Horizon Credit Union Mortgage Rates, Fees & Info
Kingsport, TNLEI: 5493008HXD04SBQ82S85
Tax ID: 58-1508166
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Mortgage Data
Review & Overview
Horizon Credit Union is a smaller credit union specializing in Home Purchase and Cash Out Refi loans. Horizon Credit Union has a high proportion of conventional loans. Their top two markets are Kingsport and Johnson City .Horizon 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 15 Year Conventional Purchase | 6.20% | 4/5/25 |
| 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 Credit Union Mortgage Calculator
Your Estimates
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
6Origination Dollar Volume (All Markets)
$1,430,000Top 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 |
|---|---|---|---|---|---|
| KINGSPORT-BRISTOL, TN-VA (FHA|USDA|VA) | 5 | $935,000 | $187,000 | $4,899 | 6.93% |
| JOHNSON CITY, TN (FHA|USDA|VA) | 1 | $495,000 | $495,000 | $8,327 | 6.63% |
Similar Lenders
We use machine learning to identify the top lenders compared against Horizon Credit Union 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
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 6 | $1,430,000 | $238,333 | $5,470 | 6.88% |
For 2024, Horizon Credit Union's most frequently originated type of loan was Conventional, with 6 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 3 | $515,000 | $171,667 | $4,595 | 6.54% |
| Cash Out Refi | 3 | $915,000 | $305,000 | $6,345 | 7.21% |
For 2024, Horizon Credit Union's most frequently cited loan purpose was Home Purchase, with 3 originations. The 2nd most popular reason was Cash Out Refi, with 3 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 15 Year | 4 | $980,000 | $245,000 | $5,306 | 6.88% |
| 20 Year | 2 | $450,000 | $225,000 | $5,797 | 6.88% |
For 2024, Horizon Credit Union's most frequently cited loan duration was 15 Year, with 4 originations. The 2nd most popular length was 20 Year, with 2 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $2k-3k | 4 | $670,000 | $167,500 |
| $3k-4k | 1 | $265,000 | $265,000 |
| $5k+ | 1 | $495,000 | $495,000 |
Horizon Credit Union's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 4 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 4 | $1,010,000 | $252,500 |
| 7-8% | 2 | $420,000 | $210,000 |
During 2024, Horizon Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 6-7%, with 4 originations.
Loan Sizing
2024 saw Horizon Credit Union place emphasis on $100k-200k loans with 4 originations, totaling $670,000 in origination value.
Applicant Income
Horizon Credit Union lent most frequently to those with incomes in the $100k-150k range, with 2 originations. The second most popular income band? $150k-250k, with 1 originations.
Applicant Debt to Income Ratio
Horizon Credit Union lent most frequently to those with DTI ratios of 30-36%, with 2 originations. The next most common DTI ratio? 44%, with 2 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 5 | $1,285,000 | $257,000 | $5,649 | 6.95% |
| Black | 1 | $145,000 | $145,000 | $4,574 | 6.50% |
Approval Rates
Total approvals of all applications88.89%
Horizon Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination66.67%
Horizon Credit Union 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 | 6 | $1,430,000 | $238,333 |