Horizon Mortgage Rates, Fees & Info

Spokane Valley, WA

LEI: 549300715JT4HMT74E48

Tax ID: 91-0567788

5 stars - Updated: 10/13/24 - out of 5 stars, based on 26 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

Horizon is a smaller mortgage company specializing in Home Improvement, Other, and Home Purchase loans. Horizon 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.) Their top markets by origination volume include: Spokane, Boise City, Moses Lake, Missoula, and Sandpoint among others. We have data for 31 markets. (Some data included below & more in-depth data is available with an active subscription.)

Horizon has a below average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Horizon is typically an average 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 relatively high 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) 4.53% 10/13/24
30 Year Conventional Purchase 7.08% 10/13/24
30 Year Conventional Refi 6.95% 10/13/24
30 Year Cash-out Refi 7.25% 10/13/24
30 Year FHA Purchase 7.77% 10/13/24
30 Year FHA Refi 6.27% 10/13/24
30 Year VA Purchase 6.32% 10/13/24
30 Year USDA Purchase 6.27% 10/13/24
30 Year USDA Refi 6.27% 10/13/24
15 Year Conventional Purchase 6.41% 10/13/24
15 Year Conventional Refi 5.62% 10/13/24
15 Year Cash-out Refi 5.62% 10/13/24
15 Year FHA Purchase 5.68% 10/13/24
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.

Horizon Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Horizon. 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

669

Origination Dollar Volume (All Markets)

$67,245,000

Awards

HORIZON 30 Year Conventional Loans gold HORIZON 30 Year Conventional Loans silver HORIZON 30 Year Conventional Loans bronze
Show all (3) awards

Relative Rate

Horizon's average 30 year fixed mortgage rate was 7.11%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 0.63%.

Relative Fees (Closing Costs)

Horizon's average total fees/closing costs for a 30 year fixed rate mortgage were $6,377.

The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

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
SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) 191 $20,355,000 $106,571 $6,157 6.38%
BOISE CITY, ID (FHA|USDA|VA) 141 $15,195,000 $107,766 $5,941 6.74%
Moses Lake, WA (FHA|USDA|VA) 94 $9,110,000 $96,915 $6,155 6.67%
Outside of Metro Areas 50 $4,300,000 $86,000 $5,629 7.65%
MISSOULA, MT (FHA|USDA|VA) 38 $3,660,000 $96,316 $10,081 6.39%
Sandpoint, ID (FHA|USDA|VA) 37 $2,985,000 $80,676 $4,628 6.31%
GREAT FALLS, MT (FHA|USDA|VA) 35 $2,065,000 $59,000 $6,071 7.29%
Outside of Metro Areas 18 $2,050,000 $113,889 $6,510 6.43%
Butte-Silver Bow, MT (FHA|USDA|VA) 12 $1,860,000 $155,000 $9,260 6.07%
Bozeman, MT (FHA|USDA|VA) 9 $1,485,000 $165,000 $10,479 5.91%
La Grande, OR (FHA|USDA|VA) 9 $555,000 $61,667 $0 7.55%
Othello, WA (FHA|USDA|VA) 5 $515,000 $103,000 $5,996 7.87%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 5 $515,000 $103,000 $0 7.55%
Helena, MT (FHA|USDA|VA) 4 $500,000 $125,000 $5,605 6.78%
BILLINGS, MT (FHA|USDA|VA) 1 $255,000 $255,000 $5,454 7.75%
Shelton, WA (FHA|USDA|VA) 1 $215,000 $215,000 $6,654 8.00%
Mountain Home, ID (FHA|USDA|VA) 2 $210,000 $105,000 $0 7.50%
KENNEWICK-RICHLAND, WA (FHA|USDA|VA) 3 $195,000 $65,000 $0 6.33%
TWIN FALLS, ID (FHA|USDA|VA) 1 $165,000 $165,000 $4,516 6.13%
Newport, OR (FHA|USDA|VA) 1 $145,000 $145,000 $5,194 7.75%
Pullman, WA (FHA|USDA|VA) 1 $135,000 $135,000 $4,027 5.13%
Roseburg, OR (FHA|USDA|VA) 1 $135,000 $135,000 $4,383 6.63%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 1 $105,000 $105,000 $0 3.99%
Kalispell, MT (FHA|USDA|VA) 1 $105,000 $105,000 $0 3.99%
BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) 1 $85,000 $85,000 $0 4.99%
WALLA WALLA, WA (FHA|USDA|VA) 1 $75,000 $75,000 $0 4.99%
Burley, ID (FHA|USDA|VA) 1 $55,000 $55,000 $3,851 6.25%
Hermiston-Pendleton, OR (FHA|USDA|VA) 1 $55,000 $55,000 $0 5.99%
Hailey, ID (FHA|USDA|VA) 1 $55,000 $55,000 $0 4.99%
Ellensburg, WA (FHA|USDA|VA) 1 $55,000 $55,000 $0 4.99%
Ontario, OR-ID (FHA|USDA|VA) 2 $50,000 $25,000 $0 7.75%
Horizon's top markets include Spokane, Boise City, Moses Lake, Missoula, and Sandpoint among others.

Their top states include:
  • Washington (FHA|USDA|VA)
  • Idaho (FHA|USDA|VA)
  • Montana (FHA|USDA|VA)
  • Oregon (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against HORIZON based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    CLEARWATER Federal Credit Union
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 565 $43,885,000 $77,673 n/a 6.57%
    Conventional 97 $21,355,000 $220,155 $5,918 7.17%
    FHA 5 $1,505,000 $301,000 $11,993 6.75%
    VA 2 $500,000 $250,000 $5,684 6.69%

    For 2023, Horizon's most frequently originated type of loan was HELOC, with 565 originations. Their 2nd most popular type was Conventional, with 97 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 262 $19,610,000 $74,847 $0 6.66%
    Other 238 $17,140,000 $72,017 $0 6.48%
    Home Purchase 90 $18,360,000 $204,000 $6,572 7.09%
    Refi 40 $4,620,000 $115,500 $4,986 6.42%
    Cash Out Refi 39 $7,515,000 $192,692 $5,725 7.01%

    For 2023, Horizon's most frequently cited loan purpose was Home Improvement, with 262 originations. The 2nd most popular reason was Other, with 238 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 392 $28,680,000 $73,163 $0 6.54%
    15 Year 178 $15,690,000 $88,146 $3,842 6.67%
    30 Year 95 $22,505,000 $236,895 $6,377 7.11%
    10 Year 3 $245,000 $81,667 $0 6.33%
    20 Year 1 $125,000 $125,000 $4,632 8.50%

    For 2023, Horizon's most frequently cited loan duration was Other, with 392 originations. The 2nd most popular length was 15 Year, with 178 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $2k-3k 29 $4,165,000 $143,621
    $3k-4k 26 $5,410,000 $208,077
    $4k-5k 20 $6,140,000 $307,000
    $5k+ 19 $6,935,000 $365,000
    $1k-2k 8 $490,000 $61,250

    Horizon's average total fees were $6,377, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 29 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 229 $17,655,000 $77,096
    Over 8% 197 $16,795,000 $85,254
    5-6% 134 $10,880,000 $81,194
    7-8% 47 $11,145,000 $237,128
    6-7% 38 $9,060,000 $238,421
    3-4% 24 $1,710,000 $71,250

    During 2023, Horizon's average interest rate for loans was 7.11%, while their most frequently originated rate bucket for loans was 4-5%, with 229 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 421 $21,115,000 $50,154 $3,647 6.62%
    $100k-200k 168 $22,200,000 $132,143 $5,173 6.56%
    $200k-400k 70 $19,360,000 $276,571 $6,975 7.00%
    $400k-600k 10 $4,570,000 $457,000 $10,339 7.37%

    2023 saw Horizon place emphasis on $100,000 or less loans with 421 originations, totaling $21,115,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 189 $21,205,000 $112,196 $6,925 6.57%
    $75k-100k 150 $13,920,000 $92,800 $6,407 6.72%
    $50k-75k 128 $10,000,000 $78,125 $5,209 6.75%
    $150k-250k 112 $13,710,000 $122,411 $6,715 6.60%
    $50k or less 57 $3,655,000 $64,123 $4,871 6.58%
    $250k+ 22 $3,780,000 $171,818 $7,500 6.15%

    Horizon lent most frequently to those with incomes in the $100k-150k range, with 189 originations. The second most popular income band? $75k-100k, with 150 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 169 $14,375,000 $85,059 $4,978 6.85%
    30-36% 129 $13,095,000 $101,512 $6,711 6.84%
    <20% 82 $6,490,000 $79,146 $4,606 6.28%
    38% 29 $2,865,000 $98,793 $6,166 6.42%
    42% 25 $2,265,000 $90,600 $5,156 6.66%
    43% 22 $2,670,000 $121,364 $6,675 6.57%
    39% 22 $2,840,000 $129,091 $6,122 6.82%
    41% 21 $2,565,000 $122,143 $6,429 6.51%
    36% 21 $2,235,000 $106,429 $5,205 6.62%
    40% 21 $2,215,000 $105,476 $6,139 6.76%
    49% 20 $2,510,000 $125,500 $6,085 6.83%
    45% 17 $2,385,000 $140,294 $6,030 6.35%
    46% 17 $2,225,000 $130,882 $7,961 6.25%
    44% 16 $2,220,000 $138,750 $6,259 5.93%
    37% 15 $1,165,000 $77,667 $4,516 6.15%
    47% 15 $1,515,000 $101,000 $8,677 6.98%
    48% 13 $1,925,000 $148,077 $6,703 6.65%
    50-60% 9 $1,255,000 $139,444 $8,662 6.34%
    >60% 4 $210,000 $52,500 $0 8.56%

    Horizon lent most frequently to those with DTI ratios of 20-30%, with 169 originations. The next most common DTI ratio? 30-36%, with 129 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 637 $62,305,000 $97,810 $6,243 6.64%
    Not provided 11 $2,345,000 $213,182 $5,906 6.99%
    Asian 8 $1,050,000 $131,250 $5,396 6.20%
    Black 5 $815,000 $163,000 $7,087 7.25%
    American Indian 6 $510,000 $85,000 $4,822 7.60%
    Not applicable 2 $220,000 $110,000 $0 7.00%

    Approval Rates

    Total approvals of all applications
    64.45%

    Horizon has a low approval rate. They may have poor market targeting or stringent lending standards.

    Pick Rate

    Approvals leading to origination
    87.44%

    Horizon has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 669 $67,245,000 $100,516

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    669 $67,245,000 $100,516

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 140 $17,300,000 $123,571 $4,657 6.76%
    40-60% 43 $8,375,000 $194,767 $5,772 6.80%
    60-80% 28 $8,000,000 $285,714 $6,688 7.02%
    80-100% 34 $9,310,000 $273,824 $7,512 7.31%
    Under 20% 424 $24,260,000 $57,217 $3,667 6.54%