Horizon Mortgage Rates, Fees & Info

Spokane Valley, WA

LEI: 549300715JT4HMT74E48

Tax ID: 91-0567788

3.1 stars - out of 5 stars, based on 30 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Horizon is a smaller mortgage company specializing in Cash Out Refi and Home Purchase loans. Horizon has a high proportion of conventional loans. They have a low ratio of USDA loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets include Spokane, Boise City, Moses Lake, Sandpoint, and Missoula among others. Horizon has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Horizon is typically an average fee lendor.


Originations

904

Origination Dollar Volume (All Markets)

$127,660,000

Relative Rate

Horizon's average 30 year fixed rate mortgage of loans were 3.52%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of 0.37%.

Relative Fees

Horizon's average total fees for a 30 year fixed rate mortgage are $5,542.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) 304 $40,020,000 $131,645 $4,927 3.71%
BOISE CITY, ID (FHA|USDA|VA) 209 $31,785,000 $152,081 $5,910 3.62%
Moses Lake, WA (FHA|USDA|VA) 120 $16,520,000 $137,667 $5,301 3.72%
Outside of Metro Areas 76 $10,860,000 $142,895 $4,773 3.56%
Sandpoint, ID (FHA|USDA|VA) 50 $8,030,000 $160,600 $5,480 3.46%
Outside of Metro Areas 39 $5,095,000 $130,641 $4,992 3.53%
MISSOULA, MT (FHA|USDA|VA) 23 $3,975,000 $172,826 $5,179 3.36%
Butte-Silver Bow, MT (FHA|USDA|VA) 22 $2,220,000 $100,909 $3,937 3.33%
La Grande, OR (FHA|USDA|VA) 13 $1,405,000 $108,077 $4,745 3.92%
Ontario, OR-ID (FHA|USDA|VA) 8 $1,380,000 $172,500 $5,636 3.80%
BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) 3 $995,000 $331,667 $7,193 4.13%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 7 $975,000 $139,286 $8,576 4.02%
WENATCHEE, WA (FHA|USDA|VA) 6 $810,000 $135,000 $5,628 4.10%
Mountain Home, ID (FHA|USDA|VA) 2 $490,000 $245,000 $6,866 4.13%
Bozeman, MT (FHA|USDA|VA) 1 $395,000 $395,000 $6,736 3.38%
LEWISTON, ID-WA (FHA|USDA|VA) 1 $395,000 $395,000 $8,538 3.25%
Hailey, ID (FHA|USDA|VA) 2 $380,000 $190,000 $5,405 4.38%
Ellensburg, WA (FHA|USDA|VA) 2 $360,000 $180,000 $7,478 4.00%
TWIN FALLS, ID (FHA|USDA|VA) 1 $205,000 $205,000 $5,448 3.38%
BILLINGS, MT (FHA|USDA|VA) 1 $195,000 $195,000 $4,640 3.38%
Aberdeen, WA (FHA|USDA|VA) 1 $175,000 $175,000 $10,207 2.25%
KENNEWICK-RICHLAND, WA (FHA|USDA|VA) 2 $170,000 $85,000 $4,666 3.63%
Blackfoot, ID (FHA|USDA|VA) 1 $155,000 $155,000 $4,442 2.88%
Centralia, WA (FHA|USDA|VA) 1 $125,000 $125,000 $4,260 3.25%
MOUNT VERNON-ANACORTES, WA (FHA|USDA|VA) 1 $125,000 $125,000 $3,721 2.63%
OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) 2 $110,000 $55,000 $0 4.38%
Pullman, WA (FHA|USDA|VA) 2 $110,000 $55,000 $0 4.00%
YAKIMA, WA (FHA|USDA|VA) 2 $100,000 $50,000 $0 4.75%
Oak Harbor, WA (FHA|USDA|VA) 1 $55,000 $55,000 $0 4.50%
Helena, MT (FHA|USDA|VA) 1 $45,000 $45,000 $0 2.99%

Horizon's top markets include Spokane, Boise City, Moses Lake, Sandpoint, and Missoula among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 891 $123,785,000 $138,928 $5,159 3.67%
VA 9 $2,835,000 $315,000 $8,901 2.46%
USDA 3 $735,000 $245,000 $8,937 3.25%
FHA 1 $305,000 $305,000 $10,873 3.13%

For the 2021 period, Horizon's most frequently originated loan type of loans were Conventional, with 891 originations. Their 2nd most popular type is VA, with 9 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Improvement 259 $23,305,000 $89,981 $5,500 3.93%
Cash Out Refi 218 $41,920,000 $192,294 $5,217 3.37%
Home Purchase 153 $30,795,000 $201,275 $5,802 3.70%
Refi 145 $22,565,000 $155,621 $4,931 3.07%
Other 129 $9,075,000 $70,349 $0 4.16%

For the 2021, Horizon's most frequently cited loan purpose of loans were Home Improvement, with 259 originations. The 2nd most popular reason of loans were Cash Out Refi, with 218 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 372 $27,690,000 $74,435 $0 4.05%
30 Year 356 $72,840,000 $204,607 $5,542 3.52%
15 Year 157 $22,825,000 $145,382 $4,487 3.04%
20 Year 15 $2,385,000 $159,000 $5,158 3.24%
10 Year 4 $1,920,000 $480,000 $2,755 4.13%

For the 2021, Horizon's most frequently cited loan length of loans were Other, with 372 originations. The 2nd most popular length of loans were 30 Year, with 356 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$3k-4k 200 $46,750,000 $233,750
$2k-3k 197 $29,855,000 $151,548
$1k-2k 55 $4,535,000 $82,455
$5k+ 34 $12,350,000 $363,235
$<1k 7 $695,000 $99,286

$5,542 of loans were Horizon's average total fees, while their most frequently occuring range of origination fees were in the $3k-4k bucket, with 200 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 422 $68,450,000 $162,204
4-5% 218 $21,160,000 $97,064
2.5-3% 178 $27,300,000 $153,371
<2.5% 52 $8,280,000 $159,231
5-6% 30 $2,320,000 $77,333
6-7% 4 $150,000 $37,500

During 2021, Horizon's average interest rate of loans were 3.52%, while their most frequently originated rate bucket of loans were 3-4%, with 422 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100,000 or less 371 $19,655,000 $52,978 $3,375 3.98%
$100k-200k 311 $45,665,000 $146,833 $4,620 3.42%
$200k-400k 207 $54,685,000 $264,179 $6,489 3.43%
$400k-600k 14 $6,400,000 $457,143 $9,752 3.29%
$1MM+ 1 $1,255,000 $1,255,000 $0 4.25%

2021 saw Horizon place emphasis on $100,000 or less loans with 371 originations, totaling $19,655,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 255 $35,715,000 $140,059 $5,220 3.66%
$50k or less 197 $21,275,000 $107,995 $4,363 3.58%
$100k-150k 192 $27,910,000 $145,365 $5,821 3.74%
$75k-100k 154 $22,470,000 $145,909 $5,777 3.57%
$150k-250k 80 $13,610,000 $170,125 $6,525 3.81%
$250k+ 21 $4,305,000 $205,000 $6,432 3.51%

Horizon lent most frequently to those with incomes in the $50k-75k range, with 255 originations. The second most popular income band? $50k or less, with 197 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 231 $31,655,000 $137,035 $5,574 3.60%
30-36% 166 $22,220,000 $133,855 $5,013 3.63%
<20% 97 $10,435,000 $107,577 $4,575 3.49%
42% 37 $6,425,000 $173,649 $5,364 3.62%
44% 37 $6,005,000 $162,297 $5,876 3.75%
41% 35 $5,565,000 $159,000 $5,553 3.76%
38% 33 $4,645,000 $140,758 $4,808 3.95%
37% 33 $4,805,000 $145,606 $5,317 3.74%
43% 32 $4,810,000 $150,313 $5,155 3.64%
40% 32 $5,400,000 $168,750 $5,033 3.59%
39% 30 $4,410,000 $147,000 $5,419 3.63%
36% 27 $3,615,000 $133,889 $4,174 3.68%
49% 22 $3,000,000 $136,364 $6,446 3.82%
47% 19 $2,555,000 $134,474 $5,333 4.01%
48% 18 $2,990,000 $166,111 $5,587 3.67%
45% 18 $2,100,000 $116,667 $5,329 3.86%
46% 11 $1,425,000 $129,545 $6,403 4.10%
50-60% 8 $950,000 $118,750 $6,976 3.89%

Horizon lent most frequently to those with DTI ratios of 20-30%, with 231 originations. The next most common DTI ratio? 30-36%, with 166 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 857 $118,605,000 $138,396 $5,256 3.66%
Not provided 25 $5,405,000 $216,200 $5,629 3.36%
American Indian 11 $1,845,000 $167,727 $5,006 3.66%
Black 2 $520,000 $260,000 $8,124 3.25%
Asian 3 $445,000 $148,333 $4,048 3.08%
Not applicable 1 $385,000 $385,000 $0 4.00%
Native Hawaiian 4 $320,000 $80,000 $2,086 3.90%
Chinese 1 $135,000 $135,000 $3,837 3.00%

Approval Rates

Total approvals of all applications
85.79%

Horizon has an average approval rate.

Pick Rate

Approvals leading to origination
69.33%

Horizon has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

Points and Fees

Points Originations Total Value Average Loan
0.0 5 $325,000 $65,000
NA 899 $127,335,000 $141,641

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
904 $127,660,000 $141,217

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 203 $25,735,000 $126,773 $4,371 3.46%
40-60% 178 $33,660,000 $189,101 $5,248 3.13%
60-80% 160 $34,590,000 $216,188 $5,532 3.55%
80-100% 75 $18,875,000 $251,667 $6,293 3.84%
Over 100% 1 $175,000 $175,000 $10,207 2.25%
Under 20% 287 $14,625,000 $50,958 $2,570 4.13%