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)

    • 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, Rochelle, Chicago, and Kankakee among others. We have data for 21 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.

    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% 4/28/24
    30 Year Conventional Refi 6.97% 4/28/24
    30 Year Cash-out Refi 7.15% 4/28/24
    30 Year FHA Purchase 7.41% 4/28/24
    30 Year FHA Refi 7.06% 4/28/24
    15 Year Conventional Purchase 6.61% 4/28/24
    15 Year Conventional Refi 5.95% 4/28/24
    15 Year Cash-out Refi 5.95% 4/28/24
    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

    280

    Origination Dollar Volume (All Markets)

    $48,310,000

    Awards

    NORTHWEST BANK OF ROCKFORD FHA Loans gold NORTHWEST BANK OF ROCKFORD 30 Year Conventional Loans silver NORTHWEST BANK OF ROCKFORD FHA Loans gold
    Show all (3) 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) 200 $31,760,000 $158,800 $2,964 5.10%
    Freeport, IL (FHA|USDA|VA) 32 $5,530,000 $172,813 $2,635 5.26%
    Outside of Metro Areas 6 $1,970,000 $328,333 $3,541 5.33%
    Rochelle, IL (FHA|USDA|VA) 8 $1,230,000 $153,750 $2,378 5.16%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 6 $1,080,000 $180,000 $3,044 6.18%
    KANKAKEE, IL (FHA|USDA|VA) 7 $1,015,000 $145,000 $2,757 5.09%
    Key West, FL (FHA|USDA|VA) 2 $990,000 $495,000 $3,319 3.06%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $730,000 $365,000 $3,041 5.19%
    MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 2 $720,000 $360,000 $4,533 5.38%
    JANESVILLE-BELOIT, WI (FHA|USDA|VA) 3 $715,000 $238,333 $2,336 4.96%
    Pontiac, IL (FHA|USDA|VA) 2 $480,000 $240,000 $3,681 5.50%
    LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA) 1 $345,000 $345,000 $2,147 5.38%
    Jefferson, GA (FHA|USDA|VA) 1 $315,000 $315,000 $3,106 4.50%
    CHAMPAIGN-URBANA, IL (FHA|USDA|VA) 1 $245,000 $245,000 $3,015 6.13%
    DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 1 $245,000 $245,000 $2,356 5.13%
    HUNTINGTON-ASHLAND, WV-KY-OH (FHA|USDA|VA) 1 $205,000 $205,000 $6,098 4.99%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $205,000 $205,000 $3,659 4.25%
    PUNTA GORDA, FL (FHA|USDA|VA) 1 $185,000 $185,000 $4,399 4.99%
    PANAMA CITY, FL (FHA|USDA|VA) 1 $155,000 $155,000 $3,211 5.25%
    MADISON, WI (FHA|USDA|VA) 1 $155,000 $155,000 $2,115 3.25%
    Sterling, IL (FHA|USDA|VA) 1 $35,000 $35,000 $3,344 6.00%
    Northwest Bank Of Rockford's top markets include Rockford, Freeport, Rochelle, Chicago, and Kankakee among others.

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

    First Savings Bank of Hegewisch
    Similarity Rank: 64
    State Bank of Cross Plains
    Similarity Rank: 90
    Rock Valley Credit Union
    Similarity Rank: 91
    Liberty Bank for Savings
    Similarity Rank: 116
    Central Bank Illinois
    Similarity Rank: 116
    FINANCIAL PLUS
    Similarity Rank: 198
    Bank of Sun Prairie
    Similarity Rank: 270
    First Community Credit Union
    Similarity Rank: 360
    Stillman Bank
    Similarity Rank: 434
    WISCONSIN MORTGAGE CORPORATION
    Similarity Rank: 544

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 261 $45,365,000 $173,812 $2,714 5.14%
    FHA 19 $2,945,000 $155,000 $5,749 5.05%

    For 2022, Northwest Bank Of Rockford's most frequently originated type of loan was Conventional, with 261 originations. Their 2nd most popular type was FHA, with 19 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 159 $25,905,000 $162,925 $3,388 5.43%
    Cash Out Refi 60 $8,880,000 $148,000 $2,560 4.85%
    Refi 58 $13,320,000 $229,655 $2,070 4.64%
    Home Improvement 3 $205,000 $68,333 $547 4.75%

    For 2022, Northwest Bank Of Rockford's most frequently cited loan purpose was Home Purchase, with 159 originations. The 2nd most popular reason was Cash Out Refi, with 60 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 199 $33,805,000 $169,874 $3,165 5.26%
    15 Year 33 $5,195,000 $157,424 $2,498 4.08%
    5 Year 28 $7,700,000 $275,000 $1,308 5.56%
    10 Year 12 $700,000 $58,333 $937 5.40%
    20 Year 5 $635,000 $127,000 $2,442 4.08%
    Other 3 $275,000 $91,667 $0 5.00%

    For 2022, Northwest Bank Of Rockford's most frequently cited loan duration was 30 Year, with 199 originations. The 2nd most popular length was 15 Year, with 33 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 193 $32,005,000 $165,829
    $1k-2k 25 $2,685,000 $107,400
    $2k-3k 18 $3,060,000 $170,000
    $3k-4k 7 $1,495,000 $213,571
    $4k-5k 2 $720,000 $360,000
    $5k+ 2 $720,000 $360,000

    Northwest Bank Of Rockford's average total fees were $3,165, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 193 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 91 $15,415,000 $169,396
    4-5% 74 $12,420,000 $167,838
    6-7% 54 $8,370,000 $155,000
    3-4% 47 $9,595,000 $204,149
    2.5-3% 7 $1,515,000 $216,429
    7-8% 5 $785,000 $157,000
    <2.5% 1 $155,000 $155,000

    During 2022, Northwest Bank Of Rockford's average interest rate for loans was 5.26%, while their most frequently originated rate bucket for loans was 5-6%, with 91 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 115 $16,565,000 $144,043 $2,992 5.11%
    $100,000 or less 78 $4,900,000 $62,821 $2,503 5.28%
    $200k-400k 73 $18,595,000 $254,726 $3,320 5.04%
    $400k-600k 11 $5,365,000 $487,727 $2,985 5.09%
    $600k-1MM 2 $1,630,000 $815,000 $4,637 5.33%
    $1MM+ 1 $1,255,000 $1,255,000 $0 3.75%

    2022 saw Northwest Bank Of Rockford place emphasis on $100k-200k loans with 115 originations, totaling $16,565,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 68 $9,210,000 $135,441 $3,055 5.10%
    $75k-100k 57 $9,475,000 $166,228 $2,850 5.10%
    $50k or less 50 $5,380,000 $107,600 $2,825 5.10%
    $100k-150k 49 $9,515,000 $194,184 $2,977 4.95%
    $150k-250k 17 $4,005,000 $235,588 $3,223 5.37%
    $250k+ 11 $3,055,000 $277,727 $3,102 4.77%

    Northwest Bank Of Rockford lent most frequently to those with incomes in the $50k-75k range, with 68 originations. The second most popular income band? $75k-100k, with 57 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 45 $6,435,000 $143,000 $2,667 4.83%
    30-36% 37 $5,375,000 $145,270 $2,968 5.16%
    38% 15 $2,245,000 $149,667 $2,683 4.99%
    42% 15 $2,255,000 $150,333 $2,667 5.20%
    <20% 14 $1,420,000 $101,429 $2,322 4.90%
    46% 13 $2,445,000 $188,077 $3,400 4.52%
    44% 13 $2,025,000 $155,769 $3,584 5.55%
    37% 13 $2,845,000 $218,846 $3,733 5.46%
    41% 12 $2,440,000 $203,333 $2,766 5.18%
    40% 12 $1,950,000 $162,500 $2,566 5.00%
    45% 11 $2,245,000 $204,091 $3,481 5.05%
    39% 11 $1,715,000 $155,909 $2,876 5.01%
    36% 11 $1,925,000 $175,000 $3,690 5.14%
    43% 7 $1,665,000 $237,857 $2,801 4.93%
    50-60% 6 $990,000 $165,000 $3,551 5.35%
    48% 5 $815,000 $163,000 $2,904 5.73%
    47% 3 $275,000 $91,667 $3,531 4.88%
    49% 3 $485,000 $161,667 $2,690 5.88%
    >60% 2 $190,000 $95,000 $2,641 6.88%

    Northwest Bank Of Rockford lent most frequently to those with DTI ratios of 20-30%, with 45 originations. The next most common DTI ratio? 30-36%, with 37 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 239 $38,585,000 $161,444 $2,959 5.10%
    Not applicable 25 $7,265,000 $290,600 $3,168 5.63%
    Not provided 10 $1,660,000 $166,000 $3,066 4.87%
    Black 5 $485,000 $97,000 $1,964 5.13%
    American Indian 1 $315,000 $315,000 $3,106 4.50%

    Approval Rates

    Total approvals of all applications
    95.40%

    Northwest Bank Of Rockford has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    83.21%

    Northwest Bank Of Rockford has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 280 $48,310,000 $172,536

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    280 $48,310,000 $172,536

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 14 $1,090,000 $77,857 $2,133 5.10%
    40-60% 30 $5,600,000 $186,667 $2,719 4.61%
    60-80% 107 $18,965,000 $177,243 $2,910 5.06%
    80-100% 118 $21,700,000 $183,898 $3,250 5.32%
    Over 100% 1 $105,000 $105,000 $3,347 5.88%
    Under 20% 9 $795,000 $88,333 $445 5.33%