1,315,000 $263,000
    $4k-5k 2 $640,000 $320,000
    $5k+ 1 $415,000 $415,000

    Members Heritage Credit Union's average total fees were $2,691, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 60 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 37 $6,515,000 $176,081
    4-5% 30 $4,970,000 $165,667
    6-7% 7 $275,000 $39,286
    Over 8% 5 $205,000 $41,000
    5-6% 2 $90,000 $45,000
    7-8% 1 $45,000 $45,000

    During 2019, Members Heritage Credit Union's average interest rate for loans was 4.22%, while their most frequently originated rate bucket for loans was 3-4%, with 37 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 29 $1,605,000 $55,345 $1,214 5.82%
    $100k-200k 28 $3,910,000 $139,643 $2,320 4.17%
    $200k-400k 24 $6,170,000 $257,083 $3,341 4.03%
    $400k-600k 1 $415,000 $415,000 $7,399 3.63%

    2019 saw Members Heritage Credit Union place emphasis on $100,000 or less loans with 29 originations, totaling $1,605,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 31 $4,085,000 $131,774 $2,152 4.53%
    $75k-100k 19 $2,915,000 $153,421 $2,306 5.22%
    $100k-150k 15 $3,175,000 $211,667 $2,956 4.78%
    $50k or less 12 $990,000 $82,500 $1,916 4.40%
    $150k-250k 4 $540,000 $135,000 $2,178 4.59%
    $250k+ 1 $395,000 $395,000 $1,198 3.63%

    Members Heritage Credit Union lent most frequently to those with incomes in the $50k-75k range, with 31 originations. The second most popular income band? $75k-100k, with 19 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 27 $3,965,000 $146,852 $2,114 4.87%
    30-36% 22 $3,370,000 $153,182 $2,406 4.27%
    43% 5 $725,000 $145,000 $2,362 5.38%
    <20% 4 $280,000 $70,000 $901 6.63%
    44% 4 $640,000 $160,000 $2,184 4.00%
    50-60% 4 $250,000 $62,500 $1,407 5.91%
    40% 2 $260,000 $130,000 $2,133 4.25%
    42% 2 $320,000 $160,000 $2,838 5.06%
    36% 2 $250,000 $125,000 $2,741 4.81%
    45% 2 $730,000 $365,000 $6,737 3.88%
    37% 2 $320,000 $160,000 $2,673 4.06%
    39% 1 $115,000 $115,000 $3,414 4.00%
    46% 1 $135,000 $135,000 $2,456 3.63%
    41% 1 $165,000 $165,000 $0 4.75%
    47% 1 $115,000 $115,000 $2,428 3.75%
    48% 1 $255,000 $255,000 $2,796 3.38%
    49% 1 $205,000 $205,000 $2,649 4.00%

    Members Heritage Credit Union lent most frequently to those with DTI ratios of 20-30%, with 27 originations. The next most common DTI ratio? 30-36%, with 22 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 71 $10,015,000 $141,056 $2,172 4.82%
    Not provided 3 $765,000 $255,000 $4,114 4.21%
    Black 6 $670,000 $111,667 $2,434 3.96%
    American Indian 1 $395,000 $395,000 $1,198 3.63%
    Native Hawaiian or Islander 1 $255,000 $255,000 $5,403 4.00%

    Approval Rates

    Total approvals of all applications
    95.15%

    Members Heritage Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    81.71%

    Members Heritage Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 82 $12,100,000 $147,561

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 82 $12,100,000 $147,561

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 10 $730,000 $73,000 $979 5.70%
    40-60% 8 $1,350,000 $168,750 $3,076 4.02%
    60-80% 23 $3,535,000 $153,696 $2,987 4.45%
    80-100% 32 $6,140,000 $191,875 $2,589 4.09%
    Under 20% 9 $345,000 $38,333 $203 7.08%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    MEMBER MORTGAGE SERVICES FHA mortgage Trouble during payment process 1 100.0%