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, Refi, 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, Barnstable Town, Providence, and Manchester among others. We have data for 16 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% 4/14/24
    30 Year Conventional Refi 6.36% 4/14/24
    30 Year Cash-out Refi 6.43% 4/14/24
    15 Year Conventional Purchase 5.70% 4/14/24
    15 Year Conventional Refi 5.46% 4/14/24
    15 Year Cash-out Refi 5.46% 4/14/24
    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

    693

    Origination Dollar Volume (All Markets)

    $275,215,000

    Employee count

    227 Show all (7) 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) 565 $234,185,000 $414,487 $2,727 4.00%
    WORCESTER, MA-CT (FHA|USDA|VA) 48 $13,670,000 $284,792 $2,044 3.53%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 14 $7,730,000 $552,143 $3,033 3.88%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 19 $5,525,000 $290,789 $2,136 3.89%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 19 $5,505,000 $289,737 $2,648 4.01%
    Vineyard Haven, MA (FHA|USDA|VA) 4 $1,970,000 $492,500 $3,605 4.81%
    SPRINGFIELD, MA (FHA|USDA|VA) 7 $1,545,000 $220,714 $2,171 3.46%
    Lebanon, NH-VT (FHA|USDA|VA) 5 $1,385,000 $277,000 $2,868 4.13%
    Concord, NH (FHA|USDA|VA) 4 $1,060,000 $265,000 $2,788 4.13%
    Laconia, NH (FHA|USDA|VA) 2 $990,000 $495,000 $3,553 3.88%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 1 $505,000 $505,000 $4,084 3.75%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 1 $285,000 $285,000 $2,404 4.13%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 1 $285,000 $285,000 $2,738 3.50%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 1 $265,000 $265,000 $3,011 3.88%
    Outside of Metro Areas 1 $175,000 $175,000 $2,132 3.63%
    PITTSFIELD, MA (FHA|USDA|VA) 1 $135,000 $135,000 $1,756 4.00%
    Northern Bank & Trust Company's top markets include Boston, Worcester, Barnstable Town, Providence, and Manchester among others.

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

    SOMERSET
    Similarity Rank: 26
    SOUTHBRIDGE CREDIT UNION
    Similarity Rank: 80
    Rhode Island Credit Union
    Similarity Rank: 116
    Piscataqua Savings Bank
    Similarity Rank: 118
    First Ipswich Bank
    Similarity Rank: 139
    LEOMINSTER CREDIT UNION
    Similarity Rank: 180
    Charter Oak Federal Credit Union
    Similarity Rank: 294
    BankNewport
    Similarity Rank: 315
    OCEAN STATE CREDIT UNION
    Similarity Rank: 315
    WAVE FEDERAL CREDIT UNION
    Similarity Rank: 348

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 693 $275,215,000 $397,136 $2,665 3.96%

    For 2019, Northern Bank & Trust Company's most frequently originated type of loan was Conventional, with 693 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 281 $115,865,000 $412,331 $3,280 4.19%
    Refi 224 $87,500,000 $390,625 $2,151 3.67%
    Cash Out Refi 167 $61,135,000 $366,078 $2,326 3.84%
    Other 16 $4,430,000 $276,875 $3,344 4.42%
    Home Improvement 5 $6,285,000 $1,257,000 $0 6.30%

    For 2019, Northern Bank & Trust Company's most frequently cited loan purpose was Home Purchase, with 281 originations. The 2nd most popular reason was Refi, with 224 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 498 $191,650,000 $384,839 $2,837 3.98%
    15 Year 108 $30,560,000 $282,963 $2,222 3.28%
    20 Year 41 $12,875,000 $314,024 $2,062 3.61%
    10 Year 17 $15,565,000 $915,588 $1,826 4.21%
    1 Year 14 $11,080,000 $791,429 $0 7.00%
    Other 14 $12,990,000 $927,857 $2,049 5.84%
    3 Year 1 $495,000 $495,000 $0 6.25%

    For 2019, Northern Bank & Trust Company's most frequently cited loan duration was 30 Year, with 498 originations. The 2nd most popular length was 15 Year, with 108 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 573 $202,455,000 $353,325
    $1k-2k 27 $10,095,000 $373,889
    $2k-3k 7 $2,335,000 $333,571
    $5k+ 7 $4,435,000 $633,571
    $3k-4k 2 $610,000 $305,000
    $4k-5k 1 $405,000 $405,000

    Northern Bank & Trust Company's average total fees were $2,837, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 573 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 435 $144,375,000 $331,897
    4-5% 158 $67,680,000 $428,354
    2.5-3% 41 $11,935,000 $291,098
    5-6% 34 $31,030,000 $912,647
    6-7% 15 $10,285,000 $685,667
    7-8% 9 $9,905,000 $1,100,556
    <2.5% 1 $5,000 $5,000

    During 2019, Northern Bank & Trust Company's average interest rate for loans was 3.98%, while their most frequently originated rate bucket for loans was 3-4%, with 435 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 371 $111,595,000 $300,795 $2,388 3.82%
    $400k-600k 174 $82,390,000 $473,506 $3,004 4.02%
    $100k-200k 82 $12,960,000 $158,049 $2,189 3.68%
    $600k-1MM 38 $28,150,000 $740,789 $4,124 4.92%
    $1MM+ 21 $39,615,000 $1,886,429 $7,142 5.44%
    $100,000 or less 7 $505,000 $72,143 $2,073 3.39%

    2019 saw Northern Bank & Trust Company place emphasis on $200k-400k loans with 371 originations, totaling $111,595,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 211 $73,195,000 $346,896 $2,450 3.78%
    $150k-250k 170 $69,300,000 $407,647 $2,863 3.82%
    $75k-100k 99 $29,125,000 $294,192 $2,518 3.78%
    $50k-75k 80 $18,670,000 $233,375 $2,535 3.86%
    $250k+ 73 $41,975,000 $575,000 $3,445 4.18%
    $50k or less 24 $4,130,000 $172,083 $2,322 3.84%

    Northern Bank & Trust Company lent most frequently to those with incomes in the $100k-150k range, with 211 originations. The second most popular income band? $150k-250k, with 170 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 161 $51,125,000 $317,547 $2,404 3.70%
    30-36% 144 $49,600,000 $344,444 $2,607 3.81%
    <20% 68 $22,760,000 $334,706 $2,310 3.71%
    41% 31 $12,425,000 $400,806 $3,355 3.99%
    36% 30 $10,510,000 $350,333 $2,718 3.80%
    37% 28 $10,560,000 $377,143 $2,765 3.73%
    44% 28 $13,520,000 $482,857 $3,284 3.84%
    39% 28 $9,900,000 $353,571 $2,689 3.90%
    43% 27 $10,895,000 $403,519 $2,993 4.18%
    42% 23 $9,055,000 $393,696 $2,567 3.97%
    40% 23 $7,965,000 $346,304 $2,471 3.69%
    38% 19 $8,185,000 $430,789 $2,751 4.08%
    48% 10 $4,170,000 $417,000 $4,516 4.03%
    47% 9 $3,335,000 $370,556 $2,478 3.81%
    49% 8 $3,080,000 $385,000 $2,571 3.83%
    46% 7 $3,065,000 $437,857 $3,070 4.04%
    45% 5 $2,045,000 $409,000 $2,475 4.03%
    >60% 4 $2,160,000 $540,000 $5,322 4.81%
    50-60% 2 $850,000 $425,000 $3,270 4.50%

    Northern Bank & Trust Company lent most frequently to those with DTI ratios of 20-30%, with 161 originations. The next most common DTI ratio? 30-36%, with 144 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 529 $192,805,000 $364,471 $2,712 3.90%
    Not applicable 30 $36,730,000 $1,224,333 $5,046 6.46%
    Asian 69 $24,145,000 $349,928 $2,530 3.67%
    Not provided 58 $18,770,000 $323,621 $2,369 3.59%
    Black 6 $2,290,000 $381,667 $2,513 3.75%
    Native Hawaiian or Islander 1 $475,000 $475,000 $3,716 4.13%

    Approval Rates

    Total approvals of all applications
    94.70%

    Northern Bank & Trust Company has an average approval rate.

    Pick Rate

    Approvals leading to origination
    76.05%

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

    Points and Fees

    Points Originations Total Value Average Loan
    NA 693 $275,215,000 $397,136

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 4 $10,560,000 $2,640,000
    Single Family (1-4 Units):Site-Built 689 $264,655,000 $384,115

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 58 $17,750,000 $306,034 $2,176 3.73%
    40-60% 156 $58,920,000 $377,692 $2,359 3.73%
    60-80% 286 $114,800,000 $401,399 $2,738 4.02%
    80-100% 175 $72,005,000 $411,457 $2,989 3.96%
    Over 100% 12 $10,960,000 $913,333 $0 7.00%
    Under 20% 5 $505,000 $101,000 $1,956 3.15%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    Northern Trust Company, The Conventional home mortgage Trouble during payment process 2 50.0%
    Northern Trust Company, The Other type of mortgage Improper use of your report 1 25.0%
    Northern Trust Company, The VA mortgage Struggling to pay mortgage 1 25.0%

    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 $116,347
    Northern Bank & Trust Company 14 Littleton Road Chelmsford, MA 1824 Full Service B&M $77,161
    Northern Bank & Trust Company 215 Lexington Street Woburn, MA 1801 Full Service B&M $66,104
    Northern Bank & Trust Company 265 Great Road Littleton, MA 1460 Full Service B&M $46,670
    Northern Bank & Trust Company 275 Mishawum Rd Woburn, MA 1801 Full Service Cyber Office $151,883
    Northern Bank & Trust Company 275 Mishawum Road Woburn, MA 1801 Full Service Cyber Office $71,026
    Northern Bank & Trust Company 275 Mishawum Road Woburn, MA 1801 Full Service B&M $879,703
    Northern Bank & Trust Company 303 Main Street Woburn, MA 1801 Full Service B&M $120,713
    Northern Bank & Trust Company 414 Massachusetts Avenue Acton, MA 1720 Full Service B&M $42,107
    Northern Bank & Trust Company 430 Boston Post Road Sudbury, MA 1776 Full Service B&M $37,132
    Northern Bank & Trust Company 45 Main Street Westford, MA 1886 Full Service B&M $39,878
    Northern Bank & Trust Company 482 Boston Road Billerica, MA 1821 Full Service B&M $76,763
    Northern Bank & Trust Company 514-516 Franklin Street Melrose, MA 2176 Full Service B&M $56,162
    Northern Bank & Trust Company 600 Main Street Reading, MA 1867 Full Service B&M $46,598

    For 2019, Northern Bank & Trust Company had 14 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $119,340
    Net interest income $92,535
    Total noninterest income $6,883
    Gross Fiduciary activities income $3
    Service charges on deposit accounts $1,504
    Trading account gains and fees $0
    Additional Noninterest Income $5,376
    Pre-tax net operating income $50,839
    Securities gains (or losses, -) $39
    Income before extraordinary items $37,056
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $37,056
    Minority interest net income $0
    Net income $37,056
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $37,025

    Northern Bank & Trust Company's gross interest income from loans was $119,340,000.
    Northern Bank & Trust Company's net interest income from loans was $92,535,000.
    Northern Bank & Trust Company's fee based income from loans was $1,504,000.
    Northern Bank & Trust Company's net income from loans was $37,056,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $26,805
    Provision for credit losses $5,517
    Total noninterest expense $43,062
    Salaries and employee benefits $25,973
    Premises and equipment expense $4,682
    Additional noninterest expense $12,407
    Applicable income taxes $13,822
    Net charge-offs $3,420
    Cash dividends $0

    Northern Bank & Trust Company's interest expense for loans was $26,805,000.
    Northern Bank & Trust Company's payroll and benefits expense were $25,973,000.
    Northern Bank & Trust Company's property, plant and equipment expenses $4,682,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 0.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 0.0%
    HELOC loans 1.0%
    All other family 0.0%
    Commercial & industrial loans 0.0%
    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 $1,912,420
    Deposits held in domestic offices $1,912,420
    Deposits by Individuals, partnerships, and corporations $1,736,383
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $110,360
    Deposits by Commercial banks and other depository institutions in U.S. $65,676
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $112,514
    Demand deposits $87,510
    Nontransaction accounts $1,799,905
    Money market deposit accounts (MMDAs) $456,051
    Other savings deposits (excluding MMDAs) $684,485
    Total time deposits $659,370
    Total time and savings deposits $1,824,909
    Noninterest-bearing deposits $388,401
    Interest-bearing deposits $1,524,019
    Retail deposits $1,574,813
    IRAs and Keogh plan accounts $24,937
    Brokered deposits $216,807
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $2,234,025
    Cash & Balances due from depository institutions $196,229
    Interest-bearing balances $190,085
    Total securities $51,116
    Federal funds sold & reverse repurchase $0
    Net loans and leases $1,888,241
    Loan and leases loss allowance $26,265
    Trading account assets $0
    Bank premises and fixed assets $34,904
    Other real estate owned $0
    Goodwill and other intangibles $101
    All other assets $63,434

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $2,234,025
    Total Liabilities $1,971,895
    Total deposits $1,912,420
    Interest-bearing deposits $1,524,019
    Deposits held in domestic offices $1,912,420
    % insured (estimated) $86
    Federal funds purchased and repurchase agreements $16,995
    Trading liabilities $0
    Other borrowed funds $15,101
    Subordinated debt $0
    All other liabilities $27,379

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $1,888,241
    Loan and leases loss allowance $26,265
    Total loans and leases (domestic) $1,914,506
    All real estate loans $1,127,354
    Real estate loans in domestic offices $1,127,354
    Construction and development loans $213,487
    Residential 1-4 family construction $82,150
    Other construction, all land development and other land $131,337
    Loans secured by nonfarm nonresidential properties $619,678
    Nonfarm nonresidential secured by owner-occupied properties $243,557
    Commercial real estate & other non-farm, non-residential $376,121
    Multifamily residential real estate $4,115
    1-4 family residential loans $290,074
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $761,875
    To non-U.S. addressees $0
    Loans to individuals $994
    Credit card loans $112
    Related Plans $112
    Consumer Auto Loans $47
    Other loans to individuals $723
    All other loans & leases $24,282
    Loans to foreign governments and official institutions $0
    Other loans $603
    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 $8,954
    Non 1-4 family restructured loans & leases $8,954
    Total loans and leases (foreign) $0

    Northern Bank & Trust Company had $1,888,241,000 of loans outstanding in 2019. $1,127,354,000 of loans were in real estate loans. $213,487,000 of loans were in development loans. $4,115,000 of loans were in multifamily mortgage loans. $290,074,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $112,000 of loans were in credit card loans. $47,000 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 191 $64,514 $337,770
    Nonfarm, nonresidential loans - <$100k 9 $407 $45,222
    Nonfarm, nonresidential loans - $100-250k 40 $5,022 $125,550
    Nonfarm, nonresidential loans - $250k-1MM 142 $59,085 $416,092
    Commercial & Industrial, US addressed loans - <$1MM 715 $86,671 $121,218
    Commercial & Industrial, US addressed loans - <$100k 337 $14,491 $43,000
    Commercial & Industrial, US addressed loans - $100-250k 183 $10,134 $55,377
    Commercial & Industrial, US addressed loans - $250k-1MM 195 $62,046 $318,185