North Shore Bank Of Commerce Mortgage Rates, Fees & Info

Duluth, MN

LEI: 549300TWX5Q3V5VXNF89

Tax ID: 41-0138390

5 stars - Updated: 12/7/24 - out of 5 stars, based on 24 reviews

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

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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.

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 6.78% 12/7/24
30 Year Conventional Refi 6.44% 12/7/24
30 Year Cash-out Refi 6.76% 12/7/24
30 Year FHA Purchase 7.64% 12/7/24
30 Year VA Purchase 6.43% 12/7/24
15 Year Conventional Purchase 6.21% 12/7/24
15 Year Conventional Refi 6.16% 12/7/24
15 Year Cash-out Refi 6.16% 12/7/24
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

Estimated Loan Payment: Update the calculator values and click calculate payment!

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

560

Origination Dollar Volume (All Markets)

$157,930,000

Awards

North Shore Bank of Commerce VA Loans gold North Shore Bank of Commerce VA Loans gold North Shore Bank of Commerce 30 Year Conventional Loans gold
Show all (3) awards

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%
North Shore Bank Of Commerce's top markets include Duluth, Minneapolis, Grand Rapids, Bozeman, and Phoenix among others.

Their top states include:
  • Minnesota (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Montana (FHA|USDA|VA)
  • South Carolina (FHA|USDA|VA)
  • 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.

    North Shore Federal Credit Union
    Similarity Rank: 28
    South Metro Federal Credit Union
    Similarity Rank: 55
    National Bank of Commerce
    Similarity Rank: 192
    Northview Bank
    Similarity Rank: 195
    MY Credit Union
    Similarity Rank: 225
    SUPERIOR CHOICE
    Similarity Rank: 285
    MEMBERS COOPERATIVE
    Similarity Rank: 363
    Park State Bank
    Similarity Rank: 392
    Cornerstone State Bank
    Similarity Rank: 456
    North Shore Bank of Commerce
    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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 482 $147,280,000 $305,560 $5,920 6.48%
    Home Improvement 26 $1,630,000 $62,692 $398 6.75%
    Other 25 $1,875,000 $75,000 $459 7.39%
    Cash Out Refi 24 $6,520,000 $271,667 $5,501 6.21%
    Refi 3 $625,000 $208,333 $4,721 6.46%

    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

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 465 $137,375,000 $295,430 $5,961 6.44%
    Other 51 $4,835,000 $94,804 $353 7.18%
    15 Year 19 $4,815,000 $253,421 $4,953 6.03%
    5 Year 15 $3,465,000 $231,000 $326 7.32%
    20 Year 4 $280,000 $70,000 $1,454 6.34%
    10 Year 3 $115,000 $38,333 $1,365 6.00%
    1 Year 2 $640,000 $320,000 $356 8.38%
    3 Year 1 $6,405,000 $6,405,000 $0 6.36%

    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

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $2k-3k 120 $22,200,000 $185,000
    $3k-4k 104 $27,320,000 $262,692
    $<1k 94 $16,220,000 $172,553
    $4k-5k 76 $27,160,000 $357,368
    $5k+ 73 $42,195,000 $578,014
    $1k-2k 57 $8,095,000 $142,018

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 250 $70,300,000 $281,200 $5,814 6.50%
    $100k-200k 159 $25,105,000 $157,893 $4,084 6.75%
    $400k-600k 64 $30,650,000 $478,906 $7,958 6.10%
    $100,000 or less 58 $3,270,000 $56,379 $1,155 6.78%
    $600k-1MM 24 $17,020,000 $709,167 $10,577 5.92%
    $1MM+ 5 $11,585,000 $2,317,000 $17,156 6.07%

    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

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 130 $31,280,000 $240,615 $4,934 6.50%
    $50k-75k 121 $22,895,000 $189,215 $4,592 6.69%
    $75k-100k 97 $22,075,000 $227,577 $4,986 6.59%
    $150k-250k 92 $31,140,000 $338,478 $6,139 6.31%
    $250k+ 64 $33,520,000 $523,750 $8,148 6.23%
    $50k or less 29 $4,115,000 $141,897 $3,970 6.50%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 128 $33,430,000 $261,172 $5,264 6.54%
    30-36% 92 $23,900,000 $259,783 $5,244 6.44%
    <20% 40 $9,550,000 $238,750 $4,449 6.46%
    43% 26 $7,810,000 $300,385 $5,443 6.61%
    42% 25 $6,125,000 $245,000 $4,347 6.63%
    38% 25 $7,775,000 $311,000 $4,963 6.53%
    49% 24 $7,330,000 $305,417 $6,486 6.57%
    37% 23 $6,385,000 $277,609 $5,964 6.50%
    44% 22 $5,560,000 $252,727 $5,133 6.60%
    39% 22 $7,060,000 $320,909 $6,179 6.75%
    45% 21 $5,775,000 $275,000 $6,025 6.42%
    47% 16 $4,370,000 $273,125 $6,641 6.30%
    40% 16 $4,260,000 $266,250 $5,068 6.17%
    41% 14 $4,100,000 $292,857 $5,427 6.32%
    36% 13 $3,255,000 $250,385 $4,463 6.57%
    46% 11 $3,225,000 $293,182 $5,658 6.52%
    48% 10 $3,320,000 $332,000 $7,597 6.29%
    50-60% 8 $2,590,000 $323,750 $4,696 6.46%

    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

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 471 $124,775,000 $264,915 $5,248 6.53%
    Not provided 51 $17,025,000 $333,824 $6,083 6.13%
    Not applicable 21 $11,355,000 $540,714 $0 7.23%
    American Indian 7 $2,045,000 $292,143 $6,123 6.49%
    Asian 6 $1,580,000 $263,333 $5,048 6.53%
    Black 4 $1,150,000 $287,500 $7,686 6.66%

    Approval Rates

    Total approvals of all applications
    97.71%

    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 origination
    92.32%

    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

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    560 $157,930,000 $282,018

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 27 $3,295,000 $122,037 $1,945 6.60%
    40-60% 54 $11,670,000 $216,111 $3,829 6.65%
    60-80% 135 $37,855,000 $280,407 $5,568 6.47%
    80-100% 303 $102,215,000 $337,343 $6,314 6.48%
    Over 100% 4 $1,290,000 $322,500 $11,667 6.13%
    Under 20% 37 $1,605,000 $43,378 $565 6.91%