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

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

    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, Manchester, Berlin, and Boston among others. We have data for 11 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% 4/28/24
    30 Year Conventional Refi 6.61% 4/28/24
    30 Year Cash-out Refi 6.40% 4/28/24
    15 Year Conventional Purchase 7.71% 4/28/24
    15 Year Conventional Refi 6.00% 4/28/24
    15 Year Cash-out Refi 6.00% 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.

    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

    516

    Origination Dollar Volume (All Markets)

    $169,410,000
    Show all (11) 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 156 $45,660,000 $292,692 $3,038 4.54%
    Laconia, NH (FHA|USDA|VA) 81 $29,225,000 $360,802 $3,374 4.43%
    Lebanon, NH-VT (FHA|USDA|VA) 68 $26,900,000 $395,588 $3,450 4.56%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 52 $25,140,000 $483,462 $3,147 4.41%
    Berlin, NH (FHA|USDA|VA) 89 $15,455,000 $173,652 $2,735 4.61%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 24 $12,700,000 $529,167 $2,845 4.56%
    Concord, NH (FHA|USDA|VA) 34 $10,980,000 $322,941 $3,492 4.44%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 7 $2,195,000 $313,571 $3,157 4.20%
    Keene, NH (FHA|USDA|VA) 3 $545,000 $181,667 $2,765 3.79%
    BURLINGTON-SOUTH BURLINGTON, VT (FHA|USDA|VA) 1 $415,000 $415,000 $4,862 3.75%
    Barre, VT (FHA|USDA|VA) 1 $195,000 $195,000 $0 5.50%
    Northway Bank's top markets include Laconia, Lebanon, Manchester, Berlin, and Boston among others.

    Their top states include:
  • New Hampshire (FHA|USDA|VA)
  • Maine (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.

    Triangle Credit Union
    Similarity Rank: 30
    QUINCY CREDIT UNION
    Similarity Rank: 50
    Northfield Savings Bank
    Similarity Rank: 55
    Direct Federal Credit Union
    Similarity Rank: 115
    Sharon & Crescent United Credit Union
    Similarity Rank: 168
    Middlesex Savings Bank
    Similarity Rank: 195
    Piscataqua Savings Bank
    Similarity Rank: 200
    ALIGN CREDIT UNION
    Similarity Rank: 200
    North Easton Savings Bank
    Similarity Rank: 348
    St. Anne's Credit Union of Fall River, Mass.
    Similarity Rank: 357

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 516 $169,410,000 $328,314 $3,128 4.51%

    For 2022, Northway Bank's most frequently originated type of loan was Conventional, with 516 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 327 $119,055,000 $364,083 $3,529 4.68%
    Cash Out Refi 93 $23,795,000 $255,860 $2,619 4.14%
    Refi 42 $16,610,000 $395,476 $2,851 4.03%
    Home Improvement 33 $6,445,000 $195,303 $1,543 4.59%
    Other 21 $3,505,000 $166,905 $1,611 4.33%

    For 2022, Northway Bank's most frequently cited loan purpose was Home Purchase, with 327 originations. The 2nd most popular reason was Cash Out Refi, with 93 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 312 $105,550,000 $338,301 $3,594 4.45%
    Other 82 $22,820,000 $278,293 $2,806 4.43%
    10 Year 61 $31,745,000 $520,410 $7 4.48%
    15 Year 39 $6,035,000 $154,744 $2,135 4.80%
    20 Year 21 $2,995,000 $142,619 $2,437 5.18%
    5 Year 1 $265,000 $265,000 $0 5.25%

    For 2022, Northway Bank's most frequently cited loan duration was 30 Year, with 312 originations. The 2nd most popular length was Other, with 82 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 389 $107,275,000 $275,771
    $1k-2k 11 $2,435,000 $221,364
    $2k-3k 10 $3,830,000 $383,000
    $5k+ 9 $8,665,000 $962,778
    $3k-4k 4 $2,040,000 $510,000
    $4k-5k 2 $1,010,000 $505,000

    Northway Bank's average total fees were $3,594, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 389 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 188 $60,740,000 $323,085
    3-4% 167 $59,365,000 $355,479
    5-6% 93 $26,735,000 $287,473
    6-7% 33 $8,285,000 $251,061
    2.5-3% 27 $13,295,000 $492,407
    7-8% 6 $770,000 $128,333
    Over 8% 1 $95,000 $95,000
    <2.5% 1 $125,000 $125,000

    During 2022, Northway Bank's average interest rate for loans was 4.45%, while their most frequently originated rate bucket for loans was 4-5%, with 188 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 209 $59,845,000 $286,340 $3,092 4.43%
    $100k-200k 112 $16,530,000 $147,589 $2,568 4.50%
    $400k-600k 76 $35,360,000 $465,263 $3,987 4.30%
    $100,000 or less 70 $4,560,000 $65,143 $1,675 5.06%
    $600k-1MM 33 $24,465,000 $741,364 $4,943 4.55%
    $1MM+ 16 $28,650,000 $1,790,625 $9,030 4.24%

    2022 saw Northway Bank place emphasis on $200k-400k loans with 209 originations, totaling $59,845,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 106 $27,320,000 $257,736 $3,055 4.40%
    $150k-250k 98 $31,870,000 $325,204 $3,163 4.62%
    $250k+ 89 $42,985,000 $482,978 $3,991 4.51%
    $50k-75k 76 $13,140,000 $172,895 $2,701 4.63%
    $75k-100k 65 $15,805,000 $243,154 $2,899 4.36%
    $50k or less 32 $3,770,000 $117,813 $2,298 4.69%

    Northway Bank lent most frequently to those with incomes in the $100k-150k range, with 106 originations. The second most popular income band? $150k-250k, with 98 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 112 $35,620,000 $318,036 $3,179 4.58%
    30-36% 83 $21,885,000 $263,675 $2,999 4.48%
    <20% 48 $13,880,000 $289,167 $3,148 4.51%
    42% 26 $7,040,000 $270,769 $2,902 4.67%
    36% 25 $6,385,000 $255,400 $2,590 4.49%
    43% 23 $7,075,000 $307,609 $3,304 4.29%
    39% 22 $7,660,000 $348,182 $3,468 4.43%
    44% 19 $6,375,000 $335,526 $3,206 4.77%
    37% 18 $4,610,000 $256,111 $2,813 4.25%
    41% 17 $4,015,000 $236,176 $2,971 4.55%
    38% 16 $3,010,000 $188,125 $2,516 4.20%
    47% 13 $3,165,000 $243,462 $3,475 4.37%
    45% 13 $4,895,000 $376,538 $4,507 3.96%
    40% 12 $4,150,000 $345,833 $3,414 4.25%
    46% 10 $2,840,000 $284,000 $3,054 5.62%
    48% 7 $1,875,000 $267,857 $3,984 5.82%
    49% 2 $410,000 $205,000 $2,952 3.94%

    Northway Bank lent most frequently to those with DTI ratios of 20-30%, with 112 originations. The next most common DTI ratio? 30-36%, with 83 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 412 $118,110,000 $286,675 $3,117 4.51%
    Not applicable 50 $34,520,000 $690,400 $0 4.43%
    Not provided 44 $13,260,000 $301,364 $2,939 4.55%
    Asian 4 $1,720,000 $430,000 $6,084 5.13%
    Black 3 $1,125,000 $375,000 $4,343 4.54%
    Asian Indian 1 $415,000 $415,000 $3,225 5.63%
    American Indian 2 $260,000 $130,000 $2,521 4.63%

    Approval Rates

    Total approvals of all applications
    88.66%

    Northway Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    78.49%

    Northway Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 516 $169,410,000 $328,314

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    516 $169,410,000 $328,314

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 43 $6,735,000 $156,628 $1,908 4.42%
    40-60% 67 $20,935,000 $312,463 $3,323 4.32%
    60-80% 243 $92,585,000 $381,008 $3,337 4.58%
    80-100% 142 $47,630,000 $335,423 $3,464 4.49%
    Under 20% 21 $1,525,000 $72,619 $340 4.70%