Is Horizon Credit Union An Expensive Mortgage Lender?

We compare mortgage interest rate and loan related closing costs at Horizon Credit Union with other lenders for mortgages with similar borrower characteristics:

Interest Rate: similar to average (+0.04%)
Loan Related Closing Costs: higher than average (+$913)
Assessment: this lender tends to be a expensive lender.

This scoreboard is based on data reported to FFIEC. In the data, Horizon Credit Union originated 254 mortgages, a national market share of 0.0%. It was most active in MT (0.1% market share), WA (0.1% market share), and ID (0.1% market share).

On average, Horizon Credit Union’s interest rates were similar to those of comparable mortgages at other lenders (+0.04%).1The comparable mortgages control for Horizon Credit Union’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and county. Interest rate and loan related closing costs are estimated based on fixed rate mortgages only, whereas market shares include all purchase or refinance mortgages. Its average total loan related closing cost was $4940, which was higher than those of comparable mortgages at $4027, with a difference of +$913. Overall, we estimate that Horizon Credit Union tends to be an expensive lender, with a cost-adjusted-rate difference of +0.13% compared to comparable mortgages at other lenders.2Cost adjusted rates were computed based on each percent of the loan amount in loan related closing costs being worth 1/6 of a percentage point in interest rate. Therefore, we recommend comparing your rate and fees with at least a few other lenders before signing with Horizon Credit Union.

Horizon Credit Union originated Conforming mortgages for new home purchases. It also originated Conforming mortgages for refinances. We breakdown its interest rate and total loan related closing cost on by each of the mortgage types it originated below:

Home Purchase Mortgages from Horizon Credit Union compared to other lenders

Conforming
Interest Rate Difference +0.06%
Loan related Closing Cost Difference +$898
Cost Adjusted Rate Difference +0.13%

Based on the table above, Horizon Credit Union is more expensive than other lenders for Conforming purchase mortgages.

Mortgage Refinancing from Horizon Credit Union compared to other lenders

Conforming
Interest Rate Difference +0.02%
Loan Related Closing Cost Difference +$934
Cost Adjusted Rate Difference +0.12%

Based on the table above, Horizon Credit Union is more expensive than other lenders for Conforming mortgage refinance.

Other information about Horizon Credit Union:

Regulator: National Credit Union Administration (NCUA) 
Registered city and state: SPOKANE VALLEY, WA, 99216

Footnotes   [ + ]

1. The comparable mortgages control for Horizon Credit Union’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and county. Interest rate and loan related closing costs are estimated based on fixed rate mortgages only, whereas market shares include all purchase or refinance mortgages.
2. Cost adjusted rates were computed based on each percent of the loan amount in loan related closing costs being worth 1/6 of a percentage point in interest rate.

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