Northway Bank Mortgage Rates, Fees & Info

Berlin, NH

LEI: 549300MKT4KNKP08CQ45

Tax ID: 02-0108854

5 stars - Updated: 5/26/24 - out of 5 stars, based on 13 reviews

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

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Mortgage Data

Review & Overview

Northway Bank is a smaller bank specializing in Home Purchase loans. Northway Bank has a high proportion of conventional loans. Their top markets by origination volume include: Laconia, Lebanon, Berlin, Manchester, and Concord among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)

Northway Bank 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. Northway Bank 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 6.33% 5/26/24
30 Year Conventional Refi 6.61% 5/26/24
30 Year Cash-out Refi 6.40% 5/26/24
15 Year Conventional Purchase 7.71% 5/26/24
15 Year Conventional Refi 6.00% 5/26/24
15 Year Cash-out Refi 6.00% 5/26/24
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.

Northway Bank Mortgage Calculator






Your Estimates

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

This is not an official calculator from Northway Bank. 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

161

Origination Dollar Volume (All Markets)

$40,715,000

Awards

Northway Bank 30 Year Conventional Loans gold Northway Bank 30 Year Conventional Loans bronze Northway Bank 30 Year Conventional Loans bronze
Show all (3) awards

Relative Rate

Northway Bank's average 30 year fixed mortgage rate was 7.02%.

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

This yields a difference of 0.54%.

Relative Fees (Closing Costs)

Northway Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $4,330.

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 $9,089.

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
Outside of Metro Areas 63 $16,355,000 $259,603 $2,370 7.15%
Laconia, NH (FHA|USDA|VA) 30 $10,020,000 $334,000 $3,639 6.92%
Lebanon, NH-VT (FHA|USDA|VA) 20 $5,940,000 $297,000 $2,743 6.91%
Berlin, NH (FHA|USDA|VA) 34 $4,810,000 $141,471 $2,886 7.11%
MANCHESTER-NASHUA, NH (FHA|USDA|VA) 6 $1,660,000 $276,667 $3,522 6.96%
Concord, NH (FHA|USDA|VA) 5 $1,255,000 $251,000 $3,657 6.96%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 3 $675,000 $225,000 $2,003 7.33%
Northway Bank's top markets include Laconia, Lebanon, Berlin, Manchester, and Concord among others.

Their top states include:
  • New Hampshire (FHA|USDA|VA)
  • Maine (FHA|USDA|VA)
  • Vermont (FHA|USDA|VA)
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    We use machine learning to identify the top lenders compared against Northway Bank 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 161 $40,715,000 $252,888 $2,834 7.06%

    For 2023, Northway Bank's most frequently originated type of loan was Conventional, with 161 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 92 $31,530,000 $342,717 $4,129 7.00%
    Home Improvement 32 $3,900,000 $121,875 $418 7.19%
    Other 17 $1,875,000 $110,294 $1,446 7.17%
    Cash Out Refi 17 $3,115,000 $183,235 $2,431 7.07%
    Refi 3 $295,000 $98,333 $2,507 6.71%

    For 2023, Northway Bank's most frequently cited loan purpose was Home Purchase, with 92 originations. The 2nd most popular reason was Home Improvement, with 32 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 87 $29,785,000 $342,356 $4,330 7.02%
    10 Year 25 $2,905,000 $116,200 $0 6.92%
    15 Year 19 $1,385,000 $72,895 $531 7.24%
    20 Year 18 $3,130,000 $173,889 $923 7.55%
    Other 12 $3,510,000 $292,500 $3,301 6.58%

    For 2023, Northway Bank's most frequently cited loan duration was 30 Year, with 87 originations. The 2nd most popular length was 10 Year, with 25 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 109 $23,635,000 $216,835
    $1k-2k 16 $3,230,000 $201,875
    $3k-4k 10 $6,450,000 $645,000
    $2k-3k 6 $1,890,000 $315,000
    $4k-5k 3 $1,305,000 $435,000
    $5k+ 2 $980,000 $490,000

    Northway Bank's average total fees were $4,330, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 109 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 95 $27,585,000 $290,368
    7-8% 63 $12,705,000 $201,667
    Over 8% 3 $425,000 $141,667

    During 2023, Northway Bank's average interest rate for loans was 7.02%, while their most frequently originated rate bucket for loans was 6-7%, with 95 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 45 $2,445,000 $54,333 $626 7.20%
    $200k-400k 45 $13,145,000 $292,111 $3,579 6.91%
    $100k-200k 40 $5,720,000 $143,000 $2,420 7.16%
    $400k-600k 19 $9,355,000 $492,368 $4,808 6.76%
    $600k-1MM 11 $8,545,000 $776,818 $6,169 7.24%
    $1MM+ 1 $1,505,000 $1,505,000 $10,580 7.00%

    2023 saw Northway Bank place emphasis on $100,000 or less loans with 45 originations, totaling $2,445,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 33 $10,465,000 $317,121 $3,394 7.08%
    $250k+ 27 $14,645,000 $542,407 $4,774 6.96%
    $50k-75k 27 $3,055,000 $113,148 $2,089 7.08%
    $75k-100k 27 $3,795,000 $140,556 $1,753 7.05%
    $100k-150k 25 $5,695,000 $227,800 $2,743 7.06%
    $50k or less 15 $1,245,000 $83,000 $1,792 7.10%

    Northway Bank lent most frequently to those with incomes in the $150k-250k range, with 33 originations. The second most popular income band? $250k+, with 27 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 28 $5,720,000 $204,286 $2,184 6.99%
    30-36% 25 $8,095,000 $323,800 $3,330 6.92%
    <20% 14 $6,180,000 $441,429 $4,148 6.77%
    44% 13 $2,225,000 $171,154 $1,740 7.28%
    39% 12 $2,490,000 $207,500 $2,239 7.01%
    41% 9 $965,000 $107,222 $352 7.43%
    47% 9 $2,715,000 $301,667 $3,725 7.26%
    42% 8 $2,090,000 $261,250 $2,723 7.05%
    40% 8 $1,910,000 $238,750 $3,970 7.14%
    46% 6 $1,270,000 $211,667 $3,216 7.17%
    45% 4 $1,790,000 $447,500 $4,897 6.75%
    38% 4 $730,000 $182,500 $2,285 7.03%
    37% 4 $1,030,000 $257,500 $4,305 7.13%
    36% 4 $610,000 $152,500 $1,996 7.25%
    48% 3 $675,000 $225,000 $4,506 7.38%
    50-60% 1 $255,000 $255,000 $3,138 6.88%
    43% 1 $25,000 $25,000 $0 6.75%

    Northway Bank lent most frequently to those with DTI ratios of 20-30%, with 28 originations. The next most common DTI ratio? 30-36%, with 25 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 127 $30,575,000 $240,748 $2,864 7.05%
    Not provided 26 $7,780,000 $299,231 $2,562 7.10%
    Not applicable 7 $1,815,000 $259,286 $0 7.15%
    Other Asian 1 $545,000 $545,000 $6,314 6.13%

    Approval Rates

    Total approvals of all applications
    78.80%

    Northway Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    65.22%

    Northway Bank has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 161 $40,715,000 $252,888

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    161 $40,715,000 $252,888

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 17 $2,315,000 $136,176 $2,125 7.05%
    40-60% 20 $4,430,000 $221,500 $2,781 6.96%
    60-80% 56 $19,650,000 $350,893 $4,174 7.09%
    80-100% 34 $11,380,000 $334,706 $3,764 6.94%
    Under 20% 34 $2,940,000 $86,471 $331 7.18%