Norwood Co-operative Bank Mortgage Rates, Fees & InfoNorwood, MA
Tax ID: 27-2251017
Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Review & OverviewNorwood Co-operative Bank is a smaller bank specializing in Home Purchase and Refi loans. Norwood Co-operative Bank has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Worcester, Providence, and Barnstable Town among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)
Norwood Co-operative 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. Norwood Co-operative Bank is typically an average 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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|Simulated Rate||Simulation Date|
|30 Year Conventional Purchase||6.36%||11/30/23|
|30 Year Conventional Refi||6.34%||11/30/23|
|30 Year Cash-out Refi||6.39%||11/30/23|
|15 Year Conventional Purchase||6.40%||11/30/23|
|15 Year Conventional Refi||5.89%||11/30/23|
|15 Year Cash-out Refi||5.89%||11/30/23|
|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.|
Norwood Co-operative Bank Mortgage Calculator
Your EstimatesEstimated Loan Payment: Update the calculator values and click calculate payment!
This is not an official calculator from Norwood Co-operative Bank. It uses our SimulatedRate™
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Origination Dollar Volume (All Markets)$130,830,000
Norwood Co-operative Bank - 2022
Norwood Co-operative Bank is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
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Norwood Co-operative Bank's average 30 year fixed mortgage rate was
The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.
This yields a difference of -0.45%.
Relative Fees (Closing Costs)
Norwood Co-operative Bank's average total fees/closing costs for a 30 year fixed rate
mortgage were $4,983.
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 $4,750.
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|
|Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA)||184||$119,460,000||$649,239||$3,091||4.51%|
|WORCESTER, MA-CT (FHA|USDA|VA)||9||$4,945,000||$549,444||$1,335||4.86%|
|PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA)||7||$3,955,000||$565,000||$9,189||4.16%|
|BARNSTABLE TOWN, MA (FHA|USDA|VA)||6||$2,470,000||$411,667||$3,836||4.29%|
We use machine learning to identify the top lenders compared against Norwood Co-operative Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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|Loan Type||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
For 2022, Norwood Co-operative Bank's most frequently originated type of loan was Conventional, with 206 originations.
For 2022, Norwood Co-operative Bank's most frequently cited loan purpose was Home Purchase, with 106 originations. The 2nd most popular reason was Refi, with 36 originations.
For 2022, Norwood Co-operative Bank's most frequently cited loan duration was 30 Year, with 109 originations. The 2nd most popular length was 15 Year, with 36 originations.
Origination Fees/Closing Costs
|Origination Fee/Closing Cost||Originations||Total Value||Average Loan|
Norwood Co-operative Bank's average total fees were $4,983, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 103 originations.
|Loan Rate||Originations||Total Value||Average Loan|
During 2022, Norwood Co-operative Bank's average interest rate for loans was 4.31%, while their most frequently originated rate bucket for loans was 4-5%, with 80 originations.
2022 saw Norwood Co-operative Bank place emphasis on $200k-400k loans with 42 originations, totaling $12,630,000 in origination value.
Norwood Co-operative 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 28 originations.
Applicant Debt to Income Ratio
Norwood Co-operative Bank lent most frequently to those with DTI ratios of 30-36%, with 28 originations. The next most common DTI ratio? 20-30%, with 18 originations.
Approval RatesTotal approvals of all applications
Norwood Co-operative Bank has an average approval rate.
Pick RateApprovals leading to origination
Norwood Co-operative Bank has an average pick rate.
Points and Fees
|Points||Originations||Total Value||Average Loan|