Honor Credit Union Mortgage Rates, Fees & Info
Berrien Springs, MILEI: 254900V9842QPBGIO804
Tax ID: 38-1204067
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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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.47% | 4/28/24 |
| 30 Year Conventional Purchase | 6.71% | 4/28/24 |
| 30 Year Conventional Refi | 6.45% | 4/28/24 |
| 30 Year Cash-out Refi | 6.60% | 4/28/24 |
| 30 Year FHA Purchase | 7.83% | 4/28/24 |
| 30 Year FHA Refi | 6.27% | 4/28/24 |
| 30 Year USDA Purchase | 7.06% | 4/28/24 |
| 15 Year Conventional Purchase | 6.73% | 4/28/24 |
| 15 Year Conventional Refi | 6.13% | 4/28/24 |
| 15 Year Cash-out Refi | 6.13% | 4/28/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
2,087Origination Dollar Volume (All Markets)
$291,295,000Awards
Honor Credit Union - 2022
Honor Credit Union is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
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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% |
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Product Mix
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
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
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
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
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
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
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
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
Approval Rates
Total approvals of all applications85.12%
Honor Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination76.28%
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 |