Northwoods Mortgage Rates, Fees & Info
Cloquet, MNLEI: 549300KGWK2C69R8ZN27
Tax ID: 41-0653148
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Mortgage Data
Review & Overview
Northwoods is a smaller mortgage company specializing in Cash Out Refi loans. Northwoods has a high proportion of conventional loans. Their top two markets are Duluth and Minneapolis .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.
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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.80% | 5/4/24 |
| 30 Year Conventional Refi | 6.27% | 5/4/24 |
| 30 Year Cash-out Refi | 7.05% | 5/4/24 |
| 15 Year Conventional Purchase | 9.37% | 5/4/24 |
| 15 Year Conventional Refi | 6.53% | 5/4/24 |
| 15 Year Cash-out Refi | 6.53% | 5/4/24 |
| 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
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Originations
93Origination Dollar Volume (All Markets)
$5,705,000Top 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) | 86 | $5,180,000 | $60,233 | $0 | 0.00% |
| Outside of Metro Areas | 6 | $480,000 | $80,000 | $0 | 0.00% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 0.00% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 93 | $5,705,000 | $61,344 | $0 | 0.00% |
For 2019, Northwoods's most frequently originated type of loan was Conventional, with 93 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Cash Out Refi | 72 | $4,050,000 | $56,250 | $0 | 0.00% |
| Refi | 13 | $615,000 | $47,308 | $0 | 0.00% |
| Home Purchase | 8 | $1,040,000 | $130,000 | $0 | 0.00% |
For 2019, Northwoods's most frequently cited loan purpose was Cash Out Refi, with 72 originations. The 2nd most popular reason was Refi, with 13 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 93 | $5,705,000 | $61,344 | $0 | 0.00% |
For 2019, Northwoods's most frequently cited loan duration was Other, with 93 originations.
Loan Sizing
2019 saw Northwoods place emphasis on $100,000 or less loans with 78 originations, totaling $3,330,000 in origination value.
Applicant Income
Northwoods lent most frequently to those with incomes in the $50k-75k range, with 27 originations. The second most popular income band? $50k or less, with 23 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 93 | $5,705,000 | $61,344 | $0 | 0.00% |
Northwoods lent most frequently to those with DTI ratios of Exempt%, with 93 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 90 | $5,600,000 | $62,222 | $0 | 0.00% |
| American Indian | 3 | $105,000 | $35,000 | $0 | 0.00% |
Approval Rates
Total approvals of all applications68.45%
Northwoods has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination76.34%
Northwoods has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 93 | $5,705,000 | $61,344 |