Horizon Utah Federal Credit Union Mortgage Rates, Fees & Info
Farmington, UTLEI: 549300BMJCCKS0LIQJ45
Tax ID: 87-0262310
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Mortgage Data
Review & Overview
Horizon Utah Federal Credit Union is a smaller credit union specializing in Other loans. Horizon Utah Federal Credit Union has an average proportion of conventional loans. Their top markets by origination volume include: Ogden, Salt Lake City, and Cedar City among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)Horizon Utah Federal Credit Union 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 Utah Federal 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 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Cash-out Refi | 6.27% | 11/17/24 |
| 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 Utah Federal 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
32Origination Dollar Volume (All Markets)
$2,310,000Relative Rate
Horizon Utah Federal Credit Union's average 30 year fixed mortgage rate was
7.44%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.96%.
Relative Fees (Closing Costs)
Horizon Utah Federal Credit Union's average total fees/closing costs for a 30 year fixed rate
mortgage were $3,103.
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 |
|---|---|---|---|---|---|
| OGDEN-CLEARFIELD, UT (FHA|USDA|VA) | 29 | $2,045,000 | $70,517 | $1,384 | 8.00% |
| SALT LAKE CITY, UT (FHA|USDA|VA) | 2 | $220,000 | $110,000 | $0 | 7.63% |
| Cedar City, UT (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 8.50% |
Similar Lenders
We use machine learning to identify the top lenders compared against HORIZON UTAH Federal Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 300
Similarity Rank: 736
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Similarity Rank: 1645
Similarity Rank: 1770
Similarity Rank: 1900
Similarity Rank: 1980
Similarity Rank: 2070
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| HELOC | 27 | $1,925,000 | $71,296 | n/a | 8.13% |
| Conventional | 5 | $385,000 | $77,000 | $1,384 | 7.28% |
For 2023, Horizon Utah Federal Credit Union's most frequently originated type of loan was HELOC, with 27 originations. Their 2nd most popular type was Conventional, with 5 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Other | 31 | $2,165,000 | $69,839 | $955 | 8.02% |
| Cash Out Refi | 1 | $145,000 | $145,000 | $3,103 | 7.13% |
For 2023, Horizon Utah Federal Credit Union's most frequently cited loan purpose was Other, with 31 originations. The 2nd most popular reason was Cash Out Refi, with 1 originations.
Loan Duration/Length
For 2023, Horizon Utah Federal Credit Union's most frequently cited loan duration was 10 Year, with 18 originations. The 2nd most popular length was Other, with 9 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 2 | $130,000 | $65,000 |
| $1k-2k | 1 | $145,000 | $145,000 |
Horizon Utah Federal Credit Union's average total fees were $3,103, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 2 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 17 | $1,255,000 | $73,824 |
| 7-8% | 12 | $920,000 | $76,667 |
| 5-6% | 2 | $60,000 | $30,000 |
| 6-7% | 1 | $75,000 | $75,000 |
During 2023, Horizon Utah Federal Credit Union's average interest rate for loans was 7.44%, while their most frequently originated rate bucket for loans was Over 8%, with 17 originations.
Loan Sizing
2023 saw Horizon Utah Federal Credit Union place emphasis on $100,000 or less loans with 23 originations, totaling $1,145,000 in origination value.
Applicant Income
Horizon Utah Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 7 originations. The second most popular income band? $50k-75k, with 6 originations.
Applicant Debt to Income Ratio
Horizon Utah Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 8 originations. The next most common DTI ratio? 30-36%, with 6 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.37%
Horizon Utah Federal Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination84.38%
Horizon Utah Federal Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 32 | $2,310,000 | $72,188 |