Northern Mortgage Services Rates, Fees & Info
GRAND RAPIDS, MILEI: 549300D36J5CQX0I4F44
Tax ID: 38-3305907
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Mortgage Data
Review & Overview
Northern Mortgage Services is a smaller mortgage company specializing in Home Purchase loans. Northern Mortgage Services has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Grand Rapids, Cleveland, Springfield, Washington, and Holland among others. We have data for 74 markets. (Some data included below & more in-depth data is available with an active subscription.)Northern Mortgage Services 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. Northern Mortgage Services 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 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.92% | 9/18/23 |
| 30 Year Conventional Refi | 6.87% | 9/18/23 |
| 30 Year Cash-out Refi | 6.90% | 9/18/23 |
| 30 Year FHA Purchase | 7.55% | 9/18/23 |
| 30 Year FHA Refi | 7.43% | 9/18/23 |
| 30 Year VA Purchase | 6.59% | 9/18/23 |
| 30 Year VA Refi | 6.30% | 9/18/23 |
| 30 Year USDA Purchase | 7.10% | 9/18/23 |
| 15 Year Conventional Purchase | 6.18% | 9/18/23 |
| 15 Year Conventional Refi | 6.52% | 9/18/23 |
| 15 Year Cash-out Refi | 6.52% | 9/18/23 |
| 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. | ||
Northern Mortgage Services Mortgage Calculator
Your Estimates
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
1,041Origination Dollar Volume (All Markets)
$251,755,000Awards
NORTHERN MORTGAGE SERVICES - 2022
NORTHERN MORTGAGE SERVICES is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
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Relative Rate
Northern Mortgage Services's average 30 year fixed mortgage rate was
5.25%.
The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.
This yields a difference of 0.49%.
Relative Fees (Closing Costs)
Northern Mortgage Services's average total fees/closing costs for a 30 year fixed rate
mortgage were $5,654.
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.
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 |
|---|---|---|---|---|---|
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 412 | $106,230,000 | $257,840 | $5,685 | 5.27% |
| CLEVELAND-ELYRIA, OH (FHA|USDA|VA) | 126 | $22,120,000 | $175,556 | $5,022 | 5.12% |
| Outside of Metro Areas | 102 | $21,500,000 | $210,784 | $5,070 | 5.12% |
| SPRINGFIELD, MA (FHA|USDA|VA) | 46 | $11,200,000 | $243,478 | $6,655 | 5.65% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 24 | $10,650,000 | $443,750 | $8,377 | 4.73% |
| Holland, MI (FHA|USDA|VA) | 41 | $10,485,000 | $255,732 | $6,220 | 5.30% |
| DAYTON-KETTERING, OH (FHA|USDA|VA) | 45 | $7,335,000 | $163,000 | $4,165 | 5.15% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 20 | $6,520,000 | $326,000 | $4,331 | 4.31% |
| PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) | 18 | $6,500,000 | $361,111 | $4,807 | 5.06% |
| MUSKEGON, MI (FHA|USDA|VA) | 15 | $3,435,000 | $229,000 | $4,999 | 4.99% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 10 | $3,190,000 | $319,000 | $10,256 | 5.41% |
| BANGOR, ME (FHA|USDA|VA) | 13 | $2,955,000 | $227,308 | $5,828 | 5.15% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 9 | $2,455,000 | $272,778 | $4,292 | 4.33% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 14 | $2,340,000 | $167,143 | $3,714 | 5.21% |
| KANSAS CITY, MO-KS (FHA|USDA|VA) | 10 | $1,880,000 | $188,000 | $5,832 | 4.60% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 5 | $1,875,000 | $375,000 | $5,563 | 5.57% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 7 | $1,685,000 | $240,714 | $4,081 | 4.20% |
| NORWICH-NEW LONDON, CT (FHA|USDA|VA) | 6 | $1,590,000 | $265,000 | $4,745 | 5.25% |
| KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) | 7 | $1,485,000 | $212,143 | $5,061 | 5.09% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 2 | $1,390,000 | $695,000 | $4,416 | 5.06% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 5 | $1,345,000 | $269,000 | $9,319 | 6.08% |
| CLARKSVILLE, TN-KY (FHA|USDA|VA) | 5 | $1,305,000 | $261,000 | $5,499 | 4.85% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 4 | $1,210,000 | $302,500 | $9,714 | 5.84% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 6 | $1,190,000 | $198,333 | $5,053 | 4.79% |
| Augusta-Waterville, ME (FHA|USDA|VA) | 4 | $1,070,000 | $267,500 | $6,758 | 5.59% |
| RICHMOND, VA (FHA|USDA|VA) | 2 | $1,000,000 | $500,000 | $4,153 | 5.44% |
| BATTLE CREEK, MI (FHA|USDA|VA) | 6 | $930,000 | $155,000 | $3,547 | 6.23% |
| CHARLOTTESVILLE, VA (FHA|USDA|VA) | 1 | $895,000 | $895,000 | $4,912 | 3.75% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 3 | $875,000 | $291,667 | $7,616 | 4.62% |
| LEWISTON-AUBURN, ME (FHA|USDA|VA) | 4 | $850,000 | $212,500 | $6,055 | 5.09% |
| HOMOSASSA SPRINGS, FL (FHA|USDA|VA) | 4 | $790,000 | $197,500 | $10,592 | 5.31% |
| Traverse City, MI (FHA|USDA|VA) | 3 | $725,000 | $241,667 | $6,833 | 4.54% |
| ANN ARBOR, MI (FHA|USDA|VA) | 4 | $710,000 | $177,500 | $5,762 | 4.84% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 2 | $640,000 | $320,000 | $6,375 | 5.75% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 3 | $635,000 | $211,667 | $4,491 | 6.25% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 2 | $630,000 | $315,000 | $5,891 | 4.81% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 1 | $605,000 | $605,000 | $3,768 | 4.00% |
| SPRINGFIELD, OH (FHA|USDA|VA) | 3 | $545,000 | $181,667 | $7,256 | 4.54% |
| FAYETTEVILLE, NC (FHA|USDA|VA) | 2 | $540,000 | $270,000 | $8,151 | 6.19% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 2 | $470,000 | $235,000 | $9,975 | 4.81% |
| Albemarle, NC (FHA|USDA|VA) | 2 | $470,000 | $235,000 | $3,535 | 4.62% |
| WINSTON-SALEM, NC (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $3,828 | 5.63% |
| Sidney, OH (FHA|USDA|VA) | 2 | $440,000 | $220,000 | $7,054 | 4.44% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $3,672 | 6.13% |
| Norwalk, OH (FHA|USDA|VA) | 3 | $395,000 | $131,667 | $5,164 | 6.25% |
| COLUMBUS, OH (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $796 | 5.99% |
| AKRON, OH (FHA|USDA|VA) | 2 | $340,000 | $170,000 | $8,406 | 5.50% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 2 | $330,000 | $165,000 | $7,410 | 5.44% |
| Mount Pleasant, MI (FHA|USDA|VA) | 2 | $320,000 | $160,000 | $6,049 | 5.50% |
| HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $6,021 | 3.00% |
| PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) | 2 | $300,000 | $150,000 | $10,633 | 5.50% |
| Alma, MI (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $5,609 | 3.75% |
| Celina, OH (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $3,721 | 3.50% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $10,187 | 4.38% |
| ST. LOUIS, MO-IL (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $4,359 | 5.50% |
| Hillsdale, MI (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $3,232 | 3.13% |
| Ludington, MI (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $5,136 | 7.13% |
| Garden City, KS (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $4,020 | 5.50% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $5,419 | 5.75% |
| NILES, MI (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $5,332 | 6.25% |
| LOUISVILLE, KY (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $9,777 | 5.25% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $11,880 | 5.00% |
| Cadillac, MI (FHA|USDA|VA) | 2 | $160,000 | $80,000 | $2,673 | 4.94% |
| Lewisburg, TN (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $10,489 | 5.75% |
| Adrian, MI (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $6,370 | 5.49% |
| SAGINAW, MI (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $5,742 | 3.75% |
| Big Rapids, MI (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $4,167 | 4.88% |
| Greenville, OH (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $1,583 | 5.88% |
| Frankfort, IN (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $5,797 | 5.50% |
| Scottsburg, IN (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $5,206 | 6.63% |
| CAPE GIRARDEAU, MO-IL (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $2,307 | 3.50% |
| ST. JOSEPH, MO-KS (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $1,520 | 4.25% |
| BAY CITY, MI (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $2,907 | 4.63% |
| Sandusky, OH (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $4,322 | 3.88% |
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Product Mix
For 2022, Northern Mortgage Services's most frequently originated type of loan was Conventional, with 770 originations. Their 2nd most popular type was FHA, with 212 originations.
Loan Reason
For 2022, Northern Mortgage Services's most frequently cited loan purpose was Home Purchase, with 838 originations. The 2nd most popular reason was Refi, with 201 originations.
Loan Duration/Length
For 2022, Northern Mortgage Services's most frequently cited loan duration was 30 Year, with 987 originations. The 2nd most popular length was 15 Year, with 32 originations.
Origination Fees/Closing Costs
Northern Mortgage Services's average total fees were $5,654, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 200 originations.
Interest Rates
During 2022, Northern Mortgage Services's average interest rate for loans was 5.25%, while their most frequently originated rate bucket for loans was 5-6%, with 402 originations.
Loan Sizing
2022 saw Northern Mortgage Services place emphasis on $200k-400k loans with 516 originations, totaling $140,670,000 in origination value.
Applicant Income
Northern Mortgage Services lent most frequently to those with incomes in the $50k-75k range, with 303 originations. The second most popular income band? $100k-150k, with 213 originations.
Applicant Debt to Income Ratio
Northern Mortgage Services lent most frequently to those with DTI ratios of 30-36%, with 171 originations. The next most common DTI ratio? 20-30%, with 164 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.64%
Northern Mortgage Services has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination69.07%
Northern Mortgage Services has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 1,041 | $251,755,000 | $241,840 |