Is Northern Bank & Trust Company a cheap or expensive mortgage lender? To help you shop for a mortgage, we compare the interest rates and closing costs charged by Northern Bank & Trust Company to those of other lenders for a comparable set of borrowers. Here is our review of Northern Bank & Trust Company nationally:
| Review Item | Northern Bank & Trust Company |
|---|---|
| Interest Rate | lower than other lenders (-0.24%) |
| Loan Related Closing Costs | lower than other lenders (-$526) |
| National Rate and Closing Cost Star Rating | (5) |
On average, Northern Bank & Trust Company’s interest rates were lower than those of other lenders (-0.24%). Its loan related closing costs were also lower than those of other lenders, with a difference of -$526. Overall, combining interest rates and closing costs we estimate that Northern Bank & Trust Company tends to be a cheap lender, and give it a National Rate and Closing Costs Rating of 5 out of 5 stars. This is a fantastic rating and places it among the top 5% of lenders nationwide.
We maintain our independence by not accepting any money from the mortgage lenders we review. To visit Northern Bank & Trust Company, check out its website at: https://nbtc.com.
Northern Bank & Trust Company’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 Northern Bank & Trust Company was most active in:
Northern Bank & Trust Company’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, Northern Bank & Trust Company originated Conforming and Jumbo mortgages for new home purchases and refinances. Its average interest rate and total loan related closing cost difference relative to other lenders by mortgages type is as follows.
| New Purchase Mortgages | Conforming | Jumbo |
|---|---|---|
| Interest Rate Difference | -0.21% | -0.00% |
| Loan Related Closing Cost Difference | -$229 | +$10 |
| Cost Adjusted Rate Difference | -0.22% | -0.00% |
| National Star Rating |
| Refinance Mortgages | Conforming | Jumbo |
|---|---|---|
| Interest Rate Difference | -0.26% | +0.01% |
| Loan Related Closing Cost Difference | -$694 | +$7 |
| Cost Adjusted Rate Difference | -0.30% | +0.02% |
| Average Star Rating |
As a summary, Northern Bank & Trust Company is cheap for Conforming purchase mortgages. It is similar to other lenders for Jumbo purchase mortgages. For refinancing, Northern Bank & Trust Company 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 Northern Bank & Trust Company:
Registered city and state: WOBURN, MA, 01801
Regulator: Federal Deposit Insurance Corporation (FDIC)
Top holder: NORTHERN BANCORP, INC.
* 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 Northern Bank & Trust Company’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.