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: Laconia, Concord, Lebanon, Berlin, and Boston among others. We have data for 10 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% 11/21/24
    30 Year Conventional Refi 6.61% 11/21/24
    30 Year Cash-out Refi 6.40% 11/21/24
    15 Year Conventional Purchase 7.71% 11/21/24
    15 Year Conventional Refi 6.00% 11/21/24
    15 Year Cash-out Refi 6.00% 11/21/24
    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.

    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

    623

    Origination Dollar Volume (All Markets)

    $151,305,000

    Employee count

    204

    Awards

    Northway Bank 30 Year Conventional Loans silver Northway Bank 30 Year Conventional Loans silver Northway Bank 30 Year Conventional Loans silver Northway Bank 30 Year Conventional Loans gold
    Show all (4) 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 242 $51,870,000 $214,339 $2,838 3.33%
    Laconia, NH (FHA|USDA|VA) 88 $25,190,000 $286,250 $3,038 3.26%
    Concord, NH (FHA|USDA|VA) 38 $18,280,000 $481,053 $2,653 3.47%
    Lebanon, NH-VT (FHA|USDA|VA) 83 $16,435,000 $198,012 $2,782 3.43%
    Berlin, NH (FHA|USDA|VA) 101 $13,235,000 $131,040 $2,624 3.66%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 38 $11,950,000 $314,474 $2,627 3.50%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 25 $10,195,000 $407,800 $2,733 3.87%
    HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) 1 $1,925,000 $1,925,000 $0 4.00%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 5 $1,585,000 $317,000 $3,452 3.18%
    Keene, NH (FHA|USDA|VA) 2 $640,000 $320,000 $3,113 3.31%
    Northway Bank's top markets include Laconia, Concord, Lebanon, Berlin, and Boston among others.

    Their top states include:
  • New Hampshire (FHA|USDA|VA)
  • Maine (FHA|USDA|VA)
  • North Carolina (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: 160
    LUSO-AMERICAN CREDIT UNION
    Similarity Rank: 258
    Piscataqua Savings Bank
    Similarity Rank: 310
    COMMUNITY CREDIT UNION OF LYNN
    Similarity Rank: 525
    Union Bank
    Similarity Rank: 528
    VERMONT STATE EMPLOYEES
    Similarity Rank: 567
    Bridgewater Savings Bank
    Similarity Rank: 600
    ONE Credit Union
    Similarity Rank: 609
    NESC
    Similarity Rank: 772
    East Boston Savings Bank
    Similarity Rank: 798

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 619 $150,765,000 $243,562 $2,797 3.43%
    USDA 4 $540,000 $135,000 $4,218 3.53%

    For 2020, Northway Bank's most frequently originated type of loan was Conventional, with 619 originations. Their 2nd most popular type was USDA, with 4 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 323 $72,235,000 $223,638 $2,973 3.62%
    Refi 159 $49,085,000 $308,711 $2,509 3.08%
    Cash Out Refi 127 $27,855,000 $219,331 $2,868 3.35%
    Other 12 $1,810,000 $150,833 $2,078 3.77%
    Home Improvement 2 $320,000 $160,000 $1,191 3.81%

    For 2020, Northway Bank's most frequently cited loan purpose was Home Purchase, with 323 originations. The 2nd most popular reason was Refi, with 159 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 405 $93,615,000 $231,148 $2,947 3.48%
    15 Year 138 $23,230,000 $168,333 $2,579 3.16%
    10 Year 35 $26,475,000 $756,429 $1,463 3.67%
    20 Year 35 $5,945,000 $169,857 $2,648 3.59%
    Other 8 $2,000,000 $250,000 $2,687 3.22%
    5 Year 2 $40,000 $20,000 $1,684 5.12%

    For 2020, Northway Bank's most frequently cited loan duration was 30 Year, with 405 originations. The 2nd most popular length was 15 Year, with 138 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 475 $101,815,000 $214,347
    $1k-2k 71 $13,865,000 $195,282
    $2k-3k 13 $2,925,000 $225,000
    $3k-4k 7 $2,105,000 $300,714
    $5k+ 3 $1,545,000 $515,000
    $4k-5k 1 $305,000 $305,000

    Northway Bank's average total fees were $2,947, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 475 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 334 $85,860,000 $257,066
    2.5-3% 184 $46,270,000 $251,467
    4-5% 58 $12,200,000 $210,345
    <2.5% 30 $5,770,000 $192,333
    5-6% 13 $945,000 $72,692
    6-7% 4 $260,000 $65,000

    During 2020, Northway Bank's average interest rate for loans was 3.48%, while their most frequently originated rate bucket for loans was 3-4%, with 334 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 245 $36,995,000 $151,000 $2,676 3.38%
    $200k-400k 212 $57,280,000 $270,189 $2,987 3.24%
    $100,000 or less 102 $7,040,000 $69,020 $2,254 3.99%
    $400k-600k 44 $20,930,000 $475,682 $3,461 3.30%
    $600k-1MM 14 $10,240,000 $731,429 $4,154 3.47%
    $1MM+ 6 $18,820,000 $3,136,667 $0 3.71%

    2020 saw Northway Bank place emphasis on $100k-200k loans with 245 originations, totaling $36,995,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 141 $30,555,000 $216,702 $2,814 3.39%
    $150k-250k 123 $30,865,000 $250,935 $3,027 3.30%
    $75k-100k 103 $20,125,000 $195,388 $2,772 3.31%
    $50k-75k 95 $15,055,000 $158,474 $2,694 3.58%
    $50k or less 77 $8,365,000 $108,636 $2,392 3.59%
    $250k+ 56 $20,700,000 $369,643 $3,204 3.38%

    Northway Bank lent most frequently to those with incomes in the $100k-150k range, with 141 originations. The second most popular income band? $150k-250k, with 123 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 163 $34,305,000 $210,460 $2,838 3.28%
    30-36% 126 $27,140,000 $215,397 $2,914 3.48%
    <20% 55 $11,745,000 $213,545 $2,866 3.12%
    38% 25 $4,735,000 $189,400 $2,624 3.35%
    44% 24 $4,780,000 $199,167 $2,736 3.66%
    36% 24 $5,130,000 $213,750 $2,780 3.42%
    37% 21 $5,065,000 $241,190 $2,849 3.43%
    39% 20 $3,490,000 $174,500 $2,355 3.58%
    40% 20 $3,670,000 $183,500 $2,857 3.71%
    43% 20 $3,400,000 $170,000 $2,641 3.99%
    41% 19 $3,965,000 $208,684 $2,715 3.44%
    42% 18 $4,090,000 $227,222 $3,056 3.54%
    47% 17 $3,555,000 $209,118 $2,786 3.57%
    45% 16 $5,040,000 $315,000 $2,694 3.27%
    46% 14 $3,140,000 $224,286 $2,551 3.74%
    49% 8 $1,710,000 $213,750 $2,654 3.41%
    48% 6 $1,010,000 $168,333 $2,621 3.52%
    50-60% 3 $595,000 $198,333 $3,063 3.04%

    Northway Bank lent most frequently to those with DTI ratios of 20-30%, with 163 originations. The next most common DTI ratio? 30-36%, with 126 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 515 $109,925,000 $213,447 $2,821 3.40%
    Not applicable 23 $24,655,000 $1,071,957 $0 3.67%
    Not provided 76 $14,070,000 $185,132 $2,713 3.59%
    Asian 6 $1,580,000 $263,333 $2,673 2.96%
    American Indian 1 $675,000 $675,000 $3,151 3.50%
    Black 1 $225,000 $225,000 $2,788 3.63%
    Other Asian 1 $175,000 $175,000 $3,090 2.75%

    Approval Rates

    Total approvals of all applications
    86.90%

    Northway Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    68.70%

    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 623 $151,305,000 $242,865

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 14 $22,660,000 $1,618,571
    Single Family (1-4 Units):Manufactured 17 $1,075,000 $63,235
    Single Family (1-4 Units):Site-Built 592 $127,570,000 $215,490

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 39 $5,755,000 $147,564 $2,427 3.22%
    40-60% 108 $20,150,000 $186,574 $2,704 3.08%
    60-80% 303 $87,105,000 $287,475 $2,872 3.52%
    80-100% 166 $37,790,000 $227,651 $2,903 3.53%
    Under 20% 7 $505,000 $72,143 $1,544 3.68%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Northway Bank 34 West Main Street Conway, NH 3818 Full Service B&M $50,027
    Northway Bank 1-3 Highland Street Plymouth, NH 3264 Full Service B&M $42,473
    Northway Bank 1500 White Mountain Highway North Conway, NH 3860 Full Service B&M $54,875
    Northway Bank 260 Main Street Gorham, NH 3581 Full Service B&M $41,642
    Northway Bank 287 Highland Street Plymouth, NH 3264 Full Service B&M $50,742
    Northway Bank 29 Cilley Road Manchester, NH 3103 Full Service B&M $26,154
    Northway Bank 3424 White Mountain Highway North Conway, NH 3860 Full Service B&M $86,571
    Northway Bank 400 South Main Street Laconia, NH 3246 Full Service B&M $39,060
    Northway Bank 42 Upper Ladd Hill Road Meredith, NH 3253 Full Service B&M $29,619
    Northway Bank 5 Market Street Tilton, NH 3276 Full Service B&M $67,718
    Northway Bank 55 Main Street Pittsfield, NH 3263 Full Service B&M $33,916
    Northway Bank 66 North Main Street Concord, NH 3301 Full Service B&M $29,127
    Northway Bank 750 Lafayette Road Portsmouth, NH 3801 Full Service B&M $12,738
    Northway Bank 9 Main Street Berlin, NH 3570 Full Service B&M $161,201
    Northway Bank Route 49 Campton, NH 3223 Full Service B&M $42,345
    Northway Bank Routes 16 And 25 Ossipee, NH 3864 Full Service B&M $69,397

    For 2020, Northway Bank had 16 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $32,045
    Net interest income $28,884
    Total noninterest income $7,309
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $1,250
    Trading account gains and fees $0
    Additional Noninterest Income $6,059
    Pre-tax net operating income $4,094
    Securities gains (or losses, -) $2,163
    Income before extraordinary items $5,298
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $5,298
    Minority interest net income $0
    Net income $5,298
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $3,459

    Northway Bank's gross interest income from loans was $32,045,000.
    Northway Bank's net interest income from loans was $28,884,000.
    Northway Bank's fee based income from loans was $1,250,000.
    Northway Bank's net income from loans was $5,298,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $3,161
    Provision for credit losses $2,250
    Total noninterest expense $29,849
    Salaries and employee benefits $19,130
    Premises and equipment expense $3,921
    Additional noninterest expense $6,798
    Applicable income taxes $959
    Net charge-offs $19
    Cash dividends $2,400

    Northway Bank's interest expense for loans was $3,161,000.
    Northway Bank's payroll and benefits expense were $19,130,000.
    Northway Bank's property, plant and equipment expenses $3,921,000.

    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 $887,978
    Deposits held in domestic offices $887,978
    Deposits by Individuals, partnerships, and corporations $760,169
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $127,802
    Deposits by Commercial banks and other depository institutions in U.S. $7
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $492,897
    Demand deposits $197,375
    Nontransaction accounts $395,081
    Money market deposit accounts (MMDAs) $163,898
    Other savings deposits (excluding MMDAs) $134,707
    Total time deposits $96,476
    Total time and savings deposits $690,603
    Noninterest-bearing deposits $197,377
    Interest-bearing deposits $690,601
    Retail deposits $872,232
    IRAs and Keogh plan accounts $19,649
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,116,213
    Cash & Balances due from depository institutions $167,612
    Interest-bearing balances $150,988
    Total securities $190,018
    Federal funds sold & reverse repurchase $0
    Net loans and leases $722,809
    Loan and leases loss allowance $9,455
    Trading account assets $0
    Bank premises and fixed assets $15,138
    Other real estate owned $0
    Goodwill and other intangibles $10,621
    All other assets $10,015

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,116,213
    Total Liabilities $1,003,627
    Total deposits $887,978
    Interest-bearing deposits $690,601
    Deposits held in domestic offices $887,978
    % insured (estimated) $78
    Federal funds purchased and repurchase agreements $103,523
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $12,126

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $722,809
    Loan and leases loss allowance $9,455
    Total loans and leases (domestic) $732,264
    All real estate loans $565,568
    Real estate loans in domestic offices $565,568
    Construction and development loans $15,599
    Residential 1-4 family construction $1,345
    Other construction, all land development and other land $14,254
    Loans secured by nonfarm nonresidential properties $254,120
    Nonfarm nonresidential secured by owner-occupied properties $61,711
    Commercial real estate & other non-farm, non-residential $192,409
    Multifamily residential real estate $68,127
    1-4 family residential loans $227,722
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $79,335
    To non-U.S. addressees $0
    Loans to individuals $14,026
    Credit card loans $0
    Related Plans $711
    Consumer Auto Loans $736
    Other loans to individuals $12,579
    All other loans & leases $74,525
    Loans to foreign governments and official institutions $0
    Other loans $10,793
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $7,863
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $1,434
    Non 1-4 family restructured loans & leases $1,169
    Total loans and leases (foreign) $0

    Northway Bank had $722,809,000 of loans outstanding in 2020. $565,568,000 of loans were in real estate loans. $15,599,000 of loans were in development loans. $68,127,000 of loans were in multifamily mortgage loans. $227,722,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $736,000 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 196 $50,083 $255,526
    Nonfarm, nonresidential loans - <$100k 19 $650 $34,211
    Nonfarm, nonresidential loans - $100-250k 62 $8,049 $129,823
    Nonfarm, nonresidential loans - $250k-1MM 115 $41,384 $359,861
    Commercial & Industrial, US addressed loans - <$1MM 703 $32,806 $46,666
    Commercial & Industrial, US addressed loans - <$100k 575 $11,944 $20,772
    Commercial & Industrial, US addressed loans - $100-250k 77 $7,484 $97,195
    Commercial & Industrial, US addressed loans - $250k-1MM 51 $13,378 $262,314