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 and Refi loans. Horizon Utah Federal Credit Union has a high proportion of conventional loans. Their top two markets are Ogden and Heber .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% | 4/28/24 |
| 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
35Origination Dollar Volume (All Markets)
$4,355,000Top 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) | 34 | $4,290,000 | $126,176 | $1,907 | 4.13% |
| Heber, UT (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $400 | 5.00% |
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 | 35 | $4,355,000 | $124,429 | $1,863 | 4.15% |
For 2020, Horizon Utah Federal Credit Union's most frequently originated type of loan was Conventional, with 35 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Cash Out Refi | 20 | $2,310,000 | $115,500 | $1,681 | 4.31% |
| Other | 8 | $480,000 | $60,000 | $466 | 5.13% |
| Refi | 7 | $1,565,000 | $223,571 | $3,981 | 2.61% |
For 2020, Horizon Utah Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 20 originations. The 2nd most popular reason was Other, with 8 originations.
Loan Duration/Length
For 2020, Horizon Utah Federal Credit Union's most frequently cited loan duration was 10 Year, with 12 originations. The 2nd most popular length was 30 Year, with 8 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 6 | $800,000 | $133,333 |
| $2k-3k | 4 | $780,000 | $195,000 |
| $3k-4k | 3 | $895,000 | $298,333 |
| $5k+ | 1 | $505,000 | $505,000 |
Horizon Utah Federal Credit Union's average total fees were $4,321, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 6 originations.
Interest Rates
During 2020, Horizon Utah Federal Credit Union's average interest rate for loans was 3.06%, while their most frequently originated rate bucket for loans was 4-5%, with 15 originations.
Loan Sizing
2020 saw Horizon Utah Federal Credit Union place emphasis on $100,000 or less loans with 19 originations, totaling $905,000 in origination value.
Applicant Income
Horizon Utah Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 11 originations. The second most popular income band? $75k-100k, with 10 originations.
Applicant Debt to Income Ratio
Horizon Utah Federal Credit Union lent most frequently to those with DTI ratios of <20%, with 14 originations. The next most common DTI ratio? 20-30%, with 10 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 31 | $3,835,000 | $123,710 | $1,760 | 4.22% |
| Not provided | 4 | $520,000 | $130,000 | $2,665 | 3.63% |
Approval Rates
Total approvals of all applications97.22%
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 | 35 | $4,355,000 | $124,429 |