Northwest Community Bank Mortgage Rates, Fees & Info

Winsted, CT

LEI: 254900W4EKVR6GZ0KS84

Tax ID: 06-0448680

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Mortgage Data

Bank Data

Review & Overview

Northwest Community Bank is a smaller bank specializing in Home Purchase and Cash Out Refi loans. Northwest Community Bank has a high proportion of conventional loans. Their top markets by origination volume include: Hartford, Torrington, Bridgeport, New Haven, and Worcester among others. We have data for 6 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 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.

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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.44% 4/21/24
30 Year Conventional Refi 6.16% 4/21/24
30 Year Cash-out Refi 6.42% 4/21/24
15 Year Conventional Purchase 5.89% 4/21/24
15 Year Conventional Refi 5.65% 4/21/24
15 Year Cash-out Refi 5.65% 4/21/24
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.

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

153

Origination Dollar Volume (All Markets)

$39,685,000

Employee count

68

Awards

Northwest Community Bank 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
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 85 $26,085,000 $306,882 $3,789 4.03%
Torrington, CT (FHA|USDA|VA) 59 $8,265,000 $140,085 $1,481 4.21%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 4 $3,010,000 $752,500 $4,153 4.13%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 3 $1,925,000 $641,667 $5,203 3.96%
WORCESTER, MA-CT (FHA|USDA|VA) 1 $315,000 $315,000 $6,981 4.50%
SPRINGFIELD, MA (FHA|USDA|VA) 1 $85,000 $85,000 $895 4.75%
Northwest Community Bank's top markets include Hartford, Torrington, Bridgeport, New Haven, and Worcester among others.

Their top states include:
  • Connecticut (FHA|USDA|VA)
  • Massachusetts (FHA|USDA|VA)
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 153 $39,685,000 $259,379 $3,024 4.11%

    For 2019, Northwest Community Bank's most frequently originated type of loan was Conventional, with 153 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 80 $24,840,000 $310,500 $3,923 4.14%
    Cash Out Refi 38 $9,660,000 $254,211 $2,750 4.11%
    Other 14 $860,000 $61,429 $352 4.16%
    Refi 14 $4,180,000 $298,571 $3,236 3.96%
    Home Improvement 7 $145,000 $20,714 $0 3.91%

    For 2019, Northwest Community Bank's most frequently cited loan purpose was Home Purchase, with 80 originations. The 2nd most popular reason was Cash Out Refi, with 38 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 91 $27,875,000 $306,319 $3,887 4.07%
    15 Year 30 $4,260,000 $142,000 $1,323 4.42%
    5 Year 12 $290,000 $24,167 $0 3.83%
    30+ year 7 $3,925,000 $560,714 $4,109 3.93%
    Other 6 $1,220,000 $203,333 $1,806 3.83%
    10 Year 4 $630,000 $157,500 $1,359 3.88%
    20 Year 3 $1,485,000 $495,000 $3,267 4.53%

    For 2019, Northwest Community Bank's most frequently cited loan duration was 30 Year, with 91 originations. The 2nd most popular length was 15 Year, with 30 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 88 $16,380,000 $186,136
    $1k-2k 40 $15,410,000 $385,250
    $2k-3k 5 $1,675,000 $335,000
    $5k+ 5 $2,125,000 $425,000
    $3k-4k 4 $1,590,000 $397,500
    $4k-5k 1 $415,000 $415,000

    Northwest Community Bank's average total fees were $3,887, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 88 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 79 $21,995,000 $278,418
    3-4% 67 $16,775,000 $250,373
    2.5-3% 4 $640,000 $160,000
    5-6% 3 $275,000 $91,667

    During 2019, Northwest Community Bank's average interest rate for loans was 4.07%, while their most frequently originated rate bucket for loans was 4-5%, with 79 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 48 $13,460,000 $280,417 $3,911 3.95%
    $100,000 or less 42 $2,250,000 $53,571 $663 4.27%
    $100k-200k 29 $4,225,000 $145,690 $2,143 4.21%
    $400k-600k 24 $11,630,000 $484,583 $5,176 4.08%
    $600k-1MM 9 $6,985,000 $776,111 $4,706 3.82%
    $1MM+ 1 $1,135,000 $1,135,000 $0 4.85%

    2019 saw Northwest Community Bank place emphasis on $200k-400k loans with 48 originations, totaling $13,460,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 42 $13,700,000 $326,190 $3,586 4.05%
    $100k-150k 25 $5,645,000 $225,800 $3,272 3.90%
    $50k-75k 23 $3,215,000 $139,783 $2,272 4.29%
    $75k-100k 21 $3,525,000 $167,857 $2,506 4.10%
    $250k+ 20 $10,790,000 $539,500 $4,202 3.92%
    $50k or less 11 $595,000 $54,091 $967 4.18%

    Northwest Community Bank lent most frequently to those with incomes in the $150k-250k range, with 42 originations. The second most popular income band? $100k-150k, with 25 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 45 $10,715,000 $238,111 $2,817 4.04%
    30-36% 31 $9,145,000 $295,000 $3,194 4.23%
    <20% 17 $4,035,000 $237,353 $1,969 3.78%
    39% 9 $1,895,000 $210,556 $2,432 4.04%
    37% 9 $2,625,000 $291,667 $4,416 4.06%
    40% 8 $2,450,000 $306,250 $4,287 4.20%
    41% 8 $1,000,000 $125,000 $1,570 3.91%
    42% 7 $2,935,000 $419,286 $5,661 4.14%
    38% 6 $2,140,000 $356,667 $2,769 4.06%
    36% 3 $525,000 $175,000 $2,925 3.96%
    47% 1 $245,000 $245,000 $2,454 3.00%

    Northwest Community Bank lent most frequently to those with DTI ratios of 20-30%, with 45 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 129 $33,175,000 $257,171 $3,042 4.06%
    Not applicable 8 $1,930,000 $241,250 $0 5.10%
    Not provided 7 $1,885,000 $269,286 $2,050 4.18%
    Asian 5 $1,775,000 $355,000 $3,811 3.90%
    Black 2 $590,000 $295,000 $4,055 3.81%
    Other Asian 2 $330,000 $165,000 $2,283 3.56%

    Approval Rates

    Total approvals of all applications
    93.53%

    Northwest Community Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    83.66%

    Northwest Community Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 153 $39,685,000 $259,379

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 4 $1,530,000 $382,500
    Single Family (1-4 Units):Site-Built 149 $38,155,000 $256,074

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 14 $1,000,000 $71,429 $429 4.56%
    40-60% 15 $2,275,000 $151,667 $1,959 3.69%
    60-80% 61 $22,795,000 $373,689 $3,902 4.14%
    80-100% 47 $13,195,000 $280,745 $4,051 4.09%
    Under 20% 16 $420,000 $26,250 $45 4.05%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    NORTHWEST BANCSHARES INC Other type of mortgage Trouble during payment process 1 100.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Northwest Community Bank 416 Winsted Road Torrington, CT 6790 Full Service B&M $61,795
    Northwest Community Bank 100 Battistoni Road Winsted, CT 6098 Full Service Retail $152
    Northwest Community Bank 101 Simsbury Road Avon, CT 6001 Full Service B&M $48,858
    Northwest Community Bank 141b Main Street New Hartford, CT 6057 Full Service B&M $43,439
    Northwest Community Bank 33 Hartford Avenue Granby, CT 6035 Full Service B&M $55,540
    Northwest Community Bank 86 Main Street Winsted, CT 6098 Full Service B&M $125,482

    For 2019, Northwest Community Bank had 6 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $14,878
    Net interest income $11,374
    Total noninterest income $1,412
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $533
    Trading account gains and fees $0
    Additional Noninterest Income $879
    Pre-tax net operating income $3,150
    Securities gains (or losses, -) $2,067
    Income before extraordinary items $3,877
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $3,877
    Minority interest net income $0
    Net income $3,877
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $2,244

    Northwest Community Bank's gross interest income from loans was $14,878,000.
    Northwest Community Bank's net interest income from loans was $11,374,000.
    Northwest Community Bank's fee based income from loans was $533,000.
    Northwest Community Bank's net income from loans was $3,877,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $3,504
    Provision for credit losses $185
    Total noninterest expense $9,451
    Salaries and employee benefits $5,676
    Premises and equipment expense $1,101
    Additional noninterest expense $2,674
    Applicable income taxes $1,340
    Net charge-offs $-29
    Cash dividends $150

    Northwest Community Bank's interest expense for loans was $3,504,000.
    Northwest Community Bank's payroll and benefits expense were $5,676,000.
    Northwest Community Bank's property, plant and equipment expenses $1,101,000.

    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 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 $338,792
    Deposits held in domestic offices $338,792
    Deposits by Individuals, partnerships, and corporations $308,550
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $22,519
    Deposits by Commercial banks and other depository institutions in U.S. $7,723
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $128,884
    Demand deposits $61,209
    Nontransaction accounts $209,908
    Money market deposit accounts (MMDAs) $31,716
    Other savings deposits (excluding MMDAs) $75,701
    Total time deposits $102,491
    Total time and savings deposits $277,583
    Noninterest-bearing deposits $61,209
    Interest-bearing deposits $277,584
    Retail deposits $311,950
    IRAs and Keogh plan accounts $13,871
    Brokered deposits $6,196
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $417,934
    Cash & Balances due from depository institutions $21,238
    Interest-bearing balances $16,288
    Total securities $75,492
    Federal funds sold & reverse repurchase $0
    Net loans and leases $301,042
    Loan and leases loss allowance $3,072
    Trading account assets $0
    Bank premises and fixed assets $1,967
    Other real estate owned $0
    Goodwill and other intangibles $190
    All other assets $18,005

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $417,934
    Total Liabilities $367,739
    Total deposits $338,792
    Interest-bearing deposits $277,584
    Deposits held in domestic offices $338,792
    % insured (estimated) $74
    Federal funds purchased and repurchase agreements $202
    Trading liabilities $0
    Other borrowed funds $24,275
    Subordinated debt $0
    All other liabilities $4,470

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $301,042
    Loan and leases loss allowance $3,072
    Total loans and leases (domestic) $304,114
    All real estate loans $277,694
    Real estate loans in domestic offices $277,694
    Construction and development loans $6,604
    Residential 1-4 family construction $2,964
    Other construction, all land development and other land $3,640
    Loans secured by nonfarm nonresidential properties $52,111
    Nonfarm nonresidential secured by owner-occupied properties $19,188
    Commercial real estate & other non-farm, non-residential $32,923
    Multifamily residential real estate $8,600
    1-4 family residential loans $207,071
    Farmland loans $3,308
    Loans held in foreign offices $0
    Farm loans $1,239
    Commercial and industrial loans $14,883
    To non-U.S. addressees $0
    Loans to individuals $9,665
    Credit card loans $0
    Related Plans $20
    Consumer Auto Loans $9,576
    Other loans to individuals $69
    All other loans & leases $633
    Loans to foreign governments and official institutions $0
    Other loans $633
    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 $768
    Non 1-4 family restructured loans & leases $256
    Total loans and leases (foreign) $0

    Northwest Community Bank had $301,042,000 of loans outstanding in 2019. $277,694,000 of loans were in real estate loans. $6,604,000 of loans were in development loans. $8,600,000 of loans were in multifamily mortgage loans. $207,071,000 of loans were in 1-4 family mortgage loans. $1,239,000 of loans were in farm loans. $0 of loans were in credit card loans. $9,576,000 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 110 $26,915 $244,682
    Nonfarm, nonresidential loans - <$100k 20 $805 $40,250
    Nonfarm, nonresidential loans - $100-250k 37 $4,365 $117,973
    Nonfarm, nonresidential loans - $250k-1MM 53 $21,745 $410,283
    Commercial & Industrial, US addressed loans - <$1MM 133 $11,745 $88,308
    Commercial & Industrial, US addressed loans - <$100k 80 $2,730 $34,125
    Commercial & Industrial, US addressed loans - $100-250k 31 $3,215 $103,710
    Commercial & Industrial, US addressed loans - $250k-1MM 22 $5,800 $263,636
    Farmland loans - <$1MM 10 $2,086 $208,600
    Farmland loans - $100-250k 4 $424 $106,000
    Farmland loans - $250k-1MM 6 $1,662 $277,000
    Agriculture operations loans - <$1MM 2 $744 $372,000
    Agriculture operations loans - $250k-1MM 2 $744 $372,000