Northern Mortgage Services Rates, Fees & Info

GRAND RAPIDS, MI

LEI: 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 and Refi 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, Springfield, Holland, Dayton, and Miami among others. We have data for 67 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 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 6.92% 3/28/24
30 Year Conventional Refi 6.87% 3/28/24
30 Year Cash-out Refi 6.90% 3/28/24
30 Year FHA Purchase 7.55% 3/28/24
30 Year FHA Refi 7.43% 3/28/24
30 Year VA Purchase 6.59% 3/28/24
30 Year VA Refi 6.30% 3/28/24
30 Year USDA Purchase 7.10% 3/28/24
15 Year Conventional Purchase 6.18% 3/28/24
15 Year Conventional Refi 6.52% 3/28/24
15 Year Cash-out Refi 6.52% 3/28/24
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.

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

1,055

Origination Dollar Volume (All Markets)

$201,885,000
Show all (12) 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
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 518 $102,620,000 $198,108 $3,334 4.30%
Outside of Metro Areas 89 $13,445,000 $151,067 $3,441 4.42%
SPRINGFIELD, MA (FHA|USDA|VA) 55 $11,535,000 $209,727 $4,563 4.50%
Holland, MI (FHA|USDA|VA) 54 $10,900,000 $201,852 $3,721 4.14%
DAYTON-KETTERING, OH (FHA|USDA|VA) 66 $8,320,000 $126,061 $2,495 4.53%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 22 $5,580,000 $253,636 $5,389 3.85%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 20 $5,270,000 $263,500 $3,520 3.71%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 20 $4,910,000 $245,500 $3,962 4.18%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 9 $3,295,000 $366,111 $5,101 4.36%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 15 $3,265,000 $217,667 $3,325 4.07%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 17 $3,175,000 $186,765 $5,341 4.48%
MUSKEGON, MI (FHA|USDA|VA) 16 $2,910,000 $181,875 $2,938 4.22%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 9 $2,285,000 $253,889 $4,542 4.53%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 13 $1,815,000 $139,615 $3,190 4.17%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 7 $1,445,000 $206,429 $3,932 4.58%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 11 $1,435,000 $130,455 $2,790 4.54%
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 6 $1,360,000 $226,667 $3,036 4.02%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 6 $1,280,000 $213,333 $3,744 3.92%
Traverse City, MI (FHA|USDA|VA) 7 $1,245,000 $177,857 $3,585 4.45%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 6 $1,230,000 $205,000 $5,598 4.19%
KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 8 $1,200,000 $150,000 $3,245 4.25%
KANSAS CITY, MO-KS (FHA|USDA|VA) 6 $1,000,000 $166,667 $4,181 4.00%
CLARKSVILLE, TN-KY (FHA|USDA|VA) 4 $710,000 $177,500 $2,887 4.53%
KNOXVILLE, TN (FHA|USDA|VA) 4 $600,000 $150,000 $1,274 3.97%
SPRINGFIELD, OH (FHA|USDA|VA) 5 $585,000 $117,000 $3,407 4.40%
Big Rapids, MI (FHA|USDA|VA) 3 $575,000 $191,667 $3,256 4.79%
WORCESTER, MA-CT (FHA|USDA|VA) 3 $565,000 $188,333 $5,338 4.75%
NILES, MI (FHA|USDA|VA) 2 $550,000 $275,000 $3,496 4.00%
COLUMBUS, OH (FHA|USDA|VA) 3 $505,000 $168,333 $4,887 4.42%
CHATTANOOGA, TN-GA (FHA|USDA|VA) 2 $450,000 $225,000 $3,149 3.81%
Dayton, TN (FHA|USDA|VA) 2 $430,000 $215,000 $5,904 4.44%
JACKSONVILLE, FL (FHA|USDA|VA) 2 $380,000 $190,000 $2,397 4.69%
BATTLE CREEK, MI (FHA|USDA|VA) 3 $365,000 $121,667 $3,848 4.13%
Greenville, OH (FHA|USDA|VA) 2 $360,000 $180,000 $3,697 4.06%
HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 2 $320,000 $160,000 $4,766 4.88%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 2 $320,000 $160,000 $4,789 5.00%
WICHITA, KS (FHA|USDA|VA) 2 $310,000 $155,000 $3,239 3.75%
ST. LOUIS, MO-IL (FHA|USDA|VA) 3 $305,000 $101,667 $2,613 4.25%
JACKSON, MI (FHA|USDA|VA) 1 $285,000 $285,000 $3,991 4.00%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 2 $280,000 $140,000 $2,143 4.19%
Lewisburg, TN (FHA|USDA|VA) 1 $255,000 $255,000 $3,829 4.50%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $255,000 $255,000 $1,669 5.13%
Ludington, MI (FHA|USDA|VA) 2 $250,000 $125,000 $2,917 4.38%
MANHATTAN, KS (FHA|USDA|VA) 1 $225,000 $225,000 $9,312 3.63%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 1 $215,000 $215,000 $4,100 3.75%
Hillsdale, MI (FHA|USDA|VA) 1 $205,000 $205,000 $1,727 4.63%
Cadillac, MI (FHA|USDA|VA) 1 $205,000 $205,000 $3,151 3.99%
TOLEDO, OH (FHA|USDA|VA) 1 $195,000 $195,000 $8,817 4.63%
LEWISTON-AUBURN, ME (FHA|USDA|VA) 1 $195,000 $195,000 $699 4.75%
Tullahoma-Manchester, TN (FHA|USDA|VA) 1 $195,000 $195,000 $2,425 4.50%
LAWRENCE, KS (FHA|USDA|VA) 1 $185,000 $185,000 $3,801 3.63%
ROCKFORD, IL (FHA|USDA|VA) 1 $175,000 $175,000 $3,575 4.63%
GAINESVILLE, FL (FHA|USDA|VA) 1 $175,000 $175,000 $1,775 4.99%
Bedford, IN (FHA|USDA|VA) 1 $165,000 $165,000 $3,529 4.13%
SAGINAW, MI (FHA|USDA|VA) 1 $165,000 $165,000 $4,048 4.13%
BLOOMINGTON, IL (FHA|USDA|VA) 1 $155,000 $155,000 $3,380 4.00%
Coldwater, MI (FHA|USDA|VA) 1 $145,000 $145,000 $1,603 3.65%
PITTSFIELD, MA (FHA|USDA|VA) 1 $135,000 $135,000 $2,278 4.63%
OCALA, FL (FHA|USDA|VA) 1 $125,000 $125,000 $3,687 5.38%
Urbana, OH (FHA|USDA|VA) 1 $125,000 $125,000 $1,780 3.88%
FLINT, MI (FHA|USDA|VA) 1 $125,000 $125,000 $2,808 4.88%
LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 1 $115,000 $115,000 $1,942 3.50%
Alpena, MI (FHA|USDA|VA) 1 $115,000 $115,000 $1,993 3.75%
Wapakoneta, OH (FHA|USDA|VA) 1 $105,000 $105,000 $4,900 4.00%
BANGOR, ME (FHA|USDA|VA) 1 $95,000 $95,000 $3,770 3.88%
COLUMBIA, MO (FHA|USDA|VA) 1 $95,000 $95,000 $5,590 4.13%
Hutchinson, KS (FHA|USDA|VA) 1 $75,000 $75,000 $1,977 3.75%
Northern Mortgage Services's top markets include Grand Rapids, Springfield, Holland, Dayton, and Miami among others.

Their top states include:
  • Michigan (FHA|USDA|VA)
  • Massachusetts (FHA|USDA|VA)
  • Ohio (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Tennessee (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.

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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 688 $136,330,000 $198,154 $2,884 4.30%
    FHA 288 $50,640,000 $175,833 $4,920 4.35%
    VA 49 $10,245,000 $209,082 $4,341 4.08%
    USDA 30 $4,670,000 $155,667 $2,815 4.15%

    For 2019, Northern Mortgage Services's most frequently originated type of loan was Conventional, with 688 originations. Their 2nd most popular type was FHA, with 288 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 746 $138,820,000 $186,086 $3,397 4.38%
    Refi 308 $62,930,000 $204,318 $3,781 4.10%
    Cash Out Refi 1 $135,000 $135,000 $3,046 3.63%

    For 2019, Northern Mortgage Services's most frequently cited loan purpose was Home Purchase, with 746 originations. The 2nd most popular reason was Refi, with 308 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 921 $175,985,000 $191,080 $3,573 4.35%
    15 Year 59 $10,855,000 $183,983 $3,204 3.84%
    20 Year 42 $8,320,000 $198,095 $2,841 4.05%
    Other 32 $6,520,000 $203,750 $3,056 4.23%
    10 Year 1 $205,000 $205,000 $5,193 2.88%

    For 2019, Northern Mortgage Services's most frequently cited loan duration was 30 Year, with 921 originations. The 2nd most popular length was 15 Year, with 59 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 443 $85,215,000 $192,359
    $<1k 215 $37,905,000 $176,302
    $2k-3k 139 $29,325,000 $210,971
    $3k-4k 54 $11,280,000 $208,889
    $4k-5k 12 $2,710,000 $225,833
    $5k+ 10 $2,840,000 $284,000

    Northern Mortgage Services's average total fees were $3,573, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 443 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 576 $108,420,000 $188,229
    3-4% 378 $76,560,000 $202,540
    5-6% 97 $15,935,000 $164,278
    2.5-3% 2 $440,000 $220,000

    During 2019, Northern Mortgage Services's average interest rate for loans was 4.35%, while their most frequently originated rate bucket for loans was 4-5%, with 576 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 563 $86,195,000 $153,099 $3,167 4.33%
    $200k-400k 371 $96,245,000 $259,420 $4,230 4.20%
    $100,000 or less 95 $7,745,000 $81,526 $2,530 4.59%
    $400k-600k 26 $11,700,000 $450,000 $4,089 4.12%

    2019 saw Northern Mortgage Services place emphasis on $100k-200k loans with 563 originations, totaling $86,195,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 339 $59,605,000 $175,826 $3,445 4.29%
    $50k or less 267 $37,225,000 $139,419 $3,180 4.35%
    $75k-100k 210 $42,840,000 $204,000 $3,775 4.36%
    $100k-150k 163 $40,215,000 $246,718 $3,642 4.23%
    $150k-250k 64 $18,660,000 $291,563 $4,017 4.14%
    $250k+ 11 $3,235,000 $294,091 $3,564 4.38%

    Northern Mortgage Services lent most frequently to those with incomes in the $50k-75k range, with 339 originations. The second most popular income band? $50k or less, with 267 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 224 $41,440,000 $185,000 $3,127 4.24%
    30-36% 188 $36,360,000 $193,404 $3,463 4.28%
    <20% 55 $8,515,000 $154,818 $3,101 4.30%
    41% 54 $11,080,000 $205,185 $3,468 4.27%
    40% 52 $9,650,000 $185,577 $3,249 4.42%
    42% 48 $8,700,000 $181,250 $3,185 4.43%
    37% 47 $9,345,000 $198,830 $3,103 4.34%
    39% 46 $8,760,000 $190,435 $3,228 4.47%
    50-60% 42 $8,430,000 $200,714 $5,217 4.21%
    43% 37 $7,685,000 $207,703 $3,708 4.35%
    44% 37 $7,175,000 $193,919 $3,868 4.37%
    36% 36 $6,620,000 $183,889 $3,245 4.24%
    45% 35 $7,205,000 $205,857 $4,425 4.20%
    49% 31 $6,285,000 $202,742 $3,936 4.49%
    38% 31 $5,755,000 $185,645 $3,593 4.13%
    47% 29 $5,665,000 $195,345 $4,268 4.44%
    46% 26 $5,720,000 $220,000 $4,324 4.25%
    48% 26 $4,890,000 $188,077 $3,322 4.58%
    >60% 6 $1,520,000 $253,333 $4,942 3.69%

    Northern Mortgage Services lent most frequently to those with DTI ratios of 20-30%, with 224 originations. The next most common DTI ratio? 30-36%, with 188 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,006 $192,780,000 $191,630 $3,451 4.31%
    Black 33 $5,775,000 $175,000 $4,680 4.24%
    Asian 12 $2,680,000 $223,333 $4,720 4.07%
    American Indian 3 $485,000 $161,667 $4,328 4.21%
    Not provided 1 $165,000 $165,000 $7,078 4.13%

    Approval Rates

    Total approvals of all applications
    98.26%

    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
    77.73%

    Northern Mortgage Services has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,055 $201,885,000 $191,360

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 17 $1,935,000 $113,824
    Single Family (1-4 Units):Site-Built 1,038 $199,950,000 $192,630

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 6 $750,000 $125,000 $3,331 4.08%
    40-60% 49 $7,685,000 $156,837 $3,107 4.15%
    60-80% 306 $59,850,000 $195,588 $3,388 4.24%
    80-100% 687 $131,775,000 $191,812 $3,559 4.34%
    Over 100% 7 $1,825,000 $260,714 $6,894 4.02%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    Northern Trust Company, The Conventional home mortgage Trouble during payment process 2 50.0%
    Northern Trust Company, The Other type of mortgage Improper use of your report 1 25.0%
    Northern Trust Company, The VA mortgage Struggling to pay mortgage 1 25.0%