HarborLight Credit Union Mortgage Interest Rate and Cost Review

Is HarborLight Credit Union a cheap or expensive mortgage lender? To help you shop for a mortgage, we compare the interest rates and closing costs charged by HarborLight Credit Union to those of other lenders for a comparable set of borrowers. Here is our review of HarborLight Credit Union nationally:

Review ItemHarborLight Credit Union
Interest Ratelower than other lenders (-0.13%)
Loan Related Closing Costssimilar to other lenders (-$165)
National Rate and Closing Cost Star Rating(4.5)

On average, HarborLight Credit Union’s interest rates were lower than those of other lenders (-0.13%). On the other hand, its loan related closing costs were similar to those of other lenders, with a difference of -$165. Overall, combining interest rates and closing costs we estimate that HarborLight Credit Union tends to be a cheap lender, and give it a National Rate and Closing Costs Rating of 4.5 out of 5 stars. This is an excellent rating and places it among the top 15% of lenders nationwide.

We maintain our independence by not accepting any money from the mortgage lenders we review. To visit HarborLight Credit Union, check out its website at: https://www.harborlightcu.org.

HarborLight Credit Union’s Rate Review by City

Mortgage lenders often set different rates in different geographical markets. For our list of the top mortgage lenders by city, click here. In particular, among the cities we track HarborLight Credit Union was most active in:

  1. Grand Rapids, MI
  2. Portage, MI

In addition, HarborLight Credit Union is our top ranked/best mortgage lender in terms of interest rate and closing costs in:

HarborLight Credit Union’s Rate Review by Mortgage Type

Mortgage lenders also tend to charge different interest rates and closing costs depending on the type of mortgage. In our data, HarborLight Credit Union originated Conforming, FHA and USDA mortgages for new home purchases. It also originated Conforming and FHA mortgages for refinances. Its average interest rate and total loan related closing cost difference relative to other lenders for comparable borrowers by mortgages type is as follows.

New Purchase MortgagesConformingFHAUSDA
Interest Rate Difference-0.07%+0.00%+0.00%
Loan Related Closing Cost Difference+$545-$26+$10
Cost Adjusted Rate Difference+0.03%+0.00%+0.01%
National Star Rating(3.5)(3.5)(3.5)
Refinance MortgagesConformingFHA
Interest Rate Difference-0.15%+0.01%
Loan Related Closing Cost Difference-$375-$7
Cost Adjusted Rate Difference-0.23%+0.01%
Average Star Rating(4.5)(3.5)

As a summary, HarborLight Credit Union is similar to other lenders for Conforming, FHA and USDA purchase mortgages. For refinancing mortgages, HarborLight Credit Union is cheap for Conforming mortgage refinance. It is similar to other lenders for FHA mortgage refinance. Nevertheless, individual circumstances can matter a lot for mortgage rates, and we always recommend shopping among several of our top mortgage lenders in your area before signing.

Other information about HarborLight Credit Union:

Registered name: HarborLight Credit Union
Registered city and state: Whitehall, MI, 49461
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 HarborLight 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.