Honor Credit Union Mortgage Interest Rate and Cost Review

Is Honor Credit Union a cheap or expensive mortgage lender? We compare the interest rates and closing costs charged by Honor Credit Union with other lenders for comparable mortgages. Nationally, here is what we find:

Interest Ratesimilar to average (+0.09%)
Loan Related Closing Costssimilar to average (-$184)
National Rate and Closing Cost Rating(3.0)
Websitehttps://www.honorcu.com

On average, Honor Credit Union’s interest rates were similar to those of other lenders (+0.09%) for a comparable set of borrowers. Its average total loan related closing cost was similar to those of other lenders, with a difference of -$184. Overall, combining interest rates and closing costs we estimate that Honor Credit Union tends to be an average cost lender, and give it a National Rate and Closing Costs Rating of 3.0 out of 5.0 stars.

Honor Credit Union’s Rates by Area

Mortgage lenders often set different rates in different geographical markets. In particular, among the markets we track Honor Credit Union was most active in:

  1. South Bend, IN
  2. Portage, MI
  3. Marquette, MI
  4. Grand Rapids, MI
  5. Ann Arbor, MI

You can click through to check out Honor Credit Union’s mortgage rate competitiveness by area. Or, for our data driven ranking of all the top mortgage lenders by area, click here.

Honor Credit Union’s Rates by Mortgage Type

Mortgage lenders also tend to charge different interest rates and closing costs depending on the type of mortgage. In our data, Honor Credit Union originated Conforming, FHA, Jumbo and USDA mortgages for new home purchases. It also originated Conforming and Jumbo mortgages for refinances. We breakdown its interest rate and total loan related closing cost difference relative to other lenders for comparable mortgages by type in the table below.

Purchase/Refinance:
New Purchase MortgagesConformingFHAJumboUSDA
Interest Rate Difference+0.14%+0.13%-0.00%-0.03%
Loan Related Closing Cost Difference-$127-$115+$98-$39
Cost Adjusted Rate Difference+0.13%+0.12%+0.00%-0.03%
Star Rating(3.0)(3.0)(3.5)(3.5)
Refinance MortgagesConformingJumbo
Interest Rate Difference-0.01%+0.04%
Loan Related Closing Cost Difference-$309+$21
Cost Adjusted Rate Difference-0.04%+0.04%
Star Rating(3.5)(3.5)

As a summary, Honor Credit Union is similar to other lenders for Jumbo and USDA purchase mortgages. It is more expensive than other lenders for Conforming and FHA purchase mortgages. For refinancing mortgages, Honor Credit Union is similar to other lenders for Conforming and Jumbo mortgage refinance. Nevertheless, individual circumstances can matter, and we always recommend shopping among several lenders in your area before signing.

Other information about Honor Credit Union:

Registered name: Honor Credit Union
Registered city and state: Berrien Springs, MI, 49103
Regulator: National Credit Union Administration (NCUA)

* Source of the data is Federal Financial Institutions Examination Council (FFIEC) and is for mortgages originated in the past year. Our comparable mortgages analysis controls for Honor 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 commuting zone. Cost adjusted rates were computed based on each percent of the loan amount in above average loan related closing costs being worth +0.15 of a percentage point in interest rate. Furthermore, the amounts are regularized using a Bayesian approach to control for small samples.