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
  • 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, Mount Sterling, Cincinnati, and Louisville among others. We have data for 13 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% 11/21/24
    30 Year Conventional Refi 6.23% 11/21/24
    30 Year Cash-out Refi 6.86% 11/21/24
    15 Year Conventional Purchase 5.78% 11/21/24
    15 Year Conventional Refi 5.55% 11/21/24
    15 Year Cash-out Refi 5.55% 11/21/24
    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

    173

    Origination Dollar Volume (All Markets)

    $19,355,000

    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
    LEXINGTON-FAYETTE, KY (FHA|USDA|VA) 132 $14,050,000 $106,439 $1,443 4.34%
    Outside of Metro Areas 10 $900,000 $90,000 $1,365 4.06%
    Richmond-Berea, KY (FHA|USDA|VA) 9 $885,000 $98,333 $1,143 4.31%
    Mount Sterling, KY (FHA|USDA|VA) 5 $825,000 $165,000 $3,775 4.88%
    CINCINNATI, OH-KY-IN (FHA|USDA|VA) 3 $645,000 $215,000 $2,393 4.13%
    LOUISVILLE, KY (FHA|USDA|VA) 2 $640,000 $320,000 $4,829 4.19%
    OWENSBORO, KY (FHA|USDA|VA) 1 $415,000 $415,000 $8,242 3.75%
    Frankfort, KY (FHA|USDA|VA) 4 $310,000 $77,500 $1,416 4.66%
    Danville, KY (FHA|USDA|VA) 3 $235,000 $78,333 $1,144 4.58%
    Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 1 $235,000 $235,000 $3,811 5.75%
    HUNTINGTON-ASHLAND, WV-KY-OH (FHA|USDA|VA) 1 $95,000 $95,000 $2,596 4.13%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 1 $85,000 $85,000 $3,299 5.00%
    London, KY (FHA|USDA|VA) 1 $35,000 $35,000 $542 2.75%
    Members Heritage Credit Union's top markets include Lexington, Richmond, Mount Sterling, Cincinnati, and Louisville among others.

    Their top states include:
  • Kentucky (FHA|USDA|VA)
  • West Virginia (FHA|USDA|VA)
  • Michigan (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.

    The Citizens National Bank of Somerset
    Similarity Rank: 180
    COMMONWEALTH
    Similarity Rank: 250
    Guardian Savings Bank, A Federal Savings Bank
    Similarity Rank: 282
    City National Bank of West Virginia
    Similarity Rank: 333
    Forcht Bank
    Similarity Rank: 340
    Traditional Bank, Inc.
    Similarity Rank: 432
    Peoples Exchange Bank
    Similarity Rank: 477
    UNIFY FINANCIAL Credit Union
    Similarity Rank: 600
    PARK COMMUNITY CREDIT UNION, INC.
    Similarity Rank: 836
    GENERAL ELECTRIC CREDIT UNION
    Similarity Rank: 870

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 173 $19,355,000 $111,879 $1,605 4.34%

    For 2022, Members Heritage Credit Union's most frequently originated type of loan was Conventional, with 173 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 59 $3,505,000 $59,407 $582 4.04%
    Home Purchase 46 $9,800,000 $213,043 $3,705 4.88%
    Other 34 $2,210,000 $65,000 $264 4.67%
    Cash Out Refi 24 $2,850,000 $118,750 $2,053 3.86%
    Refi 10 $990,000 $99,000 $1,472 3.75%

    For 2022, Members Heritage Credit Union's most frequently cited loan purpose was Home Improvement, with 59 originations. The 2nd most popular reason was Home Purchase, with 46 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 97 $7,305,000 $75,309 $591 4.16%
    30 Year 54 $10,930,000 $202,407 $3,866 4.88%
    10 Year 16 $830,000 $51,875 $460 3.51%
    5 Year 5 $195,000 $39,000 $345 4.90%
    20 Year 1 $95,000 $95,000 $2,596 4.13%

    For 2022, Members Heritage Credit Union's most frequently cited loan duration was 15 Year, with 97 originations. The 2nd most popular length was 30 Year, with 54 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 117 $8,725,000 $74,573
    $1k-2k 23 $3,205,000 $139,348
    $2k-3k 19 $2,765,000 $145,526
    $3k-4k 10 $2,270,000 $227,000
    $5k+ 3 $2,065,000 $688,333
    $4k-5k 1 $325,000 $325,000

    Members Heritage Credit Union's average total fees were $3,866, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 117 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 55 $5,635,000 $102,455
    4-5% 37 $3,885,000 $105,000
    2.5-3% 33 $2,815,000 $85,303
    5-6% 33 $5,275,000 $159,848
    6-7% 12 $1,530,000 $127,500
    7-8% 2 $110,000 $55,000
    <2.5% 1 $105,000 $105,000

    During 2022, Members Heritage Credit Union's average interest rate for loans was 4.88%, while their most frequently originated rate bucket for loans was 3-4%, with 55 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 102 $5,200,000 $50,980 $497 4.18%
    $100k-200k 50 $7,210,000 $144,200 $2,429 4.57%
    $200k-400k 18 $4,530,000 $251,667 $4,378 4.66%
    $1MM+ 1 $1,395,000 $1,395,000 $16,473 5.63%
    $400k-600k 1 $415,000 $415,000 $8,242 3.75%
    $600k-1MM 1 $605,000 $605,000 $2,062 3.00%

    2022 saw Members Heritage Credit Union place emphasis on $100,000 or less loans with 102 originations, totaling $5,200,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 44 $5,280,000 $120,000 $1,565 4.43%
    $50k-75k 41 $4,615,000 $112,561 $1,574 4.51%
    $75k-100k 37 $3,575,000 $96,622 $1,643 4.26%
    $50k or less 32 $2,390,000 $74,688 $1,594 4.25%
    $150k-250k 15 $1,735,000 $115,667 $996 4.03%
    $250k+ 3 $1,705,000 $568,333 $5,745 4.13%

    Members Heritage Credit Union lent most frequently to those with incomes in the $100k-150k range, with 44 originations. The second most popular income band? $50k-75k, with 41 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 51 $5,795,000 $113,627 $1,809 4.31%
    30-36% 40 $3,010,000 $75,250 $991 4.36%
    <20% 27 $1,995,000 $73,889 $600 4.20%
    38% 12 $1,440,000 $120,000 $2,014 4.71%
    40% 7 $775,000 $110,714 $1,818 3.89%
    42% 6 $2,110,000 $351,667 $4,823 4.50%
    43% 5 $675,000 $135,000 $2,850 4.60%
    41% 5 $745,000 $149,000 $2,202 4.30%
    48% 4 $500,000 $125,000 $1,255 4.00%
    44% 3 $825,000 $275,000 $2,367 4.16%
    50-60% 2 $400,000 $200,000 $4,909 4.38%
    46% 2 $290,000 $145,000 $472 4.12%
    49% 2 $320,000 $160,000 $2,981 5.37%
    39% 2 $200,000 $100,000 $2,340 5.50%
    45% 2 $140,000 $70,000 $1,343 5.69%
    36% 1 $55,000 $55,000 $142 2.75%
    47% 1 $15,000 $15,000 $142 3.25%
    37% 1 $65,000 $65,000 $2,046 3.75%

    Members Heritage Credit Union lent most frequently to those with DTI ratios of 20-30%, with 51 originations. The next most common DTI ratio? 30-36%, with 40 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 144 $16,960,000 $117,778 $1,669 4.28%
    Black 17 $1,575,000 $92,647 $1,710 4.86%
    Not provided 11 $775,000 $70,455 $753 4.41%
    American Indian 1 $45,000 $45,000 $0 4.50%

    Approval Rates

    Total approvals of all applications
    98.00%

    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
    86.71%

    Members Heritage Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 173 $19,355,000 $111,879

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    173 $19,355,000 $111,879

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 41 $3,285,000 $80,122 $709 4.27%
    40-60% 17 $1,835,000 $107,941 $1,634 4.10%
    60-80% 27 $5,325,000 $197,222 $3,651 4.54%
    80-100% 33 $6,715,000 $203,485 $3,285 4.81%
    Under 20% 55 $2,195,000 $39,909 $253 4.10%