Northwest Community Bank Mortgage Rates, Fees & Info

Winsted, CT

LEI: 254900W4EKVR6GZ0KS84

Tax ID: 06-0448680

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 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, Bridgeport, New Haven, and Norwich among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Northwest Community Bank 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 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 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 6.44% 12/16/24
    30 Year Conventional Refi 6.16% 12/16/24
    30 Year Cash-out Refi 6.42% 12/16/24
    15 Year Conventional Purchase 5.89% 12/16/24
    15 Year Conventional Refi 5.65% 12/16/24
    15 Year Cash-out Refi 5.65% 12/16/24
    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

    123

    Origination Dollar Volume (All Markets)

    $28,635,000

    Employee count

    61

    Awards

    Northwest Community Bank 30 Year Conventional Loans gold Northwest Community Bank 30 Year Conventional Loans gold Northwest Community Bank 30 Year Conventional 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
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 71 $18,955,000 $266,972 $3,907 4.25%
    Torrington, CT (FHA|USDA|VA) 40 $4,970,000 $124,250 $2,242 4.68%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 4 $2,060,000 $515,000 $6,796 4.00%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 4 $1,370,000 $342,500 $3,220 4.25%
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 4 $1,280,000 $320,000 $3,110 4.66%
    Northwest Community Bank's top markets include Hartford, Torrington, Bridgeport, New Haven, and Norwich among others.

    Their top states include:
  • Connecticut (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.

    Union Savings Bank
    Similarity Rank: 44
    MUTUAL SECURITY CREDIT UNION
    Similarity Rank: 48
    POLISH NATIONAL
    Similarity Rank: 60
    Stafford Savings Bank
    Similarity Rank: 68
    Charter Oak Federal Credit Union
    Similarity Rank: 78
    PeoplesBank
    Similarity Rank: 104
    Sanborn Mortgage Corporation
    Similarity Rank: 160
    The Torrington Savings Bank
    Similarity Rank: 176
    Chelsea Groton Bank
    Similarity Rank: 264
    SIKORSKY FINANCIAL
    Similarity Rank: 280

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 123 $28,635,000 $232,805 $3,620 4.40%

    For 2018, Northwest Community Bank's most frequently originated type of loan was Conventional, with 123 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 72 $19,710,000 $273,750 $3,858 4.52%
    Cash Out Refi 19 $4,565,000 $240,263 $3,530 4.32%
    Refi 14 $3,210,000 $229,286 $2,601 3.80%
    Other 10 $950,000 $95,000 $2,147 4.49%
    Home Improvement 8 $200,000 $25,000 $0 4.38%

    For 2018, Northwest Community Bank's most frequently cited loan purpose was Home Purchase, with 72 originations. The 2nd most popular reason was Cash Out Refi, with 19 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 77 $22,105,000 $287,078 $3,622 4.22%
    15 Year 23 $3,615,000 $157,174 $2,511 4.82%
    10 Year 11 $315,000 $28,636 $0 4.50%
    5 Year 5 $145,000 $29,000 $0 3.75%
    20 Year 3 $1,005,000 $335,000 $3,463 5.33%
    30+ year 3 $1,085,000 $361,667 $6,244 4.96%
    Other 1 $365,000 $365,000 $0 6.25%

    For 2018, Northwest Community Bank's most frequently cited loan duration was 30 Year, with 77 originations. The 2nd most popular length was 15 Year, with 23 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 89 $17,355,000 $195,000
    $1k-2k 11 $3,795,000 $345,000
    $5k+ 6 $2,290,000 $381,667
    $2k-3k 3 $805,000 $268,333
    $3k-4k 3 $1,135,000 $378,333
    $4k-5k 1 $295,000 $295,000

    Northwest Community Bank's average total fees were $3,622, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 89 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 75 $17,105,000 $228,067
    3-4% 36 $8,410,000 $233,611
    5-6% 11 $2,755,000 $250,455
    6-7% 1 $365,000 $365,000

    During 2018, Northwest Community Bank's average interest rate for loans was 4.22%, while their most frequently originated rate bucket for loans was 4-5%, with 75 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 46 $13,360,000 $290,435 $3,668 4.34%
    $100,000 or less 34 $1,580,000 $46,471 $2,100 4.55%
    $100k-200k 25 $3,955,000 $158,200 $2,510 4.36%
    $400k-600k 14 $6,670,000 $476,429 $5,888 4.13%
    $600k-1MM 4 $3,070,000 $767,500 $5,182 4.94%

    2018 saw Northwest Community Bank place emphasis on $200k-400k loans with 46 originations, totaling $13,360,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 27 $7,385,000 $273,519 $3,851 4.26%
    $150k-250k 26 $8,260,000 $317,692 $4,274 4.20%
    $75k-100k 19 $2,825,000 $148,684 $2,644 4.20%
    $50k-75k 16 $2,250,000 $140,625 $3,967 4.30%
    $50k or less 13 $735,000 $56,538 $1,871 4.57%
    $250k+ 12 $4,280,000 $356,667 $3,634 4.33%

    Northwest Community Bank lent most frequently to those with incomes in the $100k-150k range, with 27 originations. The second most popular income band? $150k-250k, with 26 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 34 $8,260,000 $242,941 $3,361 4.15%
    30-36% 31 $6,905,000 $222,742 $3,624 4.39%
    <20% 16 $2,550,000 $159,375 $3,365 4.34%
    40% 6 $1,770,000 $295,000 $4,427 4.23%
    37% 6 $1,550,000 $258,333 $2,751 3.94%
    39% 4 $1,320,000 $330,000 $3,192 4.34%
    36% 4 $900,000 $225,000 $4,738 4.09%
    38% 4 $750,000 $187,500 $5,773 4.63%
    42% 4 $910,000 $227,500 $3,008 4.19%
    43% 2 $260,000 $130,000 $11,300 4.69%
    48% 1 $45,000 $45,000 $0 4.88%
    49% 1 $155,000 $155,000 $1,948 4.88%
    50-60% 1 $375,000 $375,000 $2,939 5.13%

    Northwest Community Bank lent most frequently to those with DTI ratios of 20-30%, with 34 originations. The next most common DTI ratio? 30-36%, with 31 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 91 $19,895,000 $218,626 $3,641 4.35%
    Not applicable 9 $2,885,000 $320,556 $0 5.76%
    Not provided 12 $2,670,000 $222,500 $3,694 4.09%
    Asian 6 $1,770,000 $295,000 $3,108 3.67%
    Black 3 $885,000 $295,000 $3,164 4.50%
    Other Asian 1 $475,000 $475,000 $7,425 4.50%
    American Indian 1 $55,000 $55,000 $2,091 4.13%

    Approval Rates

    Total approvals of all applications
    89.57%

    Northwest Community Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    84.55%

    Northwest Community Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 123 $28,635,000 $232,805

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 7 $2,445,000 $349,286
    Single Family (1-4 Units):Site-Built 116 $26,190,000 $225,776

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 10 $1,240,000 $124,000 $2,334 4.59%
    40-60% 12 $2,530,000 $210,833 $2,645 3.85%
    60-80% 42 $12,080,000 $287,619 $3,949 4.28%
    80-100% 34 $9,470,000 $278,529 $3,613 4.30%
    Under 20% 16 $430,000 $26,875 $0 4.43%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Northwest Community Bank 100 Battistoni Road Winsted, CT 6098 Full Service Retail $144
    Northwest Community Bank 101 Simsbury Road Avon, CT 6001 Full Service B&M $40,796
    Northwest Community Bank 141b Main Street New Hartford, CT 6057 Full Service B&M $41,016
    Northwest Community Bank 33 Hartford Avenue Granby, CT 6035 Full Service B&M $52,405
    Northwest Community Bank 416 Winsted Road Torrington, CT 6790 Full Service B&M $43,727
    Northwest Community Bank 86 Main Street Winsted, CT 6098 Full Service B&M $125,714

    For 2018, Northwest Community Bank had 6 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $13,975
    Net interest income $11,197
    Total noninterest income $1,384
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $564
    Trading account gains and fees $0
    Additional Noninterest Income $820
    Pre-tax net operating income $3,227
    Securities gains (or losses, -) $359
    Income before extraordinary items $2,702
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $2,702
    Minority interest net income $0
    Net income $2,702
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $2,418

    Northwest Community Bank's gross interest income from loans was $13,975,000.
    Northwest Community Bank's net interest income from loans was $11,197,000.
    Northwest Community Bank's fee based income from loans was $564,000.
    Northwest Community Bank's net income from loans was $2,702,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $2,778
    Provision for credit losses $306
    Total noninterest expense $9,048
    Salaries and employee benefits $5,261
    Premises and equipment expense $1,049
    Additional noninterest expense $2,738
    Applicable income taxes $884
    Net charge-offs $12
    Cash dividends $139

    Northwest Community Bank's interest expense for loans was $2,778,000.
    Northwest Community Bank's payroll and benefits expense were $5,261,000.
    Northwest Community Bank's property, plant and equipment expenses $1,049,000.

    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 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 0.0%
    HELOC loans 1.0%
    All other family 0.0%
    Commercial & industrial loans 1.0%
    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 $320,540
    Deposits held in domestic offices $320,540
    Deposits by Individuals, partnerships, and corporations $294,466
    Deposits by U.S. Government $3
    Deposits by States and political subdivisions in the U.S. $17,356
    Deposits by Commercial banks and other depository institutions in U.S. $8,715
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $109,952
    Demand deposits $58,024
    Nontransaction accounts $210,588
    Money market deposit accounts (MMDAs) $30,355
    Other savings deposits (excluding MMDAs) $71,512
    Total time deposits $108,722
    Total time and savings deposits $262,516
    Noninterest-bearing deposits $58,024
    Interest-bearing deposits $262,517
    Retail deposits $288,139
    IRAs and Keogh plan accounts $12,767
    Brokered deposits $12,407
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $409,545
    Cash & Balances due from depository institutions $13,504
    Interest-bearing balances $8,451
    Total securities $81,552
    Federal funds sold & reverse repurchase $0
    Net loans and leases $292,976
    Loan and leases loss allowance $2,858
    Trading account assets $0
    Bank premises and fixed assets $1,866
    Other real estate owned $0
    Goodwill and other intangibles $0
    All other assets $19,647

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $409,545
    Total Liabilities $364,839
    Total deposits $320,540
    Interest-bearing deposits $262,517
    Deposits held in domestic offices $320,540
    % insured (estimated) $81
    Federal funds purchased and repurchase agreements $107
    Trading liabilities $0
    Other borrowed funds $40,073
    Subordinated debt $0
    All other liabilities $4,119

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $292,976
    Loan and leases loss allowance $2,858
    Total loans and leases (domestic) $295,834
    All real estate loans $266,605
    Real estate loans in domestic offices $266,605
    Construction and development loans $5,359
    Residential 1-4 family construction $1,821
    Other construction, all land development and other land $3,538
    Loans secured by nonfarm nonresidential properties $54,302
    Nonfarm nonresidential secured by owner-occupied properties $21,580
    Commercial real estate & other non-farm, non-residential $32,722
    Multifamily residential real estate $8,799
    1-4 family residential loans $195,003
    Farmland loans $3,142
    Loans held in foreign offices $0
    Farm loans $1,302
    Commercial and industrial loans $17,534
    To non-U.S. addressees $0
    Loans to individuals $9,701
    Credit card loans $0
    Related Plans $24
    Consumer Auto Loans $9,594
    Other loans to individuals $83
    All other loans & leases $692
    Loans to foreign governments and official institutions $0
    Other loans $692
    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 $453
    Non 1-4 family restructured loans & leases $141
    Total loans and leases (foreign) $0

    Northwest Community Bank had $292,976,000 of loans outstanding in 2018. $266,605,000 of loans were in real estate loans. $5,359,000 of loans were in development loans. $8,799,000 of loans were in multifamily mortgage loans. $195,003,000 of loans were in 1-4 family mortgage loans. $1,302,000 of loans were in farm loans. $0 of loans were in credit card loans. $9,594,000 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 108 $26,496 $245,333
    Nonfarm, nonresidential loans - <$100k 14 $539 $38,500
    Nonfarm, nonresidential loans - $100-250k 36 $4,299 $119,417
    Nonfarm, nonresidential loans - $250k-1MM 58 $21,658 $373,414
    Commercial & Industrial, US addressed loans - <$1MM 122 $11,068 $90,721
    Commercial & Industrial, US addressed loans - <$100k 71 $2,248 $31,662
    Commercial & Industrial, US addressed loans - $100-250k 28 $2,324 $83,000
    Commercial & Industrial, US addressed loans - $250k-1MM 23 $6,496 $282,435
    Farmland loans - <$1MM 10 $2,118 $211,800
    Farmland loans - $100-250k 4 $488 $122,000
    Farmland loans - $250k-1MM 6 $1,630 $271,667
    Agriculture operations loans - <$1MM 2 $774 $387,000
    Agriculture operations loans - $250k-1MM 2 $774 $387,000