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 Home Improvement and Cash Out Refi loans. Northwoods has a high proportion of conventional loans. Their top markets by origination volume include: Duluth, Brainerd, Minneapolis, Grand Rapids, and Marshall among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Northwoods has an 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.

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    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

    139

    Origination Dollar Volume (All Markets)

    $10,165,000

    Awards

    NORTHWOODS 30 Year Conventional Loans silver
    Show all (1) 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
    DULUTH, MN-WI (FHA|USDA|VA) 123 $8,805,000 $71,585 $1,189 5.41%
    Outside of Metro Areas 11 $945,000 $85,909 $1,268 6.27%
    Brainerd, MN (FHA|USDA|VA) 2 $170,000 $85,000 $736 6.75%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1 $105,000 $105,000 $359 4.50%
    Grand Rapids, MN (FHA|USDA|VA) 1 $95,000 $95,000 $3,590 4.50%
    Marshall, MN (FHA|USDA|VA) 1 $45,000 $45,000 $387 5.50%
    Northwoods's top markets include Duluth, Brainerd, Minneapolis, Grand Rapids, and Marshall 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.

    SUPERIOR CHOICE
    Similarity Rank: 60
    North Shore Federal Credit Union
    Similarity Rank: 105
    NORTHWOODS
    Similarity Rank: 174
    Northview Bank
    Similarity Rank: 285
    MEMBERS COOPERATIVE
    Similarity Rank: 360
    National Bank of Commerce
    Similarity Rank: 576
    WINGS FINANCIAL
    Similarity Rank: 648
    AFFINITY PLUS
    Similarity Rank: 840
    North Shore Bank of Commerce
    Similarity Rank: 869
    RESULTS MORTGAGE, LLC
    Similarity Rank: 1020

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 139 $10,165,000 $73,129 $1,194 5.49%

    For 2022, Northwoods's most frequently originated type of loan was Conventional, with 139 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 46 $2,130,000 $46,304 $520 5.40%
    Cash Out Refi 40 $3,580,000 $89,500 $1,300 5.49%
    Other 29 $1,755,000 $60,517 $693 5.85%
    Home Purchase 14 $2,000,000 $142,857 $3,595 5.29%
    Refi 10 $700,000 $70,000 $1,966 5.08%

    For 2022, Northwoods's most frequently cited loan purpose was Home Improvement, with 46 originations. The 2nd most popular reason was Cash Out Refi, with 40 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 79 $5,355,000 $67,785 $917 5.71%
    Other 35 $1,615,000 $46,143 $487 5.15%
    30 Year 13 $2,305,000 $177,308 $3,880 5.13%
    10 Year 6 $310,000 $51,667 $946 5.75%
    20 Year 5 $565,000 $113,000 $3,995 5.10%
    5 Year 1 $15,000 $15,000 $389 4.50%

    For 2022, Northwoods's most frequently cited loan duration was 15 Year, with 79 originations. The 2nd most popular length was Other, with 35 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 114 $6,910,000 $60,614
    $2k-3k 12 $1,640,000 $136,667
    $1k-2k 10 $790,000 $79,000
    $3k-4k 3 $825,000 $275,000

    Northwoods's average total fees were $3,880, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 114 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 68 $4,230,000 $62,206
    4-5% 34 $2,670,000 $78,529
    6-7% 15 $1,055,000 $70,333
    7-8% 10 $840,000 $84,000
    3-4% 5 $645,000 $129,000
    2.5-3% 4 $500,000 $125,000
    Over 8% 3 $225,000 $75,000

    During 2022, Northwoods's average interest rate for loans was 5.13%, while their most frequently originated rate bucket for loans was 5-6%, with 68 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 110 $5,300,000 $48,182 $717 5.55%
    $100k-200k 22 $3,090,000 $140,455 $2,888 5.33%
    $200k-400k 7 $1,775,000 $253,571 $3,375 4.91%

    2022 saw Northwoods place emphasis on $100,000 or less loans with 110 originations, totaling $5,300,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 38 $2,140,000 $56,316 $1,337 5.51%
    $100k-150k 32 $3,080,000 $96,250 $1,178 5.57%
    $75k-100k 30 $2,430,000 $81,000 $1,358 5.20%
    $50k or less 28 $1,510,000 $53,929 $782 5.65%
    $150k-250k 11 $1,005,000 $91,364 $1,348 5.52%

    Northwoods lent most frequently to those with incomes in the $50k-75k range, with 38 originations. The second most popular income band? $100k-150k, with 32 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 37 $2,275,000 $61,486 $1,230 4.98%
    30-36% 29 $2,015,000 $69,483 $1,483 5.53%
    <20% 11 $935,000 $85,000 $1,563 5.52%
    37% 9 $665,000 $73,889 $673 5.64%
    43% 7 $395,000 $56,429 $633 5.96%
    36% 6 $260,000 $43,333 $538 5.58%
    50-60% 6 $510,000 $85,000 $1,103 6.21%
    45% 6 $520,000 $86,667 $349 5.92%
    41% 6 $530,000 $88,333 $1,268 5.06%
    42% 5 $405,000 $81,000 $1,461 6.30%
    38% 4 $640,000 $160,000 $3,762 5.22%
    >60% 4 $540,000 $135,000 $675 5.19%
    49% 3 $145,000 $48,333 $523 5.50%
    39% 2 $120,000 $60,000 $810 5.75%
    47% 1 $75,000 $75,000 $357 7.50%
    44% 1 $15,000 $15,000 $319 7.75%
    46% 1 $75,000 $75,000 $354 6.25%
    40% 1 $45,000 $45,000 $964 5.50%

    Northwoods lent most frequently to those with DTI ratios of 20-30%, with 37 originations. The next most common DTI ratio? 30-36%, with 29 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 130 $9,370,000 $72,077 $1,149 5.49%
    American Indian 7 $725,000 $103,571 $2,198 4.91%
    Filipino 1 $55,000 $55,000 $999 10.00%
    Black 1 $15,000 $15,000 $244 4.50%

    Approval Rates

    Total approvals of all applications
    73.13%

    Northwoods has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    81.29%

    Northwoods has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 139 $10,165,000 $73,129

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    139 $10,165,000 $73,129

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 39 $2,645,000 $67,821 $634 5.51%
    40-60% 20 $2,040,000 $102,000 $1,967 5.63%
    60-80% 13 $1,915,000 $147,308 $2,353 5.86%
    80-100% 12 $1,700,000 $141,667 $3,415 5.21%
    Under 20% 55 $1,865,000 $33,909 $552 5.39%