Northwoods Mortgage Rates, Fees & Info

Cloquet, MN

LEI: 549300KGWK2C69R8ZN27

Tax ID: 41-0653148

4.6 stars - Updated: 3/27/24 - out of 5 stars, based on 9 reviews

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

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Mortgage Data

Review & Overview

Northwoods is a smaller mortgage company specializing in Home Improvement, Cash Out Refi, and Home Purchase loans. Northwoods has a high proportion of conventional loans. Their top two markets are Duluth and Grand Rapids .

Northwoods has a below average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Northwoods 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 6.80% 3/27/24
30 Year Conventional Refi 6.27% 3/27/24
30 Year Cash-out Refi 7.05% 3/27/24
15 Year Conventional Purchase 9.37% 3/27/24
15 Year Conventional Refi 6.53% 3/27/24
15 Year Cash-out Refi 6.53% 3/27/24
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.

Northwoods Mortgage Calculator






Your Estimates

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

This is not an official calculator from Northwoods. 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

88

Origination Dollar Volume (All Markets)

$6,050,000

Relative Rate

Northwoods's average 30 year fixed mortgage rate was 8.05%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 1.57%.

Relative Fees (Closing Costs)

Northwoods's average total fees/closing costs for a 30 year fixed rate mortgage were $4,699.

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.

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
DULUTH, MN-WI (FHA|USDA|VA) 78 $5,540,000 $71,026 $1,112 8.48%
Outside of Metro Areas 9 $475,000 $52,778 $854 8.97%
Grand Rapids, MN (FHA|USDA|VA) 1 $35,000 $35,000 $2,707 8.75%
Northwoods's top markets include Duluth and Grand Rapids among others.

Their top states include:
  • Minnesota (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against NORTHWOODS based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    North Shore Federal Credit Union
    Similarity Rank: 28
    National Bank of Commerce
    Similarity Rank: 192
    Northview Bank
    Similarity Rank: 195
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    MEMBERS COOPERATIVE
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 88 $6,050,000 $68,750 $1,103 8.53%

    For 2023, Northwoods's most frequently originated type of loan was Conventional, with 88 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 35 $1,575,000 $45,000 $685 8.61%
    Other 24 $1,160,000 $48,333 $646 8.53%
    Cash Out Refi 19 $1,645,000 $86,579 $916 8.51%
    Home Purchase 10 $1,670,000 $167,000 $4,023 8.31%

    For 2023, Northwoods's most frequently cited loan purpose was Home Improvement, with 35 originations. The 2nd most popular reason was Other, with 24 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 39 $2,785,000 $71,410 $787 8.76%
    Other 23 $785,000 $34,130 $459 7.82%
    10 Year 14 $640,000 $45,714 $721 9.41%
    30 Year 8 $1,610,000 $201,250 $4,699 8.05%
    20 Year 2 $190,000 $95,000 $3,630 8.25%
    5 Year 2 $40,000 $20,000 $442 8.50%

    For 2023, Northwoods's most frequently cited loan duration was 15 Year, with 39 originations. The 2nd most popular length was Other, with 23 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 75 $4,215,000 $56,200
    $1k-2k 10 $800,000 $80,000
    $3k-4k 1 $245,000 $245,000
    $4k-5k 1 $295,000 $295,000
    $5k+ 1 $495,000 $495,000

    Northwoods's average total fees were $4,699, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 75 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 55 $3,435,000 $62,455
    7-8% 18 $1,820,000 $101,111
    6-7% 15 $795,000 $53,000

    During 2023, Northwoods's average interest rate for loans was 8.05%, while their most frequently originated rate bucket for loans was Over 8%, with 55 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 75 $3,475,000 $46,333 $716 8.53%
    $100k-200k 8 $1,040,000 $130,000 $2,290 8.72%
    $200k-400k 4 $1,040,000 $260,000 $3,945 8.28%
    $400k-600k 1 $495,000 $495,000 $9,284 8.00%

    2023 saw Northwoods place emphasis on $100,000 or less loans with 75 originations, totaling $3,475,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 31 $2,165,000 $69,839 $1,171 8.83%
    $50k or less 20 $970,000 $48,500 $996 8.28%
    $75k-100k 16 $840,000 $52,500 $744 8.44%
    $100k-150k 15 $1,265,000 $84,333 $1,153 8.63%
    $150k-250k 6 $810,000 $135,000 $1,947 7.88%

    Northwoods lent most frequently to those with incomes in the $50k-75k range, with 31 originations. The second most popular income band? $50k or less, with 20 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 13 $645,000 $49,615 $1,062 8.42%
    50-60% 10 $940,000 $94,000 $1,044 8.88%
    30-36% 9 $1,115,000 $123,889 $2,355 8.35%
    <20% 6 $300,000 $50,000 $379 7.75%
    40% 6 $280,000 $46,667 $500 8.33%
    43% 6 $290,000 $48,333 $993 8.38%
    48% 5 $445,000 $89,000 $1,915 7.85%
    44% 4 $210,000 $52,500 $368 8.63%
    49% 4 $230,000 $57,500 $1,223 9.63%
    >60% 3 $365,000 $121,667 $1,175 9.75%
    38% 3 $285,000 $95,000 $644 8.83%
    46% 3 $145,000 $48,333 $926 9.33%
    47% 3 $115,000 $38,333 $1,372 9.08%
    45% 3 $185,000 $61,667 $1,377 8.50%
    41% 3 $115,000 $38,333 $560 9.42%
    42% 3 $285,000 $95,000 $1,567 7.75%
    39% 2 $60,000 $30,000 $382 7.75%
    37% 2 $40,000 $20,000 $435 7.50%

    Northwoods lent most frequently to those with DTI ratios of 20-30%, with 13 originations. The next most common DTI ratio? 50-60%, with 10 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 82 $5,560,000 $67,805 $1,071 8.56%
    Native Hawaiian or Islander 1 $295,000 $295,000 $6,716 7.13%
    American Indian 5 $195,000 $39,000 $508 8.35%

    Approval Rates

    Total approvals of all applications
    64.97%

    Northwoods has a low approval rate. They may have poor market targeting or stringent lending standards.

    Pick Rate

    Approvals leading to origination
    71.59%

    Northwoods has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 88 $6,050,000 $68,750

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    88 $6,050,000 $68,750

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 29 $1,825,000 $62,931 $561 8.82%
    40-60% 7 $595,000 $85,000 $2,155 8.21%
    60-80% 5 $735,000 $147,000 $2,277 8.85%
    80-100% 8 $1,590,000 $198,750 $4,423 8.95%
    Under 20% 39 $1,305,000 $33,462 $487 8.25%