Horizon Bank Mortgage Rates, Fees & Info
Michigan City, INLEI: P7GC0W65KB5CEIHLDX81
Tax ID: 35-1076581
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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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.27% | 10/29/24 |
| 30 Year Conventional Purchase | 6.84% | 10/29/24 |
| 30 Year Conventional Refi | 6.68% | 10/29/24 |
| 30 Year Cash-out Refi | 6.94% | 10/29/24 |
| 30 Year FHA Purchase | 7.74% | 10/29/24 |
| 30 Year FHA Refi | 7.51% | 10/29/24 |
| 30 Year VA Purchase | 6.66% | 10/29/24 |
| 30 Year USDA Purchase | 7.05% | 10/29/24 |
| 15 Year Conventional Purchase | 6.76% | 10/29/24 |
| 15 Year Conventional Refi | 6.66% | 10/29/24 |
| 15 Year Cash-out Refi | 6.66% | 10/29/24 |
| 15 Year FHA Purchase | 5.68% | 10/29/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
2,811Origination Dollar Volume (All Markets)
$490,075,000Awards
Horizon Bank - 2023
Horizon Bank is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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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% |
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.
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Product Mix
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
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
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
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
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
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
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
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
Approval Rates
Total approvals of all applications77.75%
Horizon Bank has a below average approval rate.
Pick Rate
Approvals leading to origination89.97%
Horizon Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 2,811 | $490,075,000 | $174,342 |