Harborlight Mortgage Rates, Fees & Info

Whitehall, MI

LEI: 549300FOXU5P3TTELZ59

Tax ID: 38-1627377

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Harborlight is a smaller mortgage company specializing in Cash Out Refi and Home Purchase loans. Harborlight has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Harborlight has a low ratio of conventional loans.They have a low ratio of USDA loans. Their top markets by origination volume include: Muskegon, Kalamazoo, and Grand Rapids among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Harborlight 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. Harborlight 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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    Originations

    105

    Origination Dollar Volume (All Markets)

    $12,645,000

    Awards

    HARBORLIGHT 30 Year Conventional Loans silver HARBORLIGHT 30 Year Conventional Loans gold HARBORLIGHT 30 Year Conventional Loans gold
    Show all (3) awards

    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
    MUSKEGON, MI (FHA|USDA|VA) 84 $10,130,000 $120,595 $2,035 4.02%
    Outside of Metro Areas 19 $2,105,000 $110,789 $2,082 3.89%
    KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 1 $265,000 $265,000 $3,011 3.50%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 1 $145,000 $145,000 $2,218 3.88%
    Harborlight's top markets include Muskegon, Kalamazoo, and Grand Rapids among others.

    Their top states include:
  • Michigan (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against HARBORLIGHT based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    HARBORLIGHT
    Similarity Rank: 28
    AAC Credit Union
    Similarity Rank: 261
    Mercantile Bank of Michigan
    Similarity Rank: 630
    MMS MORTGAGE SERVICES, LTD.
    Similarity Rank: 1014
    Independent Bank
    Similarity Rank: 1664
    MORTGAGE CENTER L.C
    Similarity Rank: 2074
    Neighborhood Loans, Inc.
    Similarity Rank: 2444
    LAKE MICHIGAN CREDIT UNION
    Similarity Rank: 2550
    CHEMECAL BANK
    Similarity Rank: 2970
    MEMBER FIRST MORTGAGE, LLC
    Similarity Rank: 3325

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 100 $11,820,000 $118,200 $1,907 3.97%
    FHA 3 $525,000 $175,000 $5,852 4.54%
    Conventional 1 $175,000 $175,000 $0 0.00%
    USDA 1 $125,000 $125,000 $4,740 4.50%

    For 2019, Harborlight's most frequently originated type of loan was Conventional, with 100 originations. Their 2nd most popular type was FHA, with 3 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 68 $7,670,000 $112,794 $1,802 3.85%
    Home Purchase 26 $3,510,000 $135,000 $2,792 4.16%
    Refi 8 $1,180,000 $147,500 $1,968 4.17%
    Other 2 $100,000 $50,000 $0 5.77%
    Home Improvement 1 $185,000 $185,000 $0 4.00%

    For 2019, Harborlight's most frequently cited loan purpose was Cash Out Refi, with 68 originations. The 2nd most popular reason was Home Purchase, with 26 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 63 $8,655,000 $137,381 $2,341 4.09%
    15 Year 28 $2,470,000 $88,214 $1,556 3.76%
    20 Year 7 $775,000 $110,714 $1,818 3.98%
    10 Year 4 $340,000 $85,000 $1,486 3.53%
    Other 2 $360,000 $180,000 $0 4.00%
    5 Year 1 $45,000 $45,000 $0 5.75%

    For 2019, Harborlight's most frequently cited loan duration was 30 Year, with 63 originations. The 2nd most popular length was 15 Year, with 28 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 83 $8,425,000 $101,506
    $1k-2k 19 $3,825,000 $201,316

    Harborlight's average total fees were $2,341, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 83 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 64 $7,570,000 $118,281
    4-5% 37 $4,785,000 $129,324
    5-6% 3 $115,000 $38,333

    During 2019, Harborlight's average interest rate for loans was 4.09%, while their most frequently originated rate bucket for loans was 3-4%, with 64 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 49 $6,795,000 $138,673 $2,229 3.92%
    $100,000 or less 45 $2,965,000 $65,889 $1,551 4.06%
    $200k-400k 11 $2,885,000 $262,273 $3,258 4.02%

    2019 saw Harborlight place emphasis on $100k-200k loans with 49 originations, totaling $6,795,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 37 $4,065,000 $109,865 $1,947 3.96%
    $50k or less 34 $2,830,000 $83,235 $1,794 3.99%
    $100k-150k 19 $3,045,000 $160,263 $2,208 4.02%
    $75k-100k 9 $1,215,000 $135,000 $2,621 4.07%
    $150k-250k 5 $1,185,000 $237,000 $2,789 4.05%
    $250k+ 1 $305,000 $305,000 $3,127 3.50%

    Harborlight lent most frequently to those with incomes in the $50k-75k range, with 37 originations. The second most popular income band? $50k or less, with 34 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 37 $4,445,000 $120,135 $1,862 3.83%
    30-36% 23 $2,795,000 $121,522 $2,054 4.04%
    <20% 19 $1,895,000 $99,737 $1,721 4.07%
    36% 5 $575,000 $115,000 $2,905 4.35%
    40% 4 $490,000 $122,500 $1,930 3.97%
    37% 4 $700,000 $175,000 $2,334 4.13%
    42% 3 $505,000 $168,333 $2,529 3.75%
    38% 2 $210,000 $105,000 $2,075 3.63%
    50-60% 2 $280,000 $140,000 $3,846 4.06%
    39% 2 $180,000 $90,000 $1,609 3.94%
    Exempt% 1 $175,000 $175,000 $0 0.00%
    41% 1 $255,000 $255,000 $7,217 4.75%
    44% 1 $75,000 $75,000 $2,694 4.88%
    47% 1 $65,000 $65,000 $2,429 4.50%

    Harborlight lent most frequently to those with DTI ratios of 20-30%, with 37 originations. The next most common DTI ratio? 30-36%, with 23 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 101 $11,955,000 $118,366 $2,045 3.99%
    Not provided 2 $350,000 $175,000 $2,386 4.25%
    Black 2 $340,000 $170,000 $2,219 3.94%

    Approval Rates

    Total approvals of all applications
    87.84%

    Harborlight has an average approval rate.

    Pick Rate

    Approvals leading to origination
    48.57%

    Harborlight 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
    483.54 1 $55,000 $55,000
    530.05 1 $45,000 $45,000
    Exempt 1 $175,000 $175,000
    NA 102 $12,370,000 $121,275

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 2 $120,000 $60,000
    Single Family (1-4 Units):Site-Built 103 $12,525,000 $121,602

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 9 $395,000 $43,889 $1,221 4.07%
    40-60% 17 $1,465,000 $86,176 $1,541 3.93%
    60-80% 52 $6,900,000 $132,692 $1,991 3.86%
    80-100% 24 $3,640,000 $151,667 $2,975 4.22%
    Under 20% 2 $70,000 $35,000 $1,048 4.75%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    HARBORONE MORTGAGE, LLC Conventional home mortgage Trouble during payment process 2 66.7%
    HARBORONE MORTGAGE, LLC VA mortgage Trouble during payment process 1 33.3%