Horizon Bank Mortgage Rates, Fees & Info

Michigan City, IN

LEI: P7GC0W65KB5CEIHLDX81

Tax ID: 35-1076581

5 stars - Updated: 4/14/24 - out of 5 stars, based on 53 reviews

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

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Mortgage Data

Review & Overview

Horizon Bank is a smaller bank specializing in Home Purchase and Refi loans. Horizon Bank 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.) They have a low ratio of USDA loans. Their top markets by origination volume include: Indianapolis, Chicago, Michigan City, Grand Rapids, and Kalamazoo among others. We have data for 68 markets. (Some data included below & more in-depth data is available with an active subscription.)

Horizon Bank 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. Horizon Bank 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) 6.27% 4/14/24
30 Year Conventional Purchase 6.84% 4/14/24
30 Year Conventional Refi 6.68% 4/14/24
30 Year Cash-out Refi 6.94% 4/14/24
30 Year FHA Purchase 7.74% 4/14/24
30 Year FHA Refi 7.51% 4/14/24
30 Year VA Purchase 6.66% 4/14/24
30 Year USDA Purchase 7.05% 4/14/24
15 Year Conventional Purchase 6.76% 4/14/24
15 Year Conventional Refi 6.66% 4/14/24
15 Year Cash-out Refi 6.66% 4/14/24
15 Year FHA Purchase 5.68% 4/14/24
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 Bank Mortgage Calculator






Your Estimates

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

This is not an official calculator from Horizon Bank. 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

2,811

Origination Dollar Volume (All Markets)

$490,075,000
Show all (12) awards

Relative Rate

Horizon Bank's average 30 year fixed mortgage rate was 7.09%.

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

This yields a difference of 0.61%.

Relative Fees (Closing Costs)

Horizon Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $3,535.

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
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 630 $84,090,000 $133,476 $932 7.58%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 334 $69,880,000 $209,222 $2,652 7.37%
MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 376 $46,310,000 $123,165 $2,006 7.50%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 75 $42,655,000 $568,733 $6,760 6.87%
Outside of Metro Areas 221 $33,085,000 $149,706 $2,484 7.35%
KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 100 $30,420,000 $304,200 $4,086 7.28%
Warsaw, IN (FHA|USDA|VA) 49 $27,395,000 $559,082 $2,200 7.19%
NILES, MI (FHA|USDA|VA) 109 $22,725,000 $208,486 $3,084 7.16%
Cadillac, MI (FHA|USDA|VA) 142 $21,670,000 $152,606 $2,258 7.39%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 121 $18,275,000 $151,033 $2,187 7.44%
ELKHART-GOSHEN, IN (FHA|USDA|VA) 69 $8,845,000 $128,188 $1,840 7.38%
FORT WAYNE, IN (FHA|USDA|VA) 74 $8,100,000 $109,459 $1,695 7.42%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 16 $7,680,000 $480,000 $2,075 7.00%
LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 76 $7,480,000 $98,421 $1,887 7.69%
MIDLAND, MI (FHA|USDA|VA) 38 $6,450,000 $169,737 $2,887 7.02%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 2 $6,280,000 $3,140,000 $23,111 8.69%
Auburn, IN (FHA|USDA|VA) 39 $5,495,000 $140,897 $1,842 7.55%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 34 $4,340,000 $127,647 $1,021 7.43%
Kendallville, IN (FHA|USDA|VA) 30 $3,740,000 $124,667 $1,861 7.33%
Logansport, IN (FHA|USDA|VA) 37 $2,955,000 $79,865 $2,520 7.30%
COLUMBUS, IN (FHA|USDA|VA) 27 $2,565,000 $95,000 $1,327 7.53%
Holland, MI (FHA|USDA|VA) 9 $2,565,000 $285,000 $5,433 7.15%
SAGINAW, MI (FHA|USDA|VA) 10 $2,200,000 $220,000 $4,143 7.29%
KOKOMO, IN (FHA|USDA|VA) 26 $1,970,000 $75,769 $2,205 7.06%
Big Rapids, MI (FHA|USDA|VA) 18 $1,940,000 $107,778 $1,770 7.01%
Sturgis, MI (FHA|USDA|VA) 15 $1,925,000 $128,333 $3,263 7.39%
BLOOMINGTON, IN (FHA|USDA|VA) 13 $1,545,000 $118,846 $1,778 8.07%
MUSKEGON, MI (FHA|USDA|VA) 7 $1,375,000 $196,429 $6,260 7.04%
Marion, IN (FHA|USDA|VA) 24 $1,260,000 $52,500 $1,284 7.18%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 1 $1,255,000 $1,255,000 $0 6.19%
Plymouth, IN (FHA|USDA|VA) 10 $1,130,000 $113,000 $1,319 6.95%
Traverse City, MI (FHA|USDA|VA) 3 $925,000 $308,333 $3,413 7.67%
Angola, IN (FHA|USDA|VA) 7 $805,000 $115,000 $2,213 7.60%
Alma, MI (FHA|USDA|VA) 2 $800,000 $400,000 $3,086 7.81%
Frankfort, IN (FHA|USDA|VA) 8 $790,000 $98,750 $2,055 8.15%
Bluffton, IN (FHA|USDA|VA) 3 $665,000 $221,667 $2,195 6.96%
BATTLE CREEK, MI (FHA|USDA|VA) 7 $645,000 $92,143 $3,154 7.53%
FLINT, MI (FHA|USDA|VA) 2 $620,000 $310,000 $0 8.81%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 3 $615,000 $205,000 $5,780 7.71%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $605,000 $605,000 $0 9.00%
WILMINGTON, NC (FHA|USDA|VA) 1 $545,000 $545,000 $3,426 6.50%
Washington, IN (FHA|USDA|VA) 2 $520,000 $260,000 $0 6.22%
Wabash, IN (FHA|USDA|VA) 5 $465,000 $93,000 $2,190 8.16%
BAY CITY, MI (FHA|USDA|VA) 3 $445,000 $148,333 $2,361 7.09%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 1 $445,000 $445,000 $9,189 6.88%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $405,000 $405,000 $0 8.50%
Huntington, IN (FHA|USDA|VA) 3 $385,000 $128,333 $2,131 6.81%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $325,000 $325,000 $6,407 6.88%
ANN ARBOR, MI (FHA|USDA|VA) 2 $230,000 $115,000 $2,343 6.72%
Seneca, SC (FHA|USDA|VA) 1 $205,000 $205,000 $3,248 6.88%
LOUISVILLE, KY (FHA|USDA|VA) 1 $205,000 $205,000 $0 6.19%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $195,000 $195,000 $3,300 8.00%
Bedford, IN (FHA|USDA|VA) 2 $190,000 $95,000 $3,416 7.88%
MUNCIE, IN (FHA|USDA|VA) 3 $165,000 $55,000 $1,230 9.58%
Greensburg, IN (FHA|USDA|VA) 3 $165,000 $55,000 $0 7.42%
SEBRING-AVON PARK, FL (FHA|USDA|VA) 1 $165,000 $165,000 $5,171 6.38%
BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 1 $165,000 $165,000 $5,673 7.50%
JACKSON, MI (FHA|USDA|VA) 1 $155,000 $155,000 $0 9.25%
BLOOMINGTON, IL (FHA|USDA|VA) 1 $145,000 $145,000 $2,648 6.75%
Mount Pleasant, MI (FHA|USDA|VA) 1 $145,000 $145,000 $5,341 6.63%
Crawfordsville, IN (FHA|USDA|VA) 1 $105,000 $105,000 $2,471 7.75%
Hillsdale, MI (FHA|USDA|VA) 1 $95,000 $95,000 $3,752 5.75%
Seymour, IN (FHA|USDA|VA) 1 $35,000 $35,000 $0 6.19%
Peru, IN (FHA|USDA|VA) 1 $35,000 $35,000 $0 8.64%
New Castle, IN (FHA|USDA|VA) 1 $25,000 $25,000 $0 6.19%
EVANSVILLE, IN-KY (FHA|USDA|VA) 1 $15,000 $15,000 $0 6.89%
TERRE HAUTE, IN (FHA|USDA|VA) 1 $15,000 $15,000 $0 7.89%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $15,000 $15,000 $0 10.89%
Horizon Bank's top markets include Indianapolis, Chicago, Michigan City, Grand Rapids, and Kalamazoo among others.

Their top states include:
  • Indiana (FHA|USDA|VA)
  • Michigan (FHA|USDA|VA)
  • Illinois (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • California (FHA|USDA|VA)
  • Similar Lenders

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

    Michigan Legacy Credit Union
    Similarity Rank: 15
    Wildfire Credit Union
    Similarity Rank: 26
    First Savings Bank of Hegewisch
    Similarity Rank: 46
    1st State Financial, Ltd.
    Similarity Rank: 85
    Total Community Credit Union
    Similarity Rank: 94
    First State Bank of Middlebury
    Similarity Rank: 99
    St James Mortgage Corporation
    Similarity Rank: 104
    Crossroads Bank
    Similarity Rank: 119

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,400 $301,650,000 $215,464 $1,965 7.65%
    HELOC 1,307 $169,375,000 $129,591 n/a 7.23%
    FHA 86 $14,830,000 $172,442 $6,411 6.55%
    VA 9 $2,635,000 $292,778 $3,957 6.72%
    USDA 9 $1,585,000 $176,111 $5,215 6.53%

    For 2023, Horizon Bank's most frequently originated type of loan was Conventional, with 1,400 originations. Their 2nd most popular type was HELOC, with 1,307 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 982 $254,220,000 $258,880 $3,729 7.32%
    Home Improvement 903 $87,755,000 $97,182 $8 7.45%
    Refi 566 $107,830,000 $190,512 $481 7.41%
    Other 281 $21,825,000 $77,669 $4 7.73%
    Cash Out Refi 79 $18,445,000 $233,481 $3,795 7.10%

    For 2023, Horizon Bank's most frequently cited loan purpose was Home Purchase, with 982 originations. The 2nd most popular reason was Home Improvement, with 903 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 1,338 $194,190,000 $145,135 $0 7.22%
    30 Year 788 $172,050,000 $218,338 $3,535 7.09%
    20 Year 169 $14,825,000 $87,722 $286 8.94%
    15 Year 162 $12,960,000 $80,000 $329 8.12%
    10 Year 159 $9,315,000 $58,585 $86 7.84%
    5 Year 127 $47,235,000 $371,929 $13 8.04%
    30+ year 58 $34,380,000 $592,759 $6,243 7.20%
    3 Year 5 $1,225,000 $245,000 $0 7.85%
    1 Year 5 $3,895,000 $779,000 $0 8.74%

    For 2023, Horizon Bank's most frequently cited loan duration was Other, with 1,338 originations. The 2nd most popular length was 30 Year, with 788 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 961 $117,955,000 $122,742
    $1k-2k 265 $77,195,000 $291,302
    $2k-3k 93 $25,725,000 $276,613
    $3k-4k 19 $4,345,000 $228,684
    $5k+ 16 $6,220,000 $388,750
    $4k-5k 8 $2,510,000 $313,750

    Horizon Bank's average total fees were $3,535, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 961 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 1,296 $234,940,000 $181,281
    Over 8% 872 $102,220,000 $117,225
    7-8% 576 $133,910,000 $232,483
    5-6% 63 $18,255,000 $289,762
    <2.5% 2 $310,000 $155,000
    3-4% 2 $440,000 $220,000

    During 2023, Horizon Bank's average interest rate for loans was 7.09%, while their most frequently originated rate bucket for loans was 6-7%, with 1,296 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 1,383 $70,315,000 $50,842 $618 7.57%
    $100k-200k 761 $106,135,000 $139,468 $2,817 7.34%
    $200k-400k 485 $128,165,000 $264,258 $3,958 7.17%
    $400k-600k 94 $44,300,000 $471,277 $4,475 7.24%
    $600k-1MM 52 $38,300,000 $736,538 $5,321 7.15%
    $1MM+ 36 $102,860,000 $2,857,222 $8,505 7.21%

    2023 saw Horizon Bank place emphasis on $100,000 or less loans with 1,383 originations, totaling $70,315,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 562 $69,400,000 $123,488 $1,830 7.49%
    $50k or less 543 $57,095,000 $105,147 $2,362 7.33%
    $50k-75k 473 $43,185,000 $91,300 $2,031 7.48%
    $75k-100k 431 $50,625,000 $117,459 $2,296 7.46%
    $150k-250k 428 $72,630,000 $169,696 $2,223 7.39%
    $250k+ 265 $103,675,000 $391,226 $3,814 7.40%

    Horizon Bank lent most frequently to those with incomes in the $100k-150k range, with 562 originations. The second most popular income band? $50k or less, with 543 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 598 $77,620,000 $129,799 $1,900 7.43%
    30-36% 512 $66,770,000 $130,410 $1,931 7.41%
    <20% 278 $36,900,000 $132,734 $1,363 7.45%
    44% 171 $25,935,000 $151,667 $2,470 7.53%
    43% 127 $19,375,000 $152,559 $2,870 7.45%
    45% 116 $19,720,000 $170,000 $2,901 7.41%
    41% 97 $11,685,000 $120,464 $2,526 7.50%
    38% 95 $16,305,000 $171,632 $3,068 7.38%
    40% 91 $12,645,000 $138,956 $2,442 7.34%
    42% 89 $12,005,000 $134,888 $2,154 7.34%
    39% 88 $11,930,000 $135,568 $2,341 7.61%
    37% 87 $9,985,000 $114,770 $1,544 7.29%
    36% 82 $12,240,000 $149,268 $2,136 7.46%
    49% 69 $17,355,000 $251,522 $3,898 7.17%
    46% 59 $16,725,000 $283,475 $4,106 7.12%
    50-60% 46 $8,830,000 $191,957 $4,459 7.29%
    48% 45 $11,285,000 $250,778 $3,607 7.48%
    47% 40 $7,770,000 $194,250 $4,071 7.44%
    >60% 11 $525,000 $47,727 $0 8.72%

    Horizon Bank lent most frequently to those with DTI ratios of 20-30%, with 598 originations. The next most common DTI ratio? 30-36%, with 512 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 2,348 $327,710,000 $139,570 $2,130 7.43%
    Not applicable 73 $89,565,000 $1,226,918 $3,611 6.98%
    Not provided 245 $51,485,000 $210,143 $3,313 7.27%
    Black 105 $11,575,000 $110,238 $2,233 7.76%
    Asian 30 $6,500,000 $216,667 $2,903 7.61%
    American Indian 6 $1,630,000 $271,667 $2,915 6.50%
    Filipino 1 $1,005,000 $1,005,000 $0 8.50%
    Native Hawaiian or Islander 2 $340,000 $170,000 $5,357 6.60%
    Asian Indian 1 $265,000 $265,000 $0 8.52%

    Approval Rates

    Total approvals of all applications
    77.75%

    Horizon Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    89.97%

    Horizon Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 2,811 $490,075,000 $174,342

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    2,811 $490,075,000 $174,342

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 803 $90,695,000 $112,945 $580 7.59%
    40-60% 304 $71,400,000 $234,868 $2,208 7.34%
    60-80% 381 $151,895,000 $398,675 $3,746 7.29%
    80-100% 553 $125,255,000 $226,501 $3,754 7.17%
    Over 100% 3 $315,000 $105,000 $1,834 7.19%
    Under 20% 766 $48,510,000 $63,329 $29 7.51%