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. Their top markets by origination volume include: Manchester, Laconia, Boston, Lebanon, and Berlin 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% 11/21/24
    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

    578

    Origination Dollar Volume (All Markets)

    $174,880,000

    Employee count

    204

    Awards

    Northway Bank 30 Year Conventional Loans gold Northway Bank 30 Year Conventional Loans bronze Northway Bank 30 Year Conventional Loans gold
    Show all (3) 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 216 $57,940,000 $268,241 $3,109 3.22%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 36 $24,930,000 $692,500 $2,352 3.60%
    Laconia, NH (FHA|USDA|VA) 64 $19,560,000 $305,625 $3,265 3.45%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 40 $19,350,000 $483,750 $3,117 3.46%
    Lebanon, NH-VT (FHA|USDA|VA) 70 $17,740,000 $253,429 $2,979 3.32%
    Berlin, NH (FHA|USDA|VA) 116 $16,710,000 $144,052 $2,773 3.29%
    Concord, NH (FHA|USDA|VA) 28 $11,690,000 $417,500 $2,743 3.37%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 7 $4,255,000 $607,857 $3,244 3.22%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 1 $2,705,000 $2,705,000 $0 3.45%
    Northway Bank's top markets include Manchester, Laconia, Boston, Lebanon, and Berlin among others.

    Their top states include:
  • New Hampshire (FHA|USDA|VA)
  • Maine (FHA|USDA|VA)
  • Massachusetts (FHA|USDA|VA)
  • Rhode Island (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: 155
    Sharon & Crescent United Credit Union
    Similarity Rank: 335
    LUSO-AMERICAN CREDIT UNION
    Similarity Rank: 474
    VERMONT STATE EMPLOYEES
    Similarity Rank: 530
    Middlesex Savings Bank
    Similarity Rank: 672
    Bridgewater Savings Bank
    Similarity Rank: 672
    ONE Credit Union
    Similarity Rank: 735
    East Boston Savings Bank
    Similarity Rank: 755
    Piscataqua Savings Bank
    Similarity Rank: 789
    Union Bank
    Similarity Rank: 806

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 578 $174,880,000 $302,561 $3,006 3.32%

    For 2021, Northway Bank's most frequently originated type of loan was Conventional, with 578 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 291 $91,635,000 $314,897 $3,349 3.42%
    Cash Out Refi 131 $31,135,000 $237,672 $2,789 3.30%
    Refi 121 $41,705,000 $344,669 $2,564 3.04%
    Other 19 $4,725,000 $248,684 $2,612 3.29%
    Home Improvement 16 $5,680,000 $355,000 $2,209 3.83%

    For 2021, Northway Bank's most frequently cited loan purpose was Home Purchase, with 291 originations. The 2nd most popular reason was Cash Out Refi, with 131 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 327 $85,775,000 $262,309 $3,292 3.32%
    15 Year 90 $17,280,000 $192,000 $2,602 3.00%
    Other 70 $19,690,000 $281,286 $2,725 3.09%
    10 Year 64 $48,900,000 $764,063 $1,055 3.65%
    20 Year 26 $3,080,000 $118,462 $2,470 4.25%
    3 Year 1 $155,000 $155,000 $0 4.00%

    For 2021, Northway Bank's most frequently cited loan duration was 30 Year, with 327 originations. The 2nd most popular length was 15 Year, with 90 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 428 $100,720,000 $235,327
    $1k-2k 25 $4,625,000 $185,000
    $2k-3k 7 $1,685,000 $240,714
    $5k+ 7 $4,255,000 $607,857
    $3k-4k 5 $1,685,000 $337,000
    $4k-5k 5 $1,775,000 $355,000

    Northway Bank's average total fees were $3,292, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 428 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 330 $110,110,000 $333,667
    2.5-3% 129 $43,775,000 $339,341
    <2.5% 53 $12,225,000 $230,660
    4-5% 49 $7,495,000 $152,959
    5-6% 9 $525,000 $58,333
    6-7% 8 $750,000 $93,750

    During 2021, Northway Bank's average interest rate for loans was 3.32%, while their most frequently originated rate bucket for loans was 3-4%, with 330 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 202 $30,090,000 $148,960 $2,697 3.19%
    $200k-400k 183 $50,565,000 $276,311 $3,138 3.22%
    $100,000 or less 92 $6,620,000 $71,957 $2,276 3.94%
    $400k-600k 59 $28,185,000 $477,712 $3,912 3.21%
    $600k-1MM 27 $19,235,000 $712,407 $5,109 3.18%
    $1MM+ 15 $40,185,000 $2,679,000 $5,433 3.19%

    2021 saw Northway Bank place emphasis on $100k-200k loans with 202 originations, totaling $30,090,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 112 $24,900,000 $222,321 $2,922 3.16%
    $50k-75k 102 $17,190,000 $168,529 $2,686 3.34%
    $150k-250k 83 $28,155,000 $339,217 $3,624 3.31%
    $75k-100k 78 $13,570,000 $173,974 $2,782 3.28%
    $250k+ 73 $31,735,000 $434,726 $3,633 3.17%
    $50k or less 72 $8,080,000 $112,222 $2,530 3.55%

    Northway Bank lent most frequently to those with incomes in the $100k-150k range, with 112 originations. The second most popular income band? $50k-75k, with 102 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 118 $27,410,000 $232,288 $2,957 3.16%
    30-36% 110 $25,130,000 $228,455 $3,091 3.24%
    <20% 44 $12,680,000 $288,182 $3,314 3.16%
    37% 29 $8,335,000 $287,414 $3,244 3.81%
    44% 25 $5,895,000 $235,800 $2,588 3.55%
    40% 25 $6,215,000 $248,600 $3,088 3.31%
    43% 22 $4,680,000 $212,727 $3,155 3.25%
    42% 21 $3,715,000 $176,905 $2,621 3.32%
    41% 21 $4,525,000 $215,476 $2,717 3.59%
    46% 15 $4,505,000 $300,333 $3,029 3.41%
    38% 14 $2,990,000 $213,571 $2,919 3.73%
    45% 14 $2,840,000 $202,857 $2,748 3.16%
    39% 14 $3,430,000 $245,000 $2,999 3.16%
    36% 13 $2,995,000 $230,385 $3,266 3.42%
    47% 13 $3,995,000 $307,308 $3,042 3.37%
    48% 13 $2,705,000 $208,077 $2,809 3.13%
    49% 6 $960,000 $160,000 $2,789 2.83%
    50-60% 3 $625,000 $208,333 $3,002 2.71%

    Northway Bank lent most frequently to those with DTI ratios of 20-30%, with 118 originations. The next most common DTI ratio? 30-36%, with 110 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 467 $112,345,000 $240,567 $3,021 3.30%
    Not applicable 55 $50,855,000 $924,636 $0 3.55%
    Not provided 48 $9,860,000 $205,417 $2,871 3.26%
    Asian 3 $1,095,000 $365,000 $3,221 3.29%
    American Indian 2 $370,000 $185,000 $2,850 3.19%
    Black 1 $195,000 $195,000 $3,437 3.25%
    Other Pacific Islander 1 $115,000 $115,000 $2,588 3.25%
    Native Hawaiian or Islander 1 $45,000 $45,000 $1,544 2.75%

    Approval Rates

    Total approvals of all applications
    89.32%

    Northway Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    78.55%

    Northway Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 578 $174,880,000 $302,561

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    578 $174,880,000 $302,561

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 38 $7,800,000 $205,263 $2,437 3.21%
    40-60% 106 $29,350,000 $276,887 $2,648 3.18%
    60-80% 276 $97,180,000 $352,101 $3,179 3.39%
    80-100% 148 $38,040,000 $257,027 $3,236 3.28%
    Under 20% 10 $2,510,000 $251,000 $1,097 4.01%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Northway Bank 260 Main Street Gorham, NH 3581 Full Service B&M $47,868
    Northway Bank 287 Highland Street Plymouth, NH 3264 Full Service B&M $57,749
    Northway Bank 1-3 Highland Street Plymouth, NH 3264 Full Service B&M $47,618
    Northway Bank 1500 White Mountain Highway North Conway, NH 3860 Full Service B&M $68,747
    Northway Bank 190 North Main Street Concord, NH 3301 Full Service B&M $36,044
    Northway Bank 29 Cilley Road Manchester, NH 3103 Full Service B&M $25,907
    Northway Bank 34 West Main Street Conway, NH 3818 Full Service B&M $57,772
    Northway Bank 3424 White Mountain Highway North Conway, NH 3860 Full Service B&M $111,501
    Northway Bank 400 South Main Street Laconia, NH 3246 Full Service B&M $43,584
    Northway Bank 42 Upper Ladd Hill Road Meredith, NH 3253 Full Service B&M $34,688
    Northway Bank 5 Market Street Tilton, NH 3276 Full Service B&M $77,216
    Northway Bank 55 Main Street Pittsfield, NH 3263 Full Service B&M $36,363
    Northway Bank 750 Lafayette Road Portsmouth, NH 3801 Full Service B&M $12,194
    Northway Bank 9 Main St Berlin, NH 3570 Full Service B&M $189,752
    Northway Bank Route 49 Campton, NH 3223 Full Service B&M $52,314
    Northway Bank Routes 16 And 25 Ossipee, NH 3864 Full Service B&M $82,138

    For 2021, Northway Bank had 16 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $33,870
    Net interest income $32,183
    Total noninterest income $4,747
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $1,155
    Trading account gains and fees $0
    Additional Noninterest Income $3,592
    Pre-tax net operating income $6,749
    Securities gains (or losses, -) $4,720
    Income before extraordinary items $9,289
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $9,289
    Minority interest net income $0
    Net income $9,289
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $5,465

    Northway Bank's gross interest income from loans was $33,870,000.
    Northway Bank's net interest income from loans was $32,183,000.
    Northway Bank's fee based income from loans was $1,155,000.
    Northway Bank's net income from loans was $9,289,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,687
    Provision for credit losses $0
    Total noninterest expense $30,181
    Salaries and employee benefits $18,567
    Premises and equipment expense $4,119
    Additional noninterest expense $7,495
    Applicable income taxes $2,180
    Net charge-offs $-11
    Cash dividends $2,400

    Northway Bank's interest expense for loans was $1,687,000.
    Northway Bank's payroll and benefits expense were $18,567,000.
    Northway Bank's property, plant and equipment expenses $4,119,000.

    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 $1,006,033
    Deposits held in domestic offices $1,006,033
    Deposits by Individuals, partnerships, and corporations $868,677
    Deposits by U.S. Government $1
    Deposits by States and political subdivisions in the U.S. $137,108
    Deposits by Commercial banks and other depository institutions in U.S. $247
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $568,691
    Demand deposits $225,773
    Nontransaction accounts $437,342
    Money market deposit accounts (MMDAs) $200,256
    Other savings deposits (excluding MMDAs) $157,853
    Total time deposits $79,233
    Total time and savings deposits $780,260
    Noninterest-bearing deposits $225,775
    Interest-bearing deposits $780,258
    Retail deposits $995,381
    IRAs and Keogh plan accounts $18,803
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,242,690
    Cash & Balances due from depository institutions $93,958
    Interest-bearing balances $84,780
    Total securities $327,389
    Federal funds sold & reverse repurchase $0
    Net loans and leases $787,785
    Loan and leases loss allowance $9,466
    Trading account assets $0
    Bank premises and fixed assets $15,534
    Other real estate owned $0
    Goodwill and other intangibles $10,540
    All other assets $7,484

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,242,690
    Total Liabilities $1,126,174
    Total deposits $1,006,033
    Interest-bearing deposits $780,258
    Deposits held in domestic offices $1,006,033
    % insured (estimated) $76
    Federal funds purchased and repurchase agreements $109,606
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $10,535

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $787,785
    Loan and leases loss allowance $9,466
    Total loans and leases (domestic) $797,251
    All real estate loans $679,365
    Real estate loans in domestic offices $679,365
    Construction and development loans $9,646
    Residential 1-4 family construction $2,495
    Other construction, all land development and other land $7,151
    Loans secured by nonfarm nonresidential properties $264,198
    Nonfarm nonresidential secured by owner-occupied properties $74,433
    Commercial real estate & other non-farm, non-residential $189,765
    Multifamily residential real estate $102,929
    1-4 family residential loans $302,592
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $33,513
    To non-U.S. addressees $0
    Loans to individuals $17,942
    Credit card loans $0
    Related Plans $592
    Consumer Auto Loans $616
    Other loans to individuals $16,734
    All other loans & leases $66,818
    Loans to foreign governments and official institutions $0
    Other loans $10,341
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $8,337
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $575
    Non 1-4 family restructured loans & leases $345
    Total loans and leases (foreign) $0

    Northway Bank had $787,785,000 of loans outstanding in 2021. $679,365,000 of loans were in real estate loans. $9,646,000 of loans were in development loans. $102,929,000 of loans were in multifamily mortgage loans. $302,592,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $616,000 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 176 $46,191 $262,449
    Nonfarm, nonresidential loans - <$100k 17 $616 $36,235
    Nonfarm, nonresidential loans - $100-250k 57 $7,596 $133,263
    Nonfarm, nonresidential loans - $250k-1MM 102 $37,979 $372,343
    Commercial & Industrial, US addressed loans - <$1MM 349 $19,775 $56,662
    Commercial & Industrial, US addressed loans - <$100k 265 $4,489 $16,940
    Commercial & Industrial, US addressed loans - $100-250k 51 $4,406 $86,392
    Commercial & Industrial, US addressed loans - $250k-1MM 33 $10,880 $329,697