Is North Shore Bank a Co-operative Bank a cheap or expensive mortgage lender? To help you shop for a mortgage, we compare the interest rates and closing costs charged by North Shore Bank a Co-operative Bank to those of other lenders for a comparable set of borrowers. Here is our review of North Shore Bank a Co-operative Bank nationally:
|Review Item||North Shore Bank a Co-operative Bank|
|Interest Rate||lower than other lenders (-0.14%)|
|Loan Related Closing Costs||similar to other lenders (-$107)|
|National Rate and Closing Cost Star Rating||(4)|
On average, North Shore Bank a Co-operative Bank’s interest rates were lower than those of other lenders (-0.14%). On the other hand, its loan related closing costs were similar to those of other lenders, with a difference of -$107. Overall, combining interest rates and closing costs we estimate that North Shore Bank a Co-operative Bank tends to be a cheap lender, and give it a National Rate and Closing Costs Rating of 4 out of 5 stars.
We maintain our independence by not accepting any money from the mortgage lenders we review. To visit North Shore Bank a Co-operative Bank, check out its website at: https://www.northshore-bank.com.
North Shore Bank a Co-operative Bank’s Rate Review by City
Mortgage lenders often set different rates in different geographical markets. For our list of the top mortgage lenders by city, click here. In particular, among the cities we track North Shore Bank a Co-operative Bank was most active in:
North Shore Bank a Co-operative Bank’s Rate Review by Mortgage Type
Mortgage lenders also tend to charge different interest rates and closing costs depending on the type of mortgage. In our data, North Shore Bank a Co-operative Bank originated Conforming mortgages for new home purchases. It also originated Conforming and Jumbo mortgages for refinances. Its average interest rate and total loan related closing cost difference relative to other lenders for comparable borrowers by mortgages type is as follows.
|New Purchase Mortgages||Conforming|
|Interest Rate Difference||-0.12%|
|Loan Related Closing Cost Difference||-$247|
|Cost Adjusted Rate Difference||-0.13%|
|National Star Rating|
|Interest Rate Difference||-0.16%||+0.01%|
|Loan Related Closing Cost Difference||+$12||+$24|
|Cost Adjusted Rate Difference||-0.17%||+0.01%|
|Average Star Rating|
As a summary, North Shore Bank a Co-operative Bank is cheap for Conforming purchase mortgages. For refinancing mortgages, North Shore Bank a Co-operative Bank is cheap for Conforming mortgage refinance. It is similar to other lenders for Jumbo mortgage refinance. Nevertheless, individual circumstances can matter a lot for mortgage rates, and we always recommend shopping among several of our top mortgage lenders in your area before signing.
Other information about North Shore Bank a Co-operative Bank:
Registered city and state: PEABODY, MA, 01960
Regulator: Federal Deposit Insurance Corporation (FDIC)
Top holder: NORTH SHORE BANCORP
* Source of the data is Federal Financial Institutions Examination Council (FFIEC) and is for mortgages originated in the past year. Our comparable mortgages analysis controls for North Shore Bank a Co-operative Bank’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and commuting zone. Cost adjusted rates were computed based on each percent of the loan amount in above average loan related closing costs being worth +0.15 of a percentage point in interest rate. Furthermore, the amounts are regularized using a Bayesian approach to control for small samples.