Northern Mortgage Services Rates, Fees & Info

GRAND RAPIDS, MI

LEI: 549300D36J5CQX0I4F44

Tax ID: 38-3305907

5 stars - Updated: 4/14/24 - out of 5 stars, based on 26 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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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, Holland, Portland, and Springfield among others. We have data for 64 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.

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 6.92% 4/14/24
30 Year Conventional Refi 6.87% 4/14/24
30 Year Cash-out Refi 6.90% 4/14/24
30 Year FHA Purchase 7.55% 4/14/24
30 Year FHA Refi 7.43% 4/14/24
30 Year VA Purchase 6.59% 4/14/24
30 Year VA Refi 6.30% 4/14/24
30 Year USDA Purchase 7.10% 4/14/24
15 Year Conventional Purchase 6.18% 4/14/24
15 Year Conventional Refi 6.52% 4/14/24
15 Year Cash-out Refi 6.52% 4/14/24
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.

Northern Mortgage Services Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Northern Mortgage Services. 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

660

Origination Dollar Volume (All Markets)

$167,960,000
Show all (6) awards

Relative Rate

Northern Mortgage Services's average 30 year fixed mortgage rate was 6.88%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 0.4%.

Relative Fees (Closing Costs)

Northern Mortgage Services's average total fees/closing costs for a 30 year fixed rate mortgage were $6,248.

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 $9,089.

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) 273 $81,135,000 $297,198 $7,216 6.92%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 104 $18,560,000 $178,462 $5,376 6.62%
Outside of Metro Areas 66 $12,870,000 $195,000 $5,214 7.06%
Holland, MI (FHA|USDA|VA) 35 $8,745,000 $249,857 $5,114 6.86%
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 14 $5,610,000 $400,714 $5,123 7.05%
SPRINGFIELD, MA (FHA|USDA|VA) 17 $5,565,000 $327,353 $8,210 7.17%
DAYTON-KETTERING, OH (FHA|USDA|VA) 21 $3,955,000 $188,333 $4,907 6.69%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 7 $2,245,000 $320,714 $6,862 6.87%
MUSKEGON, MI (FHA|USDA|VA) 9 $1,905,000 $211,667 $5,901 6.71%
KNOXVILLE, TN (FHA|USDA|VA) 8 $1,890,000 $236,250 $6,475 7.01%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 5 $1,755,000 $351,000 $6,391 6.60%
BANGOR, ME (FHA|USDA|VA) 6 $1,470,000 $245,000 $5,726 6.71%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 4 $1,360,000 $340,000 $4,112 6.91%
KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 7 $1,355,000 $193,571 $4,087 6.87%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 4 $1,190,000 $297,500 $6,230 6.69%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 4 $1,060,000 $265,000 $5,704 6.25%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 2 $970,000 $485,000 $11,441 7.00%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 4 $890,000 $222,500 $4,607 6.75%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 4 $850,000 $212,500 $4,941 7.00%
LEWISTON-AUBURN, ME (FHA|USDA|VA) 3 $835,000 $278,333 $6,444 6.71%
Norwalk, OH (FHA|USDA|VA) 3 $805,000 $268,333 $6,257 6.79%
SPRINGFIELD, OH (FHA|USDA|VA) 6 $770,000 $128,333 $4,001 7.10%
WORCESTER, MA-CT (FHA|USDA|VA) 2 $720,000 $360,000 $14,648 6.75%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 2 $650,000 $325,000 $8,350 6.31%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 2 $520,000 $260,000 $10,453 6.93%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 1 $485,000 $485,000 $4,120 7.25%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $480,000 $240,000 $8,332 6.69%
Big Rapids, MI (FHA|USDA|VA) 2 $450,000 $225,000 $6,400 6.50%
Sandusky, OH (FHA|USDA|VA) 3 $425,000 $141,667 $5,410 6.75%
Coldwater, MI (FHA|USDA|VA) 1 $415,000 $415,000 $10,507 7.38%
NORWICH-NEW LONDON, CT (FHA|USDA|VA) 1 $405,000 $405,000 $6,743 8.63%
SAGINAW, MI (FHA|USDA|VA) 1 $405,000 $405,000 $11,929 7.75%
Wilmington, OH (FHA|USDA|VA) 1 $395,000 $395,000 $3,797 5.75%
PUNTA GORDA, FL (FHA|USDA|VA) 2 $390,000 $195,000 $5,492 7.12%
TOLEDO, OH (FHA|USDA|VA) 2 $390,000 $195,000 $4,808 6.50%
Ashland, OH (FHA|USDA|VA) 1 $375,000 $375,000 $2,314 7.13%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 2 $310,000 $155,000 $3,096 6.00%
CHATTANOOGA, TN-GA (FHA|USDA|VA) 1 $285,000 $285,000 $765 6.99%
ELKHART-GOSHEN, IN (FHA|USDA|VA) 1 $285,000 $285,000 $9,045 7.25%
HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 1 $285,000 $285,000 $11,484 8.13%
Cadillac, MI (FHA|USDA|VA) 1 $285,000 $285,000 $11,626 6.99%
KINGSPORT-BRISTOL, TN-VA (FHA|USDA|VA) 1 $275,000 $275,000 $1,492 7.50%
Greenville, OH (FHA|USDA|VA) 1 $275,000 $275,000 $5,477 6.99%
Traverse City, MI (FHA|USDA|VA) 1 $275,000 $275,000 $1,704 7.99%
Lewisburg, TN (FHA|USDA|VA) 1 $265,000 $265,000 $6,778 6.62%
CLARKSVILLE, TN-KY (FHA|USDA|VA) 1 $245,000 $245,000 $7,882 6.75%
AKRON, OH (FHA|USDA|VA) 2 $240,000 $120,000 $5,458 6.25%
MANSFIELD, OH (FHA|USDA|VA) 1 $235,000 $235,000 $3,969 6.12%
BATTLE CREEK, MI (FHA|USDA|VA) 2 $220,000 $110,000 $2,842 6.75%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 1 $215,000 $215,000 $5,778 6.88%
Alma, MI (FHA|USDA|VA) 1 $195,000 $195,000 $525 6.62%
Wooster, OH (FHA|USDA|VA) 1 $195,000 $195,000 $3,776 7.38%
Ludington, MI (FHA|USDA|VA) 1 $185,000 $185,000 $6,338 7.49%
SEBRING-AVON PARK, FL (FHA|USDA|VA) 1 $185,000 $185,000 $6,015 6.50%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $175,000 $175,000 $8,348 7.00%
OCALA, FL (FHA|USDA|VA) 1 $165,000 $165,000 $4,506 6.88%
Sturgis, MI (FHA|USDA|VA) 1 $155,000 $155,000 $3,250 7.00%
Athens, TN (FHA|USDA|VA) 1 $135,000 $135,000 $3,842 7.50%
Adrian, MI (FHA|USDA|VA) 1 $135,000 $135,000 $948 6.25%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $115,000 $115,000 $5,684 7.50%
COLUMBUS, OH (FHA|USDA|VA) 1 $105,000 $105,000 $7,273 6.25%
Sidney, OH (FHA|USDA|VA) 1 $95,000 $95,000 $1,453 7.25%
NILES, MI (FHA|USDA|VA) 1 $75,000 $75,000 $3,115 6.49%
Fremont, OH (FHA|USDA|VA) 1 $55,000 $55,000 $0 7.13%
Northern Mortgage Services's top markets include Grand Rapids, Cleveland, Holland, Portland, and Springfield among others.

Their top states include:
  • Michigan (FHA|USDA|VA)
  • Ohio (FHA|USDA|VA)
  • Maine (FHA|USDA|VA)
  • Massachusetts (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against NORTHERN MORTGAGE SERVICES based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Michigan Legacy Credit Union
    Similarity Rank: 15
    Florence Bank
    Similarity Rank: 22
    Charter Oak Federal Credit Union
    Similarity Rank: 32
    LUSO
    Similarity Rank: 40
    RTN FEDERAL CREDIT UNION
    Similarity Rank: 40
    Adams Community Bank
    Similarity Rank: 42
    The Torrington Savings Bank
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    Greenfield Savings Bank
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    Chelsea Groton Bank
    Similarity Rank: 56

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 515 $133,215,000 $258,670 $5,847 6.93%
    FHA 116 $26,560,000 $228,966 $7,555 6.69%
    VA 26 $7,670,000 $295,000 $8,414 6.41%
    USDA 3 $515,000 $171,667 $5,679 6.96%

    For 2023, Northern Mortgage Services's most frequently originated type of loan was Conventional, with 515 originations. Their 2nd most popular type was FHA, with 116 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 623 $159,675,000 $256,300 $6,241 6.86%
    Refi 37 $8,285,000 $223,919 $6,462 6.92%

    For 2023, Northern Mortgage Services's most frequently cited loan purpose was Home Purchase, with 623 originations. The 2nd most popular reason was Refi, with 37 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 652 $165,860,000 $254,387 $6,248 6.88%
    15 Year 7 $1,985,000 $283,571 $6,877 6.03%
    20 Year 1 $115,000 $115,000 $5,684 7.50%

    For 2023, Northern Mortgage Services's most frequently cited loan duration was 30 Year, with 652 originations. The 2nd most popular length was 15 Year, with 7 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $5k+ 179 $62,075,000 $346,788
    $<1k 138 $29,510,000 $213,841
    $3k-4k 87 $20,305,000 $233,391
    $1k-2k 83 $15,805,000 $190,422
    $2k-3k 74 $15,810,000 $213,649
    $4k-5k 63 $17,835,000 $283,095

    Northern Mortgage Services's average total fees were $6,248, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 179 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 397 $97,615,000 $245,882
    7-8% 211 $57,695,000 $273,436
    5-6% 42 $9,590,000 $228,333
    Over 8% 9 $2,855,000 $317,222
    4-5% 1 $205,000 $205,000

    During 2023, Northern Mortgage Services's average interest rate for loans was 6.88%, while their most frequently originated rate bucket for loans was 6-7%, with 397 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 349 $96,145,000 $275,487 $6,971 6.91%
    $100k-200k 200 $30,940,000 $154,700 $4,131 6.72%
    $400k-600k 58 $26,830,000 $462,586 $9,552 7.05%
    $100,000 or less 37 $2,975,000 $80,405 $3,340 6.88%
    $600k-1MM 15 $10,045,000 $669,667 $8,721 7.16%
    $1MM+ 1 $1,025,000 $1,025,000 $40,141 6.63%

    2023 saw Northern Mortgage Services place emphasis on $200k-400k loans with 349 originations, totaling $96,145,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 167 $33,505,000 $200,629 $5,122 6.66%
    $100k-150k 163 $45,845,000 $281,258 $6,844 7.02%
    $75k-100k 143 $33,225,000 $232,343 $6,359 6.85%
    $150k-250k 87 $32,225,000 $370,402 $8,225 7.04%
    $50k or less 75 $10,235,000 $136,467 $3,475 6.73%
    $250k+ 25 $12,925,000 $517,000 $10,851 7.18%

    Northern Mortgage Services lent most frequently to those with incomes in the $50k-75k range, with 167 originations. The second most popular income band? $100k-150k, with 163 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 120 $31,160,000 $259,667 $6,004 6.92%
    20-30% 117 $27,005,000 $230,812 $5,702 6.83%
    44% 34 $8,730,000 $256,765 $6,643 7.00%
    49% 33 $9,565,000 $289,848 $6,841 6.98%
    43% 32 $8,450,000 $264,063 $5,493 6.79%
    46% 32 $7,680,000 $240,000 $6,974 6.74%
    42% 32 $8,410,000 $262,813 $6,150 6.93%
    39% 29 $6,895,000 $237,759 $6,047 6.83%
    50-60% 28 $7,080,000 $252,857 $7,065 6.49%
    38% 28 $7,530,000 $268,929 $5,588 6.89%
    <20% 25 $3,985,000 $159,400 $5,113 6.91%
    45% 25 $6,795,000 $271,800 $7,656 6.93%
    47% 24 $6,220,000 $259,167 $7,319 6.88%
    41% 23 $6,975,000 $303,261 $6,617 7.10%
    40% 23 $6,105,000 $265,435 $6,545 6.86%
    48% 21 $6,215,000 $295,952 $7,774 6.80%
    36% 19 $4,325,000 $227,632 $4,765 6.79%
    37% 14 $4,580,000 $327,143 $7,038 7.00%
    >60% 1 $255,000 $255,000 $10,904 6.75%

    Northern Mortgage Services lent most frequently to those with DTI ratios of 30-36%, with 120 originations. The next most common DTI ratio? 20-30%, with 117 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 623 $159,125,000 $255,417 $6,242 6.87%
    Black 23 $5,315,000 $231,087 $6,626 6.79%
    Not provided 6 $1,730,000 $288,333 $8,558 6.83%
    Asian 5 $1,395,000 $279,000 $4,451 6.60%
    American Indian 3 $395,000 $131,667 $4,177 6.96%

    Approval Rates

    Total approvals of all applications
    97.12%

    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 origination
    72.58%

    Northern Mortgage Services has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 660 $167,960,000 $254,485

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    660 $167,960,000 $254,485

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 20 $2,660,000 $133,000 $4,088 6.69%
    40-60% 41 $8,365,000 $204,024 $4,394 6.81%
    60-80% 178 $47,200,000 $265,169 $6,321 6.96%
    80-100% 414 $107,180,000 $258,889 $6,355 6.84%
    Over 100% 7 $2,555,000 $365,000 $15,397 6.77%