Heritage Bank Mortgage Rates, Fees & Info

Olympia, WA

LEI: 549300Z2B4FHRYOXTS09

Tax ID: 91-1618099

1 stars - Updated: 12/7/24 - out of 5 stars, based on 22 reviews

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

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Mortgage Data

Review & Overview

Heritage Bank is a smaller bank specializing in Home Purchase loans. Heritage Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Seattle, Portland, Bremerton, Salem, and Bellingham among others. We have data for 29 markets. (Some data included below & more in-depth data is available with an active subscription.)

Heritage Bank 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 Bank is typically a high 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 relatively high 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
Home Equity Line of Credit (HELOC) 6.10% 12/7/24
30 Year Conventional Purchase 6.42% 12/7/24
30 Year Conventional Refi 6.82% 12/7/24
30 Year Cash-out Refi 6.69% 12/7/24
30 Year FHA Purchase 5.81% 12/7/24
30 Year VA Purchase 6.27% 12/7/24
15 Year Conventional Purchase 5.65% 12/7/24
15 Year Conventional Refi 5.55% 12/7/24
15 Year Cash-out Refi 5.55% 12/7/24
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.

Heritage Bank Mortgage Calculator






Your Estimates

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

This is not an official calculator from Heritage Bank. 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

493

Origination Dollar Volume (All Markets)

$340,295,000

Awards

Heritage Bank 30 Year Conventional Loans gold Heritage Bank 30 Year Conventional Loans silver Heritage Bank 30 Year Conventional Loans silver
Show all (3) awards

Relative Rate

Heritage Bank's average 30 year fixed mortgage rate was 8.11%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 1.63%.

Relative Fees (Closing Costs)

Heritage Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $8,878.

The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

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
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 195 $149,925,000 $768,846 $9,963 8.00%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 39 $70,575,000 $1,809,615 $11,005 6.99%
BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) 8 $23,130,000 $2,891,250 $14,707 7.90%
SALEM, OR (FHA|USDA|VA) 1 $15,505,000 $15,505,000 $0 5.98%
BELLINGHAM, WA (FHA|USDA|VA) 36 $14,930,000 $414,722 $8,891 7.19%
OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) 34 $11,870,000 $349,118 $10,006 8.07%
Oak Harbor, WA (FHA|USDA|VA) 55 $11,285,000 $205,182 $9,212 7.92%
MOUNT VERNON-ANACORTES, WA (FHA|USDA|VA) 39 $9,115,000 $233,718 $7,548 8.15%
Outside of Metro Areas 15 $4,635,000 $309,000 $12,227 7.95%
BEND, OR (FHA|USDA|VA) 1 $3,735,000 $3,735,000 $0 5.50%
EUGENE-SPRINGFIELD, OR (FHA|USDA|VA) 9 $3,715,000 $412,778 $0 7.02%
BOISE CITY, ID (FHA|USDA|VA) 5 $2,865,000 $573,000 $8,680 6.96%
Centralia, WA (FHA|USDA|VA) 7 $2,785,000 $397,857 $11,185 7.55%
YAKIMA, WA (FHA|USDA|VA) 15 $2,425,000 $161,667 $6,063 8.19%
Outside of Metro Areas 2 $2,180,000 $1,090,000 $8,828 6.56%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $1,755,000 $1,755,000 $23,811 6.38%
Ellensburg, WA (FHA|USDA|VA) 4 $1,480,000 $370,000 $8,481 7.46%
Shelton, WA (FHA|USDA|VA) 7 $1,295,000 $185,000 $0 8.23%
Newport, OR (FHA|USDA|VA) 2 $1,280,000 $640,000 $15,947 7.00%
LONGVIEW, WA (FHA|USDA|VA) 4 $1,080,000 $270,000 $13,454 7.93%
WALLA WALLA, WA (FHA|USDA|VA) 1 $1,005,000 $1,005,000 $0 6.03%
SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) 3 $875,000 $291,667 $15,407 8.16%
Astoria, OR (FHA|USDA|VA) 2 $690,000 $345,000 $10,503 7.06%
Moses Lake, WA (FHA|USDA|VA) 3 $625,000 $208,333 $4,530 7.21%
Bozeman, MT (FHA|USDA|VA) 1 $535,000 $535,000 $0 6.17%
Campbellsville, KY (FHA|USDA|VA) 1 $445,000 $445,000 $0 6.43%
Hermiston-Pendleton, OR (FHA|USDA|VA) 1 $375,000 $375,000 $0 7.50%
WENATCHEE, WA (FHA|USDA|VA) 1 $125,000 $125,000 $6,006 6.75%
TWIN FALLS, ID (FHA|USDA|VA) 1 $55,000 $55,000 $0 9.24%
Heritage Bank's top markets include Seattle, Portland, Bremerton, Salem, and Bellingham among others.

Their top states include:
  • Washington (FHA|USDA|VA)
  • Oregon (FHA|USDA|VA)
  • Idaho (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Montana (FHA|USDA|VA)
  • Similar Lenders

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

    INROADS
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    CU HOME MORTGAGE SOLUTIONS, LLC
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    COLUMBIA COMMUNITY CREDIT UNION
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 313 $69,135,000 $220,879 n/a 8.61%
    Conventional 176 $269,420,000 $1,530,795 $9,567 6.37%
    FHA 3 $1,255,000 $418,333 $16,376 6.79%
    VA 1 $485,000 $485,000 $15,094 5.50%

    For 2023, Heritage Bank's most frequently originated type of loan was HELOC, with 313 originations. Their 2nd most popular type was Conventional, with 176 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 169 $257,315,000 $1,522,574 $10,760 6.89%
    Home Improvement 160 $30,060,000 $187,875 $4,445 8.58%
    Refi 87 $37,695,000 $433,276 $5,131 7.59%
    Other 71 $13,365,000 $188,239 $6,777 8.51%
    Cash Out Refi 6 $1,860,000 $310,000 $4,787 6.52%

    For 2023, Heritage Bank's most frequently cited loan purpose was Home Purchase, with 169 originations. The 2nd most popular reason was Home Improvement, with 160 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 395 $109,625,000 $277,532 $8,878 8.11%
    10 Year 33 $70,885,000 $2,148,030 $0 6.38%
    30+ year 29 $18,885,000 $651,207 $13,517 6.44%
    Other 12 $78,110,000 $6,509,167 $0 7.31%
    5 Year 10 $39,190,000 $3,919,000 $0 6.30%
    20 Year 6 $3,760,000 $626,667 $7,663 5.77%
    15 Year 5 $17,785,000 $3,557,000 $3,780 6.36%
    1 Year 2 $810,000 $405,000 $0 9.00%
    3 Year 1 $1,245,000 $1,245,000 $0 5.91%

    For 2023, Heritage Bank's most frequently cited loan duration was 30 Year, with 395 originations. The 2nd most popular length was 10 Year, with 33 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $5k+ 60 $43,080,000 $718,000
    $3k-4k 11 $3,345,000 $304,091
    $<1k 10 $3,940,000 $394,000
    $2k-3k 9 $1,765,000 $196,111
    $1k-2k 7 $2,825,000 $403,571
    $4k-5k 7 $2,655,000 $379,286

    Heritage Bank's average total fees were $8,878, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 60 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 269 $58,445,000 $217,268
    6-7% 94 $122,060,000 $1,298,511
    7-8% 71 $45,765,000 $644,577
    5-6% 56 $84,990,000 $1,517,679
    <2.5% 2 $30,000 $15,000
    3-4% 1 $29,005,000 $29,005,000

    During 2023, Heritage Bank's average interest rate for loans was 8.11%, while their most frequently originated rate bucket for loans was Over 8%, with 269 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 118 $15,990,000 $135,508 $4,798 8.39%
    $200k-400k 115 $31,325,000 $272,391 $6,829 7.74%
    $100,000 or less 96 $5,630,000 $58,646 $2,747 8.53%
    $400k-600k 65 $30,895,000 $475,308 $9,600 7.34%
    $600k-1MM 52 $38,610,000 $742,500 $12,700 6.75%
    $1MM+ 47 $217,845,000 $4,635,000 $15,405 6.66%

    2023 saw Heritage Bank place emphasis on $100k-200k loans with 118 originations, totaling $15,990,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 110 $57,690,000 $524,455 $12,834 7.78%
    $150k-250k 98 $34,700,000 $354,082 $11,127 7.85%
    $100k-150k 92 $20,430,000 $222,065 $8,171 8.03%
    $75k-100k 54 $9,730,000 $180,185 $8,217 8.19%
    $50k-75k 42 $5,750,000 $136,905 $5,121 8.11%
    $50k or less 28 $2,660,000 $95,000 $3,994 8.31%

    Heritage Bank lent most frequently to those with incomes in the $250k+ range, with 110 originations. The second most popular income band? $150k-250k, with 98 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 86 $22,380,000 $260,233 $10,094 8.07%
    30-36% 74 $22,720,000 $307,027 $9,037 7.80%
    <20% 62 $21,810,000 $351,774 $12,468 8.14%
    45% 26 $5,430,000 $208,846 $11,150 8.16%
    43% 21 $8,465,000 $403,095 $11,889 7.67%
    41% 21 $4,625,000 $220,238 $8,768 7.73%
    46% 17 $6,805,000 $400,294 $8,445 7.52%
    44% 15 $2,795,000 $186,333 $0 8.69%
    42% 14 $5,390,000 $385,000 $11,083 7.34%
    37% 14 $5,410,000 $386,429 $9,861 7.99%
    49% 13 $4,825,000 $371,154 $8,138 7.69%
    38% 13 $4,355,000 $335,000 $9,827 7.51%
    50-60% 12 $3,630,000 $302,500 $0 8.77%
    40% 11 $1,905,000 $173,182 $4,394 8.02%
    47% 11 $5,495,000 $499,545 $11,589 7.48%
    36% 9 $2,925,000 $325,000 $9,754 7.91%
    48% 8 $2,270,000 $283,750 $6,093 8.01%
    >60% 4 $860,000 $215,000 $0 8.74%
    39% 3 $1,055,000 $351,667 $13,454 7.49%

    Heritage Bank lent most frequently to those with DTI ratios of 20-30%, with 86 originations. The next most common DTI ratio? 30-36%, with 74 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 53 $202,125,000 $3,813,679 $0 6.47%
    White 359 $107,335,000 $298,983 $9,452 7.96%
    Not provided 45 $16,745,000 $372,111 $10,383 7.65%
    Asian 13 $7,555,000 $581,154 $15,947 8.24%
    Other Asian 6 $2,580,000 $430,000 $0 8.91%
    American Indian 7 $1,245,000 $177,857 $21,354 8.28%
    Asian Indian 2 $910,000 $455,000 $11,995 7.12%
    Black 6 $830,000 $138,333 $0 8.53%
    Native Hawaiian or Islander 1 $715,000 $715,000 $9,636 6.00%
    Other Pacific Islander 1 $255,000 $255,000 $0 8.74%

    Approval Rates

    Total approvals of all applications
    77.72%

    Heritage Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    85.19%

    Heritage Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 493 $340,295,000 $690,254

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    493 $340,295,000 $690,254

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 117 $31,915,000 $272,778 $7,921 8.18%
    40-60% 93 $172,475,000 $1,854,570 $9,261 7.31%
    60-80% 94 $101,480,000 $1,079,574 $10,876 6.88%
    80-100% 22 $13,960,000 $634,545 $10,723 6.25%
    Over 100% 1 $485,000 $485,000 $15,094 5.50%
    Under 20% 166 $19,980,000 $120,361 $2,694 8.52%