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
  • Complaints
  • 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 Refi, Cash Out Refi, and 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 Norwich among others. We have data for 10 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.

    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% 4/28/24
    30 Year Conventional Refi 6.16% 4/28/24
    30 Year Cash-out Refi 6.42% 4/28/24
    15 Year Conventional Purchase 5.89% 4/28/24
    15 Year Conventional Refi 5.65% 4/28/24
    15 Year Cash-out Refi 5.65% 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 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

    479

    Origination Dollar Volume (All Markets)

    $144,555,000

    Employee count

    156

    Awards

    Northwest Community Bank 30 Year Conventional Loans silver Northwest Community Bank 30 Year Conventional Loans silver Northwest Community Bank 30 Year Conventional Loans gold Northwest Community Bank 30 Year Conventional Loans bronze
    Show all (4) 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) 194 $67,530,000 $348,093 $3,018 3.06%
    Torrington, CT (FHA|USDA|VA) 228 $51,720,000 $226,842 $2,857 3.13%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 34 $15,010,000 $441,471 $3,388 3.16%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 10 $5,710,000 $571,000 $5,817 2.84%
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 6 $2,010,000 $335,000 $5,371 2.73%
    Rutland, VT (FHA|USDA|VA) 1 $1,045,000 $1,045,000 $0 3.82%
    POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 2 $450,000 $225,000 $0 3.95%
    WORCESTER, MA-CT (FHA|USDA|VA) 1 $435,000 $435,000 $4,679 3.50%
    PITTSFIELD, MA (FHA|USDA|VA) 2 $400,000 $200,000 $3,415 2.81%
    SPRINGFIELD, MA (FHA|USDA|VA) 1 $245,000 $245,000 $3,439 3.88%
    Northwest Community Bank's top markets include Hartford, Torrington, New Haven, Bridgeport, and Norwich among others.

    Their top states include:
  • Connecticut (FHA|USDA|VA)
  • Vermont (FHA|USDA|VA)
  • Massachusetts (FHA|USDA|VA)
  • New York (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.

    POLISH NATIONAL
    Similarity Rank: 376
    MUTUAL SECURITY CREDIT UNION
    Similarity Rank: 380
    Sanborn Mortgage Corporation
    Similarity Rank: 435
    SIKORSKY FINANCIAL
    Similarity Rank: 522
    The Milford Bank
    Similarity Rank: 628
    Charter Oak Federal Credit Union
    Similarity Rank: 654
    Chelsea Groton Bank
    Similarity Rank: 784
    Savings Bank of Danbury
    Similarity Rank: 810
    PeoplesBank
    Similarity Rank: 900
    The Torrington Savings Bank
    Similarity Rank: 1070

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 479 $144,555,000 $301,785 $3,066 3.10%

    For 2021, Northwest Community Bank's most frequently originated type of loan was Conventional, with 479 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 165 $41,605,000 $252,152 $2,669 2.83%
    Cash Out Refi 144 $50,560,000 $351,111 $3,192 3.12%
    Home Purchase 143 $48,905,000 $341,993 $3,769 3.28%
    Other 18 $2,820,000 $156,667 $1,837 3.48%
    Home Improvement 9 $665,000 $73,889 $390 3.86%

    For 2021, Northwest Community Bank's most frequently cited loan purpose was Refi, with 165 originations. The 2nd most popular reason was Cash Out Refi, with 144 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 220 $65,140,000 $296,091 $3,443 3.18%
    15 Year 114 $29,330,000 $257,281 $2,779 2.71%
    20 Year 79 $28,615,000 $362,215 $2,463 3.44%
    10 Year 27 $4,425,000 $163,889 $2,034 2.73%
    30+ year 19 $9,935,000 $522,895 $4,200 3.29%
    5 Year 11 $365,000 $33,182 $0 3.61%
    Other 9 $6,745,000 $749,444 $4,027 3.08%

    For 2021, Northwest Community Bank's most frequently cited loan duration was 30 Year, with 220 originations. The 2nd most popular length was 15 Year, with 114 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 284 $75,680,000 $266,479
    $1k-2k 70 $20,010,000 $285,857
    $2k-3k 20 $7,020,000 $351,000
    $3k-4k 9 $2,545,000 $282,778
    $5k+ 8 $4,650,000 $581,250
    $4k-5k 2 $610,000 $305,000

    Northwest Community Bank's average total fees were $3,443, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 284 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 194 $62,220,000 $320,722
    2.5-3% 162 $52,570,000 $324,506
    <2.5% 93 $21,615,000 $232,419
    4-5% 30 $8,150,000 $271,667

    During 2021, Northwest Community Bank's average interest rate for loans was 3.18%, while their most frequently originated rate bucket for loans was 3-4%, with 194 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 169 $25,125,000 $148,669 $2,445 3.08%
    $200k-400k 165 $45,835,000 $277,788 $3,173 3.03%
    $100,000 or less 51 $3,115,000 $61,078 $1,423 3.34%
    $400k-600k 48 $23,230,000 $483,958 $4,002 3.02%
    $600k-1MM 32 $23,500,000 $734,375 $5,810 2.94%
    $1MM+ 14 $23,750,000 $1,696,429 $5,017 3.78%

    2021 saw Northwest Community Bank place emphasis on $100k-200k loans with 169 originations, totaling $25,125,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 104 $31,990,000 $307,596 $3,046 2.97%
    $100k-150k 97 $24,105,000 $248,505 $3,165 2.98%
    $50k-75k 62 $9,850,000 $158,871 $2,450 3.11%
    $250k+ 61 $32,365,000 $530,574 $4,346 2.76%
    $75k-100k 61 $12,135,000 $198,934 $2,683 3.03%
    $50k or less 29 $3,385,000 $116,724 $2,292 3.10%

    Northwest Community Bank lent most frequently to those with incomes in the $150k-250k range, with 104 originations. The second most popular income band? $100k-150k, with 97 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 126 $31,460,000 $249,683 $3,024 2.94%
    30-36% 81 $22,585,000 $278,827 $3,052 3.05%
    <20% 72 $19,780,000 $274,722 $2,965 2.74%
    36% 20 $4,570,000 $228,500 $2,857 2.89%
    42% 18 $5,390,000 $299,444 $3,144 3.06%
    40% 16 $2,780,000 $173,750 $2,881 3.23%
    41% 16 $6,480,000 $405,000 $3,234 3.39%
    44% 11 $3,665,000 $333,182 $2,981 3.19%
    39% 11 $2,835,000 $257,727 $2,695 3.22%
    47% 9 $2,725,000 $302,778 $3,849 3.00%
    38% 7 $2,365,000 $337,857 $3,121 3.23%
    37% 6 $2,020,000 $336,667 $4,855 2.96%
    45% 6 $1,600,000 $266,667 $3,267 3.08%
    43% 6 $1,660,000 $276,667 $2,721 3.13%
    48% 6 $1,550,000 $258,333 $2,894 2.85%
    49% 5 $1,565,000 $313,000 $3,760 2.93%
    50-60% 2 $700,000 $350,000 $2,561 2.81%
    46% 2 $1,010,000 $505,000 $3,818 2.94%

    Northwest Community Bank lent most frequently to those with DTI ratios of 20-30%, with 126 originations. The next most common DTI ratio? 30-36%, with 81 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 365 $98,145,000 $268,890 $2,991 3.00%
    Not applicable 59 $29,815,000 $505,339 $0 3.93%
    Not provided 41 $11,655,000 $284,268 $3,603 2.88%
    Asian 12 $4,120,000 $343,333 $3,527 2.74%
    Black 2 $820,000 $410,000 $2,948 2.63%

    Approval Rates

    Total approvals of all applications
    97.76%

    Northwest Community Bank 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
    89.77%

    Northwest Community Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 479 $144,555,000 $301,785

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    479 $144,555,000 $301,785

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 45 $7,115,000 $158,111 $2,159 2.91%
    40-60% 96 $27,770,000 $289,271 $2,935 2.79%
    60-80% 231 $77,525,000 $335,606 $3,318 3.21%
    80-100% 81 $28,875,000 $356,481 $3,770 3.15%
    Under 20% 26 $3,270,000 $125,769 $1,158 3.39%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    NORTHWEST BANCSHARES INC Conventional home mortgage Struggling to pay mortgage 1 11.1%
    NORTHWEST BANCSHARES INC Conventional home mortgage Trouble during payment process 5 55.6%
    NORTHWEST BANCSHARES INC Home equity loan or line of credit (HELOC) Trouble during payment process 1 11.1%
    NORTHWEST BANCSHARES INC Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 11.1%
    NORTHWEST BANCSHARES INC Other type of mortgage Struggling to pay mortgage 1 11.1%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Northwest Community Bank 100 Battistoni Road Winsted, CT 6098 Full Service Retail $283
    Northwest Community Bank 101 Simsbury Road Avon, CT 6001 Full Service B&M $66,177
    Northwest Community Bank 11 Bryan Plaza Washington Depot, CT 6794 Full Service B&M $18,488
    Northwest Community Bank 1320 East Main Street Torrington, CT 6790 Full Service B&M $27,484
    Northwest Community Bank 136 Main Street, Collinsville Canton, CT 6019 Full Service B&M $47,370
    Northwest Community Bank 141b Main Street New Hartford, CT 6057 Full Service B&M $60,141
    Northwest Community Bank 186 Main Street Farmington, CT 6032 Full Service B&M $12,121
    Northwest Community Bank 277 Albany Turnpike Collinsville, CT 6019 Full Service B&M $113,288
    Northwest Community Bank 294 West Street Litchfield, CT 6759 Full Service B&M $142,847
    Northwest Community Bank 326 Main Street Lakeville, CT 6039 Full Service B&M $35,038
    Northwest Community Bank 33 Hartford Avenue Granby, CT 6035 Full Service B&M $72,665
    Northwest Community Bank 416 Winsted Road Torrington, CT 6790 Full Service B&M $58,565
    Northwest Community Bank 51 Straits Turnpike Watertown, CT 6795 Full Service B&M $60,420
    Northwest Community Bank 741 Hopmeadow Street Simsbury, CT 6070 Full Service B&M $16,404
    Northwest Community Bank 86 Main St Winsted, CT 6098 Full Service B&M $154,729

    For 2021, Northwest Community Bank had 15 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $29,918
    Net interest income $27,803
    Total noninterest income $4,032
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $1,040
    Trading account gains and fees $0
    Additional Noninterest Income $2,992
    Pre-tax net operating income $5,225
    Securities gains (or losses, -) $2,642
    Income before extraordinary items $6,561
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $6,561
    Minority interest net income $0
    Net income $6,561
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $4,368

    Northwest Community Bank's gross interest income from loans was $29,918,000.
    Northwest Community Bank's net interest income from loans was $27,803,000.
    Northwest Community Bank's fee based income from loans was $1,040,000.
    Northwest Community Bank's net income from loans was $6,561,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $2,115
    Provision for credit losses $604
    Total noninterest expense $26,006
    Salaries and employee benefits $14,159
    Premises and equipment expense $3,129
    Additional noninterest expense $8,718
    Applicable income taxes $1,306
    Net charge-offs $-211
    Cash dividends $0

    Northwest Community Bank's interest expense for loans was $2,115,000.
    Northwest Community Bank's payroll and benefits expense were $14,159,000.
    Northwest Community Bank's property, plant and equipment expenses $3,129,000.

    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 $929,857
    Deposits held in domestic offices $929,857
    Deposits by Individuals, partnerships, and corporations $856,540
    Deposits by U.S. Government $6
    Deposits by States and political subdivisions in the U.S. $60,063
    Deposits by Commercial banks and other depository institutions in U.S. $13,248
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $478,292
    Demand deposits $253,625
    Nontransaction accounts $451,565
    Money market deposit accounts (MMDAs) $99,784
    Other savings deposits (excluding MMDAs) $200,854
    Total time deposits $150,927
    Total time and savings deposits $676,232
    Noninterest-bearing deposits $253,628
    Interest-bearing deposits $676,230
    Retail deposits $898,211
    IRAs and Keogh plan accounts $28,334
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,029,895
    Cash & Balances due from depository institutions $109,137
    Interest-bearing balances $98,877
    Total securities $210,596
    Federal funds sold & reverse repurchase $0
    Net loans and leases $669,483
    Loan and leases loss allowance $8,158
    Trading account assets $0
    Bank premises and fixed assets $7,747
    Other real estate owned $0
    Goodwill and other intangibles $45
    All other assets $32,887

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,029,895
    Total Liabilities $939,441
    Total deposits $929,857
    Interest-bearing deposits $676,230
    Deposits held in domestic offices $929,857
    % insured (estimated) $73
    Federal funds purchased and repurchase agreements $34
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $9,550

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $669,483
    Loan and leases loss allowance $8,158
    Total loans and leases (domestic) $677,641
    All real estate loans $610,811
    Real estate loans in domestic offices $610,811
    Construction and development loans $13,177
    Residential 1-4 family construction $4,469
    Other construction, all land development and other land $8,708
    Loans secured by nonfarm nonresidential properties $163,433
    Nonfarm nonresidential secured by owner-occupied properties $57,869
    Commercial real estate & other non-farm, non-residential $105,564
    Multifamily residential real estate $26,814
    1-4 family residential loans $404,138
    Farmland loans $3,249
    Loans held in foreign offices $0
    Farm loans $1,111
    Commercial and industrial loans $46,537
    To non-U.S. addressees $0
    Loans to individuals $17,704
    Credit card loans $0
    Related Plans $33
    Consumer Auto Loans $17,226
    Other loans to individuals $445
    All other loans & leases $1,478
    Loans to foreign governments and official institutions $0
    Other loans $1,478
    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 $1,666
    Non 1-4 family restructured loans & leases $672
    Total loans and leases (foreign) $0

    Northwest Community Bank had $669,483,000 of loans outstanding in 2021. $610,811,000 of loans were in real estate loans. $13,177,000 of loans were in development loans. $26,814,000 of loans were in multifamily mortgage loans. $404,138,000 of loans were in 1-4 family mortgage loans. $1,111,000 of loans were in farm loans. $0 of loans were in credit card loans. $17,226,000 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 281 $72,591 $258,331
    Nonfarm, nonresidential loans - <$100k 42 $1,870 $44,524
    Nonfarm, nonresidential loans - $100-250k 80 $8,717 $108,963
    Nonfarm, nonresidential loans - $250k-1MM 159 $62,004 $389,962
    Commercial & Industrial, US addressed loans - <$1MM 386 $28,781 $74,562
    Commercial & Industrial, US addressed loans - <$100k 231 $5,091 $22,039
    Commercial & Industrial, US addressed loans - $100-250k 82 $7,220 $88,049
    Commercial & Industrial, US addressed loans - $250k-1MM 73 $16,470 $225,616
    Farmland loans - <$1MM 9 $1,748 $194,222
    Farmland loans - $100-250k 4 $520 $130,000
    Farmland loans - $250k-1MM 5 $1,228 $245,600
    Agriculture operations loans - <$1MM 2 $676 $338,000
    Agriculture operations loans - $250k-1MM 2 $676 $338,000