New Horizons Credit Union Mortgage Rates, Fees & Info

Mobile, AL

LEI: 254900NCN3B66MYC3145

Tax ID: 63-0767402

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

    New Horizons Credit Union is a smaller credit union specializing in Cash Out Refi and Home Purchase loans. New Horizons Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Mobile, Daphne, Montgomery, Pensacola, and Gulfport among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

    New Horizons 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. New Horizons Credit Union is typically an average 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.24% 11/22/24
    30 Year Conventional Refi 7.17% 11/22/24
    30 Year Cash-out Refi 6.92% 11/22/24
    15 Year Conventional Purchase 8.02% 11/22/24
    15 Year Conventional Refi 5.81% 11/22/24
    15 Year Cash-out Refi 5.81% 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.

    New Horizons Credit Union Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from New Horizons 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

    125

    Origination Dollar Volume (All Markets)

    $18,995,000

    Awards

    New Horizons Credit Union 30 Year Conventional Loans gold New Horizons Credit Union 30 Year Conventional Loans gold New Horizons Credit Union 30 Year Conventional Loans gold
    Show all (3) 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
    MOBILE, AL (FHA|USDA|VA) 86 $11,270,000 $131,047 $3,219 4.34%
    DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 35 $7,005,000 $200,143 $4,346 4.55%
    MONTGOMERY, AL (FHA|USDA|VA) 1 $395,000 $395,000 $6,722 3.87%
    PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 2 $230,000 $115,000 $1,284 5.63%
    GULFPORT-BILOXI, MS (FHA|USDA|VA) 1 $95,000 $95,000 $0 7.00%
    New Horizons Credit Union's top markets include Mobile, Daphne, Montgomery, Pensacola, and Gulfport among others.

    Their top states include:
  • Alabama (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Mississippi (FHA|USDA|VA)

    • Similar Lenders

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

    Pen Air Federal Credit Union
    Similarity Rank: 144
    AMERICA'S FIRST
    Similarity Rank: 391
    New Horizons Credit Union
    Similarity Rank: 455
    Hamilton Mortgage Corporation
    Similarity Rank: 580
    ALABAMA CREDIT UNION
    Similarity Rank: 589
    DSLD MORTGAGE, LLC
    Similarity Rank: 950
    Stifel Bank and Trust
    Similarity Rank: 2060
    Bryant Bank
    Similarity Rank: 2100
    AMERICAN HOME LENDING USA, LLC
    Similarity Rank: 2528
    HOMETRUST MORTGAGE COMPANY
    Similarity Rank: 3828

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 89 $15,545,000 $174,663 $3,579 4.48%
    HELOC 36 $3,450,000 $95,833 n/a 4.31%

    For 2022, New Horizons Credit Union's most frequently originated type of loan was Conventional, with 89 originations. Their 2nd most popular type was HELOC, with 36 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 56 $5,970,000 $106,607 $2,594 4.68%
    Home Purchase 30 $8,360,000 $278,667 $5,281 3.97%
    Other 28 $2,820,000 $100,714 $917 4.78%
    Refi 9 $1,675,000 $186,111 $4,100 3.36%
    Home Improvement 2 $170,000 $85,000 $1,847 4.48%

    For 2022, New Horizons Credit Union's most frequently cited loan purpose was Cash Out Refi, with 56 originations. The 2nd most popular reason was Home Purchase, with 30 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 44 $4,930,000 $112,045 $3,913 4.18%
    30 Year 42 $10,550,000 $251,190 $4,999 3.98%
    15 Year 32 $3,210,000 $100,313 $2,125 5.04%
    10 Year 4 $170,000 $42,500 $1,055 5.61%
    5 Year 3 $135,000 $45,000 $1,076 6.58%

    For 2022, New Horizons Credit Union's most frequently cited loan duration was 20 Year, with 44 originations. The 2nd most popular length was 30 Year, with 42 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 34 $1,880,000 $55,294
    $1k-2k 24 $3,410,000 $142,083
    $2k-3k 13 $3,235,000 $248,846
    $3k-4k 12 $4,120,000 $343,333
    $4k-5k 4 $1,810,000 $452,500
    $5k+ 2 $1,090,000 $545,000

    New Horizons Credit Union's average total fees were $4,999, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 34 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 32 $4,290,000 $134,063
    3-4% 29 $7,155,000 $246,724
    6-7% 21 $1,215,000 $57,857
    4-5% 20 $4,280,000 $214,000
    5-6% 18 $1,490,000 $82,778
    7-8% 3 $155,000 $51,667
    Over 8% 1 $75,000 $75,000
    <2.5% 1 $335,000 $335,000

    During 2022, New Horizons Credit Union's average interest rate for loans was 3.98%, while their most frequently originated rate bucket for loans was 2.5-3%, with 32 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 60 $3,360,000 $56,000 $1,370 5.08%
    $100k-200k 31 $4,365,000 $140,806 $3,521 3.87%
    $200k-400k 27 $7,945,000 $294,259 $5,557 3.85%
    $400k-600k 7 $3,325,000 $475,000 $7,722 3.66%

    2022 saw New Horizons Credit Union place emphasis on $100,000 or less loans with 60 originations, totaling $3,360,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 42 $5,850,000 $139,286 $3,463 4.80%
    $50k-75k 22 $2,130,000 $96,818 $2,738 4.51%
    $75k-100k 19 $2,865,000 $150,789 $3,670 3.96%
    $50k or less 18 $1,610,000 $89,444 $2,534 4.58%
    $150k-250k 17 $4,155,000 $244,412 $5,014 3.92%
    $250k+ 7 $2,385,000 $340,714 $7,357 4.21%

    New Horizons Credit Union lent most frequently to those with incomes in the $100k-150k range, with 42 originations. The second most popular income band? $50k-75k, with 22 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 52 $7,850,000 $150,962 $3,541 4.62%
    <20% 30 $4,980,000 $166,000 $3,810 4.01%
    30-36% 20 $2,930,000 $146,500 $3,845 3.97%
    38% 4 $300,000 $75,000 $1,989 5.85%
    39% 3 $405,000 $135,000 $3,458 3.13%
    36% 3 $715,000 $238,333 $4,496 4.98%
    37% 3 $215,000 $71,667 $2,371 5.36%
    42% 3 $825,000 $275,000 $5,547 4.10%
    44% 3 $195,000 $65,000 $1,023 6.57%
    43% 1 $45,000 $45,000 $1,685 4.60%
    49% 1 $35,000 $35,000 $0 2.99%
    41% 1 $445,000 $445,000 $7,181 3.78%
    45% 1 $55,000 $55,000 $950 7.59%

    New Horizons Credit Union lent most frequently to those with DTI ratios of 20-30%, with 52 originations. The next most common DTI ratio? <20%, with 30 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 102 $15,660,000 $153,529 $3,650 4.41%
    Black 12 $1,350,000 $112,500 $2,335 4.60%
    Not provided 8 $1,180,000 $147,500 $3,587 4.91%
    Asian 2 $510,000 $255,000 $4,885 2.89%
    American Indian 1 $295,000 $295,000 $5,674 4.28%

    Approval Rates

    Total approvals of all applications
    73.17%

    New Horizons Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    82.40%

    New Horizons Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 125 $18,995,000 $151,960

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    125 $18,995,000 $151,960

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 24 $1,760,000 $73,333 $1,207 5.17%
    40-60% 14 $2,340,000 $167,143 $3,390 3.74%
    60-80% 34 $7,900,000 $232,353 $4,730 3.62%
    80-100% 21 $5,515,000 $262,619 $5,200 3.91%
    Under 20% 32 $1,480,000 $46,250 $998 5.40%