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
  • Complaints
  • 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, Refi, and Cash Out 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, Chicago, Janesville, and North Port among others. We have data for 25 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Northwest Bank Of Rockford has an 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.

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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

    568

    Origination Dollar Volume (All Markets)

    $88,470,000

    Employee count

    73 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) 395 $58,555,000 $148,241 $2,153 3.18%
    Freeport, IL (FHA|USDA|VA) 71 $8,325,000 $117,254 $2,104 2.93%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 22 $4,130,000 $187,727 $2,679 3.11%
    Outside of Metro Areas 17 $3,185,000 $187,353 $2,253 2.85%
    JANESVILLE-BELOIT, WI (FHA|USDA|VA) 19 $2,825,000 $148,684 $2,647 3.75%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 4 $2,230,000 $557,500 $5,127 3.39%
    Rochelle, IL (FHA|USDA|VA) 12 $1,430,000 $119,167 $2,206 3.06%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 1 $1,285,000 $1,285,000 $3,678 4.75%
    KANKAKEE, IL (FHA|USDA|VA) 7 $1,095,000 $156,429 $2,854 2.95%
    Key West, FL (FHA|USDA|VA) 2 $990,000 $495,000 $3,850 3.65%
    MADISON, WI (FHA|USDA|VA) 2 $720,000 $360,000 $3,027 3.12%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $545,000 $545,000 $5,634 4.13%
    CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $545,000 $545,000 $4,289 2.88%
    PEORIA, IL (FHA|USDA|VA) 2 $530,000 $265,000 $2,270 2.81%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $395,000 $395,000 $1,420 2.88%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $345,000 $345,000 $4,016 2.69%
    Whitewater, WI (FHA|USDA|VA) 2 $280,000 $140,000 $2,143 4.19%
    HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 1 $235,000 $235,000 $2,150 2.88%
    PUNTA GORDA, FL (FHA|USDA|VA) 1 $175,000 $175,000 $2,095 2.88%
    THE VILLAGES, FL (FHA|USDA|VA) 1 $155,000 $155,000 $2,481 2.75%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 1 $125,000 $125,000 $1,771 3.13%
    LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $105,000 $105,000 $2,593 2.75%
    CARBONDALE-MARION, IL (FHA|USDA|VA) 1 $105,000 $105,000 $2,746 2.38%
    FLORENCE, SC (FHA|USDA|VA) 1 $85,000 $85,000 $2,550 3.38%
    WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) 1 $75,000 $75,000 $2,343 2.50%
    Northwest Bank Of Rockford's top markets include Rockford, Freeport, Chicago, Janesville, and North Port among others.

    Their top states include:
  • Illinois (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Michigan (FHA|USDA|VA)
  • Ohio (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: 45
    The Greenwood's State Bank
    Similarity Rank: 125
    State Bank of Cross Plains
    Similarity Rank: 150
    Liberty Bank for Savings
    Similarity Rank: 153
    Rock Valley Credit Union
    Similarity Rank: 196
    Iroquois Federal Savings and Loan Association
    Similarity Rank: 252
    HERITAGE CREDIT UNION
    Similarity Rank: 306
    The Bank of New Glarus
    Similarity Rank: 551
    PremierBank
    Similarity Rank: 663
    Oregon Community Bank
    Similarity Rank: 693

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 556 $87,040,000 $156,547 $2,183 3.15%
    FHA 11 $1,385,000 $125,909 $5,102 2.93%
    HELOC 1 $45,000 $45,000 n/a 4.50%

    For 2021, Northwest Bank Of Rockford's most frequently originated type of loan was Conventional, with 556 originations. Their 2nd most popular type was FHA, with 11 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 227 $40,245,000 $177,291 $2,910 3.37%
    Refi 205 $29,095,000 $141,927 $1,775 2.89%
    Cash Out Refi 133 $18,735,000 $140,865 $1,896 3.14%
    Other 2 $390,000 $195,000 $848 4.63%
    Home Improvement 1 $5,000 $5,000 $165 5.00%

    For 2021, Northwest Bank Of Rockford's most frequently cited loan purpose was Home Purchase, with 227 originations. The 2nd most popular reason was Refi, with 205 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 352 $55,130,000 $156,619 $2,442 3.27%
    15 Year 139 $20,135,000 $144,856 $1,921 2.49%
    20 Year 34 $4,750,000 $139,706 $1,910 2.99%
    5 Year 20 $4,410,000 $220,500 $157 5.09%
    10 Year 17 $1,865,000 $109,706 $1,538 3.23%
    Other 4 $2,020,000 $505,000 $3,678 5.40%
    1 Year 2 $160,000 $80,000 $0 5.50%

    For 2021, Northwest Bank Of Rockford's most frequently cited loan duration was 30 Year, with 352 originations. The 2nd most popular length was 15 Year, with 139 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 523 $79,195,000 $151,424
    $1k-2k 15 $2,015,000 $134,333
    $2k-3k 4 $1,680,000 $420,000

    Northwest Bank Of Rockford's average total fees were $2,442, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 523 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 226 $31,520,000 $139,469
    2.5-3% 179 $30,565,000 $170,754
    <2.5% 113 $15,625,000 $138,274
    4-5% 34 $7,860,000 $231,176
    5-6% 12 $2,660,000 $221,667
    6-7% 4 $240,000 $60,000

    During 2021, Northwest Bank Of Rockford's average interest rate for loans was 3.27%, while their most frequently originated rate bucket for loans was 3-4%, with 226 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 244 $34,520,000 $141,475 $2,207 3.10%
    $100,000 or less 201 $14,015,000 $69,726 $2,076 3.19%
    $200k-400k 97 $24,725,000 $254,897 $2,394 3.05%
    $400k-600k 21 $10,195,000 $485,476 $3,244 3.58%
    $600k-1MM 3 $2,295,000 $765,000 $2,681 4.42%
    $1MM+ 2 $2,720,000 $1,360,000 $6,653 3.88%

    2021 saw Northwest Bank Of Rockford place emphasis on $100k-200k loans with 244 originations, totaling $34,520,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 146 $13,000,000 $89,041 $2,261 3.12%
    $50k-75k 135 $16,825,000 $124,630 $2,175 3.07%
    $100k-150k 101 $17,245,000 $170,743 $2,081 3.13%
    $75k-100k 89 $13,445,000 $151,067 $2,176 2.96%
    $150k-250k 45 $10,155,000 $225,667 $2,258 3.02%
    $250k+ 28 $10,910,000 $389,643 $3,215 3.12%

    Northwest Bank Of Rockford lent most frequently to those with incomes in the $50k or less range, with 146 originations. The second most popular income band? $50k-75k, with 135 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 153 $23,095,000 $150,948 $2,262 2.99%
    30-36% 104 $16,020,000 $154,038 $2,246 3.08%
    <20% 44 $5,400,000 $122,727 $2,233 2.99%
    44% 23 $3,395,000 $147,609 $2,280 3.13%
    38% 23 $3,045,000 $132,391 $2,410 3.24%
    43% 22 $3,520,000 $160,000 $2,309 3.10%
    39% 22 $2,620,000 $119,091 $2,122 3.06%
    41% 21 $3,065,000 $145,952 $2,446 3.13%
    42% 18 $2,290,000 $127,222 $2,057 3.10%
    37% 18 $2,940,000 $163,333 $1,711 3.44%
    40% 18 $2,720,000 $151,111 $2,306 3.17%
    45% 18 $3,150,000 $175,000 $2,356 3.20%
    46% 16 $2,950,000 $184,375 $2,423 2.99%
    48% 15 $2,185,000 $145,667 $2,107 2.90%
    47% 10 $1,720,000 $172,000 $2,271 3.07%
    49% 10 $1,890,000 $189,000 $2,013 2.95%
    36% 7 $685,000 $97,857 $1,797 3.16%
    >60% 2 $460,000 $230,000 $1,513 4.63%
    50-60% 2 $670,000 $335,000 $3,379 3.38%

    Northwest Bank Of Rockford lent most frequently to those with DTI ratios of 20-30%, with 153 originations. The next most common DTI ratio? 30-36%, with 104 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 503 $74,765,000 $148,638 $2,206 3.08%
    Not applicable 23 $6,725,000 $292,391 $2,509 4.91%
    Asian 11 $2,905,000 $264,091 $3,121 3.14%
    Not provided 17 $2,355,000 $138,529 $2,520 3.00%
    Black 13 $1,655,000 $127,308 $2,523 3.17%
    American Indian 1 $65,000 $65,000 $1,717 2.63%

    Approval Rates

    Total approvals of all applications
    89.05%

    Northwest Bank Of Rockford has an average approval rate.

    Pick Rate

    Approvals leading to origination
    86.80%

    Northwest Bank Of Rockford has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 568 $88,470,000 $155,757

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    568 $88,470,000 $155,757

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 33 $2,525,000 $76,515 $1,691 3.14%
    40-60% 100 $12,800,000 $128,000 $1,966 2.79%
    60-80% 216 $33,710,000 $156,065 $2,029 3.16%
    80-100% 207 $35,955,000 $173,696 $2,711 3.24%
    Over 100% 7 $3,355,000 $479,286 $3,678 4.98%
    Under 20% 5 $125,000 $25,000 $973 3.73%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    NORTHWEST BANCSHARES INC Conventional home mortgage Struggling to pay mortgage 1 11.1%
    NORTHWEST BANCSHARES INC Conventional home mortgage Trouble during payment process 5 55.6%
    NORTHWEST BANCSHARES INC Home equity loan or line of credit (HELOC) Trouble during payment process 1 11.1%
    NORTHWEST BANCSHARES INC Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 11.1%
    NORTHWEST BANCSHARES INC Other type of mortgage Struggling to pay mortgage 1 11.1%

    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 $112,947
    Northwest Bank of Rockford 125 Phelps Avenue Rockford, IL 61108 Full Service B&M $100,107
    Northwest Bank of Rockford 3106 North Rockton Avenue Rockford, IL 61101 Full Service B&M $72,076
    Northwest Bank of Rockford 4402 Peak Drive Loves Park, IL 61111 Full Service B&M $35,040

    For 2021, Northwest Bank Of Rockford had 4 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $12,667
    Net interest income $11,124
    Total noninterest income $5,476
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $432
    Trading account gains and fees $0
    Additional Noninterest Income $5,044
    Pre-tax net operating income $5,543
    Securities gains (or losses, -) $34
    Income before extraordinary items $4,173
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $4,173
    Minority interest net income $0
    Net income $4,173
    Sale, conversion, retirement of capital stock, net $41
    Net operating income $4,146

    Northwest Bank Of Rockford's gross interest income from loans was $12,667,000.
    Northwest Bank Of Rockford's net interest income from loans was $11,124,000.
    Northwest Bank Of Rockford's fee based income from loans was $432,000.
    Northwest Bank Of Rockford's net income from loans was $4,173,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,543
    Provision for credit losses $138
    Total noninterest expense $10,919
    Salaries and employee benefits $6,402
    Premises and equipment expense $925
    Additional noninterest expense $3,592
    Applicable income taxes $1,404
    Net charge-offs $290
    Cash dividends $0

    Northwest Bank Of Rockford's interest expense for loans was $1,543,000.
    Northwest Bank Of Rockford's payroll and benefits expense were $6,402,000.
    Northwest Bank Of Rockford's property, plant and equipment expenses $925,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 0.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 1.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 0.0%
    HELOC loans 0.0%
    All other family 0.0%
    Commercial & industrial loans 0.0%
    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 $330,630
    Deposits held in domestic offices $330,630
    Deposits by Individuals, partnerships, and corporations $324,716
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $5,914
    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 $136,235
    Demand deposits $93,981
    Nontransaction accounts $194,395
    Money market deposit accounts (MMDAs) $87,166
    Other savings deposits (excluding MMDAs) $28,321
    Total time deposits $78,908
    Total time and savings deposits $236,649
    Noninterest-bearing deposits $93,981
    Interest-bearing deposits $236,649
    Retail deposits $320,192
    IRAs and Keogh plan accounts $14,440
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $381,370
    Cash & Balances due from depository institutions $46,674
    Interest-bearing balances $30,936
    Total securities $83,392
    Federal funds sold & reverse repurchase $2,543
    Net loans and leases $230,657
    Loan and leases loss allowance $2,795
    Trading account assets $0
    Bank premises and fixed assets $6,974
    Other real estate owned $0
    Goodwill and other intangibles $2,028
    All other assets $9,102

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $381,370
    Total Liabilities $347,384
    Total deposits $330,630
    Interest-bearing deposits $236,649
    Deposits held in domestic offices $330,630
    % insured (estimated) $82
    Federal funds purchased and repurchase agreements $3,949
    Trading liabilities $0
    Other borrowed funds $10,758
    Subordinated debt $0
    All other liabilities $2,047

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $230,657
    Loan and leases loss allowance $2,795
    Total loans and leases (domestic) $233,452
    All real estate loans $138,239
    Real estate loans in domestic offices $138,239
    Construction and development loans $12,528
    Residential 1-4 family construction $5,960
    Other construction, all land development and other land $6,568
    Loans secured by nonfarm nonresidential properties $73,038
    Nonfarm nonresidential secured by owner-occupied properties $30,615
    Commercial real estate & other non-farm, non-residential $42,423
    Multifamily residential real estate $8,832
    1-4 family residential loans $42,698
    Farmland loans $1,143
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $72,507
    To non-U.S. addressees $0
    Loans to individuals $13,319
    Credit card loans $0
    Related Plans $42
    Consumer Auto Loans $10,731
    Other loans to individuals $2,546
    All other loans & leases $9,386
    Loans to foreign governments and official institutions $0
    Other loans $646
    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 $157
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    NORTHWEST BANK OF ROCKFORD had $230,657,000 of loans outstanding in 2021. $138,239,000 of loans were in real estate loans. $12,528,000 of loans were in development loans. $8,832,000 of loans were in multifamily mortgage loans. $42,698,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $10,731,000 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 145 $25,296 $174,455
    Nonfarm, nonresidential loans - <$100k 37 $1,548 $41,838
    Nonfarm, nonresidential loans - $100-250k 59 $6,937 $117,576
    Nonfarm, nonresidential loans - $250k-1MM 49 $16,811 $343,082
    Commercial & Industrial, US addressed loans - <$1MM 335 $37,962 $113,319
    Commercial & Industrial, US addressed loans - <$100k 191 $4,363 $22,843
    Commercial & Industrial, US addressed loans - $100-250k 71 $6,478 $91,239
    Commercial & Industrial, US addressed loans - $250k-1MM 73 $27,121 $371,521
    Farmland loans - <$1MM 6 $688 $114,667
    Farmland loans - <$100k 3 $208 $69,333
    Farmland loans - $100-250k 2 $133 $66,500
    Farmland loans - $250k-1MM 1 $347 $347,000