Is North Shore Bank of Commerce a cheap or expensive mortgage lender? We compare the interest rates and closing costs charged by North Shore Bank of Commerce with other lenders for comparable mortgages. Nationally, here is what we find:
|Interest Rate||lower than average (-0.14%)|
|Loan Related Closing Costs||higher than average (+$317)|
|National Rate and Closing Cost Rating||(4.0)|
On average, North Shore Bank of Commerce’s interest rates were lower than those of other lenders (-0.14%) for a comparable set of borrowers. Its average total loan related closing cost was 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 4.0 out of 5.0 stars.
North Shore Bank of Commerce’s Rates by Area
Mortgage lenders often set different rates in different geographical markets. In particular, among the markets we track North Shore Bank of Commerce was most active in:
Furthermore, North Shore Bank of Commerce is our top ranked mortgage lender in terms of interest rate and closing costs in Duluth, MN, for FHA, and VA mortgages.
You can click through to check out North Shore Bank of Commerce’s mortgage rate competitiveness by area. Or, for our data driven ranking of all the top mortgage lenders by area, click here.
North Shore Bank of Commerce’s Rates 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. We breakdown its interest rate and total loan related closing cost difference relative to other lenders for comparable mortgages by type in the table below.
|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%|
|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%|
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, and we always recommend shopping among several 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.