North Shore Federal Credit Union Mortgage Rates, Fees & Info

Silver Bay, MN

LEI: 25490091LXRCWGWGZ525

Tax ID: 41-0840330

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

Jump to:

  • 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

    North Shore Federal Credit Union is a smaller credit union specializing in Cash Out Refi and Home Purchase loans. North Shore Federal Credit Union has a high proportion of conventional loans. Their top two markets are Duluth and Minneapolis .

    North Shore Federal Credit Union has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. North Shore Federal Credit Union 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 6.56% 11/21/24
    30 Year Conventional Refi 7.39% 11/21/24
    30 Year Cash-out Refi 6.29% 11/21/24
    15 Year Conventional Purchase 5.25% 11/21/24
    15 Year Conventional Refi 5.75% 11/21/24
    15 Year Cash-out Refi 5.75% 11/21/24
    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.

    North Shore Federal Credit Union Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from North Shore Federal Credit Union. 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

    138

    Origination Dollar Volume (All Markets)

    $22,080,000

    Awards

    North Shore Federal Credit Union 30 Year Conventional Loans gold
    Show all (1) 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
    DULUTH, MN-WI (FHA|USDA|VA) 98 $15,350,000 $156,633 $2,532 5.14%
    Outside of Metro Areas 39 $6,575,000 $168,590 $2,571 5.35%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1 $155,000 $155,000 $2,074 4.99%
    North Shore Federal Credit Union's top markets include Duluth and Minneapolis among others.

    Their top states include:
  • Minnesota (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against North Shore Federal Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    SUPERIOR CHOICE
    Similarity Rank: 60
    North Shore Federal Credit Union
    Similarity Rank: 105
    NORTHWOODS
    Similarity Rank: 174
    Northview Bank
    Similarity Rank: 285
    MEMBERS COOPERATIVE
    Similarity Rank: 360
    National Bank of Commerce
    Similarity Rank: 576
    WINGS FINANCIAL
    Similarity Rank: 648
    AFFINITY PLUS
    Similarity Rank: 840
    North Shore Bank of Commerce
    Similarity Rank: 869
    RESULTS MORTGAGE, LLC
    Similarity Rank: 1020

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 138 $22,080,000 $160,000 $2,540 5.19%

    For 2022, North Shore Federal Credit Union's most frequently originated type of loan was Conventional, with 138 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 69 $8,885,000 $128,768 $1,829 4.90%
    Home Purchase 64 $12,790,000 $199,844 $3,370 5.49%
    Refi 5 $405,000 $81,000 $2,053 5.35%

    For 2022, North Shore Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 69 originations. The 2nd most popular reason was Home Purchase, with 64 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 55 $7,215,000 $131,182 $1,876 4.76%
    30 Year 51 $10,005,000 $196,176 $3,362 5.61%
    20 Year 22 $2,500,000 $113,636 $1,446 5.34%
    30+ year 5 $2,235,000 $447,000 $7,362 5.25%
    5 Year 3 $75,000 $25,000 $991 4.42%
    10 Year 2 $50,000 $25,000 $1,024 6.00%

    For 2022, North Shore Federal Credit Union's most frequently cited loan duration was 15 Year, with 55 originations. The 2nd most popular length was 30 Year, with 51 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 96 $9,920,000 $103,333
    $1k-2k 26 $5,530,000 $212,692
    $2k-3k 12 $4,610,000 $384,167
    $4k-5k 4 $2,020,000 $505,000

    North Shore Federal Credit Union's average total fees were $3,362, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 96 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 68 $9,970,000 $146,618
    5-6% 43 $8,395,000 $195,233
    6-7% 14 $1,300,000 $92,857
    3-4% 13 $2,415,000 $185,769

    During 2022, North Shore Federal Credit Union's average interest rate for loans was 5.61%, while their most frequently originated rate bucket for loans was 4-5%, with 68 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 57 $3,055,000 $53,596 $1,206 5.14%
    $100k-200k 44 $6,330,000 $143,864 $2,620 5.29%
    $200k-400k 27 $7,105,000 $263,148 $4,027 5.29%
    $400k-600k 8 $3,950,000 $493,750 $5,240 4.75%
    $600k-1MM 2 $1,640,000 $820,000 $7,980 5.00%

    2022 saw North Shore Federal Credit Union place emphasis on $100,000 or less loans with 57 originations, totaling $3,055,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 36 $4,240,000 $117,778 $2,404 5.23%
    $100k-150k 33 $5,515,000 $167,121 $2,729 5.19%
    $150k-250k 23 $4,465,000 $194,130 $3,118 5.26%
    $75k-100k 21 $3,595,000 $171,190 $2,326 5.07%
    $50k or less 17 $1,985,000 $116,765 $1,766 5.35%
    $250k+ 8 $2,280,000 $285,000 $2,875 4.84%

    North Shore Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 36 originations. The second most popular income band? $100k-150k, with 33 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 39 $4,845,000 $124,231 $2,512 5.33%
    30-36% 28 $3,170,000 $113,214 $1,897 5.15%
    <20% 22 $3,560,000 $161,818 $2,230 5.06%
    42% 6 $1,490,000 $248,333 $3,887 5.06%
    38% 5 $515,000 $103,000 $2,100 5.40%
    39% 5 $945,000 $189,000 $2,732 4.62%
    36% 4 $730,000 $182,500 $3,265 4.97%
    40% 4 $700,000 $175,000 $3,469 5.37%
    50-60% 4 $1,470,000 $367,500 $4,248 5.06%
    44% 4 $940,000 $235,000 $3,118 5.94%
    >60% 3 $1,075,000 $358,333 $2,206 4.58%
    41% 3 $765,000 $255,000 $3,767 5.66%
    43% 3 $615,000 $205,000 $1,937 5.92%
    48% 3 $445,000 $148,333 $3,169 5.13%
    49% 3 $445,000 $148,333 $2,518 4.91%
    47% 1 $75,000 $75,000 $1,224 4.00%
    37% 1 $295,000 $295,000 $3,966 5.00%

    North Shore Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 39 originations. The next most common DTI ratio? 30-36%, with 28 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 94 $16,260,000 $172,979 $2,789 5.20%
    Not provided 42 $5,200,000 $123,810 $1,883 5.18%
    Asian 2 $620,000 $310,000 $4,873 5.19%

    Approval Rates

    Total approvals of all applications
    99.29%

    North Shore Federal Credit Union 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
    98.55%

    North Shore Federal Credit Union has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 138 $22,080,000 $160,000

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    138 $22,080,000 $160,000

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 20 $2,370,000 $118,500 $1,045 4.65%
    40-60% 22 $2,690,000 $122,273 $2,349 5.20%
    60-80% 43 $8,615,000 $200,349 $3,333 5.46%
    80-100% 31 $7,415,000 $239,194 $3,780 5.47%
    Under 20% 22 $990,000 $45,000 $903 4.78%