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
  • 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 Refi, Cash Out Refi, and Home Purchase loans. Northern Bank & Trust Company has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Manchester, Worcester, Providence, and Naples among others. We have data for 15 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

    1,040

    Origination Dollar Volume (All Markets)

    $406,590,000

    Employee count

    216 Show all (9) 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) 790 $327,970,000 $415,152 $2,512 3.13%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 78 $21,570,000 $276,538 $2,735 2.96%
    WORCESTER, MA-CT (FHA|USDA|VA) 64 $18,250,000 $285,156 $2,395 3.08%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 34 $10,370,000 $305,000 $2,199 2.95%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $6,925,000 $6,925,000 $22,791 5.00%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 23 $6,265,000 $272,391 $2,247 2.81%
    Outside of Metro Areas 10 $3,770,000 $377,000 $3,019 3.58%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 11 $3,175,000 $288,636 $2,596 2.98%
    Concord, NH (FHA|USDA|VA) 9 $2,515,000 $279,444 $2,606 2.74%
    SPRINGFIELD, MA (FHA|USDA|VA) 9 $1,945,000 $216,111 $2,185 2.90%
    Lebanon, NH-VT (FHA|USDA|VA) 5 $1,325,000 $265,000 $2,810 2.73%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 2 $780,000 $390,000 $2,504 3.13%
    Barre, VT (FHA|USDA|VA) 1 $705,000 $705,000 $5,318 4.13%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 2 $570,000 $285,000 $2,047 2.94%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 1 $455,000 $455,000 $3,013 3.25%
    Northern Bank & Trust Company's top markets include Boston, Manchester, Worcester, Providence, and Naples among others.

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

    Homestar Mortgage, Inc.
    Similarity Rank: 166
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    Similarity Rank: 169
    OCEAN STATE CREDIT UNION
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    Similarity Rank: 310
    Rhode Island Credit Union
    Similarity Rank: 510
    COMMUNITY CREDIT UNION OF LYNN
    Similarity Rank: 525
    CorePlus Federal Credit Union
    Similarity Rank: 710
    NESC
    Similarity Rank: 772
    East Boston Savings Bank
    Similarity Rank: 798

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,040 $406,590,000 $390,952 $2,533 3.10%

    For 2020, Northern Bank & Trust Company's most frequently originated type of loan was Conventional, with 1,040 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 603 $222,625,000 $369,196 $2,279 2.96%
    Cash Out Refi 221 $83,155,000 $376,267 $2,596 3.16%
    Home Purchase 204 $96,200,000 $471,569 $3,252 3.39%
    Other 9 $2,765,000 $307,222 $3,585 3.28%
    Home Improvement 3 $1,845,000 $615,000 $2,020 4.46%

    For 2020, Northern Bank & Trust Company's most frequently cited loan purpose was Refi, with 603 originations. The 2nd most popular reason was Cash Out Refi, with 221 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 666 $250,660,000 $376,366 $2,685 3.18%
    15 Year 233 $66,315,000 $284,614 $2,236 2.71%
    20 Year 100 $29,430,000 $294,300 $2,310 2.99%
    10 Year 19 $22,945,000 $1,207,632 $2,111 3.70%
    Other 16 $25,560,000 $1,597,500 $2,163 4.42%
    1 Year 5 $8,585,000 $1,717,000 $0 5.70%
    3 Year 1 $3,095,000 $3,095,000 $0 4.25%

    For 2020, Northern Bank & Trust Company's most frequently cited loan duration was 30 Year, with 666 originations. The 2nd most popular length was 15 Year, with 233 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 898 $307,030,000 $341,904
    $1k-2k 46 $15,200,000 $330,435
    $5k+ 8 $4,030,000 $503,750
    $2k-3k 3 $925,000 $308,333
    $3k-4k 3 $1,225,000 $408,333
    $4k-5k 1 $405,000 $405,000

    Northern Bank & Trust Company's average total fees were $2,685, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 898 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 504 $165,080,000 $327,540
    3-4% 339 $116,365,000 $343,260
    <2.5% 122 $32,060,000 $262,787
    4-5% 61 $62,665,000 $1,027,295
    5-6% 11 $24,115,000 $2,192,273
    6-7% 2 $1,800,000 $900,000
    7-8% 1 $4,505,000 $4,505,000

    During 2020, Northern Bank & Trust Company's average interest rate for loans was 3.18%, while their most frequently originated rate bucket for loans was 2.5-3%, with 504 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 582 $174,330,000 $299,536 $2,360 3.02%
    $400k-600k 241 $114,685,000 $475,871 $2,873 3.13%
    $100k-200k 148 $22,830,000 $154,257 $2,155 2.92%
    $600k-1MM 41 $28,805,000 $702,561 $4,015 3.91%
    $1MM+ 17 $65,145,000 $3,832,059 $8,707 5.05%
    $100,000 or less 11 $795,000 $72,273 $1,566 2.81%

    2020 saw Northern Bank & Trust Company place emphasis on $200k-400k loans with 582 originations, totaling $174,330,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 310 $101,680,000 $328,000 $2,435 2.99%
    $150k-250k 281 $106,005,000 $377,242 $2,641 3.02%
    $75k-100k 140 $39,600,000 $282,857 $2,404 3.04%
    $250k+ 126 $58,330,000 $462,937 $2,855 3.23%
    $50k-75k 109 $24,805,000 $227,569 $2,312 3.03%
    $50k or less 36 $7,570,000 $210,278 $2,264 3.08%

    Northern Bank & Trust Company lent most frequently to those with incomes in the $100k-150k range, with 310 originations. The second most popular income band? $150k-250k, with 281 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 331 $111,755,000 $337,628 $2,487 2.99%
    30-36% 203 $67,225,000 $331,158 $2,551 3.03%
    <20% 151 $48,285,000 $319,768 $2,373 2.97%
    36% 40 $12,540,000 $313,500 $2,515 3.14%
    39% 38 $12,960,000 $341,053 $2,432 3.09%
    44% 29 $10,555,000 $363,966 $2,358 3.31%
    38% 27 $8,275,000 $306,481 $2,343 3.16%
    40% 27 $11,065,000 $409,815 $3,547 3.17%
    41% 27 $8,235,000 $305,000 $2,366 3.13%
    42% 26 $8,250,000 $317,308 $2,374 3.17%
    37% 23 $8,465,000 $368,043 $2,682 3.05%
    49% 20 $7,330,000 $366,500 $2,637 3.01%
    43% 20 $7,930,000 $396,500 $2,716 3.32%
    46% 16 $5,960,000 $372,500 $2,627 3.09%
    48% 12 $3,460,000 $288,333 $2,300 2.98%
    47% 8 $2,570,000 $321,250 $2,354 2.95%
    45% 7 $2,075,000 $296,429 $2,252 2.84%
    50-60% 1 $2,605,000 $2,605,000 $9,115 4.50%

    Northern Bank & Trust Company lent most frequently to those with DTI ratios of 20-30%, with 331 originations. The next most common DTI ratio? 30-36%, with 203 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 795 $274,395,000 $345,151 $2,571 3.06%
    Not applicable 23 $56,365,000 $2,450,652 $0 5.35%
    Not provided 99 $37,545,000 $379,242 $2,435 3.07%
    Asian 117 $36,485,000 $311,838 $2,244 2.96%
    Black 4 $1,140,000 $285,000 $2,551 2.81%
    Chinese 1 $435,000 $435,000 $12,412 3.38%
    Native Hawaiian or Islander 1 $225,000 $225,000 $2,386 3.00%

    Approval Rates

    Total approvals of all applications
    91.94%

    Northern Bank & Trust Company has an average approval rate.

    Pick Rate

    Approvals leading to origination
    78.75%

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

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,040 $406,590,000 $390,952

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 3 $18,165,000 $6,055,000
    Single Family (1-4 Units):Site-Built 1,037 $388,425,000 $374,566

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 112 $24,950,000 $222,768 $2,134 2.88%
    40-60% 325 $127,155,000 $391,246 $2,347 2.99%
    60-80% 445 $170,525,000 $383,202 $2,583 3.14%
    80-100% 136 $61,250,000 $450,368 $3,230 3.26%
    Over 100% 8 $20,480,000 $2,560,000 $0 5.75%
    Under 20% 14 $2,230,000 $159,286 $1,671 2.95%

    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 $135,394
    Northern Bank & Trust Company 14 Littleton Road Chelmsford, MA 1824 Full Service B&M $84,150
    Northern Bank & Trust Company 215 Lexington Street Woburn, MA 1801 Full Service B&M $81,353
    Northern Bank & Trust Company 265 Great Road Littleton, MA 1460 Full Service B&M $57,252
    Northern Bank & Trust Company 275 Mishawum Rd Woburn, MA 1801 Full Service Cyber Office $100,246
    Northern Bank & Trust Company 275 Mishawum Road Woburn, MA 1801 Full Service Cyber Office $95,853
    Northern Bank & Trust Company 275 Mishawum Road Woburn, MA 1801 Full Service B&M $1,123,658
    Northern Bank & Trust Company 303 Main Street Woburn, MA 1801 Full Service B&M $137,337
    Northern Bank & Trust Company 414 Massachusetts Avenue Acton, MA 1720 Full Service B&M $47,528
    Northern Bank & Trust Company 430 Boston Post Road Sudbury, MA 1776 Full Service B&M $51,043
    Northern Bank & Trust Company 45 Main Street Westford, MA 1886 Full Service B&M $49,183
    Northern Bank & Trust Company 482 Boston Road Billerica, MA 1821 Full Service B&M $88,714
    Northern Bank & Trust Company 514-516 Franklin Street Melrose, MA 2176 Full Service B&M $62,989
    Northern Bank & Trust Company 600 Main Street Reading, MA 1867 Full Service B&M $60,013

    For 2020, Northern Bank & Trust Company had 14 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $124,436
    Net interest income $105,213
    Total noninterest income $10,240
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $1,060
    Trading account gains and fees $0
    Additional Noninterest Income $9,180
    Pre-tax net operating income $60,317
    Securities gains (or losses, -) $18
    Income before extraordinary items $43,524
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $43,524
    Minority interest net income $0
    Net income $43,524
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $43,509

    Northern Bank & Trust Company's gross interest income from loans was $124,436,000.
    Northern Bank & Trust Company's net interest income from loans was $105,213,000.
    Northern Bank & Trust Company's fee based income from loans was $1,060,000.
    Northern Bank & Trust Company's net income from loans was $43,524,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $19,223
    Provision for credit losses $11,388
    Total noninterest expense $43,748
    Salaries and employee benefits $27,102
    Premises and equipment expense $4,427
    Additional noninterest expense $12,219
    Applicable income taxes $16,811
    Net charge-offs $-47
    Cash dividends $0

    Northern Bank & Trust Company's interest expense for loans was $19,223,000.
    Northern Bank & Trust Company's payroll and benefits expense were $27,102,000.
    Northern Bank & Trust Company's property, plant and equipment expenses $4,427,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 1.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 1.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 1.0%
    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 $2,238,363
    Deposits held in domestic offices $2,238,363
    Deposits by Individuals, partnerships, and corporations $2,058,583
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $134,874
    Deposits by Commercial banks and other depository institutions in U.S. $44,906
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $200,174
    Demand deposits $171,553
    Nontransaction accounts $2,038,189
    Money market deposit accounts (MMDAs) $491,530
    Other savings deposits (excluding MMDAs) $1,067,569
    Total time deposits $479,090
    Total time and savings deposits $2,066,810
    Noninterest-bearing deposits $578,407
    Interest-bearing deposits $1,659,956
    Retail deposits $1,969,669
    IRAs and Keogh plan accounts $24,197
    Brokered deposits $185,062
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $2,581,305
    Cash & Balances due from depository institutions $245,346
    Interest-bearing balances $239,958
    Total securities $68,514
    Federal funds sold & reverse repurchase $0
    Net loans and leases $2,162,463
    Loan and leases loss allowance $37,700
    Trading account assets $0
    Bank premises and fixed assets $32,622
    Other real estate owned $0
    Goodwill and other intangibles $1,405
    All other assets $70,955

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $2,581,305
    Total Liabilities $2,274,948
    Total deposits $2,238,363
    Interest-bearing deposits $1,659,956
    Deposits held in domestic offices $2,238,363
    % insured (estimated) $81
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $4,553
    Subordinated debt $0
    All other liabilities $32,032

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $2,162,463
    Loan and leases loss allowance $37,700
    Total loans and leases (domestic) $2,200,163
    All real estate loans $1,191,282
    Real estate loans in domestic offices $1,191,282
    Construction and development loans $257,234
    Residential 1-4 family construction $75,002
    Other construction, all land development and other land $182,232
    Loans secured by nonfarm nonresidential properties $632,865
    Nonfarm nonresidential secured by owner-occupied properties $231,833
    Commercial real estate & other non-farm, non-residential $401,032
    Multifamily residential real estate $33,370
    1-4 family residential loans $267,813
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $985,212
    To non-U.S. addressees $0
    Loans to individuals $1,104
    Credit card loans $109
    Related Plans $81
    Consumer Auto Loans $35
    Other loans to individuals $879
    All other loans & leases $22,565
    Loans to foreign governments and official institutions $0
    Other loans $645
    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 $3,197
    Non 1-4 family restructured loans & leases $3,197
    Total loans and leases (foreign) $0

    Northern Bank & Trust Company had $2,162,463,000 of loans outstanding in 2020. $1,191,282,000 of loans were in real estate loans. $257,234,000 of loans were in development loans. $33,370,000 of loans were in multifamily mortgage loans. $267,813,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $109,000 of loans were in credit card loans. $35,000 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 177 $60,110 $339,605
    Nonfarm, nonresidential loans - <$100k 7 $303 $43,286
    Nonfarm, nonresidential loans - $100-250k 36 $4,301 $119,472
    Nonfarm, nonresidential loans - $250k-1MM 134 $55,506 $414,224
    Commercial & Industrial, US addressed loans - <$1MM 1,729 $169,971 $98,306
    Commercial & Industrial, US addressed loans - <$100k 1,189 $46,023 $38,707
    Commercial & Industrial, US addressed loans - $100-250k 258 $29,724 $115,209
    Commercial & Industrial, US addressed loans - $250k-1MM 282 $94,224 $334,128