Northern Bank & Trust Company Mortgage Rates, Fees & InfoWoburn, MA
Tax ID: 04-2265819
Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Review & OverviewNorthern Bank & Trust Company is a smaller bank specializing in Home Purchase and Refi loans. Northern Bank & Trust Company has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Key West, Worcester, Laconia, and Concord among others. We have data for 12 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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|Simulated Rate||Simulation Date|
|30 Year Conventional Purchase||6.54%||3/23/23|
|30 Year Conventional Refi||6.36%||3/23/23|
|30 Year Cash-out Refi||6.43%||3/23/23|
|15 Year Conventional Purchase||5.70%||3/23/23|
|15 Year Conventional Refi||5.46%||3/23/23|
|15 Year Cash-out Refi||5.46%||3/23/23|
|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.|
Origination Dollar Volume (All Markets)$197,495,000
Northern Bank & Trust Company's average 30 year fixed mortgage rate was
The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.
This yields a difference of -0.27%.
Relative Fees (Closing Costs)
Northern Bank & Trust Company's average total fees/closing costs for a 30 year fixed rate
mortgage were $4,395.
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 $4,750.
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)||188||$184,690,000||$982,394||$4,272||4.59%|
|Outside of Metro Areas||4||$3,100,000||$775,000||$3,173||4.56%|
|Key West, FL (FHA|USDA|VA)||1||$2,155,000||$2,155,000||$7,418||5.00%|
|WORCESTER, MA-CT (FHA|USDA|VA)||4||$1,720,000||$430,000||$3,252||4.56%|
|Laconia, NH (FHA|USDA|VA)||3||$1,665,000||$555,000||$3,664||4.88%|
|Concord, NH (FHA|USDA|VA)||2||$1,230,000||$615,000||$4,329||4.63%|
|MANCHESTER-NASHUA, NH (FHA|USDA|VA)||4||$1,000,000||$250,000||$3,091||4.97%|
|Keene, NH (FHA|USDA|VA)||1||$505,000||$505,000||$10,241||4.00%|
|PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA)||2||$460,000||$230,000||$3,265||5.00%|
|BARNSTABLE TOWN, MA (FHA|USDA|VA)||1||$425,000||$425,000||$1,963||3.50%|
|PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA)||2||$290,000||$145,000||$2,446||4.94%|
|SPRINGFIELD, MA (FHA|USDA|VA)||1||$255,000||$255,000||$2,247||5.13%|
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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|Loan Type||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
For 2022, Northern Bank & Trust Company's most frequently originated type of loan was Conventional, with 213 originations.
For 2022, Northern Bank & Trust Company's most frequently cited loan purpose was Home Purchase, with 117 originations. The 2nd most popular reason was Cash Out Refi, with 44 originations.
For 2022, Northern Bank & Trust Company's most frequently cited loan duration was 30 Year, with 166 originations. The 2nd most popular length was 15 Year, with 15 originations.
Origination Fees/Closing Costs
|Origination Fee/Closing Cost||Originations||Total Value||Average Loan|
Northern Bank & Trust Company's average total fees were $4,395, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 127 originations.
During 2022, Northern Bank & Trust Company's average interest rate for loans was 4.49%, while their most frequently originated rate bucket for loans was 4-5%, with 74 originations.
2022 saw Northern Bank & Trust Company place emphasis on $200k-400k loans with 60 originations, totaling $17,310,000 in origination value.
Northern Bank & Trust Company lent most frequently to those with incomes in the $150k-250k range, with 48 originations. The second most popular income band? $250k+, with 40 originations.
Applicant Debt to Income Ratio
Northern Bank & Trust Company lent most frequently to those with DTI ratios of 30-36%, with 43 originations. The next most common DTI ratio? 20-30%, with 31 originations.
Approval RatesTotal approvals of all applications
Northern Bank & Trust Company has an average approval rate.
Pick RateApprovals leading to origination
Northern Bank & Trust Company has an average pick rate.
Points and Fees
|Points||Originations||Total Value||Average Loan|