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 Refi and 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, Charlotte, Washington, Holland, and Springfield among others. We have data for 91 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.92% | 11/21/24 |
| 30 Year Conventional Refi | 6.87% | 11/21/24 |
| 30 Year Cash-out Refi | 6.90% | 11/21/24 |
| 30 Year FHA Purchase | 7.55% | 11/21/24 |
| 30 Year FHA Refi | 7.43% | 11/21/24 |
| 30 Year VA Purchase | 6.59% | 11/21/24 |
| 30 Year VA Refi | 6.30% | 11/21/24 |
| 30 Year USDA Purchase | 7.10% | 11/21/24 |
| 15 Year Conventional Purchase | 6.18% | 11/21/24 |
| 15 Year Conventional Refi | 6.52% | 11/21/24 |
| 15 Year Cash-out Refi | 6.52% | 11/21/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
1,777Origination Dollar Volume (All Markets)
$390,195,000Awards
NORTHERN MORTGAGE SERVICES - 2020
NORTHERN MORTGAGE SERVICES is a 2020 , due to their low .
For 2020, less than of lenders were eligible for this award.
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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) | 857 | $183,165,000 | $213,728 | $3,206 | 3.24% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 79 | $22,945,000 | $290,443 | $3,643 | 3.12% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 52 | $21,450,000 | $412,500 | $3,848 | 2.64% |
| Outside of Metro Areas | 117 | $19,985,000 | $170,812 | $3,078 | 3.26% |
| Holland, MI (FHA|USDA|VA) | 79 | $16,075,000 | $203,481 | $3,330 | 3.27% |
| SPRINGFIELD, MA (FHA|USDA|VA) | 65 | $14,385,000 | $221,308 | $4,565 | 3.30% |
| DAYTON-KETTERING, OH (FHA|USDA|VA) | 93 | $14,235,000 | $153,065 | $3,474 | 3.22% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 38 | $13,680,000 | $360,000 | $3,242 | 3.10% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 45 | $13,645,000 | $303,222 | $3,700 | 2.75% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 45 | $10,605,000 | $235,667 | $2,931 | 3.02% |
| KANSAS CITY, MO-KS (FHA|USDA|VA) | 24 | $4,730,000 | $197,083 | $3,599 | 3.14% |
| PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) | 19 | $4,705,000 | $247,632 | $3,688 | 2.93% |
| MUSKEGON, MI (FHA|USDA|VA) | 25 | $4,605,000 | $184,200 | $3,553 | 3.15% |
| KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) | 19 | $4,155,000 | $218,684 | $3,447 | 3.38% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 21 | $4,075,000 | $194,048 | $5,812 | 3.30% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 16 | $3,810,000 | $238,125 | $6,247 | 3.32% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 19 | $3,445,000 | $181,316 | $3,859 | 3.10% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 21 | $3,265,000 | $155,476 | $3,093 | 3.45% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 7 | $1,565,000 | $223,571 | $3,516 | 2.68% |
| Traverse City, MI (FHA|USDA|VA) | 7 | $1,515,000 | $216,429 | $3,074 | 3.12% |
| SPRINGFIELD, OH (FHA|USDA|VA) | 9 | $1,145,000 | $127,222 | $3,142 | 3.08% |
| ANN ARBOR, MI (FHA|USDA|VA) | 4 | $1,100,000 | $275,000 | $2,678 | 3.09% |
| Big Rapids, MI (FHA|USDA|VA) | 5 | $1,075,000 | $215,000 | $2,772 | 3.42% |
| BANGOR, ME (FHA|USDA|VA) | 5 | $995,000 | $199,000 | $3,129 | 3.18% |
| CLEVELAND-ELYRIA, OH (FHA|USDA|VA) | 6 | $880,000 | $146,667 | $4,526 | 2.75% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 5 | $745,000 | $149,000 | $2,936 | 2.90% |
| ST. LOUIS, MO-IL (FHA|USDA|VA) | 4 | $740,000 | $185,000 | $2,676 | 3.28% |
| NORWICH-NEW LONDON, CT (FHA|USDA|VA) | 3 | $695,000 | $231,667 | $4,435 | 3.29% |
| Greenville, OH (FHA|USDA|VA) | 4 | $680,000 | $170,000 | $3,410 | 3.44% |
| Cadillac, MI (FHA|USDA|VA) | 3 | $625,000 | $208,333 | $2,841 | 3.37% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 2 | $580,000 | $290,000 | $6,245 | 3.31% |
| LAWRENCE, KS (FHA|USDA|VA) | 2 | $570,000 | $285,000 | $5,277 | 3.63% |
| FLINT, MI (FHA|USDA|VA) | 4 | $520,000 | $130,000 | $3,613 | 3.25% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 1 | $515,000 | $515,000 | $3,351 | 2.38% |
| PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) | 1 | $505,000 | $505,000 | $4,780 | 2.63% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 1 | $505,000 | $505,000 | $1,978 | 2.75% |
| Augusta-Waterville, ME (FHA|USDA|VA) | 3 | $485,000 | $161,667 | $2,341 | 3.17% |
| Sturgis, MI (FHA|USDA|VA) | 2 | $480,000 | $240,000 | $3,221 | 3.50% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 2 | $480,000 | $240,000 | $2,723 | 6.38% |
| BATTLE CREEK, MI (FHA|USDA|VA) | 3 | $455,000 | $151,667 | $2,905 | 3.33% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 1 | $415,000 | $415,000 | $6,288 | 2.88% |
| OCALA, FL (FHA|USDA|VA) | 2 | $410,000 | $205,000 | $5,778 | 4.06% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $5,157 | 2.38% |
| HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $485 | 3.50% |
| Sault Ste. Marie, MI (FHA|USDA|VA) | 2 | $340,000 | $170,000 | $3,184 | 3.13% |
| Urbana, OH (FHA|USDA|VA) | 2 | $330,000 | $165,000 | $3,659 | 2.94% |
| COLUMBUS, OH (FHA|USDA|VA) | 2 | $320,000 | $160,000 | $3,117 | 2.81% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $5,818 | 2.75% |
| Sandusky, OH (FHA|USDA|VA) | 2 | $300,000 | $150,000 | $3,541 | 2.50% |
| WICHITA, KS (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $6,579 | 2.75% |
| BLOOMINGTON, IN (FHA|USDA|VA) | 2 | $280,000 | $140,000 | $4,692 | 3.63% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 2 | $270,000 | $135,000 | $5,228 | 3.56% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $3,092 | 2.75% |
| Ludington, MI (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $3,396 | 3.63% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $10,404 | 3.99% |
| HOMOSASSA SPRINGS, FL (FHA|USDA|VA) | 2 | $240,000 | $120,000 | $3,241 | 3.63% |
| JACKSON, MI (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $2,463 | 2.99% |
| PITTSFIELD, MA (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $732 | 2.99% |
| LIMA, OH (FHA|USDA|VA) | 2 | $210,000 | $105,000 | $3,251 | 3.75% |
| FAYETTEVILLE, NC (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $3,766 | 3.13% |
| Celina, OH (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $3,802 | 3.50% |
| SAGINAW, MI (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $2,538 | 2.38% |
| MIDLAND, MI (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $3,111 | 2.88% |
| Garden City, KS (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $4,337 | 2.75% |
| LOUISVILLE, KY (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $2,257 | 2.63% |
| BURLINGTON, NC (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $3,094 | 3.00% |
| CANTON-MASSILLON, OH (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $4,760 | 3.75% |
| Mount Pleasant, MI (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $2,845 | 3.37% |
| Macomb, IL (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $3,980 | 3.13% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $5,111 | 3.38% |
| Torrington, CT (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $3,006 | 2.75% |
| Georgetown, SC (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $3,398 | 3.10% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $3,531 | 4.00% |
| NILES, MI (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $5,460 | 4.13% |
| ROCKFORD, IL (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $4,824 | 3.38% |
| GREENVILLE, NC (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $3,190 | 2.63% |
| GAINESVILLE, FL (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $4,937 | 3.88% |
| NEW HAVEN-MILFORD, CT (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $1,149 | 3.88% |
| Crossville, TN (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $1,403 | 3.00% |
| CHAMPAIGN-URBANA, IL (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $3,158 | 3.00% |
| Sidney, OH (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $4,865 | 3.25% |
| Ashland, OH (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $2,451 | 3.50% |
| SPRINGFIELD, IL (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $2,781 | 3.88% |
| RICHMOND, VA (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $4,290 | 3.13% |
| Alma, MI (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $5,273 | 3.63% |
| TOPEKA, KS (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $3,277 | 3.63% |
| Plymouth, IN (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $2,121 | 3.13% |
| Iron Mountain, MI-WI (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $2,825 | 2.75% |
| Alpena, MI (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $2,795 | 3.63% |
| Wapakoneta, OH (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $2,852 | 2.75% |
| Hillsdale, MI (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $2,276 | 3.37% |
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
For 2020, Northern Mortgage Services's most frequently originated type of loan was Conventional, with 1,388 originations. Their 2nd most popular type was FHA, with 251 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Refi | 948 | $211,560,000 | $223,165 | $3,339 | 3.13% |
| Home Purchase | 829 | $178,635,000 | $215,483 | $3,512 | 3.27% |
For 2020, Northern Mortgage Services's most frequently cited loan purpose was Refi, with 948 originations. The 2nd most popular reason was Home Purchase, with 829 originations.
Loan Duration/Length
For 2020, Northern Mortgage Services's most frequently cited loan duration was 30 Year, with 1,423 originations. The 2nd most popular length was 15 Year, with 188 originations.
Origination Fees/Closing Costs
Northern Mortgage Services's average total fees were $3,549, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 1,083 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 837 | $169,945,000 | $203,041 |
| 2.5-3% | 713 | $168,005,000 | $235,631 |
| <2.5% | 134 | $35,150,000 | $262,313 |
| 4-5% | 92 | $16,910,000 | $183,804 |
| Over 8% | 1 | $185,000 | $185,000 |
During 2020, Northern Mortgage Services's average interest rate for loans was 3.25%, while their most frequently originated rate bucket for loans was 3-4%, with 837 originations.
Loan Sizing
2020 saw Northern Mortgage Services place emphasis on $100k-200k loans with 786 originations, totaling $120,720,000 in origination value.
Applicant Income
Northern Mortgage Services lent most frequently to those with incomes in the $50k-75k range, with 496 originations. The second most popular income band? $50k or less, with 383 originations.
Applicant Debt to Income Ratio
Northern Mortgage Services lent most frequently to those with DTI ratios of 20-30%, with 455 originations. The next most common DTI ratio? 30-36%, with 372 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.83%
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 origination76.36%
Northern Mortgage Services has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 1,777 | $390,195,000 | $219,581 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 13 | $1,765,000 | $135,769 |
| Single Family (1-4 Units):Site-Built | 1,764 | $388,430,000 | $220,198 |