Honor Credit Union Mortgage Rates, Fees & Info

Berrien Springs, MI

LEI: 254900V9842QPBGIO804

Tax ID: 38-1204067

5 stars - Updated: 9/25/23 - out of 5 stars, based on 46 reviews

Latest/2022 | 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 Holland among others. We have data for 61 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) 6.47% 9/25/23
30 Year Conventional Purchase 6.71% 9/25/23
30 Year Conventional Refi 6.45% 9/25/23
30 Year Cash-out Refi 6.60% 9/25/23
30 Year FHA Purchase 7.83% 9/25/23
30 Year FHA Refi 6.27% 9/25/23
30 Year USDA Purchase 7.06% 9/25/23
15 Year Conventional Purchase 6.73% 9/25/23
15 Year Conventional Refi 6.13% 9/25/23
15 Year Cash-out Refi 6.13% 9/25/23
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

2,087

Origination Dollar Volume (All Markets)

$291,295,000
Show all (11) awards

Relative Rate

Honor Credit Union's average 30 year fixed mortgage rate was 4.62%.

The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

This yields a difference of -0.14%.

Relative Fees (Closing Costs)

Honor Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $2,894.

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 $4,750.

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) 800 $103,150,000 $128,938 $2,085 4.88%
Outside of Metro Areas 341 $66,185,000 $194,091 $1,998 5.09%
KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 190 $28,690,000 $151,000 $2,038 5.10%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 148 $17,840,000 $120,541 $1,986 5.14%
Marquette, MI (FHA|USDA|VA) 165 $15,965,000 $96,758 $1,836 5.02%
Holland, MI (FHA|USDA|VA) 82 $9,370,000 $114,268 $1,829 4.99%
BATTLE CREEK, MI (FHA|USDA|VA) 97 $7,425,000 $76,546 $1,042 5.63%
Coldwater, MI (FHA|USDA|VA) 76 $6,060,000 $79,737 $1,302 5.46%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 37 $4,805,000 $129,865 $2,009 5.68%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 20 $3,510,000 $175,500 $1,916 5.66%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 2 $3,020,000 $1,510,000 $4,129 3.63%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 5 $2,555,000 $511,000 $5,128 4.33%
Hillsdale, MI (FHA|USDA|VA) 16 $2,140,000 $133,750 $1,495 5.95%
MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 7 $1,605,000 $229,286 $2,990 4.59%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 5 $1,485,000 $297,000 $5,403 4.88%
JACKSON, MI (FHA|USDA|VA) 5 $1,415,000 $283,000 $2,206 5.60%
Sturgis, MI (FHA|USDA|VA) 9 $1,225,000 $136,111 $2,159 4.60%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 3 $1,055,000 $351,667 $3,403 3.83%
RALEIGH-CARY, NC (FHA|USDA|VA) 2 $1,010,000 $505,000 $3,171 4.13%
MUSKEGON, MI (FHA|USDA|VA) 8 $940,000 $117,500 $995 6.13%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $855,000 $855,000 $6,797 6.38%
Ludington, MI (FHA|USDA|VA) 4 $830,000 $207,500 $2,496 4.16%
RICHMOND, VA (FHA|USDA|VA) 1 $745,000 $745,000 $4,397 4.25%
Traverse City, MI (FHA|USDA|VA) 4 $670,000 $167,500 $2,874 4.72%
TOLEDO, OH (FHA|USDA|VA) 3 $545,000 $181,667 $3,247 4.96%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 4 $470,000 $117,500 $2,253 4.41%
PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $435,000 $435,000 $4,732 5.00%
FORT WAYNE, IN (FHA|USDA|VA) 3 $395,000 $131,667 $1,452 4.54%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $395,000 $395,000 $0 5.50%
ELKHART-GOSHEN, IN (FHA|USDA|VA) 4 $380,000 $95,000 $1,989 5.56%
ST. LOUIS, MO-IL (FHA|USDA|VA) 1 $345,000 $345,000 $3,123 3.75%
Iron Mountain, MI-WI (FHA|USDA|VA) 3 $345,000 $115,000 $2,397 6.83%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 3 $325,000 $108,333 $1,532 5.08%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $325,000 $325,000 $0 7.00%
COLUMBUS, OH (FHA|USDA|VA) 2 $310,000 $155,000 $3,018 6.13%
ANN ARBOR, MI (FHA|USDA|VA) 1 $295,000 $295,000 $2,885 5.50%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $265,000 $265,000 $4,033 4.13%
GREEN BAY, WI (FHA|USDA|VA) 2 $260,000 $130,000 $2,127 5.44%
MOBILE, AL (FHA|USDA|VA) 1 $255,000 $255,000 $2,737 3.75%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 2 $250,000 $125,000 $5,581 5.00%
Escanaba, MI (FHA|USDA|VA) 3 $225,000 $75,000 $2,092 5.41%
TUSCALOOSA, AL (FHA|USDA|VA) 1 $225,000 $225,000 $2,961 5.75%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $215,000 $215,000 $2,931 3.75%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 2 $210,000 $105,000 $0 6.63%
Houghton, MI (FHA|USDA|VA) 3 $205,000 $68,333 $2,258 5.00%
LEXINGTON-FAYETTE, KY (FHA|USDA|VA) 1 $205,000 $205,000 $2,837 4.00%
BATON ROUGE, LA (FHA|USDA|VA) 1 $205,000 $205,000 $3,820 3.75%
MEMPHIS, TN-MS-AR (FHA|USDA|VA) 1 $195,000 $195,000 $3,079 3.75%
Toccoa, GA (FHA|USDA|VA) 1 $175,000 $175,000 $3,049 6.25%
THE VILLAGES, FL (FHA|USDA|VA) 1 $165,000 $165,000 $2,056 4.50%
TERRE HAUTE, IN (FHA|USDA|VA) 1 $125,000 $125,000 $100 7.50%
Manitowoc, WI (FHA|USDA|VA) 1 $125,000 $125,000 $2,745 5.25%
Madisonville, KY (FHA|USDA|VA) 1 $115,000 $115,000 $0 4.50%
Auburn, IN (FHA|USDA|VA) 1 $115,000 $115,000 $2,011 5.13%
KNOXVILLE, TN (FHA|USDA|VA) 1 $115,000 $115,000 $0 4.50%
Big Rapids, MI (FHA|USDA|VA) 1 $105,000 $105,000 $0 5.25%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 1 $105,000 $105,000 $0 4.75%
Marinette, WI-MI (FHA|USDA|VA) 1 $105,000 $105,000 $2,255 5.50%
Tullahoma-Manchester, TN (FHA|USDA|VA) 1 $105,000 $105,000 $0 6.25%
Adrian, MI (FHA|USDA|VA) 1 $85,000 $85,000 $0 7.50%
Crossville, TN (FHA|USDA|VA) 1 $25,000 $25,000 $0 3.50%
Honor Credit Union's top markets include Niles, Kalamazoo, South Bend, Marquette, and Holland among others.

Their top states include:
  • Michigan (FHA|USDA|VA)
  • Indiana (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Colorado (FHA|USDA|VA)
  • Illinois (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 1,304 $219,110,000 $168,029 $1,966 4.88%
    HELOC 779 $71,535,000 $91,829 n/a 5.36%
    FHA 2 $430,000 $215,000 $6,520 5.25%
    USDA 2 $220,000 $110,000 $3,859 4.81%

    For 2022, Honor Credit Union's most frequently originated type of loan was Conventional, with 1,304 originations. Their 2nd most popular type was HELOC, with 779 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 691 $45,655,000 $66,071 $178 5.63%
    Home Purchase 671 $152,195,000 $226,818 $2,831 4.80%
    Cash Out Refi 338 $56,230,000 $166,361 $2,202 4.37%
    Other 270 $21,440,000 $79,407 $453 5.65%
    Refi 117 $15,775,000 $134,829 $1,954 3.87%

    For 2022, Honor Credit Union's most frequently cited loan purpose was Home Improvement, with 691 originations. The 2nd most popular reason was Home Purchase, with 671 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 826 $85,750,000 $103,814 $2,234 5.28%
    10 Year 339 $43,675,000 $128,835 $1,380 5.28%
    Other 316 $62,210,000 $196,867 $2,497 4.33%
    30 Year 306 $69,740,000 $227,908 $2,894 4.62%
    15 Year 209 $20,185,000 $96,579 $1,164 5.40%
    5 Year 79 $6,135,000 $77,658 $638 5.51%
    3 Year 10 $3,220,000 $322,000 $2,266 5.60%
    1 Year 2 $380,000 $190,000 $0 7.00%

    For 2022, Honor Credit Union's most frequently cited loan duration was 20 Year, with 826 originations. The 2nd most popular length was 10 Year, with 339 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 1,214 $179,430,000 $147,801
    $1k-2k 33 $12,625,000 $382,576
    $3k-4k 2 $710,000 $355,000
    $5k+ 2 $2,220,000 $1,110,000
    $4k-5k 1 $275,000 $275,000

    Honor Credit Union's average total fees were $2,894, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,214 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 516 $97,180,000 $188,333
    5-6% 484 $63,670,000 $131,550
    4-5% 456 $64,420,000 $141,272
    6-7% 263 $29,985,000 $114,011
    7-8% 146 $12,130,000 $83,082
    2.5-3% 114 $14,930,000 $130,965
    Over 8% 74 $4,730,000 $63,919
    <2.5% 34 $4,250,000 $125,000

    During 2022, Honor Credit Union's average interest rate for loans was 4.62%, while their most frequently originated rate bucket for loans was 3-4%, with 516 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 1,107 $53,475,000 $48,306 $1,005 5.40%
    $100k-200k 542 $76,250,000 $140,683 $2,311 4.69%
    $200k-400k 351 $94,245,000 $268,504 $2,882 4.71%
    $400k-600k 52 $26,170,000 $503,269 $3,931 4.40%
    $600k-1MM 23 $17,475,000 $759,783 $4,790 4.63%
    $1MM+ 12 $23,680,000 $1,973,333 $7,316 4.55%

    2022 saw Honor Credit Union place emphasis on $100,000 or less loans with 1,107 originations, totaling $53,475,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 514 $51,400,000 $100,000 $1,762 5.19%
    $100k-150k 423 $57,465,000 $135,851 $1,968 5.05%
    $50k or less 410 $32,810,000 $80,024 $1,651 5.00%
    $75k-100k 386 $44,300,000 $114,767 $2,004 4.97%
    $150k-250k 205 $43,115,000 $210,317 $2,739 4.98%
    $250k+ 92 $35,720,000 $388,261 $3,452 4.86%

    Honor Credit Union lent most frequently to those with incomes in the $50k-75k range, with 514 originations. The second most popular income band? $100k-150k, with 423 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 566 $68,330,000 $120,724 $1,883 4.93%
    30-36% 393 $45,035,000 $114,593 $2,013 5.16%
    <20% 265 $26,145,000 $98,660 $1,742 4.60%
    39% 79 $11,275,000 $142,722 $2,106 5.25%
    38% 75 $8,125,000 $108,333 $1,929 5.66%
    37% 70 $9,830,000 $140,429 $1,937 5.14%
    41% 64 $9,660,000 $150,938 $1,877 5.35%
    43% 58 $8,210,000 $141,552 $1,806 5.54%
    36% 57 $9,465,000 $166,053 $2,029 5.00%
    42% 54 $9,800,000 $181,481 $2,175 4.93%
    40% 54 $7,040,000 $130,370 $1,831 5.25%
    45% 50 $9,700,000 $194,000 $2,308 5.08%
    44% 50 $6,620,000 $132,400 $1,968 5.29%
    50-60% 46 $13,410,000 $291,522 $3,149 4.96%
    47% 40 $5,980,000 $149,500 $1,891 5.39%
    46% 37 $4,375,000 $118,243 $1,929 4.90%
    49% 25 $3,595,000 $143,800 $2,544 5.07%
    >60% 23 $4,935,000 $214,565 $2,668 4.86%
    48% 22 $2,540,000 $115,455 $2,075 4.94%

    Honor Credit Union lent most frequently to those with DTI ratios of 20-30%, with 566 originations. The next most common DTI ratio? 30-36%, with 393 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,767 $229,555,000 $129,912 $1,976 5.04%
    Not applicable 53 $25,655,000 $484,057 $0 5.61%
    Not provided 177 $23,065,000 $130,311 $1,802 5.07%
    Black 57 $6,425,000 $112,719 $1,986 5.39%
    Asian 22 $5,320,000 $241,818 $2,858 5.07%
    American Indian 10 $1,170,000 $117,000 $2,507 4.34%
    Native Hawaiian or Islander 1 $105,000 $105,000 $2,628 5.38%

    Approval Rates

    Total approvals of all applications
    85.12%

    Honor Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    76.28%

    Honor Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 2,087 $291,295,000 $139,576

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    2,087 $291,295,000 $139,576

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 455 $36,765,000 $80,802 $1,011 5.31%
    40-60% 257 $36,945,000 $143,755 $1,989 4.69%
    60-80% 419 $85,685,000 $204,499 $2,490 4.53%
    80-100% 457 $105,885,000 $231,696 $2,776 4.88%
    Over 100% 22 $8,320,000 $378,182 $0 5.44%
    Under 20% 476 $17,680,000 $37,143 $248 5.65%