Northwest Community Bank Mortgage Rates, Fees & Info

Winsted, CT

LEI: 254900W4EKVR6GZ0KS84

Tax ID: 06-0448680

5 stars - Updated: 12/6/24 - out of 5 stars, based on 16 reviews

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

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Mortgage Data

Review & Overview

Northwest Community Bank is a smaller bank specializing in Home Purchase loans. Northwest Community Bank has a high proportion of conventional loans. Their top markets by origination volume include: Hartford, Torrington, New Haven, Bridgeport, and New York among others. We have data for 11 markets. (Some data included below & more in-depth data is available with an active subscription.)

Northwest Community Bank 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. Northwest Community Bank 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.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.44% 12/6/24
30 Year Conventional Refi 6.16% 12/6/24
30 Year Cash-out Refi 6.42% 12/6/24
15 Year Conventional Purchase 5.89% 12/6/24
15 Year Conventional Refi 5.65% 12/6/24
15 Year Cash-out Refi 5.65% 12/6/24
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 Community Bank Mortgage Calculator






Your Estimates

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

This is not an official calculator from Northwest Community Bank. 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

264

Origination Dollar Volume (All Markets)

$77,270,000

Awards

Northwest Community Bank 30 Year Conventional Loans gold Northwest Community Bank 30 Year Conventional Loans silver Northwest Community Bank 30 Year Conventional Loans gold Northwest Community Bank 30 Year Conventional Loans gold
Show all (4) awards

Relative Rate

Northwest Community Bank's average 30 year fixed mortgage rate was 5.76%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of -0.72%.

Relative Fees (Closing Costs)

Northwest Community Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $4,113.

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 $9,089.

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
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 115 $37,955,000 $330,043 $2,773 5.60%
Torrington, CT (FHA|USDA|VA) 102 $21,080,000 $206,667 $1,569 5.90%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 23 $8,055,000 $350,217 $3,689 5.84%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 14 $5,960,000 $425,714 $4,214 5.94%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 2 $1,840,000 $920,000 $5,203 4.88%
NORWICH-NEW LONDON, CT (FHA|USDA|VA) 2 $630,000 $315,000 $0 5.95%
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 1 $575,000 $575,000 $0 6.73%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 1 $465,000 $465,000 $3,499 5.13%
OCALA, FL (FHA|USDA|VA) 1 $455,000 $455,000 $5,041 5.38%
SPRINGFIELD, MA (FHA|USDA|VA) 2 $130,000 $65,000 $1,529 4.75%
PITTSFIELD, MA (FHA|USDA|VA) 1 $125,000 $125,000 $4,244 5.13%
Northwest Community Bank's top markets include Hartford, Torrington, New Haven, Bridgeport, and New York among others.

Their top states include:
  • Connecticut (FHA|USDA|VA)
  • New York (FHA|USDA|VA)
  • Massachusetts (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Similar Lenders

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

    Charter Oak Federal Credit Union
    Similarity Rank: 32
    Chelsea Groton Bank
    Similarity Rank: 56
    Stafford Savings Bank
    Similarity Rank: 63
    The Torrington Savings Bank
    Similarity Rank: 130
    The Milford Bank
    Similarity Rank: 132
    SIKORSKY FINANCIAL
    Similarity Rank: 145
    Sanborn Mortgage Corporation
    Similarity Rank: 208
    Thomaston Savings Bank
    Similarity Rank: 234
    Northwest Community Bank
    Similarity Rank: 319

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 264 $77,270,000 $292,689 $2,476 5.74%

    For 2023, Northwest Community Bank's most frequently originated type of loan was Conventional, with 264 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 123 $50,855,000 $413,455 $4,313 5.83%
    Cash Out Refi 46 $12,250,000 $266,304 $1,143 5.94%
    Home Improvement 40 $4,750,000 $118,750 $334 5.52%
    Other 34 $6,040,000 $177,647 $936 5.50%
    Refi 21 $3,375,000 $160,714 $717 5.60%

    For 2023, Northwest Community Bank's most frequently cited loan purpose was Home Purchase, with 123 originations. The 2nd most popular reason was Cash Out Refi, with 46 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 118 $42,110,000 $356,864 $4,113 5.76%
    20 Year 66 $11,710,000 $177,424 $151 6.06%
    10 Year 26 $1,440,000 $55,385 $0 5.45%
    30+ year 19 $10,735,000 $565,000 $4,574 5.55%
    15 Year 16 $1,560,000 $97,500 $426 5.52%
    5 Year 11 $615,000 $55,909 $0 4.18%
    Other 8 $9,100,000 $1,137,500 $3,784 6.94%

    For 2023, Northwest Community Bank's most frequently cited loan duration was 30 Year, with 118 originations. The 2nd most popular length was 20 Year, with 66 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 201 $54,815,000 $272,711
    $1k-2k 2 $440,000 $220,000
    $2k-3k 2 $380,000 $190,000
    $3k-4k 1 $295,000 $295,000
    $5k+ 1 $375,000 $375,000

    Northwest Community Bank's average total fees were $4,113, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 201 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 104 $25,760,000 $247,692
    6-7% 79 $24,065,000 $304,620
    4-5% 56 $20,340,000 $363,214
    7-8% 13 $3,345,000 $257,308
    3-4% 11 $1,225,000 $111,364
    Over 8% 1 $2,535,000 $2,535,000

    During 2023, Northwest Community Bank's average interest rate for loans was 5.76%, while their most frequently originated rate bucket for loans was 5-6%, with 104 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 80 $22,900,000 $286,250 $3,474 5.90%
    $100,000 or less 77 $4,255,000 $55,260 $273 5.46%
    $100k-200k 50 $7,460,000 $149,200 $1,735 6.02%
    $400k-600k 28 $13,100,000 $467,857 $4,348 5.84%
    $600k-1MM 20 $15,110,000 $755,500 $5,196 5.15%
    $1MM+ 9 $14,445,000 $1,605,000 $7,400 6.25%

    2023 saw Northwest Community Bank place emphasis on $200k-400k loans with 80 originations, totaling $22,900,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 61 $20,655,000 $338,607 $3,187 5.59%
    $100k-150k 50 $9,620,000 $192,400 $2,166 5.79%
    $250k+ 40 $21,550,000 $538,750 $4,306 5.39%
    $50k-75k 32 $3,050,000 $95,313 $955 5.40%
    $75k-100k 32 $4,920,000 $153,750 $1,604 5.81%
    $50k or less 14 $1,130,000 $80,714 $989 5.51%

    Northwest Community Bank lent most frequently to those with incomes in the $150k-250k range, with 61 originations. The second most popular income band? $100k-150k, with 50 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 58 $15,170,000 $261,552 $2,431 5.62%
    30-36% 48 $12,060,000 $251,250 $2,645 5.51%
    <20% 22 $6,110,000 $277,727 $2,819 5.67%
    41% 22 $3,790,000 $172,273 $863 5.62%
    40% 19 $5,655,000 $297,632 $2,681 5.49%
    42% 14 $2,010,000 $143,571 $1,322 5.62%
    36% 10 $4,590,000 $459,000 $3,179 5.47%
    38% 9 $2,945,000 $327,222 $3,019 5.61%
    37% 8 $1,950,000 $243,750 $2,509 6.19%
    39% 6 $1,010,000 $168,333 $1,760 5.38%
    43% 3 $1,095,000 $365,000 $2,507 5.92%
    46% 3 $905,000 $301,667 $3,503 5.46%
    45% 2 $600,000 $300,000 $3,955 5.88%
    47% 2 $1,230,000 $615,000 $5,813 5.13%
    49% 2 $710,000 $355,000 $3,369 6.00%
    48% 1 $185,000 $185,000 $0 5.75%
    44% 1 $275,000 $275,000 $3,766 5.13%
    50-60% 1 $805,000 $805,000 $4,603 5.50%

    Northwest Community Bank lent most frequently to those with DTI ratios of 20-30%, with 58 originations. The next most common DTI ratio? 30-36%, with 48 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 195 $48,925,000 $250,897 $2,377 5.60%
    Not applicable 33 $16,175,000 $490,152 $0 6.76%
    Not provided 27 $8,345,000 $309,074 $2,719 5.71%
    Asian 7 $3,705,000 $529,286 $4,536 5.07%
    Black 2 $120,000 $60,000 $1,014 5.44%

    Approval Rates

    Total approvals of all applications
    94.81%

    Northwest Community Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    92.05%

    Northwest Community Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 264 $77,270,000 $292,689

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    264 $77,270,000 $292,689

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 45 $5,705,000 $126,778 $974 5.54%
    40-60% 25 $7,345,000 $293,800 $2,252 5.70%
    60-80% 104 $42,810,000 $411,635 $3,692 5.98%
    80-100% 43 $18,885,000 $439,186 $4,691 5.82%
    Under 20% 47 $2,525,000 $53,723 $172 5.36%