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, Marquette, Kalamazoo, South Bend, and Coldwater among others. We have data for 26 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% 12/16/24
    30 Year Conventional Purchase 6.71% 12/16/24
    30 Year Conventional Refi 6.45% 12/16/24
    30 Year Cash-out Refi 6.60% 12/16/24
    30 Year FHA Purchase 7.83% 12/16/24
    30 Year FHA Refi 6.27% 12/16/24
    30 Year USDA Purchase 7.06% 12/16/24
    15 Year Conventional Purchase 6.73% 12/16/24
    15 Year Conventional Refi 6.13% 12/16/24
    15 Year Cash-out Refi 6.13% 12/16/24
    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

    1,415

    Origination Dollar Volume (All Markets)

    $192,495,000
    Show all (11) 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) 510 $73,120,000 $143,373 $2,058 5.01%
    Outside of Metro Areas 191 $26,465,000 $138,560 $1,955 5.09%
    Marquette, MI (FHA|USDA|VA) 135 $18,535,000 $137,296 $1,930 4.67%
    KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 124 $17,950,000 $144,758 $2,003 5.01%
    SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 117 $16,975,000 $145,085 $2,212 4.88%
    Coldwater, MI (FHA|USDA|VA) 99 $11,835,000 $119,545 $2,003 5.18%
    BATTLE CREEK, MI (FHA|USDA|VA) 119 $11,295,000 $94,916 $1,582 5.55%
    Holland, MI (FHA|USDA|VA) 51 $6,055,000 $118,725 $1,976 5.13%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 14 $2,380,000 $170,000 $1,953 4.50%
    Hillsdale, MI (FHA|USDA|VA) 16 $1,660,000 $103,750 $2,025 5.26%
    Traverse City, MI (FHA|USDA|VA) 3 $1,015,000 $338,333 $1,930 6.46%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 4 $670,000 $167,500 $2,045 5.97%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 5 $645,000 $129,000 $1,463 6.45%
    MUSKEGON, MI (FHA|USDA|VA) 2 $580,000 $290,000 $2,270 4.94%
    ANN ARBOR, MI (FHA|USDA|VA) 2 $580,000 $290,000 $3,129 4.75%
    Sturgis, MI (FHA|USDA|VA) 6 $520,000 $86,667 $2,114 4.81%
    JACKSON, MI (FHA|USDA|VA) 4 $460,000 $115,000 $1,758 5.31%
    Houghton, MI (FHA|USDA|VA) 3 $365,000 $121,667 $2,116 5.04%
    Plymouth, IN (FHA|USDA|VA) 1 $305,000 $305,000 $2,060 3.88%
    Cadillac, MI (FHA|USDA|VA) 2 $260,000 $130,000 $2,081 4.63%
    Escanaba, MI (FHA|USDA|VA) 2 $240,000 $120,000 $2,129 5.13%
    MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 1 $225,000 $225,000 $2,020 4.13%
    Angola, IN (FHA|USDA|VA) 1 $145,000 $145,000 $1,915 3.13%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $115,000 $115,000 $2,137 5.63%
    Ludington, MI (FHA|USDA|VA) 1 $65,000 $65,000 $1,999 3.50%
    Huntington, IN (FHA|USDA|VA) 1 $35,000 $35,000 $1,567 8.13%
    Honor Credit Union's top markets include Niles, Marquette, Kalamazoo, South Bend, and Coldwater among others.

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

    Circle Federal Credit Union
    Similarity Rank: 243
    INTERRA CREDIT UNION
    Similarity Rank: 252
    IncredibleBank
    Similarity Rank: 280
    KENT COUNTY CREDIT UNION
    Similarity Rank: 344
    West Michigan Credit Union
    Similarity Rank: 364
    Macatawa Bank
    Similarity Rank: 396
    KALSEE CREDIT UNION
    Similarity Rank: 400
    mBank
    Similarity Rank: 420
    Community West Credit Union
    Similarity Rank: 513
    Kellogg Community Credit Union
    Similarity Rank: 608

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,359 $185,765,000 $136,692 $1,910 5.05%
    FHA 35 $4,255,000 $121,571 $4,163 5.28%
    USDA 21 $2,475,000 $117,857 $3,546 4.28%

    For 2019, Honor Credit Union's most frequently originated type of loan was Conventional, with 1,359 originations. Their 2nd most popular type was FHA, with 35 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 736 $118,710,000 $161,291 $2,595 4.74%
    Cash Out Refi 206 $30,790,000 $149,466 $2,156 4.67%
    Other 203 $12,795,000 $63,030 $592 6.47%
    Refi 156 $25,930,000 $166,218 $2,079 3.94%
    Home Improvement 114 $4,270,000 $37,456 $170 6.64%

    For 2019, Honor Credit Union's most frequently cited loan purpose was Home Purchase, with 736 originations. The 2nd most popular reason was Cash Out Refi, with 206 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 759 $126,435,000 $166,581 $2,549 4.58%
    15 Year 236 $25,670,000 $108,771 $1,431 5.22%
    Other 159 $24,435,000 $153,679 $2,264 5.42%
    10 Year 153 $7,105,000 $46,438 $451 6.49%
    5 Year 56 $1,170,000 $20,893 $88 6.26%
    20 Year 52 $7,680,000 $147,692 $2,133 4.36%

    For 2019, Honor Credit Union's most frequently cited loan duration was 30 Year, with 759 originations. The 2nd most popular length was 15 Year, with 236 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 1,346 $174,830,000 $129,889
    $1k-2k 50 $11,710,000 $234,200
    $2k-3k 5 $1,385,000 $277,000
    $5k+ 5 $2,455,000 $491,000
    $3k-4k 3 $715,000 $238,333
    $4k-5k 1 $425,000 $425,000

    Honor Credit Union's average total fees were $2,549, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,346 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 500 $80,130,000 $160,260
    3-4% 376 $62,790,000 $166,995
    5-6% 310 $34,880,000 $112,516
    6-7% 99 $8,615,000 $87,020
    Over 8% 67 $2,345,000 $35,000
    7-8% 60 $3,050,000 $50,833
    2.5-3% 2 $470,000 $235,000
    <2.5% 1 $215,000 $215,000

    During 2019, Honor Credit Union's average interest rate for loans was 4.58%, while their most frequently originated rate bucket for loans was 4-5%, with 500 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 588 $84,490,000 $143,690 $2,335 4.58%
    $100,000 or less 562 $30,180,000 $53,701 $1,185 5.78%
    $200k-400k 236 $61,390,000 $260,127 $2,790 4.51%
    $400k-600k 22 $10,040,000 $456,364 $3,862 4.51%
    $600k-1MM 5 $3,575,000 $715,000 $3,618 4.70%
    $1MM+ 2 $2,820,000 $1,410,000 $8,095 3.63%

    2019 saw Honor Credit Union place emphasis on $100k-200k loans with 588 originations, totaling $84,490,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 446 $52,280,000 $117,220 $1,951 5.14%
    $50k or less 385 $33,155,000 $86,117 $1,810 5.09%
    $100k-150k 238 $42,150,000 $177,101 $2,113 4.92%
    $75k-100k 225 $33,945,000 $150,867 $2,043 5.05%
    $150k-250k 99 $22,545,000 $227,727 $2,173 4.85%
    $250k+ 21 $8,335,000 $396,905 $3,234 4.34%

    Honor Credit Union lent most frequently to those with incomes in the $50k-75k range, with 446 originations. The second most popular income band? $50k or less, with 385 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 391 $51,025,000 $130,499 $1,889 4.92%
    30-36% 284 $36,440,000 $128,310 $1,951 5.12%
    <20% 129 $15,915,000 $123,372 $1,767 4.53%
    38% 63 $7,295,000 $115,794 $1,792 5.53%
    37% 55 $7,395,000 $134,455 $1,956 5.28%
    40% 54 $7,520,000 $139,259 $2,044 5.46%
    36% 53 $8,345,000 $157,453 $2,131 4.79%
    42% 52 $5,960,000 $114,615 $1,919 5.23%
    41% 51 $7,015,000 $137,549 $2,156 5.17%
    39% 48 $7,330,000 $152,708 $2,474 4.92%
    44% 46 $6,670,000 $145,000 $2,093 5.17%
    43% 43 $5,705,000 $132,674 $1,944 5.16%
    50-60% 40 $8,920,000 $223,000 $2,626 5.44%
    45% 25 $3,775,000 $151,000 $2,356 5.39%
    46% 22 $3,580,000 $162,727 $2,157 5.01%
    47% 19 $2,695,000 $141,842 $2,113 5.00%
    48% 17 $2,405,000 $141,471 $2,124 4.99%
    49% 14 $1,940,000 $138,571 $2,025 4.90%
    >60% 8 $2,480,000 $310,000 $3,029 5.09%

    Honor Credit Union lent most frequently to those with DTI ratios of 20-30%, with 391 originations. The next most common DTI ratio? 30-36%, with 284 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,284 $177,020,000 $137,866 $2,000 5.00%
    Not provided 87 $10,955,000 $125,920 $1,898 5.55%
    Black 33 $3,175,000 $96,212 $1,923 5.45%
    Asian 4 $460,000 $115,000 $2,108 4.38%
    American Indian 4 $360,000 $90,000 $1,159 6.06%
    Korean 1 $225,000 $225,000 $2,609 4.25%
    Other Asian 1 $205,000 $205,000 $2,116 3.63%
    Vietnamese 1 $95,000 $95,000 $2,098 6.38%

    Approval Rates

    Total approvals of all applications
    90.94%

    Honor Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    77.74%

    Honor Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,415 $192,495,000 $136,039

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 77 $6,985,000 $90,714
    Single Family (1-4 Units):Site-Built 1,338 $185,510,000 $138,647

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 130 $6,030,000 $46,385 $486 6.22%
    40-60% 107 $11,985,000 $112,009 $1,787 4.69%
    60-80% 359 $59,115,000 $164,666 $2,274 4.44%
    80-100% 670 $108,690,000 $162,224 $2,512 4.79%
    Over 100% 13 $3,375,000 $259,615 $3,956 5.29%
    Under 20% 135 $3,215,000 $23,815 $105 7.04%