Honor Credit Union Mortgage Rates, Fees & Info

Berrien Springs, MI

LEI: 254900V9842QPBGIO804

Tax ID: 38-1204067

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

    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, Marquette, Battle Creek, and South Bend among others. We have data for 40 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Honor Credit Union has an above 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    Home Equity Line of Credit (HELOC) 6.47% 4/21/24
    30 Year Conventional Purchase 6.71% 4/21/24
    30 Year Conventional Refi 6.45% 4/21/24
    30 Year Cash-out Refi 6.60% 4/21/24
    30 Year FHA Purchase 7.83% 4/21/24
    30 Year FHA Refi 6.27% 4/21/24
    30 Year USDA Purchase 7.06% 4/21/24
    15 Year Conventional Purchase 6.73% 4/21/24
    15 Year Conventional Refi 6.13% 4/21/24
    15 Year Cash-out Refi 6.13% 4/21/24
    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

    1,167

    Origination Dollar Volume (All Markets)

    $144,745,000
    Show all (6) 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
    NILES, MI (FHA|USDA|VA) 394 $52,940,000 $134,365 $1,832 5.08%
    KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 129 $20,205,000 $156,628 $1,793 5.44%
    Outside of Metro Areas 150 $15,490,000 $103,267 $1,578 5.49%
    Marquette, MI (FHA|USDA|VA) 107 $12,705,000 $118,738 $1,818 5.14%
    BATTLE CREEK, MI (FHA|USDA|VA) 120 $12,440,000 $103,667 $1,477 5.73%
    SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 82 $8,150,000 $99,390 $1,774 5.26%
    Holland, MI (FHA|USDA|VA) 50 $6,100,000 $122,000 $2,218 5.44%
    Coldwater, MI (FHA|USDA|VA) 57 $5,325,000 $93,421 $1,579 5.26%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 14 $2,170,000 $155,000 $1,280 5.17%
    Sturgis, MI (FHA|USDA|VA) 10 $1,510,000 $151,000 $1,798 5.35%
    Hillsdale, MI (FHA|USDA|VA) 5 $975,000 $195,000 $1,673 4.95%
    Ludington, MI (FHA|USDA|VA) 2 $590,000 $295,000 $2,430 5.38%
    Houghton, MI (FHA|USDA|VA) 2 $500,000 $250,000 $2,384 4.25%
    Traverse City, MI (FHA|USDA|VA) 1 $435,000 $435,000 $3,106 4.13%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 5 $405,000 $81,000 $1,994 4.93%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 4 $380,000 $95,000 $1,744 5.56%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 3 $335,000 $111,667 $2,028 5.42%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 2 $330,000 $165,000 $2,216 4.06%
    Heber, UT (FHA|USDA|VA) 1 $325,000 $325,000 $3,225 4.88%
    SAVANNAH, GA (FHA|USDA|VA) 2 $310,000 $155,000 $2,887 4.81%
    Iron Mountain, MI-WI (FHA|USDA|VA) 4 $310,000 $77,500 $1,513 6.16%
    MUSKEGON, MI (FHA|USDA|VA) 3 $295,000 $98,333 $729 7.08%
    THE VILLAGES, FL (FHA|USDA|VA) 1 $295,000 $295,000 $3,940 4.63%
    ELKHART-GOSHEN, IN (FHA|USDA|VA) 1 $275,000 $275,000 $1,850 5.63%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $215,000 $215,000 $3,510 4.88%
    EVANSVILLE, IN-KY (FHA|USDA|VA) 1 $205,000 $205,000 $1,798 4.75%
    Sevierville, TN (FHA|USDA|VA) 1 $165,000 $165,000 $3,091 4.63%
    EAU CLAIRE, WI (FHA|USDA|VA) 1 $165,000 $165,000 $1,848 5.13%
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $165,000 $165,000 $2,659 4.75%
    LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $135,000 $135,000 $3,164 4.88%
    CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 1 $135,000 $135,000 $2,826 4.88%
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 2 $130,000 $65,000 $1,059 6.63%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $125,000 $125,000 $2,754 4.88%
    CLARKSVILLE, TN-KY (FHA|USDA|VA) 2 $110,000 $55,000 $1,361 7.31%
    FLINT, MI (FHA|USDA|VA) 1 $105,000 $105,000 $2,333 4.75%
    Plymouth, IN (FHA|USDA|VA) 1 $95,000 $95,000 $0 4.63%
    Escanaba, MI (FHA|USDA|VA) 1 $65,000 $65,000 $1,916 4.75%
    DAYTON-KETTERING, OH (FHA|USDA|VA) 1 $65,000 $65,000 $2,148 4.25%
    Manitowoc, WI (FHA|USDA|VA) 1 $55,000 $55,000 $2,043 4.88%
    Adrian, MI (FHA|USDA|VA) 1 $15,000 $15,000 $100 8.25%
    Honor Credit Union's top markets include Niles, Kalamazoo, Marquette, Battle Creek, and South Bend among others.

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

    County National Bank
    Similarity Rank: 68
    OMNI Community Credit Union
    Similarity Rank: 105
    BlueOx Credit Union
    Similarity Rank: 192
    Isabella Bank
    Similarity Rank: 209
    SUMMIT MORTGAGE, INC.
    Similarity Rank: 216
    IncredibleBank
    Similarity Rank: 232
    INTERRA CREDIT UNION
    Similarity Rank: 256
    mBank
    Similarity Rank: 260
    Macatawa Bank
    Similarity Rank: 273
    Community West Credit Union
    Similarity Rank: 276

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,125 $139,895,000 $124,351 $1,678 5.29%
    FHA 29 $3,615,000 $124,655 $4,151 5.55%
    USDA 13 $1,235,000 $95,000 $3,228 4.84%

    For 2018, Honor Credit Union's most frequently originated type of loan was Conventional, with 1,125 originations. Their 2nd most popular type was FHA, with 29 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 636 $98,110,000 $154,261 $2,358 5.00%
    Other 199 $13,405,000 $67,362 $647 6.06%
    Cash Out Refi 147 $20,225,000 $137,585 $2,010 5.02%
    Home Improvement 132 $5,240,000 $39,697 $192 6.12%
    Refi 53 $7,765,000 $146,509 $1,922 4.73%

    For 2018, Honor Credit Union's most frequently cited loan purpose was Home Purchase, with 636 originations. The 2nd most popular reason was Other, with 199 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 492 $78,060,000 $158,659 $2,457 5.06%
    Other 216 $34,340,000 $158,981 $2,085 4.97%
    15 Year 202 $17,410,000 $86,188 $1,165 5.54%
    10 Year 175 $9,675,000 $55,286 $505 6.09%
    5 Year 53 $1,245,000 $23,491 $100 5.60%
    20 Year 29 $4,015,000 $138,448 $2,163 4.68%

    For 2018, Honor Credit Union's most frequently cited loan duration was 30 Year, with 492 originations. The 2nd most popular length was Other, with 216 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 1,129 $131,275,000 $116,275
    $1k-2k 31 $8,615,000 $277,903
    $2k-3k 3 $415,000 $138,333
    $5k+ 3 $4,405,000 $1,468,333

    Honor Credit Union's average total fees were $2,457, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,129 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 576 $81,960,000 $142,292
    5-6% 346 $39,930,000 $115,405
    6-7% 75 $5,885,000 $78,467
    3-4% 67 $12,395,000 $185,000
    Over 8% 52 $1,890,000 $36,346
    7-8% 50 $2,590,000 $51,800
    2.5-3% 1 $95,000 $95,000

    During 2018, Honor Credit Union's average interest rate for loans was 5.06%, while their most frequently originated rate bucket for loans was 4-5%, with 576 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 575 $30,515,000 $53,070 $1,094 5.68%
    $100k-200k 420 $59,510,000 $141,690 $2,235 4.98%
    $200k-400k 146 $38,040,000 $260,548 $2,496 4.81%
    $400k-600k 20 $9,410,000 $470,500 $4,066 4.56%
    $600k-1MM 5 $3,695,000 $739,000 $3,742 4.85%
    $1MM+ 1 $3,575,000 $3,575,000 $17,525 4.75%

    2018 saw Honor Credit Union place emphasis on $100,000 or less loans with 575 originations, totaling $30,515,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 360 $29,880,000 $83,000 $1,728 5.25%
    $50k-75k 326 $34,100,000 $104,601 $1,677 5.38%
    $75k-100k 198 $24,080,000 $121,616 $1,685 5.37%
    $100k-150k 176 $28,330,000 $160,966 $1,799 5.24%
    $150k-250k 67 $13,515,000 $201,716 $1,772 5.38%
    $250k+ 27 $13,645,000 $505,370 $3,708 4.44%

    Honor Credit Union lent most frequently to those with incomes in the $50k or less range, with 360 originations. The second most popular income band? $50k-75k, with 326 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 291 $31,895,000 $109,605 $1,674 5.23%
    30-36% 244 $30,100,000 $123,361 $1,772 5.40%
    <20% 117 $11,425,000 $97,650 $1,502 5.03%
    41% 49 $10,125,000 $206,633 $2,202 5.56%
    40% 49 $7,005,000 $142,959 $1,647 5.55%
    43% 45 $5,505,000 $122,333 $1,586 5.53%
    36% 43 $4,545,000 $105,698 $1,780 5.19%
    39% 42 $4,380,000 $104,286 $1,786 5.47%
    42% 38 $4,050,000 $106,579 $1,557 5.79%
    38% 38 $4,500,000 $118,421 $1,672 5.20%
    44% 35 $4,625,000 $132,143 $2,148 5.15%
    50-60% 33 $6,345,000 $192,273 $2,106 5.26%
    37% 31 $3,855,000 $124,355 $1,854 5.26%
    45% 25 $2,905,000 $116,200 $2,076 5.41%
    46% 20 $3,070,000 $153,500 $2,207 4.96%
    48% 18 $2,480,000 $137,778 $2,069 4.95%
    47% 16 $2,370,000 $148,125 $2,087 4.54%
    49% 14 $1,960,000 $140,000 $1,797 5.45%
    >60% 9 $2,555,000 $283,889 $2,179 4.49%

    Honor Credit Union lent most frequently to those with DTI ratios of 20-30%, with 291 originations. The next most common DTI ratio? 30-36%, with 244 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,061 $132,705,000 $125,075 $1,783 5.27%
    Not provided 65 $7,755,000 $119,308 $1,253 5.39%
    Black 32 $3,060,000 $95,625 $1,727 5.96%
    American Indian 6 $730,000 $121,667 $2,849 4.83%
    Asian 2 $440,000 $220,000 $1,400 4.56%
    Native Hawaiian or Islander 1 $55,000 $55,000 $1,828 5.38%

    Approval Rates

    Total approvals of all applications
    91.42%

    Honor Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    81.75%

    Honor Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,167 $144,745,000 $124,032

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 57 $5,205,000 $91,316
    Single Family (1-4 Units):Site-Built 1,110 $139,540,000 $125,712

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 121 $5,975,000 $49,380 $432 6.30%
    40-60% 107 $11,325,000 $105,841 $1,515 5.03%
    60-80% 303 $46,055,000 $151,997 $2,078 4.93%
    80-100% 490 $77,320,000 $157,796 $2,402 5.08%
    Over 100% 1 $85,000 $85,000 $2,803 5.88%
    Under 20% 133 $3,185,000 $23,947 $131 6.15%