Heritage Bank Mortgage Rates, Fees & Info
Olympia, WALEI: 549300Z2B4FHRYOXTS09
Tax ID: 91-1618099
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Mortgage Data
Review & Overview
Heritage Bank is a smaller bank specializing in Refi and Home Purchase loans. Heritage Bank has a high proportion of conventional loans. Their top markets by origination volume include: Seattle, Portland, Oak Harbor, Eugene, and Olympia among others. We have data for 28 markets. (Some data included below & more in-depth data is available with an active subscription.)Heritage Bank has a below 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 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 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 7.23% | 7/7/25 |
| 30 Year Conventional Purchase | 6.78% | 7/7/25 |
| 30 Year Conventional Refi | 6.44% | 7/7/25 |
| 30 Year Cash-out Refi | 6.80% | 7/7/25 |
| 15 Year Conventional Refi | 5.93% | 7/7/25 |
| 15 Year Cash-out Refi | 5.93% | 7/7/25 |
| 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
373Origination Dollar Volume (All Markets)
$162,715,000Relative Rate
Heritage Bank's average 30 year fixed mortgage rate was
8.72%.
The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.
This yields a difference of 2.17%.
Relative Fees (Closing Costs)
Heritage Bank's average total fees/closing costs for a 30 year fixed rate
mortgage were $6,569.
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 $8,356.
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) | 161 | $78,925,000 | $490,217 | $0 | 8.61% |
| PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) | 29 | $18,975,000 | $654,310 | $5,477 | 8.06% |
| Oak Harbor, WA (FHA|USDA|VA) | 44 | $11,420,000 | $259,545 | $0 | 8.73% |
| EUGENE-SPRINGFIELD, OR (FHA|USDA|VA) | 14 | $7,790,000 | $556,429 | $0 | 7.81% |
| OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) | 25 | $7,595,000 | $303,800 | $6,585 | 8.60% |
| BELLINGHAM, WA (FHA|USDA|VA) | 19 | $6,155,000 | $323,947 | $8,323 | 8.21% |
| MOUNT VERNON-ANACORTES, WA (FHA|USDA|VA) | 21 | $5,255,000 | $250,238 | $0 | 8.73% |
| Bozeman, MT (FHA|USDA|VA) | 1 | $5,005,000 | $5,005,000 | $0 | 7.07% |
| Outside of Metro Areas | 8 | $3,070,000 | $383,750 | $0 | 8.49% |
| YAKIMA, WA (FHA|USDA|VA) | 13 | $2,945,000 | $226,538 | $0 | 8.82% |
| SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) | 1 | $2,005,000 | $2,005,000 | $0 | 6.90% |
| ALBANY-LEBANON, OR (FHA|USDA|VA) | 1 | $1,905,000 | $1,905,000 | $0 | 5.30% |
| Ellensburg, WA (FHA|USDA|VA) | 2 | $1,730,000 | $865,000 | $0 | 8.25% |
| WALLA WALLA, WA (FHA|USDA|VA) | 3 | $1,695,000 | $565,000 | $0 | 8.80% |
| Shelton, WA (FHA|USDA|VA) | 7 | $1,615,000 | $230,714 | $0 | 8.67% |
| BOISE CITY, ID (FHA|USDA|VA) | 2 | $1,060,000 | $530,000 | $0 | 8.12% |
| BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) | 3 | $1,025,000 | $341,667 | $0 | 8.82% |
| Heber, UT (FHA|USDA|VA) | 1 | $975,000 | $975,000 | $0 | 8.49% |
| Centralia, WA (FHA|USDA|VA) | 3 | $945,000 | $315,000 | $0 | 8.57% |
| BEND, OR (FHA|USDA|VA) | 2 | $820,000 | $410,000 | $0 | 8.62% |
| LONGVIEW, WA (FHA|USDA|VA) | 5 | $705,000 | $141,000 | $3,864 | 7.92% |
| Astoria, OR (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $0 | 7.99% |
| Moses Lake, WA (FHA|USDA|VA) | 2 | $310,000 | $155,000 | $0 | 8.37% |
| Newport, OR (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $0 | 6.39% |
| Aberdeen, WA (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 8.74% |
| KENNEWICK-RICHLAND, WA (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 10.24% |
| CORVALLIS, OR (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 10.24% |
| SALEM, OR (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 8.49% |
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.
Similarity Rank: 56
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| HELOC | 327 | $84,045,000 | $257,018 | n/a | 8.75% |
| Conventional | 46 | $78,670,000 | $1,710,217 | $6,073 | 6.82% |
For 2024, Heritage Bank's most frequently originated type of loan was HELOC, with 327 originations. Their 2nd most popular type was Conventional, with 46 originations.
Loan Reason
For 2024, Heritage Bank's most frequently cited loan purpose was Home Improvement, with 140 originations. The 2nd most popular reason was Refi, with 81 originations.
Loan Duration/Length
For 2024, Heritage Bank's most frequently cited loan duration was 30 Year, with 332 originations. The 2nd most popular length was 10 Year, with 22 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $2k-3k | 2 | $720,000 | $360,000 |
| $3k-4k | 2 | $720,000 | $360,000 |
| $1k-2k | 1 | $195,000 | $195,000 |
| $5k+ | 1 | $905,000 | $905,000 |
Heritage Bank's average total fees were $6,569, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 2 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 305 | $77,695,000 | $254,738 |
| 7-8% | 35 | $24,325,000 | $695,000 |
| 6-7% | 29 | $49,055,000 | $1,691,552 |
| 5-6% | 4 | $11,640,000 | $2,910,000 |
During 2024, Heritage Bank's average interest rate for loans was 8.72%, while their most frequently originated rate bucket for loans was Over 8%, with 305 originations.
Loan Sizing
2024 saw Heritage Bank place emphasis on $100k-200k loans with 107 originations, totaling $14,075,000 in origination value.
Applicant Income
Heritage Bank lent most frequently to those with incomes in the $150k-250k range, with 94 originations. The second most popular income band? $250k+, with 87 originations.
Applicant Debt to Income Ratio
Heritage Bank lent most frequently to those with DTI ratios of 20-30%, with 68 originations. The next most common DTI ratio? 30-36%, with 56 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications69.60%
Heritage Bank has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination89.81%
Heritage Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 373 | $162,715,000 | $436,233 |