Honor Credit Union Mortgage Rates, Fees & Info

Berrien Springs, MI

LEI: 254900V9842QPBGIO804

Tax ID: 38-1204067

5 stars - Updated: 6/9/24 - out of 5 stars, based on 42 reviews

Latest/2023 | 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, Kalamazoo, South Bend, Marquette, and Battle Creek among others. We have data for 64 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 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) 6.47% 6/9/24
30 Year Conventional Purchase 6.71% 6/9/24
30 Year Conventional Refi 6.45% 6/9/24
30 Year Cash-out Refi 6.60% 6/9/24
30 Year FHA Purchase 7.83% 6/9/24
30 Year FHA Refi 6.27% 6/9/24
30 Year USDA Purchase 7.06% 6/9/24
15 Year Conventional Purchase 6.73% 6/9/24
15 Year Conventional Refi 6.13% 6/9/24
15 Year Cash-out Refi 6.13% 6/9/24
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.

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

1,739

Origination Dollar Volume (All Markets)

$229,095,000
Show all (5) awards

Relative Rate

Honor Credit Union's average 30 year fixed mortgage rate was 6.87%.

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

This yields a difference of 0.39%.

Relative Fees (Closing Costs)

Honor Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $3,854.

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
NILES, MI (FHA|USDA|VA) 606 $79,960,000 $131,947 $1,913 7.64%
Outside of Metro Areas 254 $38,780,000 $152,677 $1,702 7.61%
KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 155 $20,895,000 $134,806 $2,026 8.10%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 123 $16,635,000 $135,244 $1,763 7.66%
Marquette, MI (FHA|USDA|VA) 154 $16,250,000 $105,519 $1,313 7.58%
BATTLE CREEK, MI (FHA|USDA|VA) 124 $10,790,000 $87,016 $1,102 7.96%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 63 $7,945,000 $126,111 $1,706 8.31%
Holland, MI (FHA|USDA|VA) 78 $6,620,000 $84,872 $1,386 7.65%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 6 $5,960,000 $993,333 $14,996 7.50%
Coldwater, MI (FHA|USDA|VA) 51 $3,965,000 $77,745 $925 7.88%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 10 $1,970,000 $197,000 $2,631 7.97%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 11 $1,575,000 $143,182 $2,141 7.53%
MUSKEGON, MI (FHA|USDA|VA) 5 $1,455,000 $291,000 $2,249 7.07%
Traverse City, MI (FHA|USDA|VA) 5 $1,205,000 $241,000 $3,180 7.85%
MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 6 $770,000 $128,333 $1,599 7.75%
ELKHART-GOSHEN, IN (FHA|USDA|VA) 4 $760,000 $190,000 $1,455 6.87%
Hillsdale, MI (FHA|USDA|VA) 8 $750,000 $93,750 $1,731 7.89%
MORRISTOWN, TN (FHA|USDA|VA) 1 $685,000 $685,000 $4,440 4.99%
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 2 $670,000 $335,000 $3,670 7.38%
OCALA, FL (FHA|USDA|VA) 2 $670,000 $335,000 $5,226 6.25%
Houghton, MI (FHA|USDA|VA) 5 $655,000 $131,000 $1,737 7.28%
Sturgis, MI (FHA|USDA|VA) 6 $650,000 $108,333 $1,790 7.33%
TUCSON, AZ (FHA|USDA|VA) 2 $640,000 $320,000 $3,783 5.88%
JACKSONVILLE, FL (FHA|USDA|VA) 3 $635,000 $211,667 $100 7.33%
SALT LAKE CITY, UT (FHA|USDA|VA) 1 $475,000 $475,000 $3,964 6.63%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 3 $455,000 $151,667 $4,307 6.67%
Angola, IN (FHA|USDA|VA) 3 $435,000 $145,000 $996 9.54%
ANN ARBOR, MI (FHA|USDA|VA) 1 $395,000 $395,000 $0 8.50%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 2 $390,000 $195,000 $2,068 5.63%
COLORADO SPRINGS, CO (FHA|USDA|VA) 3 $355,000 $118,333 $995 8.29%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 2 $300,000 $150,000 $2,317 7.13%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $285,000 $285,000 $3,871 6.75%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 1 $285,000 $285,000 $4,037 5.88%
Montrose, CO (FHA|USDA|VA) 1 $285,000 $285,000 $2,918 5.49%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 2 $260,000 $130,000 $100 7.00%
Escanaba, MI (FHA|USDA|VA) 1 $255,000 $255,000 $2,942 6.25%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $245,000 $245,000 $3,126 6.00%
DECATUR, AL (FHA|USDA|VA) 2 $230,000 $115,000 $0 8.50%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $225,000 $225,000 $0 8.50%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 1 $225,000 $225,000 $0 12.25%
Cadillac, MI (FHA|USDA|VA) 1 $225,000 $225,000 $2,773 6.50%
Adrian, MI (FHA|USDA|VA) 1 $205,000 $205,000 $2,921 6.00%
JACKSON, MI (FHA|USDA|VA) 3 $205,000 $68,333 $1,647 7.08%
Big Rapids, MI (FHA|USDA|VA) 2 $190,000 $95,000 $2,536 8.75%
RENO, NV (FHA|USDA|VA) 1 $185,000 $185,000 $0 10.50%
SIERRA VISTA-DOUGLAS, AZ (FHA|USDA|VA) 1 $185,000 $185,000 $3,477 5.75%
Beaver Dam, WI (FHA|USDA|VA) 1 $155,000 $155,000 $0 8.00%
YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) 1 $155,000 $155,000 $3,286 7.25%
Ludington, MI (FHA|USDA|VA) 2 $150,000 $75,000 $1,480 5.87%
HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 1 $145,000 $145,000 $3,328 5.75%
MANKATO, MN (FHA|USDA|VA) 1 $145,000 $145,000 $3,612 6.38%
Madisonville, KY (FHA|USDA|VA) 1 $145,000 $145,000 $0 10.50%
MIDLAND, MI (FHA|USDA|VA) 1 $125,000 $125,000 $0 8.50%
Iron Mountain, MI-WI (FHA|USDA|VA) 2 $120,000 $60,000 $2,607 7.25%
JACKSONVILLE, NC (FHA|USDA|VA) 1 $115,000 $115,000 $2,965 4.99%
MADISON, WI (FHA|USDA|VA) 1 $105,000 $105,000 $0 8.25%
Athens, TN (FHA|USDA|VA) 1 $85,000 $85,000 $300 7.50%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 1 $85,000 $85,000 $0 8.50%
SAGINAW, MI (FHA|USDA|VA) 1 $85,000 $85,000 $2,041 6.75%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $75,000 $75,000 $300 9.00%
Hutchinson, KS (FHA|USDA|VA) 1 $75,000 $75,000 $2,307 6.75%
Warsaw, IN (FHA|USDA|VA) 1 $75,000 $75,000 $0 10.00%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $55,000 $55,000 $0 8.50%
ERIE, PA (FHA|USDA|VA) 1 $15,000 $15,000 $100 5.50%
Honor Credit Union's top markets include Niles, Kalamazoo, South Bend, Marquette, and Battle Creek among others.

Their top states include:
  • Michigan (FHA|USDA|VA)
  • Indiana (FHA|USDA|VA)
  • Illinois (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Tennessee (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.

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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,174 $174,270,000 $148,441 $1,678 7.16%
    HELOC 549 $52,115,000 $94,927 n/a 8.92%
    FHA 12 $2,120,000 $176,667 $6,563 6.76%
    USDA 4 $590,000 $147,500 $4,285 7.28%

    For 2023, Honor Credit Union's most frequently originated type of loan was Conventional, with 1,174 originations. Their 2nd most popular type was HELOC, with 549 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 606 $36,130,000 $59,620 $220 8.40%
    Home Purchase 569 $132,365,000 $232,627 $3,187 6.81%
    Other 287 $19,835,000 $69,111 $395 8.53%
    Cash Out Refi 207 $30,115,000 $145,483 $1,891 7.28%
    Refi 63 $7,625,000 $121,032 $998 6.93%
    NA 7 $3,025,000 $432,143 $0 7.50%

    For 2023, Honor Credit Union's most frequently cited loan purpose was Home Improvement, with 606 originations. The 2nd most popular reason was Home Purchase, with 569 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 574 $58,810,000 $102,456 $2,993 8.87%
    Other 417 $94,955,000 $227,710 $2,756 6.12%
    15 Year 247 $15,055,000 $60,951 $273 8.35%
    10 Year 240 $12,100,000 $50,417 $342 7.97%
    30 Year 178 $44,530,000 $250,169 $3,854 6.87%
    5 Year 74 $2,290,000 $30,946 $228 6.84%
    3 Year 8 $1,300,000 $162,500 $2,385 6.73%
    1 Year 1 $55,000 $55,000 $0 9.00%

    For 2023, Honor Credit Union's most frequently cited loan duration was 20 Year, with 574 originations. The 2nd most popular length was Other, with 417 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 1,116 $149,190,000 $133,683
    $1k-2k 31 $15,505,000 $500,161
    $5k+ 6 $1,380,000 $230,000
    $2k-3k 4 $650,000 $162,500
    $4k-5k 3 $465,000 $155,000
    $3k-4k 2 $600,000 $300,000

    Honor Credit Union's average total fees were $3,854, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,116 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 731 $64,805,000 $88,653
    6-7% 359 $54,255,000 $151,128
    7-8% 335 $37,175,000 $110,970
    5-6% 237 $50,635,000 $213,650
    4-5% 77 $22,225,000 $288,636

    During 2023, Honor Credit Union's average interest rate for loans was 6.87%, while their most frequently originated rate bucket for loans was Over 8%, with 731 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 965 $45,745,000 $47,404 $517 8.23%
    $100k-200k 422 $60,280,000 $142,844 $2,519 7.35%
    $200k-400k 288 $77,900,000 $270,486 $3,273 6.80%
    $400k-600k 37 $17,975,000 $485,811 $4,020 6.42%
    $600k-1MM 21 $15,275,000 $727,381 $4,515 6.17%
    $1MM+ 6 $11,920,000 $1,986,667 $12,568 6.09%

    2023 saw Honor Credit Union place emphasis on $100,000 or less loans with 965 originations, totaling $45,745,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 397 $37,665,000 $94,874 $1,513 7.67%
    $100k-150k 381 $53,935,000 $141,562 $1,856 7.78%
    $75k-100k 353 $37,775,000 $107,011 $1,631 7.79%
    $50k or less 288 $22,040,000 $76,528 $1,338 7.47%
    $150k-250k 210 $40,020,000 $190,571 $2,212 7.73%
    $250k+ 77 $27,975,000 $363,312 $4,488 7.84%

    Honor Credit Union lent most frequently to those with incomes in the $50k-75k range, with 397 originations. The second most popular income band? $100k-150k, with 381 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 411 $44,025,000 $107,117 $1,499 7.57%
    30-36% 353 $40,845,000 $115,708 $1,565 7.81%
    <20% 164 $16,350,000 $99,695 $1,425 7.47%
    44% 62 $10,540,000 $170,000 $2,160 7.81%
    40% 61 $7,075,000 $115,984 $1,899 7.61%
    36% 61 $6,305,000 $103,361 $1,419 8.06%
    41% 60 $7,410,000 $123,500 $1,595 7.69%
    37% 58 $7,460,000 $128,621 $1,736 8.02%
    39% 56 $13,870,000 $247,679 $2,526 7.92%
    >60% 55 $7,405,000 $134,636 $1,651 8.15%
    43% 53 $6,635,000 $125,189 $1,705 8.02%
    38% 53 $7,475,000 $141,038 $2,043 7.69%
    42% 51 $5,985,000 $117,353 $1,638 7.98%
    45% 49 $8,685,000 $177,245 $2,138 7.68%
    47% 48 $6,120,000 $127,500 $1,555 7.98%
    50-60% 46 $12,530,000 $272,391 $3,320 6.91%
    46% 34 $4,370,000 $128,529 $1,824 7.90%
    48% 24 $4,650,000 $193,750 $2,781 7.02%
    49% 13 $2,295,000 $176,538 $2,426 6.88%

    Honor Credit Union lent most frequently to those with DTI ratios of 20-30%, with 411 originations. The next most common DTI ratio? 30-36%, with 353 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,476 $191,920,000 $130,027 $1,725 7.68%
    Not provided 154 $19,580,000 $127,143 $1,958 7.84%
    Not applicable 25 $8,345,000 $333,800 $0 7.94%
    Black 59 $6,475,000 $109,746 $1,632 7.97%
    American Indian 15 $1,825,000 $121,667 $1,474 8.10%
    Asian 8 $680,000 $85,000 $1,661 7.72%
    Asian Indian 1 $215,000 $215,000 $2,903 5.12%
    Native Hawaiian or Islander 1 $55,000 $55,000 $0 10.75%

    Approval Rates

    Total approvals of all applications
    77.33%

    Honor Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    74.93%

    Honor Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,739 $229,095,000 $131,740

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,739 $229,095,000 $131,740

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 405 $29,485,000 $72,802 $488 8.39%
    40-60% 173 $21,985,000 $127,081 $1,574 7.88%
    60-80% 310 $70,890,000 $228,677 $2,775 6.96%
    80-100% 367 $83,995,000 $228,869 $3,109 6.80%
    Over 100% 7 $4,575,000 $653,571 $4,672 7.68%
    Under 20% 477 $18,165,000 $38,082 $250 8.26%