Northway Bank Mortgage Rates, Fees & Info

Berlin, NH

LEI: 549300MKT4KNKP08CQ45

Tax ID: 02-0108854

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

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  • 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)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Northway Bank is a smaller bank specializing in Home Purchase and Refi loans. Northway Bank has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Boston, Concord, Laconia, Berlin, and Lebanon among others. We have data for 9 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 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 6.33% 11/23/24
    30 Year Conventional Refi 6.61% 11/23/24
    30 Year Cash-out Refi 6.40% 11/23/24
    15 Year Conventional Purchase 7.71% 11/23/24
    15 Year Conventional Refi 6.00% 11/23/24
    15 Year Cash-out Refi 6.00% 11/23/24
    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

    401

    Origination Dollar Volume (All Markets)

    $93,175,000

    Employee count

    210 Show all (8) 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
    Outside of Metro Areas 125 $24,335,000 $194,680 $2,481 4.60%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 41 $21,285,000 $519,146 $2,869 4.55%
    Concord, NH (FHA|USDA|VA) 52 $17,480,000 $336,154 $2,514 4.65%
    Laconia, NH (FHA|USDA|VA) 49 $10,205,000 $208,265 $2,808 4.36%
    Berlin, NH (FHA|USDA|VA) 71 $6,315,000 $88,944 $2,522 4.71%
    Lebanon, NH-VT (FHA|USDA|VA) 43 $6,235,000 $145,000 $2,691 4.60%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 16 $4,200,000 $262,500 $3,022 4.95%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 1 $2,045,000 $2,045,000 $0 5.42%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 3 $1,075,000 $358,333 $3,128 4.46%
    Northway Bank's top markets include Boston, Concord, Laconia, Berlin, and Lebanon among others.

    Their top states include:
  • New Hampshire (FHA|USDA|VA)
  • Massachusetts (FHA|USDA|VA)
  • Maine (FHA|USDA|VA)
  • Connecticut (FHA|USDA|VA)
  • Vermont (FHA|USDA|VA)

    • Similar Lenders

    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.

    Northfield Savings Bank
    Similarity Rank: 95
    MERRIMACK VALLEY
    Similarity Rank: 110
    Middlesex Federal Savings, F.A.
    Similarity Rank: 111
    Members First Credit Union N.H.
    Similarity Rank: 119
    First Ipswich Bank
    Similarity Rank: 164
    Middlesex Savings Bank
    Similarity Rank: 165
    VERMONT STATE EMPLOYEES
    Similarity Rank: 171
    Coastal Heritage Bank
    Similarity Rank: 180
    NEW HAMPSHIRE
    Similarity Rank: 196
    Bristol County Savings Bank
    Similarity Rank: 210

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 389 $91,765,000 $235,900 $2,544 4.60%
    USDA 12 $1,410,000 $117,500 $4,374 4.67%

    For 2018, Northway Bank's most frequently originated type of loan was Conventional, with 389 originations. Their 2nd most popular type was USDA, with 12 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 285 $53,565,000 $187,947 $2,841 4.63%
    Cash Out Refi 48 $10,090,000 $210,208 $2,530 4.54%
    Refi 33 $26,035,000 $788,939 $2,271 4.45%
    Home Improvement 21 $2,185,000 $104,048 $869 4.90%
    Other 14 $1,300,000 $92,857 $1,652 4.34%

    For 2018, Northway Bank's most frequently cited loan purpose was Home Purchase, with 285 originations. The 2nd most popular reason was Cash Out Refi, with 48 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 257 $51,015,000 $198,502 $2,876 4.54%
    15 Year 44 $11,500,000 $261,364 $1,959 4.96%
    10 Year 40 $17,480,000 $437,000 $360 4.89%
    20 Year 30 $6,970,000 $232,333 $2,499 4.85%
    Other 29 $5,615,000 $193,621 $2,560 4.08%
    3 Year 1 $595,000 $595,000 $0 4.25%

    For 2018, Northway Bank's most frequently cited loan duration was 30 Year, with 257 originations. The 2nd most popular length was 15 Year, with 44 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 297 $54,395,000 $183,148
    $1k-2k 28 $4,070,000 $145,357
    $2k-3k 2 $310,000 $155,000
    $3k-4k 1 $285,000 $285,000
    $4k-5k 1 $575,000 $575,000

    Northway Bank's average total fees were $2,876, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 297 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 199 $47,085,000 $236,608
    3-4% 118 $33,730,000 $285,847
    5-6% 73 $11,375,000 $155,822
    6-7% 11 $985,000 $89,545

    During 2018, Northway Bank's average interest rate for loans was 4.54%, while their most frequently originated rate bucket for loans was 4-5%, with 199 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 141 $20,435,000 $144,929 $2,782 4.63%
    $100,000 or less 119 $7,595,000 $63,824 $1,932 4.90%
    $200k-400k 107 $28,975,000 $270,794 $2,883 4.38%
    $400k-600k 19 $9,565,000 $503,421 $3,639 4.09%
    $600k-1MM 8 $6,050,000 $756,250 $3,555 4.16%
    $1MM+ 7 $20,555,000 $2,936,429 $0 4.50%

    2018 saw Northway Bank place emphasis on $100k-200k loans with 141 originations, totaling $20,435,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 82 $15,470,000 $188,659 $2,409 4.46%
    $50k-75k 81 $11,645,000 $143,765 $2,786 4.67%
    $50k or less 59 $5,235,000 $88,729 $2,310 4.75%
    $75k-100k 53 $8,375,000 $158,019 $2,504 4.62%
    $150k-250k 50 $12,270,000 $245,400 $2,948 4.55%
    $250k+ 35 $10,885,000 $311,000 $2,944 4.33%

    Northway Bank lent most frequently to those with incomes in the $100k-150k range, with 82 originations. The second most popular income band? $50k-75k, with 81 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 100 $18,210,000 $182,100 $2,671 4.55%
    30-36% 68 $11,060,000 $162,647 $2,414 4.64%
    <20% 33 $5,405,000 $163,788 $2,424 4.65%
    38% 19 $3,205,000 $168,684 $2,723 4.49%
    41% 18 $3,810,000 $211,667 $2,692 4.49%
    39% 16 $2,500,000 $156,250 $2,743 4.55%
    42% 15 $2,185,000 $145,667 $3,001 4.79%
    37% 15 $2,835,000 $189,000 $2,474 4.51%
    44% 14 $2,640,000 $188,571 $2,686 4.44%
    40% 13 $2,595,000 $199,615 $2,564 4.54%
    45% 11 $2,035,000 $185,000 $2,714 4.37%
    36% 10 $1,660,000 $166,000 $2,803 4.85%
    47% 8 $2,190,000 $273,750 $2,876 4.47%
    43% 8 $1,620,000 $202,500 $2,631 4.72%
    48% 6 $700,000 $116,667 $2,112 4.27%
    50-60% 5 $985,000 $197,000 $2,950 4.63%
    46% 3 $545,000 $181,667 $2,677 4.25%
    49% 1 $245,000 $245,000 $2,762 4.50%
    >60% 1 $165,000 $165,000 $2,614 4.50%

    Northway Bank lent most frequently to those with DTI ratios of 20-30%, with 100 originations. The next most common DTI ratio? 30-36%, with 68 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 341 $60,845,000 $178,431 $2,605 4.58%
    Not applicable 32 $26,940,000 $841,875 $0 4.91%
    Not provided 19 $3,385,000 $178,158 $2,660 4.59%
    Asian 4 $1,040,000 $260,000 $3,153 4.50%
    Black 3 $645,000 $215,000 $2,496 4.75%
    Asian Indian 1 $285,000 $285,000 $2,933 3.88%
    Other Pacific Islander 1 $35,000 $35,000 $1,694 6.00%

    Approval Rates

    Total approvals of all applications
    86.30%

    Northway Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    68.58%

    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 401 $93,175,000 $232,357

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 16 $25,090,000 $1,568,125
    Single Family (1-4 Units):Manufactured 21 $1,655,000 $78,810
    Single Family (1-4 Units):Site-Built 364 $66,430,000 $182,500

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 24 $7,830,000 $326,250 $1,549 4.66%
    40-60% 40 $11,660,000 $291,500 $2,362 4.48%
    60-80% 179 $42,115,000 $235,279 $2,708 4.66%
    80-100% 147 $31,135,000 $211,803 $2,944 4.56%
    Under 20% 11 $435,000 $39,545 $227 4.70%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Northway Bank 1-3 Highland Street Plymouth, NH 3264 Full Service B&M $37,098
    Northway Bank 1500 White Mountain Highway North Conway, NH 3860 Full Service B&M $52,612
    Northway Bank 260 Main Street Gorham, NH 3581 Full Service B&M $36,458
    Northway Bank 287 Highland Street Plymouth, NH 3264 Full Service B&M $40,229
    Northway Bank 29 Cilley Road Manchester, NH 3103 Full Service B&M $17,829
    Northway Bank 34 West Main Street Conway, NH 3818 Full Service B&M $32,321
    Northway Bank 3424 White Mountain Highway North Conway, NH 3860 Full Service B&M $58,920
    Northway Bank 400 South Main Street Laconia, NH 3246 Full Service B&M $34,541
    Northway Bank 42 Upper Ladd Hill Road Meredith, NH 3253 Full Service B&M $25,030
    Northway Bank 5 Market Street Tilton, NH 3276 Full Service B&M $60,980
    Northway Bank 55 Main Street Pittsfield, NH 3263 Full Service B&M $26,726
    Northway Bank 66 North Main Street Concord, NH 3301 Full Service B&M $32,559
    Northway Bank 750 Lafayette Road Portsmouth, NH 3801 Full Service B&M $5,503
    Northway Bank 9 Main Street Berlin, NH 3570 Full Service B&M $171,306
    Northway Bank Route 49 Campton, NH 3223 Full Service B&M $33,863
    Northway Bank Routes 16 And 25 Ossipee, NH 3864 Full Service B&M $55,078

    For 2018, Northway Bank had 16 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $34,390
    Net interest income $29,981
    Total noninterest income $4,899
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $1,702
    Trading account gains and fees $0
    Additional Noninterest Income $3,197
    Pre-tax net operating income $5,538
    Securities gains (or losses, -) $-1,908
    Income before extraordinary items $3,690
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $3,690
    Minority interest net income $0
    Net income $3,690
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $5,598

    Northway Bank's gross interest income from loans was $34,390,000.
    Northway Bank's net interest income from loans was $29,981,000.
    Northway Bank's fee based income from loans was $1,702,000.
    Northway Bank's net income from loans was $3,690,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $4,409
    Provision for credit losses $390
    Total noninterest expense $28,952
    Salaries and employee benefits $18,549
    Premises and equipment expense $3,456
    Additional noninterest expense $6,947
    Applicable income taxes $-60
    Net charge-offs $487
    Cash dividends $2,900

    Northway Bank's interest expense for loans was $4,409,000.
    Northway Bank's payroll and benefits expense were $18,549,000.
    Northway Bank's property, plant and equipment expenses $3,456,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 0.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 0.0%
    HELOC loans 0.0%
    All other family 0.0%
    Commercial & industrial loans 0.0%
    Personal loans 0.0%
    Credit card loans 0.0%
    Other individual loans 0.0%
    Auto loans 0.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $729,262
    Deposits held in domestic offices $729,262
    Deposits by Individuals, partnerships, and corporations $620,395
    Deposits by U.S. Government $1
    Deposits by States and political subdivisions in the U.S. $107,319
    Deposits by Commercial banks and other depository institutions in U.S. $1,547
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $77,793
    Demand deposits $38,208
    Nontransaction accounts $651,469
    Money market deposit accounts (MMDAs) $121,725
    Other savings deposits (excluding MMDAs) $400,751
    Total time deposits $128,993
    Total time and savings deposits $691,054
    Noninterest-bearing deposits $143,371
    Interest-bearing deposits $585,891
    Retail deposits $701,213
    IRAs and Keogh plan accounts $22,142
    Brokered deposits $13,995
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $922,168
    Cash & Balances due from depository institutions $18,132
    Interest-bearing balances $2,191
    Total securities $243,387
    Federal funds sold & reverse repurchase $0
    Net loans and leases $628,406
    Loan and leases loss allowance $7,134
    Trading account assets $0
    Bank premises and fixed assets $11,746
    Other real estate owned $230
    Goodwill and other intangibles $9,934
    All other assets $10,333

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $922,168
    Total Liabilities $825,924
    Total deposits $729,262
    Interest-bearing deposits $585,891
    Deposits held in domestic offices $729,262
    % insured (estimated) $79
    Federal funds purchased and repurchase agreements $79,340
    Trading liabilities $0
    Other borrowed funds $13,848
    Subordinated debt $0
    All other liabilities $3,474

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $628,406
    Loan and leases loss allowance $7,134
    Total loans and leases (domestic) $635,540
    All real estate loans $530,400
    Real estate loans in domestic offices $530,400
    Construction and development loans $13,859
    Residential 1-4 family construction $780
    Other construction, all land development and other land $13,079
    Loans secured by nonfarm nonresidential properties $253,741
    Nonfarm nonresidential secured by owner-occupied properties $64,458
    Commercial real estate & other non-farm, non-residential $189,283
    Multifamily residential real estate $24,312
    1-4 family residential loans $238,488
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $46,880
    To non-U.S. addressees $0
    Loans to individuals $10,037
    Credit card loans $0
    Related Plans $965
    Consumer Auto Loans $531
    Other loans to individuals $8,541
    All other loans & leases $48,538
    Loans to foreign governments and official institutions $0
    Other loans $6,884
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $3,851
    Loans secured by real estate to non-U.S. addressees $56
    Restructured Loans & leases $2,199
    Non 1-4 family restructured loans & leases $1,908
    Total loans and leases (foreign) $0

    Northway Bank had $628,406,000 of loans outstanding in 2018. $530,400,000 of loans were in real estate loans. $13,859,000 of loans were in development loans. $24,312,000 of loans were in multifamily mortgage loans. $238,488,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $531,000 of loans were in the auto loan category.

    Small Business Loans

    Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
    Nonfarm, nonresidential loans - <$1MM 203 $49,944 $246,030
    Nonfarm, nonresidential loans - <$100k 25 $825 $33,000
    Nonfarm, nonresidential loans - $100-250k 63 $7,696 $122,159
    Nonfarm, nonresidential loans - $250k-1MM 115 $41,423 $360,200
    Commercial & Industrial, US addressed loans - <$1MM 422 $14,972 $35,479
    Commercial & Industrial, US addressed loans - <$100k 363 $5,396 $14,865
    Commercial & Industrial, US addressed loans - $100-250k 31 $2,382 $76,839
    Commercial & Industrial, US addressed loans - $250k-1MM 28 $7,194 $256,929