Northwest Bank Of Rockford Mortgage Rates, Fees & Info
ROCKFORD, ILLEI: 2138007DQF1WY8NDYM18
Tax ID: 36-2727135
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Mortgage Data
Review & Overview
Northwest Bank Of Rockford is a smaller bank specializing in Home Purchase loans. Northwest Bank Of Rockford 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.) Their top markets by origination volume include: Rockford, Freeport, Kankakee, Tampa, and Houston among others. We have data for 14 markets. (Some data included below & more in-depth data is available with an active subscription.)Northwest Bank Of Rockford has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Northwest Bank Of Rockford 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 |
|---|---|---|
| 30 Year Conventional Purchase | 7.22% | 4/21/24 |
| 30 Year Conventional Refi | 6.97% | 4/21/24 |
| 30 Year Cash-out Refi | 7.15% | 4/21/24 |
| 30 Year FHA Purchase | 7.41% | 4/21/24 |
| 30 Year FHA Refi | 7.06% | 4/21/24 |
| 15 Year Conventional Purchase | 6.61% | 4/21/24 |
| 15 Year Conventional Refi | 5.95% | 4/21/24 |
| 15 Year Cash-out Refi | 5.95% | 4/21/24 |
| 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. | ||
Northwest Bank Of Rockford Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
178Origination Dollar Volume (All Markets)
$27,640,000Awards
NORTHWEST BANK OF ROCKFORD - 2023
NORTHWEST BANK OF ROCKFORD is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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Relative Rate
Northwest Bank Of Rockford's average 30 year fixed mortgage rate was
6.78%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.3%.
Relative Fees (Closing Costs)
Northwest Bank Of Rockford's average total fees/closing costs for a 30 year fixed rate
mortgage were $3,421.
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 |
|---|---|---|---|---|---|
| ROCKFORD, IL (FHA|USDA|VA) | 151 | $22,935,000 | $151,887 | $2,976 | 7.05% |
| Freeport, IL (FHA|USDA|VA) | 10 | $890,000 | $89,000 | $2,701 | 6.78% |
| KANKAKEE, IL (FHA|USDA|VA) | 3 | $665,000 | $221,667 | $2,745 | 6.75% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $635,000 | $635,000 | $8,288 | 6.50% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 1 | $505,000 | $505,000 | $5,564 | 7.75% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 2 | $480,000 | $240,000 | $5,257 | 7.31% |
| Rochelle, IL (FHA|USDA|VA) | 3 | $405,000 | $135,000 | $2,377 | 6.92% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $3,971 | 6.75% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $3,501 | 6.50% |
| JANESVILLE-BELOIT, WI (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $5,813 | 6.38% |
| TOLEDO, OH (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $3,390 | 6.25% |
| CHAMPAIGN-URBANA, IL (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $2,184 | 6.13% |
| Whitewater, WI (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $310 | 7.95% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $3,757 | 5.88% |
Similar Lenders
We use machine learning to identify the top lenders compared against NORTHWEST BANK OF ROCKFORD based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 46
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 169 | $26,355,000 | $155,947 | $2,868 | 7.05% |
| FHA | 9 | $1,285,000 | $142,778 | $5,752 | 6.38% |
For 2023, Northwest Bank Of Rockford's most frequently originated type of loan was Conventional, with 169 originations. Their 2nd most popular type was FHA, with 9 originations.
Loan Reason
For 2023, Northwest Bank Of Rockford's most frequently cited loan purpose was Home Purchase, with 107 originations. The 2nd most popular reason was Cash Out Refi, with 34 originations.
Loan Duration/Length
For 2023, Northwest Bank Of Rockford's most frequently cited loan duration was 30 Year, with 137 originations. The 2nd most popular length was 10 Year, with 16 originations.
Origination Fees/Closing Costs
Northwest Bank Of Rockford's average total fees were $3,421, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 119 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 90 | $14,760,000 | $164,000 |
| 7-8% | 48 | $8,670,000 | $180,625 |
| Over 8% | 22 | $2,300,000 | $104,545 |
| 5-6% | 18 | $1,910,000 | $106,111 |
During 2023, Northwest Bank Of Rockford's average interest rate for loans was 6.78%, while their most frequently originated rate bucket for loans was 6-7%, with 90 originations.
Loan Sizing
2023 saw Northwest Bank Of Rockford place emphasis on $100k-200k loans with 71 originations, totaling $9,945,000 in origination value.
Applicant Income
Northwest Bank Of Rockford lent most frequently to those with incomes in the $100k-150k range, with 45 originations. The second most popular income band? $50k-75k, with 36 originations.
Applicant Debt to Income Ratio
Northwest Bank Of Rockford lent most frequently to those with DTI ratios of 20-30%, with 35 originations. The next most common DTI ratio? 30-36%, with 24 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications94.88%
Northwest Bank Of Rockford has an average approval rate.
Pick Rate
Approvals leading to origination82.02%
Northwest Bank Of Rockford has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 178 | $27,640,000 | $155,281 |