Northern Bank & Trust Company Mortgage Rates, Fees & Info

Woburn, MA

LEI: 549300EE39SNC5DXTC46

Tax ID: 04-2265819

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Northern Bank & Trust Company is a smaller bank specializing in Home Purchase and Cash Out Refi loans. Northern Bank & Trust Company has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Worcester, Manchester, Barnstable Town, and Providence among others. We have data for 14 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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.54% 12/16/24
    30 Year Conventional Refi 6.36% 12/16/24
    30 Year Cash-out Refi 6.43% 12/16/24
    15 Year Conventional Purchase 5.70% 12/16/24
    15 Year Conventional Refi 5.46% 12/16/24
    15 Year Cash-out Refi 5.46% 12/16/24
    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

    321

    Origination Dollar Volume (All Markets)

    $169,305,000

    Employee count

    200

    Awards

    Northern Bank & Trust Company 30 Year Conventional Loans bronze Northern Bank & Trust Company 30 Year Conventional Loans gold Northern Bank & Trust Company 30 Year Conventional Loans silver
    Show all (3) awards

    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) 276 $152,750,000 $553,442 $3,239 4.70%
    WORCESTER, MA-CT (FHA|USDA|VA) 14 $4,350,000 $310,714 $2,529 4.50%
    Outside of Metro Areas 3 $3,695,000 $1,231,667 $5,556 4.83%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 10 $2,810,000 $281,000 $2,897 4.44%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 4 $2,200,000 $550,000 $5,579 4.34%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 2 $630,000 $315,000 $2,334 4.44%
    SPRINGFIELD, MA (FHA|USDA|VA) 3 $595,000 $198,333 $2,257 4.33%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 2 $470,000 $235,000 $2,668 4.75%
    PITTSFIELD, MA (FHA|USDA|VA) 2 $410,000 $205,000 $2,230 4.00%
    Vineyard Haven, MA (FHA|USDA|VA) 1 $345,000 $345,000 $1,906 4.75%
    Laconia, NH (FHA|USDA|VA) 1 $305,000 $305,000 $2,462 4.38%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 1 $285,000 $285,000 $2,998 4.38%
    Berlin, NH (FHA|USDA|VA) 1 $235,000 $235,000 $2,610 3.75%
    Augusta-Waterville, ME (FHA|USDA|VA) 1 $225,000 $225,000 $2,965 4.00%
    Northern Bank & Trust Company's top markets include Boston, Worcester, Manchester, Barnstable Town, and Providence among others.

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

    Westport Federal Credit Union
    Similarity Rank: 23
    Notre Dame Community Federal Credit Union
    Similarity Rank: 38
    PAWTUCKET
    Similarity Rank: 60
    Bank of Easton
    Similarity Rank: 66
    Charter Oak Federal Credit Union
    Similarity Rank: 84
    SOMERSET
    Similarity Rank: 99
    MERRIMACK VALLEY
    Similarity Rank: 110
    Middlesex Federal Savings, F.A.
    Similarity Rank: 111
    Members First Credit Union N.H.
    Similarity Rank: 119
    Martha's Vineyard Savings Bank
    Similarity Rank: 128

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 321 $169,305,000 $527,430 $3,214 4.66%

    For 2018, Northern Bank & Trust Company's most frequently originated type of loan was Conventional, with 321 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 202 $94,360,000 $467,129 $3,514 4.67%
    Cash Out Refi 75 $34,695,000 $462,600 $2,809 4.60%
    Refi 33 $20,705,000 $627,424 $2,544 4.53%
    Other 7 $1,505,000 $215,000 $2,145 5.04%
    Home Improvement 4 $18,040,000 $4,510,000 $2,409 5.88%

    For 2018, Northern Bank & Trust Company's most frequently cited loan purpose was Home Purchase, with 202 originations. The 2nd most popular reason was Cash Out Refi, with 75 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 242 $105,400,000 $435,537 $3,345 4.44%
    15 Year 31 $9,875,000 $318,548 $2,347 4.32%
    1 Year 17 $11,035,000 $649,118 $0 6.71%
    Other 11 $30,475,000 $2,770,455 $2,403 6.27%
    10 Year 11 $9,045,000 $822,273 $2,279 5.51%
    20 Year 7 $1,855,000 $265,000 $2,508 4.36%
    3 Year 1 $1,415,000 $1,415,000 $0 6.50%
    5 Year 1 $205,000 $205,000 $0 6.50%

    For 2018, Northern Bank & Trust Company's most frequently cited loan duration was 30 Year, with 242 originations. The 2nd most popular length was 15 Year, with 31 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 234 $94,640,000 $404,444
    $1k-2k 11 $3,555,000 $323,182
    $5k+ 8 $6,380,000 $797,500
    $4k-5k 1 $265,000 $265,000

    Northern Bank & Trust Company's average total fees were $3,345, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 234 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 174 $72,910,000 $419,023
    3-4% 71 $27,715,000 $390,352
    5-6% 45 $27,285,000 $606,333
    6-7% 28 $40,340,000 $1,440,714
    <2.5% 2 $10,000 $5,000
    7-8% 1 $1,045,000 $1,045,000

    During 2018, Northern Bank & Trust Company's average interest rate for loans was 4.44%, while their most frequently originated rate bucket for loans was 4-5%, with 174 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 140 $41,210,000 $294,357 $2,642 4.61%
    $400k-600k 49 $23,555,000 $480,714 $3,436 4.77%
    $100k-200k 45 $7,225,000 $160,556 $2,351 4.19%
    $600k-1MM 44 $32,260,000 $733,182 $4,712 4.89%
    $1MM+ 32 $64,380,000 $2,011,875 $7,310 5.24%
    $100,000 or less 11 $675,000 $61,364 $1,565 4.13%

    2018 saw Northern Bank & Trust Company place emphasis on $200k-400k loans with 140 originations, totaling $41,210,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 69 $24,585,000 $356,304 $3,089 4.61%
    $150k-250k 58 $27,230,000 $469,483 $3,089 4.44%
    $50k-75k 52 $10,470,000 $201,346 $2,399 4.24%
    $250k+ 51 $43,405,000 $851,078 $5,487 4.48%
    $75k-100k 39 $11,145,000 $285,769 $2,577 4.43%
    $50k or less 15 $2,245,000 $149,667 $2,438 4.21%

    Northern Bank & Trust Company lent most frequently to those with incomes in the $100k-150k range, with 69 originations. The second most popular income band? $150k-250k, with 58 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 70 $26,520,000 $378,857 $3,234 4.31%
    20-30% 49 $17,585,000 $358,878 $2,621 4.34%
    <20% 20 $8,400,000 $420,000 $3,501 4.33%
    36% 17 $9,725,000 $572,059 $3,940 4.32%
    44% 17 $7,155,000 $420,882 $2,972 4.41%
    39% 16 $6,660,000 $416,250 $2,957 4.66%
    43% 14 $5,260,000 $375,714 $3,716 4.51%
    42% 12 $8,170,000 $680,833 $4,055 4.70%
    37% 12 $4,480,000 $373,333 $2,734 4.43%
    40% 12 $4,020,000 $335,000 $2,613 4.67%
    38% 11 $6,195,000 $563,182 $3,273 4.91%
    41% 10 $5,470,000 $547,000 $5,030 4.23%
    48% 6 $1,750,000 $291,667 $2,541 4.71%
    50-60% 4 $2,960,000 $740,000 $5,586 5.66%
    47% 3 $595,000 $198,333 $1,661 3.21%
    46% 3 $985,000 $328,333 $2,502 4.50%
    49% 3 $1,105,000 $368,333 $2,701 4.08%
    45% 2 $850,000 $425,000 $3,275 4.38%
    >60% 2 $710,000 $355,000 $3,217 4.81%

    Northern Bank & Trust Company lent most frequently to those with DTI ratios of 30-36%, with 70 originations. The next most common DTI ratio? 20-30%, with 49 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 231 $97,745,000 $423,139 $3,238 4.46%
    Not applicable 34 $49,140,000 $1,445,294 $0 6.43%
    Asian 41 $15,375,000 $375,000 $3,174 4.27%
    Not provided 9 $4,205,000 $467,222 $3,034 4.53%
    Black 5 $2,595,000 $519,000 $3,204 5.38%
    Asian Indian 1 $245,000 $245,000 $1,246 3.75%

    Approval Rates

    Total approvals of all applications
    94.11%

    Northern Bank & Trust Company has an average approval rate.

    Pick Rate

    Approvals leading to origination
    84.74%

    Northern Bank & Trust Company has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 321 $169,305,000 $527,430

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 5 $24,725,000 $4,945,000
    Single Family (1-4 Units):Site-Built 316 $144,580,000 $457,532

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 25 $6,465,000 $258,600 $2,150 4.48%
    40-60% 45 $19,285,000 $428,556 $2,699 4.54%
    60-80% 122 $86,510,000 $709,098 $3,360 4.84%
    80-100% 111 $45,995,000 $414,369 $3,408 4.39%
    Over 100% 12 $10,800,000 $900,000 $22,730 6.58%
    Under 20% 6 $250,000 $41,667 $1,008 3.90%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    Northern Trust Company, The Conventional home mortgage Trouble during payment process 2 66.7%
    Northern Trust Company, The Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 1 33.3%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Northern Bank & Trust Company 13 Center Street Burlington, MA 1803 Full Service B&M $96,340
    Northern Bank & Trust Company 14 Littleton Road Chelmsford, MA 1824 Full Service B&M $66,133
    Northern Bank & Trust Company 215 Lexington Street Woburn, MA 1801 Full Service B&M $70,505
    Northern Bank & Trust Company 265 Great Road Littleton, MA 1460 Full Service B&M $45,517
    Northern Bank & Trust Company 275 Mishawum Rd Woburn, MA 1801 Full Service Cyber Office $164,664
    Northern Bank & Trust Company 275 Mishawum Road Woburn, MA 1801 Full Service Cyber Office $99,452
    Northern Bank & Trust Company 275 Mishawum Road Woburn, MA 1801 Full Service B&M $858,778
    Northern Bank & Trust Company 303 Main Street Woburn, MA 1801 Full Service B&M $113,632
    Northern Bank & Trust Company 414 Massachusetts Avenue Acton, MA 1720 Full Service B&M $40,339
    Northern Bank & Trust Company 430 Boston Post Road Sudbury, MA 1776 Full Service B&M $28,437
    Northern Bank & Trust Company 45 Main Street Westford, MA 1886 Full Service B&M $37,672
    Northern Bank & Trust Company 482 Boston Road Billerica, MA 1821 Full Service B&M $69,428
    Northern Bank & Trust Company 514-516 Franklin Street Melrose, MA 2176 Full Service B&M $52,487
    Northern Bank & Trust Company 600 Main Street Reading, MA 1867 Full Service B&M $40,163

    For 2018, Northern Bank & Trust Company had 14 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $107,626
    Net interest income $86,309
    Total noninterest income $5,177
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $1,373
    Trading account gains and fees $0
    Additional Noninterest Income $3,804
    Pre-tax net operating income $42,609
    Securities gains (or losses, -) $-35
    Income before extraordinary items $31,117
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $31,117
    Minority interest net income $0
    Net income $31,117
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $31,144

    Northern Bank & Trust Company's gross interest income from loans was $107,626,000.
    Northern Bank & Trust Company's net interest income from loans was $86,309,000.
    Northern Bank & Trust Company's fee based income from loans was $1,373,000.
    Northern Bank & Trust Company's net income from loans was $31,117,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $21,317
    Provision for credit losses $8,328
    Total noninterest expense $40,549
    Salaries and employee benefits $23,548
    Premises and equipment expense $4,672
    Additional noninterest expense $12,329
    Applicable income taxes $11,457
    Net charge-offs $7,311
    Cash dividends $9,000

    Northern Bank & Trust Company's interest expense for loans was $21,317,000.
    Northern Bank & Trust Company's payroll and benefits expense were $23,548,000.
    Northern Bank & Trust Company's property, plant and equipment expenses $4,672,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 2.0%
    Real Estate loans 1.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 3.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 0.0%
    HELOC loans 0.0%
    All other family 0.0%
    Commercial & industrial loans 2.0%
    Personal loans 0.0%
    Credit card loans 0.0%
    Other individual loans 0.0%
    Auto loans 0.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $1,792,253
    Deposits held in domestic offices $1,792,253
    Deposits by Individuals, partnerships, and corporations $1,631,400
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $76,097
    Deposits by Commercial banks and other depository institutions in U.S. $84,755
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $86,103
    Demand deposits $67,629
    Nontransaction accounts $1,706,149
    Money market deposit accounts (MMDAs) $418,673
    Other savings deposits (excluding MMDAs) $590,576
    Total time deposits $696,901
    Total time and savings deposits $1,724,623
    Noninterest-bearing deposits $316,532
    Interest-bearing deposits $1,475,721
    Retail deposits $1,401,774
    IRAs and Keogh plan accounts $31,670
    Brokered deposits $271,041
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $2,162,309
    Cash & Balances due from depository institutions $127,732
    Interest-bearing balances $121,847
    Total securities $50,955
    Federal funds sold & reverse repurchase $0
    Net loans and leases $1,889,451
    Loan and leases loss allowance $24,167
    Trading account assets $0
    Bank premises and fixed assets $29,890
    Other real estate owned $603
    Goodwill and other intangibles $114
    All other assets $63,564

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $2,162,309
    Total Liabilities $1,936,007
    Total deposits $1,792,253
    Interest-bearing deposits $1,475,721
    Deposits held in domestic offices $1,792,253
    % insured (estimated) $85
    Federal funds purchased and repurchase agreements $28,465
    Trading liabilities $0
    Other borrowed funds $90,000
    Subordinated debt $0
    All other liabilities $25,289

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $1,889,451
    Loan and leases loss allowance $24,167
    Total loans and leases (domestic) $1,913,618
    All real estate loans $1,183,799
    Real estate loans in domestic offices $1,183,799
    Construction and development loans $231,737
    Residential 1-4 family construction $123,844
    Other construction, all land development and other land $107,893
    Loans secured by nonfarm nonresidential properties $652,809
    Nonfarm nonresidential secured by owner-occupied properties $230,374
    Commercial real estate & other non-farm, non-residential $422,435
    Multifamily residential real estate $18,751
    1-4 family residential loans $280,502
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $702,988
    To non-U.S. addressees $0
    Loans to individuals $688
    Credit card loans $142
    Related Plans $113
    Consumer Auto Loans $40
    Other loans to individuals $393
    All other loans & leases $26,143
    Loans to foreign governments and official institutions $0
    Other loans $1,408
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $0
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $9,083
    Non 1-4 family restructured loans & leases $9,083
    Total loans and leases (foreign) $0

    Northern Bank & Trust Company had $1,889,451,000 of loans outstanding in 2018. $1,183,799,000 of loans were in real estate loans. $231,737,000 of loans were in development loans. $18,751,000 of loans were in multifamily mortgage loans. $280,502,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $142,000 of loans were in credit card loans. $40,000 of loans were in the auto loan category.

    Small Business Loans

    Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
    Nonfarm, nonresidential loans - <$1MM 218 $74,761 $342,940
    Nonfarm, nonresidential loans - <$100k 9 $313 $34,778
    Nonfarm, nonresidential loans - $100-250k 45 $5,712 $126,933
    Nonfarm, nonresidential loans - $250k-1MM 164 $68,736 $419,122
    Commercial & Industrial, US addressed loans - <$1MM 549 $89,322 $162,699
    Commercial & Industrial, US addressed loans - <$100k 225 $5,738 $25,502
    Commercial & Industrial, US addressed loans - $100-250k 129 $14,877 $115,326
    Commercial & Industrial, US addressed loans - $250k-1MM 195 $68,707 $352,344