Northwoods Mortgage Rates, Fees & Info

Cloquet, MN

LEI: 549300KGWK2C69R8ZN27

Tax ID: 41-0653148

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

Jump to:

  • 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)

    • Review & Overview

    Northwoods is a smaller mortgage company specializing in Cash Out Refi, Refi, and Home Purchase loans. Northwoods has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top (well, only) market is Duluth.

    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 an average 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.

    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% 4/28/24
    30 Year Conventional Refi 6.27% 4/28/24
    30 Year Cash-out Refi 7.05% 4/28/24
    15 Year Conventional Purchase 9.37% 4/28/24
    15 Year Conventional Refi 6.53% 4/28/24
    15 Year Cash-out Refi 6.53% 4/28/24
    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

    116

    Origination Dollar Volume (All Markets)

    $11,130,000

    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) 108 $9,830,000 $91,019 $1,840 4.67%
    Outside of Metro Areas 8 $1,300,000 $162,500 $2,076 4.16%
    Northwoods's top markets include and Duluth among others.

    Their top states include:
  • Minnesota (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Florida (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.

    Western National Bank
    Similarity Rank: 120
    NORTHWOODS
    Similarity Rank: 156
    SUPERIOR CHOICE
    Similarity Rank: 198
    The Miners National Bank of Eveleth
    Similarity Rank: 400
    Alerus Financial
    Similarity Rank: 938
    Lake Area Bank
    Similarity Rank: 1008
    Tradition Mortgage, LLC
    Similarity Rank: 1274
    North Shore Bank of Commerce
    Similarity Rank: 1343
    AFFINITY PLUS
    Similarity Rank: 1922
    RESULTS MORTGAGE, LLC
    Similarity Rank: 1974

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 115 $11,105,000 $96,565 $1,870 4.64%
    USDA 1 $25,000 $25,000 $321 4.50%

    For 2020, Northwoods's most frequently originated type of loan was Conventional, with 115 originations. Their 2nd most popular type was USDA, with 1 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 74 $6,220,000 $84,054 $1,702 4.92%
    Refi 26 $2,640,000 $101,538 $1,540 4.20%
    Home Purchase 16 $2,270,000 $141,875 $3,082 4.02%

    For 2020, Northwoods's most frequently cited loan purpose was Cash Out Refi, with 74 originations. The 2nd most popular reason was Refi, with 26 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 38 $4,620,000 $121,579 $2,017 4.47%
    Other 32 $1,330,000 $41,563 $441 4.88%
    10 Year 19 $775,000 $40,789 $540 5.94%
    30 Year 15 $2,935,000 $195,667 $5,611 3.18%
    20 Year 10 $1,380,000 $138,000 $2,967 4.18%
    5 Year 2 $90,000 $45,000 $245 4.63%

    For 2020, Northwoods's most frequently cited loan duration was 15 Year, with 38 originations. The 2nd most popular length was Other, with 32 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 83 $6,325,000 $76,205
    $1k-2k 19 $1,715,000 $90,263
    $2k-3k 7 $975,000 $139,286
    $3k-4k 7 $2,115,000 $302,143

    Northwoods's average total fees were $5,611, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 83 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 40 $2,310,000 $57,750
    5-6% 28 $1,830,000 $65,357
    2.5-3% 16 $3,120,000 $195,000
    <2.5% 12 $2,100,000 $175,000
    7-8% 9 $465,000 $51,667
    3-4% 6 $1,020,000 $170,000
    6-7% 4 $190,000 $47,500
    Over 8% 1 $95,000 $95,000

    During 2020, Northwoods's average interest rate for loans was 3.18%, while their most frequently originated rate bucket for loans was 4-5%, with 40 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 72 $3,260,000 $45,278 $801 5.17%
    $100k-200k 32 $4,230,000 $132,188 $3,403 4.12%
    $200k-400k 10 $2,750,000 $275,000 $3,784 2.78%
    $400k-600k 2 $890,000 $445,000 $5,466 2.94%

    2020 saw Northwoods place emphasis on $100,000 or less loans with 72 originations, totaling $3,260,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 36 $4,350,000 $120,833 $1,761 4.64%
    $50k-75k 28 $1,930,000 $68,929 $2,504 4.74%
    $75k-100k 24 $2,490,000 $103,750 $1,879 4.58%
    $50k or less 21 $1,305,000 $62,143 $1,031 4.64%
    $150k-250k 5 $475,000 $95,000 $1,272 4.65%
    $250k+ 2 $580,000 $290,000 $4,362 3.69%

    Northwoods lent most frequently to those with incomes in the $100k-150k range, with 36 originations. The second most popular income band? $50k-75k, with 28 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 34 $3,290,000 $96,765 $1,670 4.23%
    30-36% 20 $1,800,000 $90,000 $1,340 4.81%
    <20% 14 $1,550,000 $110,714 $1,599 4.28%
    39% 7 $905,000 $129,286 $1,784 5.38%
    50-60% 5 $345,000 $69,000 $384 6.30%
    37% 5 $545,000 $109,000 $10,050 3.85%
    45% 5 $355,000 $71,000 $1,557 5.20%
    36% 4 $530,000 $132,500 $2,434 3.78%
    >60% 3 $195,000 $65,000 $268 4.50%
    44% 3 $145,000 $48,333 $1,246 5.83%
    46% 3 $115,000 $38,333 $258 5.17%
    49% 3 $225,000 $75,000 $1,863 4.71%
    41% 2 $350,000 $175,000 $2,838 3.44%
    40% 2 $50,000 $25,000 $517 6.63%
    48% 2 $120,000 $60,000 $282 6.38%
    43% 2 $130,000 $65,000 $1,634 4.25%
    42% 1 $105,000 $105,000 $3,322 3.25%
    38% 1 $375,000 $375,000 $2,395 3.00%

    Northwoods lent most frequently to those with DTI ratios of 20-30%, with 34 originations. The next most common DTI ratio? 30-36%, with 20 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 109 $10,695,000 $98,119 $1,911 4.58%
    American Indian 6 $410,000 $68,333 $1,124 5.52%
    Native Hawaiian or Islander 1 $25,000 $25,000 $243 5.50%

    Approval Rates

    Total approvals of all applications
    69.78%

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

    Pick Rate

    Approvals leading to origination
    71.55%

    Northwoods has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 116 $11,130,000 $95,948

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 8 $850,000 $106,250
    Single Family (1-4 Units):Site-Built 108 $10,280,000 $95,185

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 29 $1,755,000 $60,517 $824 4.95%
    40-60% 16 $1,420,000 $88,750 $1,439 4.37%
    60-80% 24 $3,940,000 $164,167 $4,162 3.91%
    80-100% 17 $3,095,000 $182,059 $3,262 3.86%
    Under 20% 30 $920,000 $30,667 $435 5.49%