North Shore Bank Of Commerce Mortgage Rates, Fees & Info
Duluth, MNLEI: 549300TWX5Q3V5VXNF89
Tax ID: 41-0138390
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Mortgage Data
Review & Overview
North Shore Bank Of Commerce is a smaller bank specializing in Home Purchase loans. North Shore Bank Of Commerce has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Duluth, Minneapolis, Grand Rapids, Bozeman, and Phoenix among others. We have data for 16 markets. (Some data included below & more in-depth data is available with an active subscription.)North Shore Bank Of Commerce has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. North Shore Bank Of Commerce is typically an average 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.78% | 4/18/24 |
| 30 Year Conventional Refi | 6.44% | 4/18/24 |
| 30 Year Cash-out Refi | 6.76% | 4/18/24 |
| 30 Year FHA Purchase | 7.64% | 4/18/24 |
| 30 Year VA Purchase | 6.43% | 4/18/24 |
| 15 Year Conventional Purchase | 6.21% | 4/18/24 |
| 15 Year Conventional Refi | 6.16% | 4/18/24 |
| 15 Year Cash-out Refi | 6.16% | 4/18/24 |
| 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. | ||
North Shore Bank Of Commerce Mortgage Calculator
Your Estimates
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This is not an official calculator from North Shore Bank Of Commerce. 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
560Origination Dollar Volume (All Markets)
$157,930,000Awards
North Shore Bank of Commerce - 2023
North Shore Bank of Commerce is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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Relative Rate
North Shore Bank Of Commerce's average 30 year fixed mortgage rate was
6.44%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of -0.04%.
Relative Fees (Closing Costs)
North Shore Bank Of Commerce's average total fees/closing costs for a 30 year fixed rate
mortgage were $5,961.
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 |
|---|---|---|---|---|---|
| DULUTH, MN-WI (FHA|USDA|VA) | 519 | $144,025,000 | $277,505 | $5,244 | 6.53% |
| Outside of Metro Areas | 14 | $4,130,000 | $295,000 | $5,665 | 6.44% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 11 | $3,275,000 | $297,727 | $7,345 | 6.47% |
| Grand Rapids, MN (FHA|USDA|VA) | 4 | $1,480,000 | $370,000 | $8,303 | 6.09% |
| Bozeman, MT (FHA|USDA|VA) | 1 | $1,205,000 | $1,205,000 | $0 | 7.06% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 1 | $1,055,000 | $1,055,000 | $16,761 | 5.99% |
| Wisconsin Rapids-Marshfield, WI (FHA|USDA|VA) | 1 | $835,000 | $835,000 | $9,851 | 5.75% |
| TUCSON, AZ (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $7,955 | 5.70% |
| GREENVILLE-ANDERSON, SC (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $7,572 | 6.50% |
| ROCHESTER, MN (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $5,092 | 6.88% |
| MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $4,786 | 6.88% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $0 | 7.00% |
| Willmar, MN (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $7,024 | 6.00% |
| RICHMOND, VA (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $4,459 | 6.13% |
| Bemidji, MN (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $2,106 | 6.00% |
| OKLAHOMA CITY, OK (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 7.15% |
Similar Lenders
We use machine learning to identify the top lenders compared against North Shore Bank of Commerce based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 28
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Similarity Rank: 225
Similarity Rank: 285
Similarity Rank: 363
Similarity Rank: 392
Similarity Rank: 456
Similarity Rank: 624
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 514 | $144,840,000 | $281,790 | $5,182 | 6.53% |
| VA | 28 | $8,830,000 | $315,357 | $5,684 | 6.29% |
| FHA | 18 | $4,260,000 | $236,667 | $9,437 | 6.60% |
For 2023, North Shore Bank Of Commerce's most frequently originated type of loan was Conventional, with 514 originations. Their 2nd most popular type was VA, with 28 originations.
Loan Reason
For 2023, North Shore Bank Of Commerce's most frequently cited loan purpose was Home Purchase, with 482 originations. The 2nd most popular reason was Home Improvement, with 26 originations.
Loan Duration/Length
For 2023, North Shore Bank Of Commerce's most frequently cited loan duration was 30 Year, with 465 originations. The 2nd most popular length was Other, with 51 originations.
Origination Fees/Closing Costs
North Shore Bank Of Commerce's average total fees were $5,961, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 120 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 306 | $84,460,000 | $276,013 |
| 5-6% | 138 | $49,630,000 | $359,638 |
| 7-8% | 102 | $21,360,000 | $209,412 |
| Over 8% | 9 | $1,065,000 | $118,333 |
| 4-5% | 5 | $1,415,000 | $283,000 |
During 2023, North Shore Bank Of Commerce's average interest rate for loans was 6.44%, while their most frequently originated rate bucket for loans was 6-7%, with 306 originations.
Loan Sizing
2023 saw North Shore Bank Of Commerce place emphasis on $200k-400k loans with 250 originations, totaling $70,300,000 in origination value.
Applicant Income
North Shore Bank Of Commerce lent most frequently to those with incomes in the $100k-150k range, with 130 originations. The second most popular income band? $50k-75k, with 121 originations.
Applicant Debt to Income Ratio
North Shore Bank Of Commerce lent most frequently to those with DTI ratios of 20-30%, with 128 originations. The next most common DTI ratio? 30-36%, with 92 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.71%
North Shore Bank Of Commerce has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination92.32%
North Shore Bank Of Commerce has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 560 | $157,930,000 | $282,018 |