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 loans. Harborlight has a high proportion of conventional loans. They have a low ratio of USDA loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top (well, only) market is Muskegon.

    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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    Originations

    72

    Origination Dollar Volume (All Markets)

    $9,330,000

    Awards

    HARBORLIGHT 30 Year Conventional Loans gold HARBORLIGHT 30 Year Conventional Loans gold
    Show all (2) 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) 61 $8,045,000 $131,885 $1,849 3.56%
    Outside of Metro Areas 11 $1,285,000 $116,818 $2,764 3.74%
    Harborlight's top markets include and Muskegon 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: 42
    AAC Credit Union
    Similarity Rank: 64
    FIRST GENERAL
    Similarity Rank: 117
    ChoiceOne Bank
    Similarity Rank: 560
    Mercantile Bank of Michigan
    Similarity Rank: 836
    CONSUMERS
    Similarity Rank: 896
    Independent Bank
    Similarity Rank: 2072
    MMS MORTGAGE SERVICES, LTD.
    Similarity Rank: 2592
    Neighborhood Loans, Inc.
    Similarity Rank: 2625
    NORTHERN MORTGAGE SERVICES, LLC
    Similarity Rank: 3367

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 69 $8,925,000 $129,348 $1,831 3.58%
    USDA 2 $250,000 $125,000 $8,247 3.06%
    FHA 1 $155,000 $155,000 $5,820 5.25%

    For 2020, Harborlight's most frequently originated type of loan was Conventional, with 69 originations. Their 2nd most popular type was USDA, with 2 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 47 $6,285,000 $133,723 $1,856 3.43%
    Refi 11 $1,255,000 $114,091 $1,600 3.49%
    Home Purchase 10 $1,640,000 $164,000 $3,563 3.59%
    Other 4 $150,000 $37,500 $889 5.75%

    For 2020, Harborlight's most frequently cited loan purpose was Cash Out Refi, with 47 originations. The 2nd most popular reason was Refi, with 11 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 46 $6,750,000 $146,739 $2,205 3.48%
    15 Year 18 $1,620,000 $90,000 $1,492 4.01%
    10 Year 4 $360,000 $90,000 $1,586 2.97%
    20 Year 4 $600,000 $150,000 $2,006 3.50%

    For 2020, Harborlight's most frequently cited loan duration was 30 Year, with 46 originations. The 2nd most popular length was 15 Year, with 18 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 59 $6,415,000 $108,729
    $1k-2k 12 $2,800,000 $233,333

    Harborlight's average total fees were $2,205, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 59 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 56 $7,840,000 $140,000
    2.5-3% 9 $1,085,000 $120,556
    5-6% 7 $405,000 $57,857

    During 2020, Harborlight's average interest rate for loans was 3.48%, while their most frequently originated rate bucket for loans was 3-4%, with 56 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 36 $5,030,000 $139,722 $2,201 3.41%
    $100,000 or less 26 $1,790,000 $68,846 $1,393 3.88%
    $200k-400k 10 $2,510,000 $251,000 $2,720 3.45%

    2020 saw Harborlight place emphasis on $100k-200k loans with 36 originations, totaling $5,030,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 22 $2,530,000 $115,000 $2,070 3.57%
    $50k or less 22 $1,990,000 $90,455 $1,760 3.70%
    $100k-150k 14 $2,380,000 $170,000 $2,006 3.29%
    $75k-100k 10 $1,520,000 $152,000 $1,912 3.86%
    $150k-250k 3 $775,000 $258,333 $2,932 3.38%
    $250k+ 1 $135,000 $135,000 $1,949 3.38%

    Harborlight lent most frequently to those with incomes in the $50k-75k range, with 22 originations. The second most popular income band? $50k or less, with 22 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 22 $2,920,000 $132,727 $1,941 3.63%
    30-36% 18 $2,640,000 $146,667 $2,148 3.32%
    <20% 16 $1,570,000 $98,125 $1,614 3.92%
    37% 5 $575,000 $115,000 $1,816 3.38%
    38% 4 $740,000 $185,000 $2,382 3.28%
    36% 3 $325,000 $108,333 $2,981 3.96%
    40% 2 $350,000 $175,000 $2,203 3.44%
    39% 1 $85,000 $85,000 $1,585 3.50%
    48% 1 $125,000 $125,000 $1,866 3.75%

    Harborlight lent most frequently to those with DTI ratios of 20-30%, with 22 originations. The next most common DTI ratio? 30-36%, with 18 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 61 $8,075,000 $132,377 $2,011 3.61%
    Not provided 10 $1,090,000 $109,000 $1,738 3.49%
    American Indian 1 $165,000 $165,000 $2,418 3.50%

    Approval Rates

    Total approvals of all applications
    89.32%

    Harborlight has an average approval rate.

    Pick Rate

    Approvals leading to origination
    37.50%

    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
    NA 72 $9,330,000 $129,583

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 72 $9,330,000 $129,583

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 6 $530,000 $88,333 $1,367 5.02%
    40-60% 17 $1,735,000 $102,059 $1,673 3.29%
    60-80% 30 $3,990,000 $133,000 $1,856 3.42%
    80-100% 16 $2,870,000 $179,375 $2,544 3.46%
    Over 100% 1 $135,000 $135,000 $8,247 3.00%
    Under 20% 2 $70,000 $35,000 $859 5.75%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    HARBORONE MORTGAGE, LLC Conventional home mortgage Trouble during payment process 2 66.7%
    HARBORONE MORTGAGE, LLC FHA mortgage Trouble during payment process 1 33.3%