Northwest Bank Of Rockford Mortgage Rates, Fees & Info

ROCKFORD, IL

LEI: 2138007DQF1WY8NDYM18

Tax ID: 36-2727135

5 stars - Updated: 4/5/25 - out of 5 stars, based on 14 reviews

Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Northwest Bank Of Rockford is a smaller bank specializing in Home Purchase and Refi loans. Northwest Bank Of Rockford has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: Rockford, Freeport, Chicago, Kankakee, and Cookeville among others. We have data for 13 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 about average 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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 7.19% 4/5/25
    30 Year Conventional Refi 7.21% 4/5/25
    30 Year Cash-out Refi 8.25% 4/5/25
    30 Year FHA Purchase 7.15% 4/5/25
    30 Year FHA Refi 7.04% 4/5/25
    30 Year VA Purchase 7.65% 4/5/25
    15 Year Conventional Purchase 6.00% 4/5/25
    15 Year Conventional Refi 6.53% 4/5/25
    15 Year Cash-out Refi 6.53% 4/5/25
    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






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Northwest Bank Of Rockford. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    186

    Origination Dollar Volume (All Markets)

    $41,720,000

    Awards

    NORTHWEST BANK OF ROCKFORD 30 Year Conventional Loans gold
    Show all (1) awards

    Relative Rate

    Northwest Bank Of Rockford's average 30 year fixed mortgage rate was 6.75%.

    The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.

    This yields a difference of 0.2%.

    Relative Fees (Closing Costs)

    Northwest Bank Of Rockford's average total fees/closing costs for a 30 year fixed rate mortgage were $4,217.

    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 $8,356.

    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) 135 $32,155,000 $238,185 $3,974 6.96%
    Freeport, IL (FHA|USDA|VA) 26 $3,890,000 $149,615 $3,776 6.52%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 7 $2,045,000 $292,143 $6,850 6.99%
    Outside of Metro Areas 3 $825,000 $275,000 $3,607 7.00%
    KANKAKEE, IL (FHA|USDA|VA) 4 $530,000 $132,500 $3,233 6.78%
    Cookeville, TN (FHA|USDA|VA) 2 $430,000 $215,000 $0 8.00%
    Rochelle, IL (FHA|USDA|VA) 2 $370,000 $185,000 $3,623 6.50%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $360,000 $180,000 $3,333 6.50%
    Clinton, IA (FHA|USDA|VA) 1 $345,000 $345,000 $8,310 6.25%
    Atmore, AL (FHA|USDA|VA) 1 $285,000 $285,000 $3,546 6.88%
    Sterling, IL (FHA|USDA|VA) 1 $175,000 $175,000 $6,601 6.38%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $155,000 $155,000 $3,568 6.63%
    JANESVILLE-BELOIT, WI (FHA|USDA|VA) 1 $155,000 $155,000 $0 7.95%
    Northwest Bank Of Rockford's top markets include Rockford, Freeport, Chicago, Kankakee, and Cookeville among others.

    Their top states include:
  • Illinois (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Tennessee (FHA|USDA|VA)
  • Iowa (FHA|USDA|VA)
  • Indiana (FHA|USDA|VA)

    • 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.

    First Savings Bank of Hegewisch
    Similarity Rank: 36
    Liberty Bank for Savings
    Similarity Rank: 79
    Rock Valley Credit Union
    Similarity Rank: 168
    Stillman Bank
    Similarity Rank: 189
    State Bank of Cross Plains
    Similarity Rank: 247
    First Community Credit Union
    Similarity Rank: 270
    Blackhawk Community Credit Union
    Similarity Rank: 276
    FINANCIAL PLUS
    Similarity Rank: 288
    NORTHWEST BANK OF ROCKFORD
    Similarity Rank: 416
    DuPage Credit Union
    Similarity Rank: 560

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 176 $39,440,000 $224,091 $3,773 6.92%
    FHA 9 $2,095,000 $232,778 $7,936 6.44%
    VA 1 $185,000 $185,000 $7,636 7.13%

    For 2024, Northwest Bank Of Rockford's most frequently originated type of loan was Conventional, with 176 originations. Their 2nd most popular type was FHA, with 9 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 131 $28,505,000 $217,595 $4,448 6.82%
    Cash Out Refi 28 $3,870,000 $138,214 $2,806 7.13%
    Refi 25 $9,265,000 $370,600 $3,252 6.95%
    Home Improvement 2 $80,000 $40,000 $273 7.98%

    For 2024, Northwest Bank Of Rockford's most frequently cited loan purpose was Home Purchase, with 131 originations. The 2nd most popular reason was Cash Out Refi, with 28 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 157 $32,315,000 $205,828 $4,217 6.75%
    5 Year 21 $8,345,000 $397,381 $148 7.88%
    10 Year 4 $170,000 $42,500 $337 7.74%
    15 Year 2 $90,000 $45,000 $2,482 6.38%
    3 Year 1 $295,000 $295,000 $0 7.75%
    Other 1 $505,000 $505,000 $0 7.00%

    For 2024, Northwest Bank Of Rockford's most frequently cited loan duration was 30 Year, with 157 originations. The 2nd most popular length was 5 Year, with 21 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 126 $25,260,000 $200,476
    $<1k 8 $800,000 $100,000
    $4k-5k 5 $2,145,000 $429,000
    $5k+ 3 $1,415,000 $471,667
    $2k-3k 2 $530,000 $265,000

    Northwest Bank Of Rockford's average total fees were $4,217, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 126 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 116 $27,670,000 $238,534
    7-8% 50 $11,710,000 $234,200
    5-6% 11 $1,185,000 $107,727
    Over 8% 9 $1,155,000 $128,333

    During 2024, Northwest Bank Of Rockford's average interest rate for loans was 6.75%, while their most frequently originated rate bucket for loans was 6-7%, with 116 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 78 $11,450,000 $146,795 $3,892 6.81%
    $200k-400k 56 $15,790,000 $281,964 $4,648 7.03%
    $100,000 or less 37 $2,605,000 $70,405 $2,630 6.87%
    $400k-600k 9 $4,235,000 $470,556 $4,901 7.07%
    $1MM+ 3 $5,645,000 $1,881,667 $0 6.63%
    $600k-1MM 3 $1,995,000 $665,000 $7,650 6.92%

    2024 saw Northwest Bank Of Rockford place emphasis on $100k-200k loans with 78 originations, totaling $11,450,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 37 $7,415,000 $200,405 $4,193 6.78%
    $150k-250k 37 $9,065,000 $245,000 $3,904 6.94%
    $50k-75k 34 $4,090,000 $120,294 $3,549 6.60%
    $75k-100k 26 $3,960,000 $152,308 $4,115 6.69%
    $250k+ 16 $6,450,000 $403,125 $5,767 7.17%
    $50k or less 16 $1,810,000 $113,125 $3,603 6.83%

    Northwest Bank Of Rockford lent most frequently to those with incomes in the $100k-150k range, with 37 originations. The second most popular income band? $150k-250k, with 37 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 31 $4,735,000 $152,742 $3,545 6.78%
    30-36% 29 $6,975,000 $240,517 $4,639 6.59%
    <20% 14 $2,910,000 $207,857 $3,781 6.80%
    43% 12 $2,960,000 $246,667 $4,166 6.86%
    42% 10 $2,470,000 $247,000 $4,098 6.84%
    45% 8 $1,400,000 $175,000 $3,622 6.84%
    40% 7 $1,125,000 $160,714 $4,910 7.00%
    37% 6 $900,000 $150,000 $3,458 6.38%
    36% 6 $1,220,000 $203,333 $3,816 7.18%
    44% 6 $1,240,000 $206,667 $3,928 6.73%
    39% 6 $1,100,000 $183,333 $4,617 6.85%
    47% 6 $880,000 $146,667 $3,773 7.15%
    38% 5 $905,000 $181,000 $3,794 6.68%
    41% 5 $905,000 $181,000 $4,665 7.50%
    48% 5 $935,000 $187,000 $3,505 6.83%
    49% 5 $915,000 $183,000 $4,109 6.83%
    46% 3 $775,000 $258,333 $5,913 6.46%
    50-60% 2 $350,000 $175,000 $3,902 7.91%
    >60% 1 $245,000 $245,000 $3,802 6.63%

    Northwest Bank Of Rockford lent most frequently to those with DTI ratios of 20-30%, with 31 originations. The next most common DTI ratio? 30-36%, with 29 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 149 $28,215,000 $189,362 $3,949 6.80%
    Not applicable 20 $8,930,000 $446,500 $0 7.65%
    Black 10 $2,390,000 $239,000 $4,790 6.91%
    Asian 3 $1,185,000 $395,000 $6,807 6.83%
    Not provided 4 $1,000,000 $250,000 $3,843 6.63%

    Approval Rates

    Total approvals of all applications
    93.77%

    Northwest Bank Of Rockford has an average approval rate.

    Pick Rate

    Approvals leading to origination
    80.65%

    Northwest Bank Of Rockford has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 186 $41,720,000 $224,301

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    186 $41,720,000 $224,301

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 13 $2,735,000 $210,385 $1,881 6.86%
    40-60% 8 $1,060,000 $132,500 $3,522 6.74%
    60-80% 69 $16,965,000 $245,870 $4,092 6.98%
    80-100% 89 $20,315,000 $228,258 $4,406 6.79%
    Over 100% 1 $185,000 $185,000 $7,636 7.13%
    Under 20% 6 $460,000 $76,667 $1,274 7.77%