Northern Bank & Trust Company Mortgage Rates, Fees & Info

Woburn, MA

LEI: 549300EE39SNC5DXTC46

Tax ID: 04-2265819

5 stars - Updated: 12/8/24 - out of 5 stars, based on 5 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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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.

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 6.54% 12/8/24
30 Year Conventional Refi 6.36% 12/8/24
30 Year Cash-out Refi 6.43% 12/8/24
15 Year Conventional Purchase 5.70% 12/8/24
15 Year Conventional Refi 5.46% 12/8/24
15 Year Cash-out Refi 5.46% 12/8/24
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






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Northern Bank & Trust Company. 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

27

Origination Dollar Volume (All Markets)

$48,005,000

Awards

Northern Bank & Trust Company 30 Year Conventional Loans bronze Northern Bank & Trust Company 30 Year Conventional Loans gold
Show all (2) awards

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%
Northern Bank & Trust Company's top markets include Boston, New York, Providence, Portland, and Worcester among others.

Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • New York (FHA|USDA|VA)
  • Rhode Island (FHA|USDA|VA)
  • Maine (FHA|USDA|VA)
  • New Hampshire (FHA|USDA|VA)
  • 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.

    RTN FEDERAL CREDIT UNION
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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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 15 $22,045,000 $1,469,667 $3,690 7.31%
    Cash Out Refi 5 $2,495,000 $499,000 $2,841 5.70%
    Refi 4 $13,130,000 $3,282,500 $0 8.94%
    Home Improvement 3 $10,335,000 $3,445,000 $2,707 6.63%

    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

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 13 $5,405,000 $415,769 $3,382 5.76%
    Other 6 $26,020,000 $4,336,667 $0 9.46%
    5 Year 4 $13,480,000 $3,370,000 $0 7.91%
    1 Year 2 $2,380,000 $1,190,000 $0 9.50%
    10 Year 1 $545,000 $545,000 $0 5.54%
    15 Year 1 $175,000 $175,000 $2,707 6.00%

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $1MM+ 9 $40,165,000 $4,462,778 $0 8.71%
    $400k-600k 7 $3,215,000 $459,286 $3,377 5.84%
    $200k-400k 6 $1,480,000 $246,667 $3,373 6.31%
    $600k-1MM 4 $2,970,000 $742,500 $3,446 7.66%
    $100k-200k 1 $175,000 $175,000 $2,707 6.00%

    2023 saw Northern Bank & Trust Company place emphasis on $1MM+ loans with 9 originations, totaling $40,165,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 5 $2,065,000 $413,000 $3,289 5.92%
    $250k+ 3 $1,235,000 $411,667 $3,171 5.67%
    $75k-100k 3 $695,000 $231,667 $2,668 5.67%
    $100k-150k 1 $455,000 $455,000 $3,176 6.00%
    $50k-75k 1 $215,000 $215,000 $6,053 5.75%
    $50k or less 1 $315,000 $315,000 $0 9.75%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 5 $2,455,000 $491,000 $4,054 5.88%
    20-30% 4 $1,520,000 $380,000 $2,993 5.44%
    43% 2 $720,000 $360,000 $3,008 6.19%
    <20% 1 $175,000 $175,000 $2,707 6.00%
    41% 1 $255,000 $255,000 $2,809 5.38%
    44% 1 $455,000 $455,000 $3,176 6.00%

    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

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 11 $39,105,000 $3,555,000 $0 8.65%
    White 14 $8,460,000 $604,286 $3,059 6.21%
    Asian 1 $225,000 $225,000 $3,262 5.88%
    Black 1 $215,000 $215,000 $6,053 5.75%

    Approval Rates

    Total approvals of all applications
    99.22%

    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 origination
    81.48%

    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

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    27 $48,005,000 $1,777,963

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 6 $11,310,000 $1,885,000 $2,448 6.71%
    40-60% 5 $2,975,000 $595,000 $3,353 6.50%
    60-80% 4 $10,770,000 $2,692,500 $2,555 7.31%
    80-100% 5 $1,595,000 $319,000 $3,808 5.95%
    Over 100% 6 $18,350,000 $3,058,333 $0 9.01%