Is North Shore Bank of Commerce 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 of Commerce to those of other lenders for a comparable set of borrowers. Here is our review of North Shore Bank of Commerce nationally:
| Review Item | North Shore Bank of Commerce |
|---|---|
| Interest Rate | lower than other lenders (-0.14%) |
| Loan Related Closing Costs | higher than other lenders (+$317) |
| National Rate and Closing Cost Star Rating | (4) |
On average, North Shore Bank of Commerce’s interest rates were lower than those of other lenders (-0.14%). On the other hand, its loan related closing costs were higher than those of other lenders, with a difference of +$317. Overall, combining interest rates and closing costs we estimate that North Shore Bank of Commerce 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 of Commerce, check out its website at: https://northshore.bank.
North Shore Bank of Commerce’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 of Commerce was most active in:
In addition, North Shore Bank of Commerce is our top ranked/best mortgage lender in terms of interest rate and closing costs in:
- Duluth, MN, for FHA, and VA mortgages
North Shore Bank of Commerce’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 of Commerce originated Conforming, FHA, Jumbo, USDA and VA mortgages for new home purchases. It also originated Conforming, FHA, Jumbo and VA 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 | FHA | Jumbo | USDA | VA |
|---|---|---|---|---|---|
| Interest Rate Difference | -0.14% | -0.15% | +0.01% | -0.01% | -0.12% |
| Loan Related Closing Cost Difference | +$545 | +$231 | +$245 | +$41 | -$282 |
| Cost Adjusted Rate Difference | -0.11% | -0.13% | +0.01% | -0.01% | -0.13% |
| National Star Rating |
| Refinance Mortgages | Conforming | FHA | Jumbo | VA |
|---|---|---|---|---|
| Interest Rate Difference | -0.15% | -0.01% | +0.00% | -0.05% |
| Loan Related Closing Cost Difference | -$50 | -$28 | +$0 | -$308 |
| Cost Adjusted Rate Difference | -0.16% | -0.01% | +0.00% | -0.07% |
| Average Star Rating |
As a summary, North Shore Bank of Commerce is cheap for Conforming, FHA and VA purchase mortgages. It is similar to other lenders for Jumbo and USDA purchase mortgages. For refinancing mortgages, North Shore Bank of Commerce is cheap for Conforming and VA mortgage refinance. It is similar to other lenders for FHA and 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 of Commerce:
Registered city and state: Duluth, MN, 55802
Regulator: Federal Reserve System (FRS)
Top holder: NORTH SHORE FINANCIAL CORPORATION
* 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 of Commerce’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.