Horizon Mortgage Rates, Fees & Info
Spokane Valley, WALEI: 549300715JT4HMT74E48
Tax ID: 91-0567788
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Mortgage Data
Review & Overview
Horizon is a smaller mortgage company specializing in Home Purchase and Cash Out Refi loans. Horizon has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Spokane, Moses Lake, Sandpoint, Butte, and Othello among others. We have data for 15 markets. (Some data included below & more in-depth data is available with an active subscription.)Horizon 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. 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 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) | 4.53% | 4/21/24 |
| 30 Year Conventional Purchase | 7.08% | 4/21/24 |
| 30 Year Conventional Refi | 6.95% | 4/21/24 |
| 30 Year Cash-out Refi | 7.25% | 4/21/24 |
| 30 Year FHA Purchase | 7.77% | 4/21/24 |
| 30 Year FHA Refi | 6.27% | 4/21/24 |
| 30 Year VA Purchase | 6.32% | 4/21/24 |
| 30 Year USDA Purchase | 6.27% | 4/21/24 |
| 30 Year USDA Refi | 6.27% | 4/21/24 |
| 15 Year Conventional Purchase | 6.41% | 4/21/24 |
| 15 Year Conventional Refi | 5.62% | 4/21/24 |
| 15 Year Cash-out Refi | 5.62% | 4/21/24 |
| 15 Year FHA Purchase | 5.68% | 4/21/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
254Origination Dollar Volume (All Markets)
$43,860,000Awards
HORIZON - 2018
HORIZON is a 2018 , due to their low .
For 2018, 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 |
|---|---|---|---|---|---|
| SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) | 111 | $19,105,000 | $172,117 | $5,060 | 5.10% |
| Moses Lake, WA (FHA|USDA|VA) | 39 | $6,435,000 | $165,000 | $5,292 | 4.83% |
| Sandpoint, ID (FHA|USDA|VA) | 27 | $5,305,000 | $196,481 | $6,134 | 5.08% |
| Outside of Metro Areas | 22 | $4,510,000 | $205,000 | $5,968 | 4.97% |
| Outside of Metro Areas | 26 | $3,650,000 | $140,385 | $4,717 | 5.12% |
| Butte-Silver Bow, MT (FHA|USDA|VA) | 6 | $1,200,000 | $200,000 | $5,228 | 5.27% |
| Othello, WA (FHA|USDA|VA) | 6 | $610,000 | $101,667 | $4,529 | 5.08% |
| WENATCHEE, WA (FHA|USDA|VA) | 3 | $555,000 | $185,000 | $5,326 | 5.88% |
| MISSOULA, MT (FHA|USDA|VA) | 3 | $525,000 | $175,000 | $6,129 | 4.33% |
| BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) | 2 | $440,000 | $220,000 | $6,602 | 6.00% |
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 2 | $440,000 | $220,000 | $5,700 | 5.38% |
| KENNEWICK-RICHLAND, WA (FHA|USDA|VA) | 3 | $415,000 | $138,333 | $4,246 | 5.46% |
| Helena, MT (FHA|USDA|VA) | 2 | $360,000 | $180,000 | $6,333 | 4.75% |
| LEWISTON, ID-WA (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $8,212 | 4.00% |
| Pullman, WA (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $3,915 | 6.00% |
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.
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Product Mix
For 2018, Horizon's most frequently originated type of loan was Conventional, with 216 originations. Their 2nd most popular type was FHA, with 15 originations.
Loan Reason
For 2018, Horizon's most frequently cited loan purpose was Home Purchase, with 162 originations. The 2nd most popular reason was Cash Out Refi, with 69 originations.
Loan Duration/Length
For 2018, Horizon's most frequently cited loan duration was 30 Year, with 218 originations. The 2nd most popular length was 15 Year, with 33 originations.
Origination Fees/Closing Costs
Horizon's average total fees were $5,468, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 105 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 135 | $24,905,000 | $184,481 |
| 5-6% | 85 | $13,795,000 | $162,294 |
| 6-7% | 23 | $3,555,000 | $154,565 |
| 3-4% | 11 | $1,605,000 | $145,909 |
During 2018, Horizon's average interest rate for loans was 5.06%, while their most frequently originated rate bucket for loans was 4-5%, with 135 originations.
Loan Sizing
2018 saw Horizon place emphasis on $100k-200k loans with 117 originations, totaling $17,485,000 in origination value.
Applicant Income
Horizon lent most frequently to those with incomes in the $50k or less range, with 90 originations. The second most popular income band? $50k-75k, with 70 originations.
Applicant Debt to Income Ratio
Horizon lent most frequently to those with DTI ratios of 20-30%, with 43 originations. The next most common DTI ratio? 30-36%, with 37 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications93.38%
Horizon has an average approval rate.
Pick Rate
Approvals leading to origination67.32%
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 |
|---|---|---|---|
| NA | 254 | $43,860,000 | $172,677 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 67 | $9,325,000 | $139,179 |
| Single Family (1-4 Units):Site-Built | 187 | $34,535,000 | $184,679 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Horizon Financial Group, Inc. | FHA mortgage | Closing on a mortgage | 1 | 100.0% |