Honda Federal Credit Union Mortgage Rates, Fees & Info

Torrance, CA

LEI: 549300VBY3NBKUNMKL64

Tax ID: 95-3036119

5 stars - out of 5 stars, based on 34 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Honda Federal Credit Union is a smaller credit union specializing in Cash Out Refi, Home Purchase, and Refi loans. Honda Federal Credit Union has a high proportion of conventional loans. Their top markets include Columbus, Los Angeles, Bellefontaine, Sidney, and Birmingham among others. Honda Federal Credit Union has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Honda Federal Credit Union is typically an average fee lendor.


Originations

1,174

Origination Dollar Volume (All Markets)

$183,090,000

Awards

HONDA Federal Credit Union 30 Year Conventional Loans gold HONDA Federal Credit Union 30 Year Conventional Loans gold
Show all (2) awards

Relative Rate

Honda Federal Credit Union's average 30 year fixed rate mortgage of loans were 3.1%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.05%.

Relative Fees

Honda Federal Credit Union's average total fees for a 30 year fixed rate mortgage are $4,048.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
COLUMBUS, OH (FHA|USDA|VA) 283 $42,145,000 $148,922 $2,961 3.27%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 86 $26,290,000 $305,698 $4,772 3.40%
Bellefontaine, OH (FHA|USDA|VA) 150 $17,810,000 $118,733 $2,891 3.25%
Outside of Metro Areas 72 $8,980,000 $124,722 $2,935 3.51%
Sidney, OH (FHA|USDA|VA) 58 $7,410,000 $127,759 $2,790 3.29%
BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 44 $6,770,000 $153,864 $2,321 3.49%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 34 $6,290,000 $185,000 $5,029 3.38%
Urbana, OH (FHA|USDA|VA) 50 $5,680,000 $113,600 $2,377 3.43%
Wapakoneta, OH (FHA|USDA|VA) 34 $4,230,000 $124,412 $2,715 3.32%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 29 $3,395,000 $117,069 $2,195 3.55%
GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 16 $2,980,000 $186,250 $2,738 2.98%
ANNISTON-OXFORD, AL (FHA|USDA|VA) 27 $2,905,000 $107,593 $2,501 3.44%
FLORENCE, SC (FHA|USDA|VA) 19 $2,785,000 $146,579 $4,478 3.22%
SPRINGFIELD, OH (FHA|USDA|VA) 23 $2,635,000 $114,565 $2,896 3.07%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 7 $2,415,000 $345,000 $7,156 3.73%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 6 $2,280,000 $380,000 $10,288 2.54%
Greensburg, IN (FHA|USDA|VA) 19 $2,175,000 $114,474 $2,042 3.16%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 15 $2,105,000 $140,333 $2,596 3.42%
Marion, OH (FHA|USDA|VA) 21 $1,965,000 $93,571 $2,673 3.26%
GADSDEN, AL (FHA|USDA|VA) 15 $1,885,000 $125,667 $2,670 3.63%
DAYTON-KETTERING, OH (FHA|USDA|VA) 15 $1,655,000 $110,333 $2,980 3.27%
Talladega-Sylacauga, AL (FHA|USDA|VA) 12 $1,610,000 $134,167 $3,429 3.30%
LIMA, OH (FHA|USDA|VA) 12 $1,370,000 $114,167 $2,455 3.72%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 3 $1,255,000 $418,333 $3,351 2.83%
SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) 1 $1,245,000 $1,245,000 $4,761 3.00%
Celina, OH (FHA|USDA|VA) 11 $975,000 $88,636 $2,855 3.11%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 2 $900,000 $450,000 $3,722 2.94%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 3 $885,000 $295,000 $4,214 3.75%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 4 $870,000 $217,500 $3,029 4.03%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 2 $820,000 $410,000 $7,108 2.88%
COLUMBUS, IN (FHA|USDA|VA) 7 $785,000 $112,143 $1,560 4.70%
Albertville, AL (FHA|USDA|VA) 3 $775,000 $258,333 $2,956 2.83%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 3 $775,000 $258,333 $7,527 2.63%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 3 $725,000 $241,667 $6,298 2.50%
RICHMOND, VA (FHA|USDA|VA) 2 $650,000 $325,000 $6,878 2.63%
BURLINGTON, NC (FHA|USDA|VA) 5 $615,000 $123,000 $2,569 3.05%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 2 $600,000 $300,000 $3,120 3.63%
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) 2 $550,000 $275,000 $7,433 2.69%
WINSTON-SALEM, NC (FHA|USDA|VA) 4 $530,000 $132,500 $1,407 4.53%
TOLEDO, OH (FHA|USDA|VA) 2 $510,000 $255,000 $3,745 2.94%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 3 $465,000 $155,000 $2,575 4.42%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 1 $455,000 $455,000 $0 3.50%
Greenville, OH (FHA|USDA|VA) 3 $425,000 $141,667 $3,076 3.13%
New Castle, IN (FHA|USDA|VA) 3 $425,000 $141,667 $1,846 4.50%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 2 $400,000 $200,000 $2,736 2.75%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 3 $385,000 $128,333 $2,372 3.42%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $375,000 $375,000 $14,676 2.25%
Frankfort, KY (FHA|USDA|VA) 1 $355,000 $355,000 $3,311 2.38%
SAVANNAH, GA (FHA|USDA|VA) 1 $355,000 $355,000 $3,563 3.00%
MANCHESTER-NASHUA, NH (FHA|USDA|VA) 1 $345,000 $345,000 $3,485 2.75%
Findlay, OH (FHA|USDA|VA) 3 $345,000 $115,000 $1,602 3.75%
Sevierville, TN (FHA|USDA|VA) 1 $345,000 $345,000 $3,485 3.00%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 1 $335,000 $335,000 $4,153 2.75%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 1 $335,000 $335,000 $4,196 3.00%
MANSFIELD, OH (FHA|USDA|VA) 1 $325,000 $325,000 $3,163 2.00%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $315,000 $315,000 $2,853 3.00%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 1 $315,000 $315,000 $2,849 3.50%
COLUMBIA, SC (FHA|USDA|VA) 1 $305,000 $305,000 $3,218 3.00%
ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 1 $295,000 $295,000 $11,946 2.25%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 1 $285,000 $285,000 $10,102 2.75%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 2 $260,000 $130,000 $1,807 4.38%
FORT WAYNE, IN (FHA|USDA|VA) 1 $245,000 $245,000 $2,290 2.75%
Connersville, IN (FHA|USDA|VA) 3 $235,000 $78,333 $2,587 3.17%
Seneca, SC (FHA|USDA|VA) 1 $235,000 $235,000 $3,291 2.38%
BOISE CITY, ID (FHA|USDA|VA) 1 $215,000 $215,000 $3,941 3.00%
CANTON-MASSILLON, OH (FHA|USDA|VA) 3 $215,000 $71,667 $1,580 3.75%
CHATTANOOGA, TN-GA (FHA|USDA|VA) 1 $215,000 $215,000 $2,991 2.50%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $205,000 $205,000 $4,290 3.00%
Point Pleasant, WV-OH (FHA|USDA|VA) 1 $205,000 $205,000 $3,183 3.25%
DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 1 $205,000 $205,000 $2,430 3.00%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $195,000 $195,000 $3,173 3.00%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 1 $185,000 $185,000 $2,570 3.25%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $185,000 $185,000 $3,994 3.50%
SUMTER, SC (FHA|USDA|VA) 1 $145,000 $145,000 $2,987 3.25%
NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) 1 $145,000 $145,000 $3,101 3.13%
Alexander City, AL (FHA|USDA|VA) 1 $135,000 $135,000 $2,563 2.63%
Norwalk, OH (FHA|USDA|VA) 1 $135,000 $135,000 $2,836 2.63%
BAKERSFIELD, CA (FHA|USDA|VA) 2 $130,000 $65,000 $0 3.50%
Athens, OH (FHA|USDA|VA) 1 $125,000 $125,000 $3,192 2.38%
HUNTSVILLE, AL (FHA|USDA|VA) 1 $125,000 $125,000 $2,705 3.00%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $125,000 $125,000 $2,227 2.38%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 1 $115,000 $115,000 $2,879 2.75%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $115,000 $115,000 $2,810 2.50%
Van Wert, OH (FHA|USDA|VA) 1 $105,000 $105,000 $3,058 3.00%
Richmond, IN (FHA|USDA|VA) 1 $95,000 $95,000 $2,070 3.38%
Cedartown, GA (FHA|USDA|VA) 1 $85,000 $85,000 $2,755 2.38%
Mount Vernon, OH (FHA|USDA|VA) 1 $75,000 $75,000 $0 3.50%
AKRON, OH (FHA|USDA|VA) 1 $65,000 $65,000 $3,009 2.50%
VALDOSTA, GA (FHA|USDA|VA) 1 $55,000 $55,000 $0 3.50%
STOCKTON, CA (FHA|USDA|VA) 1 $55,000 $55,000 $0 3.50%
Hillsdale, MI (FHA|USDA|VA) 1 $45,000 $45,000 $2,310 2.88%

Honda Federal Credit Union's top markets include Columbus, Los Angeles, Bellefontaine, Sidney, and Birmingham among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,174 $183,090,000 $155,954 $3,183 3.32%

For the 2021 period, Honda Federal Credit Union's most frequently originated loan type of loans were Conventional, with 1,174 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Cash Out Refi 572 $75,240,000 $131,538 $2,655 3.51%
Home Purchase 256 $57,670,000 $225,273 $4,236 3.08%
Refi 241 $39,095,000 $162,220 $3,018 2.89%
Other 75 $5,115,000 $68,200 $401 4.29%
Home Improvement 30 $5,970,000 $199,000 $2,936 2.98%

For the 2021, Honda Federal Credit Union's most frequently cited loan purpose of loans were Cash Out Refi, with 572 originations. The 2nd most popular reason of loans were Home Purchase, with 256 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
20 Year 524 $60,630,000 $115,706 $2,689 3.62%
30 Year 325 $79,275,000 $243,923 $4,048 3.10%
15 Year 226 $30,910,000 $136,770 $2,825 2.83%
10 Year 63 $4,745,000 $75,317 $1,641 3.89%
Other 30 $7,310,000 $243,667 $3,206 2.67%
5 Year 6 $220,000 $36,667 $312 5.04%

For the 2021, Honda Federal Credit Union's most frequently cited loan length of loans were 20 Year, with 524 originations. The 2nd most popular length of loans were 30 Year, with 325 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 827 $147,645,000 $178,531
$1k-2k 10 $4,500,000 $450,000
$3k-4k 4 $1,010,000 $252,500
$5k+ 2 $900,000 $450,000
$2k-3k 1 $175,000 $175,000

$4,048 of loans were Honda Federal Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 827 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 483 $64,265,000 $133,054
2.5-3% 281 $58,825,000 $209,342
<2.5% 279 $52,295,000 $187,437
5-6% 62 $3,930,000 $63,387
4-5% 33 $2,105,000 $63,788
6-7% 28 $1,350,000 $48,214
7-8% 6 $270,000 $45,000
Over 8% 2 $50,000 $25,000

During 2021, Honda Federal Credit Union's average interest rate of loans were 3.10%, while their most frequently originated rate bucket of loans were 3-4%, with 483 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 440 $63,130,000 $143,477 $2,917 2.98%
$100,000 or less 435 $23,445,000 $53,897 $1,685 3.94%
$200k-400k 243 $65,105,000 $267,922 $3,868 2.95%
$400k-600k 41 $19,225,000 $468,902 $7,501 2.91%
$600k-1MM 13 $9,475,000 $728,846 $10,749 2.79%
$1MM+ 2 $2,710,000 $1,355,000 $6,618 3.00%

2021 saw Honda Federal Credit Union place emphasis on $100k-200k loans with 440 originations, totaling $63,130,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 320 $38,420,000 $120,063 $2,803 3.24%
$100k-150k 289 $49,375,000 $170,848 $3,290 3.32%
$75k-100k 233 $36,355,000 $156,030 $3,325 3.32%
$50k or less 154 $15,760,000 $102,338 $2,379 3.48%
$150k-250k 127 $29,765,000 $234,370 $4,322 3.31%
$250k+ 32 $10,180,000 $318,125 $5,987 3.49%

Honda Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 320 originations. The second most popular income band? $100k-150k, with 289 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 342 $54,720,000 $160,000 $3,439 3.11%
30-36% 205 $32,245,000 $157,293 $3,039 3.30%
<20% 152 $21,620,000 $142,237 $3,266 3.12%
40% 47 $6,445,000 $137,128 $2,399 3.56%
36% 44 $6,240,000 $141,818 $3,594 3.45%
50-60% 42 $7,030,000 $167,381 $3,529 3.73%
38% 39 $7,045,000 $180,641 $3,269 3.30%
41% 37 $5,435,000 $146,892 $3,341 3.32%
39% 34 $5,390,000 $158,529 $3,647 3.51%
44% 31 $3,895,000 $125,645 $2,017 3.74%
37% 31 $4,925,000 $158,871 $2,873 3.52%
42% 28 $3,950,000 $141,071 $3,692 3.58%
46% 26 $4,940,000 $190,000 $3,032 3.33%
43% 25 $3,425,000 $137,000 $2,552 3.80%
45% 24 $4,470,000 $186,250 $3,112 3.53%
48% 22 $3,230,000 $146,818 $2,735 3.66%
49% 19 $3,455,000 $181,842 $2,608 3.82%
47% 16 $2,270,000 $141,875 $2,309 3.77%
>60% 9 $2,155,000 $239,444 $3,557 3.40%

Honda Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 342 originations. The next most common DTI ratio? 30-36%, with 205 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 883 $129,125,000 $146,234 $3,119 3.28%
Not provided 172 $28,880,000 $167,907 $3,069 3.51%
Asian 40 $11,020,000 $275,500 $4,338 3.00%
Black 58 $9,610,000 $165,690 $3,492 3.48%
Japanese 6 $1,340,000 $223,333 $3,483 2.96%
American Indian 6 $950,000 $158,333 $2,926 4.00%
Asian Indian 3 $905,000 $301,667 $9,979 3.08%
Filipino 4 $900,000 $225,000 $1,587 3.69%
Chinese 1 $335,000 $335,000 $2,888 3.25%
Native Hawaiian 1 $25,000 $25,000 $325 5.50%

Approval Rates

Total approvals of all applications
95.00%

Honda 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 origination
78.68%

Honda Federal Credit Union has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 1,174 $183,090,000 $155,954

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,174 $183,090,000 $155,954

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 194 $20,280,000 $104,536 $2,871 3.65%
40-60% 190 $33,280,000 $175,158 $3,366 2.91%
60-80% 372 $73,860,000 $198,548 $3,563 2.89%
80-100% 193 $44,105,000 $228,523 $3,528 3.04%
Under 20% 225 $11,565,000 $51,400 $489 4.34%