Northern Bank & Trust Company Mortgage Rates, Fees & Info
Woburn, MALEI: 549300EE39SNC5DXTC46
Tax ID: 04-2265819
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Mortgage Data
Review & Overview
Northern Bank & Trust Company is a smaller bank specializing in Home Purchase, Refi, and Home Improvement loans. Northern Bank & Trust Company has a high proportion of conventional loans. Their top markets by origination volume include: Boston, New York, Providence, Portland, and Worcester among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)Northern Bank & Trust Company 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 Bank & Trust Company 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 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 | 6.54% | 11/17/24 |
| 30 Year Conventional Refi | 6.36% | 11/17/24 |
| 30 Year Cash-out Refi | 6.43% | 11/17/24 |
| 15 Year Conventional Purchase | 5.70% | 11/17/24 |
| 15 Year Conventional Refi | 5.46% | 11/17/24 |
| 15 Year Cash-out Refi | 5.46% | 11/17/24 |
| 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 Bank & Trust Company Mortgage Calculator
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This is not an official calculator from Northern Bank & Trust Company. It uses our SimulatedRate™
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
27Origination Dollar Volume (All Markets)
$48,005,000Awards
Northern Bank & Trust Company - 2023
Northern Bank & Trust Company is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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Relative Rate
Northern Bank & Trust Company's average 30 year fixed mortgage rate was
5.76%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of -0.72%.
Relative Fees (Closing Costs)
Northern Bank & Trust Company's average total fees/closing costs for a 30 year fixed rate
mortgage were $3,382.
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 |
|---|---|---|---|---|---|
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 21 | $28,015,000 | $1,334,048 | $3,376 | 7.33% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 2 | $10,160,000 | $5,080,000 | $0 | 6.94% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 1 | $8,805,000 | $8,805,000 | $0 | 8.50% |
| PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) | 2 | $580,000 | $290,000 | $3,034 | 5.56% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 1 | $445,000 | $445,000 | $3,456 | 6.38% |
Similar Lenders
We use machine learning to identify the top lenders compared against Northern Bank & Trust Company 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 | 27 | $48,005,000 | $1,777,963 | $3,325 | 7.18% |
For 2023, Northern Bank & Trust Company's most frequently originated type of loan was Conventional, with 27 originations.
Loan Reason
For 2023, Northern Bank & Trust Company's most frequently cited loan purpose was Home Purchase, with 15 originations. The 2nd most popular reason was Cash Out Refi, with 5 originations.
Loan Duration/Length
For 2023, Northern Bank & Trust Company's most frequently cited loan duration was 30 Year, with 13 originations. The 2nd most popular length was Other, with 6 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 11 | $3,995,000 | $363,182 |
| $3k-4k | 1 | $215,000 | $215,000 |
Northern Bank & Trust Company's average total fees were $3,382, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 11 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 13 | $5,225,000 | $401,923 |
| Over 8% | 9 | $28,715,000 | $3,190,556 |
| 6-7% | 4 | $11,060,000 | $2,765,000 |
| 7-8% | 1 | $3,005,000 | $3,005,000 |
During 2023, Northern Bank & Trust Company's average interest rate for loans was 5.76%, while their most frequently originated rate bucket for loans was 5-6%, with 13 originations.
Loan Sizing
2023 saw Northern Bank & Trust Company place emphasis on $1MM+ loans with 9 originations, totaling $40,165,000 in origination value.
Applicant Income
Northern Bank & Trust Company lent most frequently to those with incomes in the $150k-250k range, with 5 originations. The second most popular income band? $250k+, with 3 originations.
Applicant Debt to Income Ratio
Northern Bank & Trust Company lent most frequently to those with DTI ratios of 30-36%, with 5 originations. The next most common DTI ratio? 20-30%, with 4 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications99.22%
Northern Bank & Trust Company has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination81.48%
Northern Bank & Trust Company has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 27 | $48,005,000 | $1,777,963 |