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. 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 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% 4/21/24
    30 Year Conventional Refi 6.27% 4/21/24
    30 Year Cash-out Refi 7.05% 4/21/24
    15 Year Conventional Purchase 9.37% 4/21/24
    15 Year Conventional Refi 6.53% 4/21/24
    15 Year Cash-out Refi 6.53% 4/21/24
    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

    130

    Origination Dollar Volume (All Markets)

    $12,840,000

    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) 117 $11,725,000 $100,214 $2,439 4.23%
    Outside of Metro Areas 12 $1,050,000 $87,500 $2,163 4.79%
    Grand Rapids, MN (FHA|USDA|VA) 1 $65,000 $65,000 $1,772 2.00%
    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.

    Cornerstone State Bank
    Similarity Rank: 132
    NORTHWOODS
    Similarity Rank: 303
    Western National Bank
    Similarity Rank: 368
    SUPERIOR CHOICE
    Similarity Rank: 464
    Northview Bank
    Similarity Rank: 608
    American Bank of the North
    Similarity Rank: 720
    Tradition Mortgage, LLC
    Similarity Rank: 738
    MEMBERS COOPERATIVE
    Similarity Rank: 780
    National Bank of Commerce
    Similarity Rank: 935
    WINGS FINANCIAL
    Similarity Rank: 1302

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 130 $12,840,000 $98,769 $2,408 4.26%

    For 2021, Northwoods's most frequently originated type of loan was Conventional, with 130 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 63 $7,025,000 $111,508 $2,519 3.94%
    Refi 43 $2,835,000 $65,930 $1,368 4.73%
    Home Purchase 24 $2,980,000 $124,167 $3,985 4.27%

    For 2021, Northwoods's most frequently cited loan purpose was Cash Out Refi, with 63 originations. The 2nd most popular reason was Refi, with 43 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 48 $3,720,000 $77,500 $1,688 4.73%
    30 Year 34 $5,350,000 $157,353 $4,220 3.78%
    Other 17 $645,000 $37,941 $576 4.65%
    20 Year 16 $2,270,000 $141,875 $3,974 3.27%
    10 Year 10 $720,000 $72,000 $1,574 4.45%
    5 Year 5 $135,000 $27,000 $243 4.50%

    For 2021, Northwoods's most frequently cited loan duration was 15 Year, with 48 originations. The 2nd most popular length was 30 Year, with 34 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 63 $3,595,000 $57,063
    $2k-3k 31 $4,345,000 $140,161
    $1k-2k 24 $2,000,000 $83,333
    $3k-4k 7 $1,445,000 $206,429
    $4k-5k 3 $975,000 $325,000
    $5k+ 1 $195,000 $195,000

    Northwoods's average total fees were $4,220, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 63 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 35 $1,935,000 $55,286
    4-5% 32 $1,890,000 $59,063
    2.5-3% 27 $3,945,000 $146,111
    3-4% 15 $2,835,000 $189,000
    <2.5% 13 $1,685,000 $129,615
    6-7% 8 $550,000 $68,750

    During 2021, Northwoods's average interest rate for loans was 3.78%, while their most frequently originated rate bucket for loans was 5-6%, with 35 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 75 $3,795,000 $50,600 $1,137 4.89%
    $100k-200k 46 $6,630,000 $144,130 $4,004 3.45%
    $200k-400k 9 $2,415,000 $268,333 $5,152 3.14%

    2021 saw Northwoods place emphasis on $100,000 or less loans with 75 originations, totaling $3,795,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 36 $3,170,000 $88,056 $2,091 4.38%
    $75k-100k 31 $2,935,000 $94,677 $2,244 4.20%
    $50k or less 30 $2,260,000 $75,333 $2,155 4.53%
    $100k-150k 26 $3,350,000 $128,846 $2,871 3.88%
    $150k-250k 6 $1,040,000 $173,333 $4,217 4.10%
    $250k+ 1 $85,000 $85,000 $3,290 4.50%

    Northwoods lent most frequently to those with incomes in the $50k-75k range, with 36 originations. The second most popular income band? $75k-100k, with 31 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 36 $4,140,000 $115,000 $2,852 4.20%
    20-30% 34 $3,250,000 $95,588 $2,693 4.03%
    <20% 9 $705,000 $78,333 $2,344 4.00%
    50-60% 7 $585,000 $83,571 $1,467 4.70%
    43% 6 $390,000 $65,000 $1,413 5.04%
    37% 5 $395,000 $79,000 $1,619 5.20%
    40% 5 $785,000 $157,000 $2,635 3.30%
    48% 4 $330,000 $82,500 $1,378 4.75%
    39% 4 $550,000 $137,500 $2,836 3.50%
    36% 3 $265,000 $88,333 $2,051 4.50%
    38% 3 $335,000 $111,667 $2,760 3.50%
    41% 3 $185,000 $61,667 $1,458 4.42%
    45% 2 $90,000 $45,000 $283 5.50%
    46% 2 $240,000 $120,000 $4,086 5.38%
    47% 2 $400,000 $200,000 $4,472 3.00%
    44% 2 $50,000 $25,000 $828 5.75%
    42% 2 $50,000 $25,000 $243 5.00%
    49% 1 $95,000 $95,000 $2,428 4.50%

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

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 124 $12,170,000 $98,145 $2,402 4.27%
    American Indian 4 $490,000 $122,500 $1,877 4.28%
    Filipino 1 $105,000 $105,000 $3,937 4.50%
    Native Hawaiian or Islander 1 $75,000 $75,000 $3,798 2.25%

    Approval Rates

    Total approvals of all applications
    60.15%

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

    Pick Rate

    Approvals leading to origination
    77.69%

    Northwoods has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 130 $12,840,000 $98,769

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    130 $12,840,000 $98,769

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 31 $2,065,000 $66,613 $1,347 4.40%
    40-60% 12 $1,360,000 $113,333 $3,094 3.70%
    60-80% 38 $5,430,000 $142,895 $3,704 3.64%
    80-100% 21 $3,135,000 $149,286 $3,940 4.11%
    Under 20% 28 $850,000 $30,357 $428 5.30%