North Shore Bank Of Commerce Mortgage Rates, Fees & Info

Duluth, MN

LEI: 549300TWX5Q3V5VXNF89

Tax ID: 41-0138390

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
  • Complaints
  • 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

    North Shore Bank Of Commerce is a smaller bank specializing in Home Purchase, Refi, and Cash Out Refi 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.) They have a low ratio of USDA loans. Their top markets by origination volume include: Duluth, Minneapolis, Grand Rapids, Barre, and Milwaukee among others. We have data for 17 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 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.78% 11/17/24
    30 Year Conventional Refi 6.44% 11/17/24
    30 Year Cash-out Refi 6.76% 11/17/24
    30 Year FHA Purchase 7.64% 11/17/24
    30 Year VA Purchase 6.43% 11/17/24
    15 Year Conventional Purchase 6.21% 11/17/24
    15 Year Conventional Refi 6.16% 11/17/24
    15 Year Cash-out Refi 6.16% 11/17/24
    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

    1,390

    Origination Dollar Volume (All Markets)

    $295,970,000

    Employee count

    115 Show all (6) 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
    DULUTH, MN-WI (FHA|USDA|VA) 1,288 $273,470,000 $212,321 $4,340 2.97%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 52 $12,780,000 $245,769 $4,764 2.75%
    Outside of Metro Areas 32 $5,730,000 $179,063 $4,199 2.97%
    Grand Rapids, MN (FHA|USDA|VA) 4 $650,000 $162,500 $4,030 3.19%
    Barre, VT (FHA|USDA|VA) 1 $515,000 $515,000 $10,096 3.00%
    MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 2 $400,000 $200,000 $3,874 3.00%
    JACKSONVILLE, FL (FHA|USDA|VA) 1 $395,000 $395,000 $7,202 2.88%
    TUCSON, AZ (FHA|USDA|VA) 1 $305,000 $305,000 $5,192 2.38%
    Sebastian-Vero Beach, FL (FHA|USDA|VA) 1 $295,000 $295,000 $6,581 2.63%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $235,000 $235,000 $3,999 2.50%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $205,000 $205,000 $4,116 3.00%
    Brainerd, MN (FHA|USDA|VA) 1 $205,000 $205,000 $5,092 3.00%
    DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 1 $185,000 $185,000 $3,044 2.63%
    DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 1 $175,000 $175,000 $3,845 2.50%
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 1 $165,000 $165,000 $4,136 2.75%
    Faribault-Northfield, MN (FHA|USDA|VA) 1 $145,000 $145,000 $3,295 2.75%
    OCALA, FL (FHA|USDA|VA) 1 $115,000 $115,000 $3,283 2.50%
    North Shore Bank Of Commerce's top markets include Duluth, Minneapolis, Grand Rapids, Barre, and Milwaukee among others.

    Their top states include:
  • Minnesota (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Vermont (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.

    Western National Bank
    Similarity Rank: 120
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    SUPERIOR CHOICE
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    Similarity Rank: 400
    Peoples Bank Midwest
    Similarity Rank: 608
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    Similarity Rank: 882
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    Similarity Rank: 1517
    Anoka Hennepin Credit Union
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    VALLEY MORTGAGE, INC.
    Similarity Rank: 1876
    TOPLINE FEDERAL CREDIT UNION
    Similarity Rank: 1946

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,269 $267,655,000 $210,918 $4,232 2.97%
    VA 78 $21,850,000 $280,128 $5,126 2.74%
    FHA 42 $6,340,000 $150,952 $6,447 3.15%
    USDA 1 $125,000 $125,000 $3,842 3.38%

    For 2020, North Shore Bank Of Commerce's most frequently originated type of loan was Conventional, with 1,269 originations. Their 2nd most popular type was VA, with 78 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 633 $137,705,000 $217,543 $4,898 3.08%
    Refi 445 $96,385,000 $216,596 $3,879 2.74%
    Cash Out Refi 283 $60,175,000 $212,633 $4,295 2.88%
    Home Improvement 20 $1,140,000 $57,000 $901 4.36%
    Other 9 $565,000 $62,778 $320 5.01%

    For 2020, North Shore Bank Of Commerce's most frequently cited loan purpose was Home Purchase, with 633 originations. The 2nd most popular reason was Refi, with 445 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 949 $208,525,000 $219,731 $4,584 3.00%
    15 Year 264 $53,720,000 $203,485 $4,075 2.49%
    20 Year 82 $17,950,000 $218,902 $4,301 2.89%
    Other 45 $6,375,000 $141,667 $1,328 4.44%
    5 Year 21 $3,275,000 $155,952 $267 4.38%
    10 Year 21 $3,685,000 $175,476 $3,353 2.58%
    30+ year 6 $2,060,000 $343,333 $6,633 3.79%
    1 Year 2 $380,000 $190,000 $308 5.00%

    For 2020, North Shore Bank Of Commerce's most frequently cited loan duration was 30 Year, with 949 originations. The 2nd most popular length was 15 Year, with 264 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $2k-3k 499 $91,655,000 $183,677
    $1k-2k 270 $30,750,000 $113,889
    $3k-4k 241 $65,945,000 $273,631
    $<1k 149 $33,905,000 $227,550
    $4k-5k 88 $32,190,000 $365,795
    $5k+ 54 $27,030,000 $500,556

    North Shore Bank Of Commerce's average total fees were $4,584, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 499 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 665 $152,145,000 $228,789
    <2.5% 326 $68,640,000 $210,552
    3-4% 316 $62,360,000 $197,342
    4-5% 78 $12,160,000 $155,897
    5-6% 4 $520,000 $130,000
    6-7% 1 $145,000 $145,000

    During 2020, North Shore Bank Of Commerce's average interest rate for loans was 3.00%, while their most frequently originated rate bucket for loans was 2.5-3%, with 665 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 620 $93,040,000 $150,065 $3,682 2.98%
    $200k-400k 548 $147,550,000 $269,252 $5,026 2.84%
    $100,000 or less 129 $9,125,000 $70,736 $2,077 3.41%
    $400k-600k 83 $38,005,000 $457,892 $7,241 2.87%
    $600k-1MM 8 $5,680,000 $710,000 $8,299 3.44%
    $1MM+ 2 $2,570,000 $1,285,000 $15,393 3.94%

    2020 saw North Shore Bank Of Commerce place emphasis on $100k-200k loans with 620 originations, totaling $93,040,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 343 $82,935,000 $241,793 $4,751 2.92%
    $50k-75k 333 $58,445,000 $175,511 $3,983 2.95%
    $75k-100k 247 $50,825,000 $205,769 $4,165 2.92%
    $50k or less 187 $24,065,000 $128,690 $3,605 3.01%
    $150k-250k 184 $47,440,000 $257,826 $4,701 2.86%
    $250k+ 67 $25,405,000 $379,179 $6,211 2.91%

    North Shore Bank Of Commerce lent most frequently to those with incomes in the $100k-150k range, with 343 originations. The second most popular income band? $50k-75k, with 333 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 409 $86,505,000 $211,504 $4,234 2.91%
    30-36% 271 $58,595,000 $216,218 $4,479 2.95%
    <20% 236 $48,550,000 $205,720 $3,993 2.78%
    36% 57 $11,935,000 $209,386 $4,330 3.08%
    39% 45 $9,645,000 $214,333 $4,323 3.01%
    40% 42 $9,260,000 $220,476 $4,922 3.07%
    41% 41 $10,265,000 $250,366 $4,878 2.97%
    37% 40 $7,860,000 $196,500 $3,834 3.06%
    38% 39 $8,565,000 $219,615 $4,798 2.92%
    42% 31 $6,335,000 $204,355 $4,116 3.25%
    43% 27 $6,065,000 $224,630 $4,971 3.09%
    45% 26 $4,790,000 $184,231 $4,217 2.96%
    44% 25 $4,295,000 $171,800 $4,707 3.06%
    46% 23 $5,955,000 $258,913 $6,053 2.88%
    47% 15 $3,325,000 $221,667 $4,871 2.94%
    48% 14 $2,640,000 $188,571 $4,714 2.71%
    49% 10 $2,090,000 $209,000 $3,864 2.65%
    50-60% 10 $2,420,000 $242,000 $5,020 3.14%
    >60% 1 $155,000 $155,000 $4,314 3.38%

    North Shore Bank Of Commerce lent most frequently to those with DTI ratios of 20-30%, with 409 originations. The next most common DTI ratio? 30-36%, with 271 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,227 $259,935,000 $211,846 $4,309 2.94%
    Not provided 109 $23,375,000 $214,450 $4,668 2.87%
    Not applicable 26 $6,070,000 $233,462 $0 4.49%
    American Indian 12 $2,410,000 $200,833 $5,782 2.92%
    Asian 7 $2,315,000 $330,714 $5,478 2.91%
    Black 9 $1,865,000 $207,222 $4,552 3.14%

    Approval Rates

    Total approvals of all applications
    97.34%

    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
    90.07%

    North Shore Bank Of Commerce has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,390 $295,970,000 $212,928

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 3 $1,845,000 $615,000
    Single Family (1-4 Units):Manufactured 13 $1,855,000 $142,692
    Single Family (1-4 Units):Site-Built 1,374 $292,270,000 $212,715

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 72 $8,470,000 $117,639 $2,824 2.97%
    40-60% 173 $32,235,000 $186,329 $3,732 2.73%
    60-80% 542 $116,300,000 $214,576 $4,280 2.93%
    80-100% 573 $135,865,000 $237,112 $4,869 3.00%
    Over 100% 8 $2,270,000 $283,750 $9,981 2.69%
    Under 20% 22 $830,000 $37,727 $292 4.70%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    NORTHWEST BANCSHARES INC Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%
    NORTHWEST BANCSHARES INC Conventional home mortgage Trouble during payment process 1 50.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    North Shore Bank of Commerce 131 W Superior St Duluth, MN 55802 Limited, Mobile/Seasonal Office $0
    North Shore Bank of Commerce 131 West Superior Street Duluth, MN 55802 Full Service Cyber Office $0
    North Shore Bank of Commerce 131 West Superior Street Duluth, MN 55802 Full Service B&M $168,378
    North Shore Bank of Commerce 17 Calvary Road Duluth, MN 55803 Full Service B&M $26,334
    North Shore Bank of Commerce 19 N 2nd Ave West Duluth, MN 55802 Limited, Drive-thru $0
    North Shore Bank of Commerce 4801 East Superior Street Duluth, MN 55804 Full Service B&M $52,645
    North Shore Bank of Commerce 4810 Miller Trunk Highway Hermantown, MN 55811 Full Service B&M $55,662

    For 2020, North Shore Bank Of Commerce had 7 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $14,883
    Net interest income $14,330
    Total noninterest income $10,823
    Gross Fiduciary activities income $4,364
    Service charges on deposit accounts $227
    Trading account gains and fees $0
    Additional Noninterest Income $6,232
    Pre-tax net operating income $6,977
    Securities gains (or losses, -) $100
    Income before extraordinary items $7,077
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $7,077
    Minority interest net income $0
    Net income $7,077
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $6,977

    North Shore Bank Of Commerce's gross interest income from loans was $14,883,000.
    North Shore Bank Of Commerce's net interest income from loans was $14,330,000.
    North Shore Bank Of Commerce's fee based income from loans was $227,000.
    North Shore Bank Of Commerce's net income from loans was $7,077,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $553
    Provision for credit losses $460
    Total noninterest expense $17,716
    Salaries and employee benefits $11,804
    Premises and equipment expense $1,733
    Additional noninterest expense $4,179
    Applicable income taxes $0
    Net charge-offs $-76
    Cash dividends $5,015

    North Shore Bank Of Commerce's interest expense for loans was $553,000.
    North Shore Bank Of Commerce's payroll and benefits expense were $11,804,000.
    North Shore Bank Of Commerce's property, plant and equipment expenses $1,733,000.

    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 $323,021
    Deposits held in domestic offices $323,021
    Deposits by Individuals, partnerships, and corporations $315,449
    Deposits by U.S. Government $3
    Deposits by States and political subdivisions in the U.S. $7,569
    Deposits by Commercial banks and other depository institutions in U.S. $0
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $179,362
    Demand deposits $138,403
    Nontransaction accounts $143,659
    Money market deposit accounts (MMDAs) $40,143
    Other savings deposits (excluding MMDAs) $78,352
    Total time deposits $25,163
    Total time and savings deposits $184,618
    Noninterest-bearing deposits $138,403
    Interest-bearing deposits $184,618
    Retail deposits $319,543
    IRAs and Keogh plan accounts $4,477
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $362,523
    Cash & Balances due from depository institutions $58,542
    Interest-bearing balances $50,820
    Total securities $44,563
    Federal funds sold & reverse repurchase $0
    Net loans and leases $234,131
    Loan and leases loss allowance $2,694
    Trading account assets $0
    Bank premises and fixed assets $8,999
    Other real estate owned $0
    Goodwill and other intangibles $2,312
    All other assets $13,976

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $362,523
    Total Liabilities $323,652
    Total deposits $323,021
    Interest-bearing deposits $184,618
    Deposits held in domestic offices $323,021
    % insured (estimated) $83
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $631

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $234,131
    Loan and leases loss allowance $2,694
    Total loans and leases (domestic) $236,825
    All real estate loans $204,154
    Real estate loans in domestic offices $204,154
    Construction and development loans $10,113
    Residential 1-4 family construction $7,204
    Other construction, all land development and other land $2,909
    Loans secured by nonfarm nonresidential properties $53,232
    Nonfarm nonresidential secured by owner-occupied properties $25,023
    Commercial real estate & other non-farm, non-residential $28,209
    Multifamily residential real estate $12,078
    1-4 family residential loans $128,731
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $21,042
    To non-U.S. addressees $0
    Loans to individuals $1,327
    Credit card loans $0
    Related Plans $144
    Consumer Auto Loans $287
    Other loans to individuals $896
    All other loans & leases $10,303
    Loans to foreign governments and official institutions $0
    Other loans $63
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $0
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $1,065
    Non 1-4 family restructured loans & leases $220
    Total loans and leases (foreign) $0

    North Shore Bank of Commerce had $234,131,000 of loans outstanding in 2020. $204,154,000 of loans were in real estate loans. $10,113,000 of loans were in development loans. $12,078,000 of loans were in multifamily mortgage loans. $128,731,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $287,000 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 90 $15,010 $166,778
    Nonfarm, nonresidential loans - <$100k 24 $716 $29,833
    Nonfarm, nonresidential loans - $100-250k 33 $3,472 $105,212
    Nonfarm, nonresidential loans - $250k-1MM 33 $10,822 $327,939
    Commercial & Industrial, US addressed loans - <$1MM 347 $17,805 $51,311
    Commercial & Industrial, US addressed loans - <$100k 268 $5,773 $21,541
    Commercial & Industrial, US addressed loans - $100-250k 54 $6,044 $111,926
    Commercial & Industrial, US addressed loans - $250k-1MM 25 $5,988 $239,520