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, Refi, and Cash Out Refi 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 57 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% 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

    2,700

    Origination Dollar Volume (All Markets)

    $386,860,000
    Show all (12) 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) 1,036 $154,410,000 $149,044 $2,202 3.67%
    KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 261 $40,555,000 $155,383 $2,082 3.65%
    Outside of Metro Areas 287 $40,485,000 $141,063 $2,193 3.89%
    Marquette, MI (FHA|USDA|VA) 254 $34,790,000 $136,969 $2,007 3.45%
    BATTLE CREEK, MI (FHA|USDA|VA) 216 $26,030,000 $120,509 $2,013 3.78%
    SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 196 $25,800,000 $131,633 $2,210 3.77%
    Coldwater, MI (FHA|USDA|VA) 152 $17,090,000 $112,434 $2,008 3.69%
    Holland, MI (FHA|USDA|VA) 95 $12,525,000 $131,842 $2,159 3.65%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 31 $4,525,000 $145,968 $1,860 3.36%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 20 $4,280,000 $214,000 $2,183 3.31%
    JACKSONVILLE, FL (FHA|USDA|VA) 12 $2,490,000 $207,500 $2,685 3.08%
    Hillsdale, MI (FHA|USDA|VA) 24 $2,470,000 $102,917 $2,237 3.70%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 3 $2,245,000 $748,333 $4,570 3.50%
    Sturgis, MI (FHA|USDA|VA) 16 $1,850,000 $115,625 $2,008 3.52%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 10 $1,650,000 $165,000 $2,380 2.93%
    Traverse City, MI (FHA|USDA|VA) 6 $1,520,000 $253,333 $2,541 3.50%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 7 $1,045,000 $149,286 $1,918 4.88%
    Ludington, MI (FHA|USDA|VA) 3 $845,000 $281,667 $2,353 3.42%
    Angola, IN (FHA|USDA|VA) 5 $825,000 $165,000 $1,897 3.15%
    MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 5 $805,000 $161,000 $2,125 3.13%
    MONROE, MI (FHA|USDA|VA) 3 $805,000 $268,333 $4,086 4.67%
    Warsaw, IN (FHA|USDA|VA) 2 $740,000 $370,000 $1,945 4.25%
    ANN ARBOR, MI (FHA|USDA|VA) 2 $650,000 $325,000 $1,234 3.38%
    ELKHART-GOSHEN, IN (FHA|USDA|VA) 4 $630,000 $157,500 $1,931 2.78%
    APPLETON, WI (FHA|USDA|VA) 2 $630,000 $315,000 $1,952 4.44%
    Alpena, MI (FHA|USDA|VA) 2 $610,000 $305,000 $2,229 2.38%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 2 $600,000 $300,000 $3,656 3.00%
    Iron Mountain, MI-WI (FHA|USDA|VA) 2 $430,000 $215,000 $2,351 2.94%
    LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 2 $410,000 $205,000 $2,025 3.44%
    Houghton, MI (FHA|USDA|VA) 4 $410,000 $102,500 $1,918 3.78%
    RENO, NV (FHA|USDA|VA) 1 $395,000 $395,000 $2,117 3.13%
    JACKSON, MI (FHA|USDA|VA) 5 $355,000 $71,000 $2,297 3.80%
    SAVANNAH, GA (FHA|USDA|VA) 2 $340,000 $170,000 $1,803 3.19%
    PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $325,000 $325,000 $4,160 4.00%
    Sault Ste. Marie, MI (FHA|USDA|VA) 2 $280,000 $140,000 $2,617 5.44%
    MUSKEGON, MI (FHA|USDA|VA) 2 $250,000 $125,000 $3,235 4.06%
    ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $245,000 $245,000 $2,374 2.88%
    Brainerd, MN (FHA|USDA|VA) 1 $205,000 $205,000 $2,935 2.63%
    Adrian, MI (FHA|USDA|VA) 1 $195,000 $195,000 $2,227 4.00%
    COLUMBIA, SC (FHA|USDA|VA) 1 $195,000 $195,000 $3,126 2.88%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 2 $170,000 $85,000 $1,269 3.69%
    EAU CLAIRE, WI (FHA|USDA|VA) 2 $170,000 $85,000 $1,303 5.63%
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $165,000 $165,000 $2,752 3.38%
    FORT WAYNE, IN (FHA|USDA|VA) 1 $165,000 $165,000 $1,925 4.75%
    AKRON, OH (FHA|USDA|VA) 1 $155,000 $155,000 $2,199 2.38%
    DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $145,000 $145,000 $2,512 3.13%
    PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $135,000 $135,000 $3,346 6.13%
    Marinette, WI-MI (FHA|USDA|VA) 1 $135,000 $135,000 $2,223 3.13%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $105,000 $105,000 $2,270 4.00%
    SALT LAKE CITY, UT (FHA|USDA|VA) 1 $105,000 $105,000 $100 9.75%
    ERIE, PA (FHA|USDA|VA) 1 $95,000 $95,000 $3,230 2.75%
    Cadillac, MI (FHA|USDA|VA) 1 $85,000 $85,000 $1,898 3.25%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1 $75,000 $75,000 $0 3.25%
    SAGINAW, MI (FHA|USDA|VA) 1 $75,000 $75,000 $3,647 4.00%
    PUNTA GORDA, FL (FHA|USDA|VA) 1 $55,000 $55,000 $0 3.25%
    Escanaba, MI (FHA|USDA|VA) 1 $45,000 $45,000 $0 6.50%
    KANSAS CITY, MO-KS (FHA|USDA|VA) 1 $45,000 $45,000 $100 8.50%
    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)
  • Colorado (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.

    BlueOx Credit Union
    Similarity Rank: 40
    Range Bank
    Similarity Rank: 140
    KALSEE CREDIT UNION
    Similarity Rank: 162
    Community West Credit Union
    Similarity Rank: 210
    KENT COUNTY CREDIT UNION
    Similarity Rank: 235
    County National Bank
    Similarity Rank: 270
    Circle Federal Credit Union
    Similarity Rank: 405
    PREFERRED CREDIT UNION
    Similarity Rank: 425
    mBank
    Similarity Rank: 470
    Meijer Credit Union
    Similarity Rank: 490

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 2,045 $338,015,000 $165,289 $2,102 3.44%
    HELOC 617 $43,655,000 $70,754 n/a 4.48%
    FHA 27 $3,745,000 $138,704 $4,699 3.93%
    USDA 11 $1,445,000 $131,364 $3,666 3.42%

    For 2020, Honor Credit Union's most frequently originated type of loan was Conventional, with 2,045 originations. Their 2nd most popular type was HELOC, with 617 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 739 $127,675,000 $172,767 $2,614 3.62%
    Refi 734 $124,880,000 $170,136 $2,030 3.02%
    Cash Out Refi 555 $93,795,000 $169,000 $2,166 3.19%
    Home Improvement 357 $19,065,000 $53,403 $221 4.77%
    Other 315 $21,445,000 $68,079 $751 4.99%

    For 2020, Honor Credit Union's most frequently cited loan purpose was Home Purchase, with 739 originations. The 2nd most popular reason was Refi, with 734 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,143 $210,585,000 $184,239 $2,382 3.31%
    20 Year 775 $71,465,000 $92,213 $2,080 4.20%
    15 Year 519 $76,235,000 $146,888 $1,975 3.09%
    10 Year 135 $11,095,000 $82,185 $1,106 4.81%
    Other 98 $16,090,000 $164,184 $2,274 4.60%
    5 Year 29 $745,000 $25,690 $373 6.33%
    30+ year 1 $645,000 $645,000 $5,703 3.13%

    For 2020, Honor Credit Union's most frequently cited loan duration was 30 Year, with 1,143 originations. The 2nd most popular length was 20 Year, with 775 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 2,028 $326,600,000 $161,045
    $1k-2k 36 $11,860,000 $329,444
    $2k-3k 6 $1,650,000 $275,000
    $5k+ 2 $1,010,000 $505,000
    $3k-4k 1 $655,000 $655,000
    $4k-5k 1 $295,000 $295,000

    Honor Credit Union's average total fees were $2,382, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 2,028 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 1,002 $159,490,000 $159,172
    3-4% 819 $138,065,000 $168,578
    4-5% 383 $39,715,000 $103,695
    <2.5% 195 $30,875,000 $158,333
    5-6% 139 $11,025,000 $79,317
    6-7% 84 $4,370,000 $52,024
    7-8% 43 $1,605,000 $37,326
    Over 8% 33 $1,535,000 $46,515

    During 2020, Honor Credit Union's average interest rate for loans was 3.31%, while their most frequently originated rate bucket for loans was 2.5-3%, with 1,002 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 1,083 $156,705,000 $144,695 $2,182 3.32%
    $100,000 or less 1,036 $55,920,000 $53,977 $1,562 4.31%
    $200k-400k 514 $134,550,000 $261,770 $2,487 3.21%
    $400k-600k 46 $21,530,000 $468,043 $3,647 3.19%
    $600k-1MM 16 $11,510,000 $719,375 $4,686 3.62%
    $1MM+ 5 $6,645,000 $1,329,000 $4,357 3.25%

    2020 saw Honor Credit Union place emphasis on $100k-200k loans with 1,083 originations, totaling $156,705,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 749 $89,205,000 $119,099 $2,054 3.64%
    $50k or less 573 $51,925,000 $90,620 $1,980 3.78%
    $100k-150k 533 $91,015,000 $170,760 $2,162 3.62%
    $75k-100k 503 $71,745,000 $142,634 $2,174 3.70%
    $150k-250k 255 $53,985,000 $211,706 $2,508 3.67%
    $250k+ 82 $28,370,000 $345,976 $2,955 3.55%

    Honor Credit Union lent most frequently to those with incomes in the $50k-75k range, with 749 originations. The second most popular income band? $50k or less, with 573 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 811 $114,245,000 $140,869 $2,061 3.44%
    30-36% 544 $74,610,000 $137,151 $2,157 3.79%
    <20% 394 $55,140,000 $139,949 $2,117 3.36%
    37% 106 $16,290,000 $153,679 $2,249 3.77%
    39% 89 $14,035,000 $157,697 $2,259 3.92%
    38% 86 $11,950,000 $138,953 $2,143 3.90%
    36% 82 $11,950,000 $145,732 $2,197 3.73%
    43% 73 $9,105,000 $124,726 $1,855 4.43%
    42% 72 $9,520,000 $132,222 $2,022 3.92%
    40% 67 $9,325,000 $139,179 $2,181 3.80%
    44% 63 $8,045,000 $127,698 $2,340 4.05%
    41% 61 $8,235,000 $135,000 $2,532 3.84%
    50-60% 50 $12,460,000 $249,200 $2,993 4.05%
    48% 39 $6,595,000 $169,103 $2,361 3.82%
    47% 38 $5,450,000 $143,421 $1,878 4.09%
    45% 38 $5,320,000 $140,000 $2,081 4.48%
    46% 32 $4,900,000 $153,125 $2,373 3.64%
    >60% 26 $4,560,000 $175,385 $1,827 4.04%
    49% 24 $4,510,000 $187,917 $2,281 3.91%

    Honor Credit Union lent most frequently to those with DTI ratios of 20-30%, with 811 originations. The next most common DTI ratio? 30-36%, with 544 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 2,322 $342,450,000 $147,481 $2,163 3.58%
    Not provided 302 $35,390,000 $117,185 $1,967 4.35%
    Black 52 $6,280,000 $120,769 $1,996 4.05%
    American Indian 11 $1,305,000 $118,636 $1,907 3.64%
    Asian 12 $1,100,000 $91,667 $1,730 4.06%
    Asian Indian 1 $335,000 $335,000 $2,553 3.38%

    Approval Rates

    Total approvals of all applications
    88.75%

    Honor Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    79.04%

    Honor Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 2,700 $386,860,000 $143,281

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 71 $6,785,000 $95,563
    Single Family (1-4 Units):Site-Built 2,629 $380,075,000 $144,570

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 320 $22,740,000 $71,063 $1,423 4.42%
    40-60% 344 $48,340,000 $140,523 $2,025 3.28%
    60-80% 937 $165,335,000 $176,451 $2,170 3.24%
    80-100% 781 $139,405,000 $178,496 $2,471 3.54%
    Over 100% 1 $95,000 $95,000 $0 6.00%
    Under 20% 312 $10,330,000 $33,109 $259 5.03%