Northwest Bank Of Rockford Mortgage Rates, Fees & Info

ROCKFORD, IL

LEI: 2138007DQF1WY8NDYM18

Tax ID: 36-2727135

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • 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)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • 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 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, Rochelle, Nashville, and Kankakee among others. We have data for 18 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 7.22% 11/17/24
    30 Year Conventional Refi 6.97% 11/17/24
    30 Year Cash-out Refi 7.15% 11/17/24
    30 Year FHA Purchase 7.41% 11/17/24
    30 Year FHA Refi 7.06% 11/17/24
    15 Year Conventional Purchase 6.61% 11/17/24
    15 Year Conventional Refi 5.95% 11/17/24
    15 Year Cash-out Refi 5.95% 11/17/24
    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






    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

    389

    Origination Dollar Volume (All Markets)

    $49,075,000

    Employee count

    84 Show all (5) awards

    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) 300 $35,840,000 $119,467 $2,306 5.14%
    Freeport, IL (FHA|USDA|VA) 31 $3,105,000 $100,161 $2,111 4.98%
    Rochelle, IL (FHA|USDA|VA) 15 $2,005,000 $133,667 $2,374 5.08%
    Outside of Metro Areas 9 $1,905,000 $211,667 $2,695 4.69%
    NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 2 $1,410,000 $705,000 $3,168 5.44%
    KANKAKEE, IL (FHA|USDA|VA) 10 $1,360,000 $136,000 $2,822 4.89%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 7 $935,000 $133,571 $3,158 5.00%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 2 $490,000 $245,000 $3,741 4.13%
    JANESVILLE-BELOIT, WI (FHA|USDA|VA) 3 $445,000 $148,333 $1,952 5.00%
    DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 1 $315,000 $315,000 $1,781 4.63%
    Baraboo, WI (FHA|USDA|VA) 1 $285,000 $285,000 $2,651 5.38%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $205,000 $205,000 $3,327 5.13%
    Whitewater, WI (FHA|USDA|VA) 2 $180,000 $90,000 $1,828 5.06%
    MADISON, WI (FHA|USDA|VA) 1 $165,000 $165,000 $4,682 5.00%
    MEMPHIS, TN-MS-AR (FHA|USDA|VA) 1 $145,000 $145,000 $3,402 4.75%
    Mayfield, KY (FHA|USDA|VA) 1 $125,000 $125,000 $2,293 4.25%
    OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 1 $105,000 $105,000 $1,279 4.75%
    BLOOMINGTON, IL (FHA|USDA|VA) 1 $55,000 $55,000 $1,979 4.75%
    Northwest Bank Of Rockford's top markets include Rockford, Freeport, Rochelle, Nashville, and Kankakee among others.

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

    Bank of Milton
    Similarity Rank: 25
    UNITED
    Similarity Rank: 28
    Rock Valley Credit Union
    Similarity Rank: 30
    First Community Credit Union
    Similarity Rank: 63
    Liberty Bank for Savings
    Similarity Rank: 104
    Merchants Bank
    Similarity Rank: 290
    PACIFIC GLOBAL BANK
    Similarity Rank: 408
    The First National Bank and Trust Company
    Similarity Rank: 459
    Summit Credit Union
    Similarity Rank: 481
    The Equitable Bank, S.S.B.
    Similarity Rank: 533

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 374 $47,190,000 $126,176 $2,233 5.10%
    FHA 15 $1,885,000 $125,667 $4,758 5.06%

    For 2018, Northwest Bank Of Rockford's most frequently originated type of loan was Conventional, with 374 originations. Their 2nd most popular type was FHA, with 15 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 260 $32,670,000 $125,654 $2,670 5.08%
    Refi 90 $11,810,000 $131,222 $1,652 5.08%
    Cash Out Refi 34 $4,490,000 $132,059 $1,910 5.06%
    Home Improvement 4 $80,000 $20,000 $312 6.16%
    Other 1 $25,000 $25,000 $174 6.25%

    For 2018, Northwest Bank Of Rockford's most frequently cited loan purpose was Home Purchase, with 260 originations. The 2nd most popular reason was Refi, with 90 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 289 $38,965,000 $134,827 $2,529 5.14%
    15 Year 44 $5,570,000 $126,591 $2,127 4.49%
    5 Year 25 $2,385,000 $95,400 $274 5.49%
    20 Year 18 $1,650,000 $91,667 $2,114 4.79%
    10 Year 9 $365,000 $40,556 $412 5.85%
    Other 3 $135,000 $45,000 $174 5.57%
    3 Year 1 $5,000 $5,000 $145 6.00%

    For 2018, Northwest Bank Of Rockford's most frequently cited loan duration was 30 Year, with 289 originations. The 2nd most popular length was 15 Year, with 44 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 243 $32,785,000 $134,918
    $1k-2k 91 $10,735,000 $117,967
    $2k-3k 3 $1,065,000 $355,000

    Northwest Bank Of Rockford's average total fees were $2,529, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 243 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 194 $26,790,000 $138,093
    5-6% 184 $20,800,000 $113,043
    6-7% 6 $560,000 $93,333
    3-4% 4 $910,000 $227,500
    7-8% 1 $15,000 $15,000

    During 2018, Northwest Bank Of Rockford's average interest rate for loans was 5.14%, while their most frequently originated rate bucket for loans was 4-5%, with 194 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 182 $11,440,000 $62,857 $2,102 5.23%
    $100k-200k 149 $20,655,000 $138,624 $2,517 4.99%
    $200k-400k 51 $13,105,000 $256,961 $2,552 4.93%
    $400k-600k 5 $2,185,000 $437,000 $2,726 4.69%
    $1MM+ 1 $1,075,000 $1,075,000 $1,896 5.88%
    $600k-1MM 1 $615,000 $615,000 $1,625 5.50%

    2018 saw Northwest Bank Of Rockford place emphasis on $100,000 or less loans with 182 originations, totaling $11,440,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 114 $9,020,000 $79,123 $2,374 5.15%
    $50k-75k 94 $10,380,000 $110,426 $2,415 5.12%
    $75k-100k 68 $8,870,000 $130,441 $2,233 5.03%
    $100k-150k 66 $10,220,000 $154,848 $2,370 4.97%
    $150k-250k 20 $3,680,000 $184,000 $2,202 5.03%
    $250k+ 18 $5,470,000 $303,889 $2,250 5.17%

    Northwest Bank Of Rockford lent most frequently to those with incomes in the $50k or less range, with 114 originations. The second most popular income band? $50k-75k, with 94 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 80 $10,310,000 $128,875 $2,438 5.13%
    20-30% 75 $9,565,000 $127,533 $2,130 5.07%
    <20% 28 $3,170,000 $113,214 $2,084 5.07%
    41% 21 $2,965,000 $141,190 $2,544 5.21%
    42% 18 $1,940,000 $107,778 $2,485 5.11%
    38% 17 $1,785,000 $105,000 $2,473 5.01%
    39% 17 $1,905,000 $112,059 $2,482 4.89%
    37% 17 $2,655,000 $156,176 $2,437 5.06%
    36% 17 $1,675,000 $98,529 $2,611 5.21%
    40% 15 $2,035,000 $135,667 $2,629 4.99%
    43% 14 $1,990,000 $142,143 $2,687 5.08%
    50-60% 11 $1,245,000 $113,182 $2,058 4.99%
    46% 10 $1,830,000 $183,000 $2,420 5.09%
    45% 9 $1,035,000 $115,000 $2,472 5.06%
    48% 9 $1,235,000 $137,222 $2,089 5.04%
    >60% 6 $410,000 $68,333 $1,115 5.88%
    44% 6 $610,000 $101,667 $2,825 5.10%
    47% 6 $1,040,000 $173,333 $2,296 4.71%
    49% 5 $585,000 $117,000 $1,727 4.98%

    Northwest Bank Of Rockford lent most frequently to those with DTI ratios of 30-36%, with 80 originations. The next most common DTI ratio? 20-30%, with 75 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 354 $45,130,000 $127,486 $2,338 5.07%
    Not applicable 14 $1,690,000 $120,714 $0 5.50%
    Not provided 5 $645,000 $129,000 $2,430 4.83%
    Black 9 $515,000 $57,222 $3,012 5.29%
    Other Asian 1 $445,000 $445,000 $2,374 3.50%
    Asian 4 $380,000 $95,000 $2,391 5.53%
    Asian Indian 1 $245,000 $245,000 $0 5.25%
    American Indian 1 $25,000 $25,000 $174 6.25%

    Approval Rates

    Total approvals of all applications
    90.61%

    Northwest Bank Of Rockford has an average approval rate.

    Pick Rate

    Approvals leading to origination
    78.66%

    Northwest Bank Of Rockford has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 389 $49,075,000 $126,157

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 2 $570,000 $285,000
    Single Family (1-4 Units):Site-Built 387 $48,505,000 $125,336

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 15 $1,245,000 $83,000 $1,310 5.18%
    40-60% 24 $2,280,000 $95,000 $1,950 4.85%
    60-80% 125 $16,105,000 $128,840 $2,299 5.07%
    80-100% 208 $28,180,000 $135,481 $2,598 5.09%
    Over 100% 3 $685,000 $228,333 $1,841 5.54%
    Under 20% 11 $125,000 $11,364 $313 5.72%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Northwest Bank of Rockford 1100 Ralston Road Machesney Park, IL 61115 Full Service B&M $73,699
    Northwest Bank of Rockford 125 Phelps Avenue Rockford, IL 61108 Full Service B&M $74,896
    Northwest Bank of Rockford 3106 North Rockton Avenue Rockford, IL 61101 Full Service B&M $79,024
    Northwest Bank of Rockford 5305 North Second Street Loves Park, IL 61111 Full Service B&M $12,812
    Northwest Bank of Rockford 6724 Commonwealth Drive Loves Park, IL 61111 Full Service B&M $0

    For 2018, Northwest Bank Of Rockford had 5 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $11,432
    Net interest income $9,368
    Total noninterest income $2,769
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $405
    Trading account gains and fees $0
    Additional Noninterest Income $2,364
    Pre-tax net operating income $1,725
    Securities gains (or losses, -) $-30
    Income before extraordinary items $1,461
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $1,461
    Minority interest net income $0
    Net income $1,461
    Sale, conversion, retirement of capital stock, net $35
    Net operating income $1,486

    Northwest Bank Of Rockford's gross interest income from loans was $11,432,000.
    Northwest Bank Of Rockford's net interest income from loans was $9,368,000.
    Northwest Bank Of Rockford's fee based income from loans was $405,000.
    Northwest Bank Of Rockford's net income from loans was $1,461,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $2,064
    Provision for credit losses $740
    Total noninterest expense $9,672
    Salaries and employee benefits $5,389
    Premises and equipment expense $1,032
    Additional noninterest expense $3,251
    Applicable income taxes $234
    Net charge-offs $79
    Cash dividends $1,000

    Northwest Bank Of Rockford's interest expense for loans was $2,064,000.
    Northwest Bank Of Rockford's payroll and benefits expense were $5,389,000.
    Northwest Bank Of Rockford's property, plant and equipment expenses $1,032,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 2.0%
    Real Estate loans 0.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 1.0%
    HELOC loans 0.0%
    All other family 1.0%
    Commercial & industrial loans 6.0%
    Personal loans 0.0%
    Credit card loans 0.0%
    Other individual loans 0.0%
    Auto loans 0.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $233,055
    Deposits held in domestic offices $233,055
    Deposits by Individuals, partnerships, and corporations $223,692
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $9,363
    Deposits by Commercial banks and other depository institutions in U.S. $0
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $71,768
    Demand deposits $42,222
    Nontransaction accounts $161,287
    Money market deposit accounts (MMDAs) $42,880
    Other savings deposits (excluding MMDAs) $21,662
    Total time deposits $96,746
    Total time and savings deposits $190,833
    Noninterest-bearing deposits $42,222
    Interest-bearing deposits $190,833
    Retail deposits $221,300
    IRAs and Keogh plan accounts $14,892
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $276,110
    Cash & Balances due from depository institutions $6,711
    Interest-bearing balances $68
    Total securities $44,086
    Federal funds sold & reverse repurchase $0
    Net loans and leases $207,199
    Loan and leases loss allowance $2,825
    Trading account assets $0
    Bank premises and fixed assets $8,172
    Other real estate owned $332
    Goodwill and other intangibles $1,168
    All other assets $8,442

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $276,110
    Total Liabilities $249,362
    Total deposits $233,055
    Interest-bearing deposits $190,833
    Deposits held in domestic offices $233,055
    % insured (estimated) $88
    Federal funds purchased and repurchase agreements $5,478
    Trading liabilities $0
    Other borrowed funds $9,443
    Subordinated debt $0
    All other liabilities $1,386

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $207,199
    Loan and leases loss allowance $2,825
    Total loans and leases (domestic) $210,024
    All real estate loans $131,784
    Real estate loans in domestic offices $131,784
    Construction and development loans $8,377
    Residential 1-4 family construction $6,397
    Other construction, all land development and other land $1,980
    Loans secured by nonfarm nonresidential properties $78,408
    Nonfarm nonresidential secured by owner-occupied properties $37,793
    Commercial real estate & other non-farm, non-residential $40,615
    Multifamily residential real estate $5,749
    1-4 family residential loans $38,276
    Farmland loans $974
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $62,929
    To non-U.S. addressees $0
    Loans to individuals $3,778
    Credit card loans $0
    Related Plans $89
    Consumer Auto Loans $2,639
    Other loans to individuals $1,050
    All other loans & leases $11,532
    Loans to foreign governments and official institutions $0
    Other loans $276
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $0
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $3,973
    Non 1-4 family restructured loans & leases $3,973
    Total loans and leases (foreign) $0

    NORTHWEST BANK OF ROCKFORD had $207,199,000 of loans outstanding in 2018. $131,784,000 of loans were in real estate loans. $8,377,000 of loans were in development loans. $5,749,000 of loans were in multifamily mortgage loans. $38,276,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $2,639,000 of loans were in the auto loan category.

    Small Business Loans

    Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
    Nonfarm, nonresidential loans - <$1MM 208 $27,877 $134,024
    Nonfarm, nonresidential loans - <$100k 53 $1,881 $35,491
    Nonfarm, nonresidential loans - $100-250k 68 $8,495 $124,926
    Nonfarm, nonresidential loans - $250k-1MM 87 $17,501 $201,161
    Commercial & Industrial, US addressed loans - <$1MM 379 $31,276 $82,522
    Commercial & Industrial, US addressed loans - <$100k 213 $5,269 $24,737
    Commercial & Industrial, US addressed loans - $100-250k 83 $5,029 $60,590
    Commercial & Industrial, US addressed loans - $250k-1MM 83 $20,978 $252,747
    Farmland loans - <$1MM 5 $974 $194,800
    Farmland loans - <$100k 3 $229 $76,333
    Farmland loans - $250k-1MM 2 $745 $372,500