Honor Credit Union Mortgage Rates, Fees & Info

Berrien Springs, MI

LEI: 254900V9842QPBGIO804

Tax ID: 38-1204067

5 stars - Updated: 4/5/25 - out of 5 stars, based on 37 reviews

Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

Honor Credit Union is a smaller credit union specializing in Home Purchase loans. Honor Credit Union 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.) They have a low ratio of USDA loans. Their top markets by origination volume include: Niles, Marquette, South Bend, Kalamazoo, and Battle Creek among others. We have data for 48 markets. (Some data included below & more in-depth data is available with an active subscription.)

Honor 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. Honor 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
Home Equity Line of Credit (HELOC) 7.78% 4/5/25
30 Year Conventional Purchase 6.93% 4/5/25
30 Year Conventional Refi 6.66% 4/5/25
30 Year Cash-out Refi 6.79% 4/5/25
30 Year FHA Purchase 7.48% 4/5/25
30 Year USDA Purchase 7.29% 4/5/25
15 Year Conventional Purchase 8.69% 4/5/25
15 Year Conventional Refi 7.55% 4/5/25
15 Year Cash-out Refi 7.55% 4/5/25
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.

Honor Credit Union Mortgage Calculator






Your Estimates

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

This is not an official calculator from Honor 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

1,381

Origination Dollar Volume (All Markets)

$193,345,000
Show all (12) awards

Relative Rate

Honor Credit Union's average 30 year fixed mortgage rate was 6.6%.

The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.

This yields a difference of 0.05%.

Relative Fees (Closing Costs)

Honor Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $3,331.

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
NILES, MI (FHA|USDA|VA) 497 $73,135,000 $147,153 $2,267 8.02%
Outside of Metro Areas 186 $24,340,000 $130,860 $1,941 8.27%
Marquette, MI (FHA|USDA|VA) 133 $18,855,000 $141,767 $1,977 8.09%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 117 $16,895,000 $144,402 $2,342 8.06%
KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 113 $15,655,000 $138,540 $2,111 8.13%
BATTLE CREEK, MI (FHA|USDA|VA) 106 $9,930,000 $93,679 $1,404 8.52%
Holland, MI (FHA|USDA|VA) 59 $9,565,000 $162,119 $2,363 8.16%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 47 $6,975,000 $148,404 $2,137 8.85%
Coldwater, MI (FHA|USDA|VA) 45 $4,085,000 $90,778 $1,687 8.23%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 8 $1,930,000 $241,250 $2,419 8.86%
SALT LAKE CITY, UT (FHA|USDA|VA) 2 $1,400,000 $700,000 $4,686 8.00%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 3 $955,000 $318,333 $605 10.00%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 2 $910,000 $455,000 $4,845 7.50%
MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 2 $810,000 $405,000 $2,590 6.50%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 5 $645,000 $129,000 $2,314 8.18%
Sturgis, MI (FHA|USDA|VA) 4 $540,000 $135,000 $1,572 8.03%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $495,000 $495,000 $3,154 6.12%
ELKHART-GOSHEN, IN (FHA|USDA|VA) 4 $480,000 $120,000 $1,727 7.81%
Houghton, MI (FHA|USDA|VA) 3 $465,000 $155,000 $2,056 7.67%
MUSKEGON, MI (FHA|USDA|VA) 6 $420,000 $70,000 $839 9.88%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 1 $375,000 $375,000 $4,669 7.13%
Hillsdale, MI (FHA|USDA|VA) 3 $325,000 $108,333 $1,918 7.42%
BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 1 $325,000 $325,000 $2,946 5.63%
Cadillac, MI (FHA|USDA|VA) 2 $320,000 $160,000 $2,898 9.44%
JACKSON, MI (FHA|USDA|VA) 3 $295,000 $98,333 $2,935 7.50%
Traverse City, MI (FHA|USDA|VA) 2 $290,000 $145,000 $3,045 6.56%
LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) 1 $285,000 $285,000 $2,810 7.00%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $275,000 $275,000 $4,320 6.50%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 1 $245,000 $245,000 $0 7.50%
Iron Mountain, MI-WI (FHA|USDA|VA) 3 $215,000 $71,667 $1,377 8.67%
HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 1 $215,000 $215,000 $4,168 5.24%
Alma, MI (FHA|USDA|VA) 2 $190,000 $95,000 $3,031 7.50%
Marinette, WI-MI (FHA|USDA|VA) 1 $185,000 $185,000 $2,438 4.99%
Mount Pleasant, MI (FHA|USDA|VA) 1 $165,000 $165,000 $2,364 6.63%
Escanaba, MI (FHA|USDA|VA) 1 $155,000 $155,000 $2,858 6.25%
JACKSON, TN (FHA|USDA|VA) 1 $145,000 $145,000 $3,309 7.13%
MONROE, MI (FHA|USDA|VA) 1 $125,000 $125,000 $0 7.75%
FLINT, MI (FHA|USDA|VA) 1 $125,000 $125,000 $0 8.50%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 1 $105,000 $105,000 $0 9.75%
BAY CITY, MI (FHA|USDA|VA) 2 $90,000 $45,000 $1,463 7.50%
Pahrump, NV (FHA|USDA|VA) 1 $75,000 $75,000 $300 9.00%
Warsaw, IN (FHA|USDA|VA) 1 $75,000 $75,000 $3,150 6.50%
ST. CLOUD, MN (FHA|USDA|VA) 1 $55,000 $55,000 $0 10.75%
LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) 1 $55,000 $55,000 $0 8.50%
Adrian, MI (FHA|USDA|VA) 1 $45,000 $45,000 $0 10.25%
Brainerd, MN (FHA|USDA|VA) 1 $45,000 $45,000 $0 8.50%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $35,000 $35,000 $0 8.50%
Big Rapids, MI (FHA|USDA|VA) 1 $25,000 $25,000 $300 9.50%
Honor Credit Union's top markets include Niles, Marquette, South Bend, Kalamazoo, and Battle Creek among others.

Their top states include:
  • Michigan (FHA|USDA|VA)
  • Indiana (FHA|USDA|VA)
  • Utah (FHA|USDA|VA)
  • Illinois (FHA|USDA|VA)
  • South Carolina (FHA|USDA|VA)
  • Similar Lenders

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

    MICHIGAN SCHOOLS AND GOVERNMENT
    Similarity Rank: 64
    MARSHALL COMMUNITY CREDIT UNION
    Similarity Rank: 78
    PFCU
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    AAC Credit Union
    Similarity Rank: 138
    Circle Federal Credit Union
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    FIRST CHOICE MH LLC
    Similarity Rank: 189
    KALSEE CREDIT UNION
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    IncredibleBank
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    INTERRA CREDIT UNION
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    ChoiceOne Bank
    Similarity Rank: 322

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 878 $142,750,000 $162,585 $1,972 7.75%
    HELOC 479 $45,705,000 $95,418 n/a 8.98%
    FHA 19 $4,005,000 $210,789 $6,682 6.66%
    USDA 5 $885,000 $177,000 $6,014 6.85%

    For 2024, Honor Credit Union's most frequently originated type of loan was Conventional, with 878 originations. Their 2nd most popular type was HELOC, with 479 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 493 $112,965,000 $229,138 $3,346 6.94%
    Home Improvement 448 $31,780,000 $70,938 $356 9.20%
    Other 230 $15,880,000 $69,043 $454 9.28%
    Cash Out Refi 171 $25,495,000 $149,094 $2,157 7.72%
    Refi 39 $7,225,000 $185,256 $2,194 6.84%

    For 2024, Honor Credit Union's most frequently cited loan purpose was Home Purchase, with 493 originations. The 2nd most popular reason was Home Improvement, with 448 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 491 $48,545,000 $98,870 $2,393 8.94%
    30 Year 336 $69,970,000 $208,244 $3,331 6.60%
    Other 212 $56,220,000 $265,189 $2,988 6.60%
    10 Year 155 $7,135,000 $46,032 $316 9.41%
    15 Year 147 $9,995,000 $67,993 $411 9.87%
    5 Year 38 $1,120,000 $29,474 $316 8.82%
    1 Year 2 $360,000 $180,000 $0 8.20%

    For 2024, Honor Credit Union's most frequently cited loan duration was 20 Year, with 491 originations. The 2nd most popular length was 30 Year, with 336 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 858 $137,410,000 $160,152
    $1k-2k 10 $2,460,000 $246,000
    $4k-5k 2 $640,000 $320,000
    $5k+ 2 $450,000 $225,000
    $2k-3k 1 $135,000 $135,000
    $3k-4k 1 $235,000 $235,000

    Honor Credit Union's average total fees were $3,331, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 858 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 725 $58,115,000 $80,159
    6-7% 322 $65,740,000 $204,161
    7-8% 220 $37,040,000 $168,364
    5-6% 102 $29,110,000 $285,392
    4-5% 12 $3,340,000 $278,333

    During 2024, Honor Credit Union's average interest rate for loans was 6.60%, while their most frequently originated rate bucket for loans was Over 8%, with 725 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 702 $34,220,000 $48,746 $655 9.04%
    $100k-200k 359 $51,415,000 $143,217 $2,697 7.49%
    $200k-400k 265 $71,565,000 $270,057 $3,333 7.01%
    $400k-600k 34 $16,380,000 $481,765 $4,273 6.94%
    $600k-1MM 15 $11,185,000 $745,667 $4,884 6.73%
    $1MM+ 6 $8,580,000 $1,430,000 $7,179 6.42%

    2024 saw Honor Credit Union place emphasis on $100,000 or less loans with 702 originations, totaling $34,220,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 334 $32,160,000 $96,287 $1,877 8.04%
    $100k-150k 329 $47,745,000 $145,122 $2,215 8.38%
    $75k-100k 248 $30,960,000 $124,839 $2,018 8.17%
    $50k or less 207 $16,985,000 $82,053 $1,699 8.06%
    $150k-250k 167 $33,505,000 $200,629 $2,554 8.29%
    $250k+ 72 $27,590,000 $383,194 $3,628 7.76%

    Honor Credit Union lent most frequently to those with incomes in the $50k-75k range, with 334 originations. The second most popular income band? $100k-150k, with 329 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 308 $42,010,000 $136,396 $1,996 7.96%
    30-36% 289 $40,625,000 $140,571 $2,271 8.06%
    <20% 109 $11,535,000 $105,826 $1,562 7.99%
    44% 67 $8,405,000 $125,448 $1,860 8.64%
    41% 60 $8,630,000 $143,833 $2,121 8.06%
    40% 57 $8,295,000 $145,526 $2,441 8.10%
    37% 56 $7,850,000 $140,179 $2,071 8.00%
    36% 50 $7,250,000 $145,000 $2,416 8.31%
    43% 46 $6,220,000 $135,217 $2,002 8.45%
    42% 45 $5,405,000 $120,111 $1,639 9.08%
    46% 43 $6,395,000 $148,721 $2,151 8.40%
    39% 41 $5,685,000 $138,659 $2,116 8.07%
    45% 40 $5,940,000 $148,500 $1,907 8.25%
    >60% 38 $5,120,000 $134,737 $1,356 8.46%
    38% 37 $4,235,000 $114,459 $2,512 8.46%
    47% 33 $4,185,000 $126,818 $1,595 8.76%
    50-60% 28 $8,510,000 $303,929 $3,502 8.15%
    48% 14 $2,500,000 $178,571 $2,898 7.27%
    49% 11 $2,295,000 $208,636 $2,486 7.89%

    Honor Credit Union lent most frequently to those with DTI ratios of 20-30%, with 308 originations. The next most common DTI ratio? 30-36%, with 289 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,183 $162,225,000 $137,130 $2,091 8.14%
    Not provided 122 $19,560,000 $160,328 $2,168 8.27%
    Black 35 $3,685,000 $105,286 $1,613 8.75%
    Asian 17 $3,165,000 $186,176 $2,578 7.37%
    Not applicable 9 $2,255,000 $250,556 $0 7.73%
    American Indian 13 $2,125,000 $163,462 $2,527 8.07%
    Vietnamese 1 $225,000 $225,000 $2,973 7.00%
    Native Hawaiian or Islander 1 $105,000 $105,000 $0 10.75%

    Approval Rates

    Total approvals of all applications
    74.80%

    Honor Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    74.95%

    Honor Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,381 $193,345,000 $140,004

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,381 $193,345,000 $140,004

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 319 $28,285,000 $88,668 $766 8.90%
    40-60% 156 $25,630,000 $164,295 $2,133 8.32%
    60-80% 234 $51,360,000 $219,487 $2,889 7.19%
    80-100% 313 $73,405,000 $234,521 $3,374 6.81%
    Under 20% 359 $14,665,000 $40,850 $333 9.23%