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 Cash Out Refi loans. Horizon Utah Federal Credit Union has a high proportion of conventional loans. Their top two markets are Ogden and Salt Lake City .Horizon Utah Federal Credit Union has an above average approval rate when compared to the average across all 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 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 |
|---|---|---|
| 30 Year Cash-out Refi | 6.27% | 12/16/24 |
| 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
48Origination Dollar Volume (All Markets)
$5,080,000Top 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 |
|---|---|---|---|---|---|
| OGDEN-CLEARFIELD, UT (FHA|USDA|VA) | 43 | $4,795,000 | $111,512 | $1,189 | 4.76% |
| SALT LAKE CITY, UT (FHA|USDA|VA) | 5 | $285,000 | $57,000 | $316 | 5.90% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 47 | $4,795,000 | $102,021 | $1,106 | 4.90% |
| HELOC | 1 | $285,000 | $285,000 | n/a | 4.00% |
For 2019, Horizon Utah Federal Credit Union's most frequently originated type of loan was Conventional, with 47 originations. Their 2nd most popular type was HELOC, with 1 originations.
Loan Reason
For 2019, Horizon Utah Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 40 originations. The 2nd most popular reason was Home Purchase, with 5 originations.
Loan Duration/Length
For 2019, Horizon Utah Federal Credit Union's most frequently cited loan duration was 10 Year, with 18 originations. The 2nd most popular length was 15 Year, with 12 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 11 | $525,000 | $47,727 |
| $1k-2k | 4 | $540,000 | $135,000 |
| $2k-3k | 3 | $685,000 | $228,333 |
| $3k-4k | 2 | $630,000 | $315,000 |
Horizon Utah Federal Credit Union's average total fees were $3,611, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 11 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 24 | $2,540,000 | $105,833 |
| 3-4% | 10 | $1,800,000 | $180,000 |
| 4-5% | 7 | $475,000 | $67,857 |
| 6-7% | 4 | $180,000 | $45,000 |
| <2.5% | 2 | $50,000 | $25,000 |
| 7-8% | 1 | $35,000 | $35,000 |
During 2019, Horizon Utah Federal Credit Union's average interest rate for loans was 4.56%, while their most frequently originated rate bucket for loans was 5-6%, with 24 originations.
Loan Sizing
2019 saw Horizon Utah Federal Credit Union place emphasis on $100,000 or less loans with 32 originations, totaling $1,460,000 in origination value.
Applicant Income
Horizon Utah Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 14 originations. The second most popular income band? $75k-100k, with 13 originations.
Applicant Debt to Income Ratio
Horizon Utah Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 15 originations. The next most common DTI ratio? 30-36%, with 11 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 47 | $4,985,000 | $106,064 | $1,126 | 4.86% |
| Not provided | 1 | $95,000 | $95,000 | $305 | 5.50% |
Approval Rates
Total approvals of all applications100.00%
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 originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 48 | $5,080,000 | $105,833 |