Honda Federal Credit Union Mortgage Rates, Fees & Info

Torrance, CA

LEI: 549300VBY3NBKUNMKL64

Tax ID: 95-3036119

5 stars - Updated: 3/28/24 - out of 5 stars, based on 25 reviews

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

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Mortgage Data

Review & Overview

Honda Federal Credit Union is a smaller credit union specializing in Cash Out Refi and Home Purchase loans. Honda Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Columbus, Los Angeles, Bellefontaine, Birmingham, and Urbana among others. We have data for 66 markets. (Some data included below & more in-depth data is available with an active subscription.)

Honda Federal Credit Union 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. Honda 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.

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

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
Home Equity Line of Credit (HELOC) 4.61% 3/28/24
30 Year Conventional Purchase 6.08% 3/28/24
30 Year Conventional Refi 6.00% 3/28/24
30 Year Cash-out Refi 6.33% 3/28/24
15 Year Conventional Purchase 6.16% 3/28/24
15 Year Conventional Refi 5.49% 3/28/24
15 Year Cash-out Refi 5.49% 3/28/24
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.

Honda Federal Credit Union Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Honda Federal Credit Union. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

646

Origination Dollar Volume (All Markets)

$71,860,000

Awards

HONDA Federal Credit Union 30 Year Conventional Loans gold
Show all (1) awards

Relative Rate

Honda Federal Credit Union's average 30 year fixed mortgage rate was 7.49%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 1.01%.

Relative Fees (Closing Costs)

Honda Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $4,072.

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
COLUMBUS, OH (FHA|USDA|VA) 163 $16,535,000 $101,442 $1,242 7.62%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 40 $9,440,000 $236,000 $4,242 7.31%
Bellefontaine, OH (FHA|USDA|VA) 94 $7,100,000 $75,532 $987 7.71%
BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 26 $3,410,000 $131,154 $2,050 7.81%
Urbana, OH (FHA|USDA|VA) 29 $3,265,000 $112,586 $2,519 6.96%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 13 $2,415,000 $185,769 $1,414 7.78%
Sidney, OH (FHA|USDA|VA) 31 $2,385,000 $76,935 $637 7.65%
Outside of Metro Areas 28 $2,360,000 $84,286 $1,361 8.08%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 1 $1,845,000 $1,845,000 $6,817 7.63%
Wapakoneta, OH (FHA|USDA|VA) 21 $1,585,000 $75,476 $879 7.67%
DAYTON-KETTERING, OH (FHA|USDA|VA) 16 $1,470,000 $91,875 $1,921 7.63%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 14 $1,460,000 $104,286 $1,296 7.97%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 6 $1,210,000 $201,667 $3,440 7.63%
LIMA, OH (FHA|USDA|VA) 12 $1,210,000 $100,833 $2,428 7.25%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 3 $1,145,000 $381,667 $4,533 6.75%
FLORENCE, SC (FHA|USDA|VA) 9 $1,065,000 $118,333 $2,163 7.00%
SPRINGFIELD, OH (FHA|USDA|VA) 10 $970,000 $97,000 $2,273 7.95%
ANNISTON-OXFORD, AL (FHA|USDA|VA) 10 $960,000 $96,000 $1,318 7.84%
GADSDEN, AL (FHA|USDA|VA) 10 $820,000 $82,000 $843 7.81%
Talladega-Sylacauga, AL (FHA|USDA|VA) 14 $790,000 $56,429 $938 7.71%
Marion, OH (FHA|USDA|VA) 12 $620,000 $51,667 $916 7.72%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 2 $610,000 $305,000 $9,515 6.06%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 2 $580,000 $290,000 $7,275 6.44%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 1 $545,000 $545,000 $4,318 6.38%
Greensburg, IN (FHA|USDA|VA) 13 $545,000 $41,923 $293 8.17%
GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 3 $475,000 $158,333 $1,378 8.25%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 7 $425,000 $60,714 $697 7.93%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 2 $400,000 $200,000 $2,969 7.88%
BAKERSFIELD, CA (FHA|USDA|VA) 1 $385,000 $385,000 $3,588 8.00%
WINSTON-SALEM, NC (FHA|USDA|VA) 3 $385,000 $128,333 $4,451 7.63%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 1 $375,000 $375,000 $4,929 6.00%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 2 $370,000 $185,000 $7,968 7.94%
AKRON, OH (FHA|USDA|VA) 1 $345,000 $345,000 $3,835 6.50%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $305,000 $305,000 $3,832 6.50%
Celina, OH (FHA|USDA|VA) 5 $305,000 $61,000 $919 6.85%
JACKSON, MS (FHA|USDA|VA) 2 $300,000 $150,000 $1,480 7.44%
URBAN HONOLULU, HI (FHA|USDA|VA) 1 $285,000 $285,000 $10,008 6.63%
BATON ROUGE, LA (FHA|USDA|VA) 1 $275,000 $275,000 $4,214 7.13%
YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) 2 $250,000 $125,000 $1,658 7.31%
NORWICH-NEW LONDON, CT (FHA|USDA|VA) 1 $245,000 $245,000 $3,737 6.50%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1 $225,000 $225,000 $2,680 8.00%
Findlay, OH (FHA|USDA|VA) 1 $225,000 $225,000 $3,604 6.88%
TOLEDO, OH (FHA|USDA|VA) 2 $160,000 $80,000 $2,360 7.19%
HUNTSVILLE, AL (FHA|USDA|VA) 1 $155,000 $155,000 $2,752 6.88%
Greenville, OH (FHA|USDA|VA) 1 $125,000 $125,000 $0 6.75%
Connersville, IN (FHA|USDA|VA) 3 $115,000 $38,333 $0 8.67%
CANTON-MASSILLON, OH (FHA|USDA|VA) 1 $115,000 $115,000 $0 9.25%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 1 $105,000 $105,000 $0 7.25%
RALEIGH-CARY, NC (FHA|USDA|VA) 1 $105,000 $105,000 $0 7.25%
Warsaw, IN (FHA|USDA|VA) 1 $105,000 $105,000 $0 7.25%
GAINESVILLE, GA (FHA|USDA|VA) 2 $100,000 $50,000 $0 6.00%
Richmond, IN (FHA|USDA|VA) 2 $80,000 $40,000 $0 9.69%
COLUMBUS, IN (FHA|USDA|VA) 2 $80,000 $40,000 $0 9.50%
Cullowhee, NC (FHA|USDA|VA) 1 $75,000 $75,000 $3,421 8.63%
STOCKTON, CA (FHA|USDA|VA) 1 $65,000 $65,000 $0 7.00%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 1 $65,000 $65,000 $0 10.50%
Madison, IN (FHA|USDA|VA) 1 $65,000 $65,000 $0 10.00%
SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) 1 $65,000 $65,000 $2,683 8.00%
Van Wert, OH (FHA|USDA|VA) 2 $60,000 $30,000 $0 7.31%
Seneca, SC (FHA|USDA|VA) 1 $55,000 $55,000 $345 7.75%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 1 $55,000 $55,000 $0 7.00%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $55,000 $55,000 $2,934 6.50%
Alexander City, AL (FHA|USDA|VA) 1 $45,000 $45,000 $0 8.75%
SAVANNAH, GA (FHA|USDA|VA) 1 $45,000 $45,000 $0 5.00%
MANSFIELD, OH (FHA|USDA|VA) 1 $35,000 $35,000 $0 7.00%
BURLINGTON, NC (FHA|USDA|VA) 1 $15,000 $15,000 $0 7.38%
Honda Federal Credit Union's top markets include Columbus, Los Angeles, Bellefontaine, Birmingham, and Urbana among others.

Their top states include:
  • Ohio (FHA|USDA|VA)
  • California (FHA|USDA|VA)
  • Alabama (FHA|USDA|VA)
  • South Carolina (FHA|USDA|VA)
  • Indiana (FHA|USDA|VA)
  • Similar Lenders

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

    Los Angeles Federal Credit Union
    Similarity Rank: 72
    Minster Bank
    Similarity Rank: 108
    First Bank Richmond
    Similarity Rank: 150
    Superior Credit Union, Inc.
    Similarity Rank: 196
    The Community Bank
    Similarity Rank: 216
    LBS FINANCIAL
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    ALABAMA CREDIT UNION
    Similarity Rank: 294
    SOUTHLAND CREDIT UNION
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 340 $44,580,000 $131,118 $1,650 7.51%
    HELOC 306 $27,280,000 $89,150 n/a 7.75%

    For 2023, Honda Federal Credit Union's most frequently originated type of loan was Conventional, with 340 originations. Their 2nd most popular type was HELOC, with 306 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 445 $35,035,000 $78,730 $256 7.86%
    Home Purchase 123 $30,585,000 $248,659 $4,071 6.77%
    Home Improvement 69 $5,405,000 $78,333 $269 7.70%
    Refi 8 $760,000 $95,000 $1,280 6.99%
    Other 1 $75,000 $75,000 $0 7.00%

    For 2023, Honda Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 445 originations. The 2nd most popular reason was Home Purchase, with 123 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 414 $55,980,000 $135,217 $4,072 7.49%
    20 Year 87 $7,785,000 $89,483 $644 8.11%
    15 Year 64 $4,060,000 $63,438 $542 7.84%
    10 Year 63 $3,245,000 $51,508 $310 7.77%
    5 Year 18 $790,000 $43,889 $34 7.13%

    For 2023, Honda Federal Credit Union's most frequently cited loan duration was 30 Year, with 414 originations. The 2nd most popular length was 20 Year, with 87 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 318 $38,760,000 $121,887
    $5k+ 10 $3,410,000 $341,000
    $2k-3k 5 $775,000 $155,000
    $3k-4k 3 $885,000 $295,000
    $4k-5k 3 $705,000 $235,000
    $1k-2k 1 $45,000 $45,000

    Honda Federal Credit Union's average total fees were $4,072, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 318 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    7-8% 293 $26,535,000 $90,563
    6-7% 176 $28,710,000 $163,125
    Over 8% 150 $11,920,000 $79,467
    4-5% 14 $1,510,000 $107,857
    5-6% 12 $2,700,000 $225,000
    3-4% 1 $485,000 $485,000

    During 2023, Honda Federal Credit Union's average interest rate for loans was 7.49%, while their most frequently originated rate bucket for loans was 7-8%, with 293 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 412 $21,100,000 $51,214 $380 7.83%
    $100k-200k 134 $18,560,000 $138,507 $2,108 7.49%
    $200k-400k 79 $20,585,000 $260,570 $4,190 7.05%
    $400k-600k 18 $8,270,000 $459,444 $6,426 6.46%
    $600k-1MM 2 $1,500,000 $750,000 $5,697 6.56%
    $1MM+ 1 $1,845,000 $1,845,000 $6,817 7.63%

    2023 saw Honda Federal Credit Union place emphasis on $100,000 or less loans with 412 originations, totaling $21,100,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 188 $21,050,000 $111,968 $1,568 7.64%
    $75k-100k 143 $14,165,000 $99,056 $1,692 7.65%
    $50k-75k 140 $11,990,000 $85,643 $1,379 7.62%
    $150k-250k 98 $15,070,000 $153,776 $2,312 7.54%
    $50k or less 47 $2,805,000 $59,681 $941 7.54%
    $250k+ 19 $5,915,000 $311,316 $4,231 7.55%

    Honda Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 188 originations. The second most popular income band? $75k-100k, with 143 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 162 $15,120,000 $93,333 $1,457 7.54%
    30-36% 120 $11,750,000 $97,917 $1,310 7.62%
    <20% 50 $3,850,000 $77,000 $1,285 7.29%
    41% 29 $2,545,000 $87,759 $1,200 8.13%
    37% 29 $3,035,000 $104,655 $1,307 7.77%
    43% 28 $4,370,000 $156,071 $1,423 8.08%
    50-60% 27 $3,735,000 $138,333 $1,859 7.62%
    42% 24 $2,380,000 $99,167 $1,040 7.76%
    40% 22 $5,070,000 $230,455 $3,439 7.63%
    39% 21 $2,695,000 $128,333 $2,290 7.88%
    36% 18 $2,550,000 $141,667 $2,706 7.50%
    45% 18 $2,000,000 $111,111 $1,064 7.79%
    44% 17 $1,625,000 $95,588 $1,259 7.93%
    38% 16 $1,790,000 $111,875 $1,747 7.40%
    49% 15 $2,595,000 $173,000 $4,071 7.76%
    48% 13 $1,245,000 $95,769 $1,576 7.53%
    46% 11 $995,000 $90,455 $983 7.57%
    47% 11 $1,575,000 $143,182 $1,644 7.16%
    >60% 9 $2,065,000 $229,444 $2,827 7.72%

    Honda Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 162 originations. The next most common DTI ratio? 30-36%, with 120 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 497 $55,935,000 $112,545 $1,616 7.65%
    Not provided 89 $7,865,000 $88,371 $1,360 7.51%
    Black 37 $4,625,000 $125,000 $2,594 7.72%
    Asian 13 $2,445,000 $188,077 $2,843 7.38%
    Japanese 3 $435,000 $145,000 $2,464 7.04%
    Filipino 2 $170,000 $85,000 $290 6.75%
    Asian Indian 2 $170,000 $85,000 $0 8.00%
    American Indian 2 $160,000 $80,000 $0 7.63%
    Other Asian 1 $55,000 $55,000 $0 8.00%

    Approval Rates

    Total approvals of all applications
    89.68%

    Honda Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    81.89%

    Honda Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 646 $71,860,000 $111,238

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    646 $71,860,000 $111,238

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 194 $18,300,000 $94,330 $498 7.97%
    40-60% 62 $8,250,000 $133,065 $1,611 7.78%
    60-80% 60 $14,250,000 $237,500 $4,187 7.00%
    80-100% 68 $17,830,000 $262,206 $3,918 6.89%
    Under 20% 262 $13,230,000 $50,496 $127 7.67%