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 loans. Northern Bank & Trust Company has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Barnstable Town, Manchester, Concord, and Worcester among others. We have data for 6 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 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 |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 7.40% | 6/22/25 |
| 30 Year Conventional Purchase | 6.54% | 6/22/25 |
| 30 Year Conventional Refi | 5.64% | 6/22/25 |
| 30 Year Cash-out Refi | 6.72% | 6/22/25 |
| 15 Year Conventional Purchase | 6.00% | 6/22/25 |
| 15 Year Conventional Refi | 6.00% | 6/22/25 |
| 15 Year Cash-out Refi | 6.00% | 6/22/25 |
| 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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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
53Origination Dollar Volume (All Markets)
$49,785,000Awards
Northern Bank & Trust Company - 2024
Northern Bank & Trust Company is a 2024 , due to their low .
For 2024, 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
6.53%.
The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.
This yields a difference of -0.02%.
Relative Fees (Closing Costs)
Northern Bank & Trust Company's average total fees/closing costs for a 30 year fixed rate
mortgage were $4,601.
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 $8,356.
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) | 42 | $42,090,000 | $1,002,143 | $4,968 | 7.47% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 1 | $4,005,000 | $4,005,000 | $0 | 9.00% |
| MANCHESTER-NASHUA, NH (FHA|USDA|VA) | 4 | $1,280,000 | $320,000 | $3,501 | 6.50% |
| Concord, NH (FHA|USDA|VA) | 2 | $910,000 | $455,000 | $3,809 | 6.75% |
| Outside of Metro Areas | 2 | $890,000 | $445,000 | $0 | 8.19% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 2 | $610,000 | $305,000 | $0 | 7.38% |
Their top states include:
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 | 40 | $45,640,000 | $1,141,000 | $4,676 | 7.08% |
| HELOC | 13 | $4,145,000 | $318,846 | n/a | 8.46% |
For 2024, Northern Bank & Trust Company's most frequently originated type of loan was Conventional, with 40 originations. Their 2nd most popular type was HELOC, with 13 originations.
Loan Reason
For 2024, Northern Bank & Trust Company's most frequently cited loan purpose was Home Purchase, with 35 originations. The 2nd most popular reason was Home Improvement, with 7 originations.
Loan Duration/Length
For 2024, Northern Bank & Trust Company's most frequently cited loan duration was 30 Year, with 30 originations. The 2nd most popular length was 20 Year, with 14 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 19 | $7,415,000 | $390,263 |
| $1k-2k | 2 | $910,000 | $455,000 |
| $4k-5k | 1 | $665,000 | $665,000 |
| $5k+ | 1 | $3,605,000 | $3,605,000 |
Northern Bank & Trust Company's average total fees were $4,601, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 19 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 20 | $30,410,000 | $1,520,500 |
| 6-7% | 12 | $4,720,000 | $393,333 |
| 7-8% | 12 | $11,130,000 | $927,500 |
| 5-6% | 6 | $2,480,000 | $413,333 |
| 4-5% | 3 | $1,045,000 | $348,333 |
During 2024, Northern Bank & Trust Company's average interest rate for loans was 6.53%, while their most frequently originated rate bucket for loans was Over 8%, with 20 originations.
Loan Sizing
2024 saw Northern Bank & Trust Company place emphasis on $200k-400k loans with 24 originations, totaling $6,890,000 in origination value.
Applicant Income
Northern Bank & Trust Company lent most frequently to those with incomes in the $150k-250k range, with 13 originations. The second most popular income band? $250k+, with 11 originations.
Applicant Debt to Income Ratio
Northern Bank & Trust Company lent most frequently to those with DTI ratios of 30-36%, with 8 originations. The next most common DTI ratio? 20-30%, with 7 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.89%
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 origination79.25%
Northern Bank & Trust Company has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 53 | $49,785,000 | $939,340 |