Oceanfirst Bank Mortgage Rates, Fees & Info

Toms River, NJ

LEI: 5493002N5168AC238149

Tax ID: 21-0607451

5 stars - Updated: 6/17/24 - out of 5 stars, based on 35 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

Mortgage Data

Review & Overview

Oceanfirst Bank is a smaller bank specializing in Home Purchase loans. Oceanfirst Bank 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.) Their top markets by origination volume include: New York, Ocean City, Atlantic City, Philadelphia, and Trenton among others. We have data for 25 markets. (Some data included below & more in-depth data is available with an active subscription.)

Oceanfirst Bank has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Oceanfirst Bank is typically an average 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 relatively high 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.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
Home Equity Line of Credit (HELOC) 6.85% 6/17/24
30 Year Conventional Purchase 6.05% 6/17/24
30 Year Conventional Refi 6.07% 6/17/24
30 Year Cash-out Refi 5.98% 6/17/24
15 Year Conventional Purchase 5.64% 6/17/24
15 Year Conventional Refi 6.14% 6/17/24
15 Year Cash-out Refi 6.14% 6/17/24
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.

Oceanfirst Bank Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Oceanfirst Bank. 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

1,214

Origination Dollar Volume (All Markets)

$539,430,000

Awards

OceanFirst Bank 30 Year Conventional Loans bronze OceanFirst Bank 30 Year Conventional Loans gold OceanFirst Bank 30 Year Conventional Loans silver OceanFirst Bank 30 Year Conventional Loans bronze
Show all (4) awards

Relative Rate

Oceanfirst Bank's average 30 year fixed mortgage rate was 6.47%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of -0.01%.

Relative Fees (Closing Costs)

Oceanfirst Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $6,483.

The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

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
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 625 $316,465,000 $506,344 $4,158 7.09%
OCEAN CITY, NJ (FHA|USDA|VA) 196 $82,000,000 $418,367 $5,087 7.13%
ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 157 $56,305,000 $358,631 $4,153 6.95%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 149 $45,865,000 $307,819 $4,203 6.91%
TRENTON-PRINCETON, NJ (FHA|USDA|VA) 11 $9,935,000 $903,182 $10,418 6.54%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 2 $6,510,000 $3,255,000 $15,065 6.69%
VINELAND-BRIDGETON, NJ (FHA|USDA|VA) 38 $4,780,000 $125,789 $1,482 7.37%
EAST STROUDSBURG, PA (FHA|USDA|VA) 4 $3,880,000 $970,000 $6,263 6.82%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 5 $3,155,000 $631,000 $6,511 6.83%
PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) 1 $2,005,000 $2,005,000 $13,415 7.13%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 4 $1,580,000 $395,000 $5,208 7.31%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 6 $1,390,000 $231,667 $5,918 6.77%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 2 $900,000 $450,000 $7,509 6.44%
PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $845,000 $845,000 $10,815 6.00%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 3 $645,000 $215,000 $4,223 7.63%
BURLINGTON-SOUTH BURLINGTON, VT (FHA|USDA|VA) 1 $545,000 $545,000 $4,360 7.38%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 1 $485,000 $485,000 $5,416 7.50%
Outside of Metro Areas 1 $415,000 $415,000 $5,746 5.99%
STATE COLLEGE, PA (FHA|USDA|VA) 1 $385,000 $385,000 $6,502 6.13%
Key West, FL (FHA|USDA|VA) 1 $305,000 $305,000 $3,429 5.99%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $265,000 $265,000 $4,213 5.99%
GLENS FALLS, NY (FHA|USDA|VA) 1 $235,000 $235,000 $7,812 7.25%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 1 $195,000 $195,000 $3,291 7.13%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $185,000 $185,000 $3,747 5.99%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $155,000 $155,000 $3,140 7.88%
Oceanfirst Bank's top markets include New York, Ocean City, Atlantic City, Philadelphia, and Trenton among others.

Their top states include:
  • New Jersey (FHA|USDA|VA)
  • New York (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • District of Columbia (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against OceanFirst Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Republic Bank
    Similarity Rank: 35
    N C P D Federal Credit Union
    Similarity Rank: 126
    County Savings Bank
    Similarity Rank: 135
    GREATER ALLIANCE
    Similarity Rank: 168
    Blue Foundry Bank
    Similarity Rank: 188
    PCSB Bank
    Similarity Rank: 207
    LYONS MORTGAGE SERVICES, INC.
    Similarity Rank: 267
    Columbia Bank
    Similarity Rank: 312

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,008 $510,800,000 $506,746 $4,379 6.62%
    HELOC 204 $27,780,000 $136,176 n/a 9.20%
    FHA 1 $645,000 $645,000 $16,428 7.13%
    VA 1 $205,000 $205,000 $9,057 6.50%

    For 2023, Oceanfirst Bank's most frequently originated type of loan was Conventional, with 1,008 originations. Their 2nd most popular type was HELOC, with 204 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 644 $439,850,000 $682,997 $6,473 6.50%
    Other 227 $26,575,000 $117,070 $474 7.80%
    Home Improvement 187 $21,805,000 $116,604 $156 7.82%
    Refi 144 $43,270,000 $300,486 $1,290 7.44%
    Cash Out Refi 12 $7,930,000 $660,833 $4,850 6.48%

    For 2023, Oceanfirst Bank's most frequently cited loan purpose was Home Purchase, with 644 originations. The 2nd most popular reason was Other, with 227 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 651 $354,715,000 $544,877 $6,483 6.47%
    20 Year 348 $47,100,000 $135,345 $281 8.37%
    10 Year 79 $24,155,000 $305,759 $0 6.71%
    5 Year 64 $11,120,000 $173,750 $72 6.51%
    15 Year 58 $9,140,000 $157,586 $1,519 6.81%
    Other 11 $92,015,000 $8,365,000 $0 7.08%
    3 Year 2 $850,000 $425,000 $0 6.63%
    30+ year 1 $335,000 $335,000 $7,269 5.88%

    For 2023, Oceanfirst Bank's most frequently cited loan duration was 30 Year, with 651 originations. The 2nd most popular length was 20 Year, with 348 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 739 $223,675,000 $302,673
    $5k+ 92 $100,150,000 $1,088,587
    $1k-2k 51 $18,715,000 $366,961
    $3k-4k 45 $17,885,000 $397,444
    $2k-3k 37 $15,295,000 $413,378
    $4k-5k 28 $15,630,000 $558,214

    Oceanfirst Bank's average total fees were $6,483, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 739 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 498 $210,670,000 $423,032
    7-8% 251 $130,225,000 $518,825
    Over 8% 231 $92,465,000 $400,281
    5-6% 227 $103,975,000 $458,040
    4-5% 7 $2,095,000 $299,286

    During 2023, Oceanfirst Bank's average interest rate for loans was 6.47%, while their most frequently originated rate bucket for loans was 6-7%, with 498 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 329 $15,815,000 $48,070 $172 7.57%
    $200k-400k 315 $90,035,000 $285,825 $4,135 6.90%
    $100k-200k 200 $28,090,000 $140,450 $1,975 7.28%
    $400k-600k 183 $88,605,000 $484,180 $6,038 6.66%
    $600k-1MM 108 $79,930,000 $740,093 $7,694 6.53%
    $1MM+ 79 $236,955,000 $2,999,430 $15,775 6.60%

    2023 saw Oceanfirst Bank place emphasis on $100,000 or less loans with 329 originations, totaling $15,815,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 310 $226,460,000 $730,516 $7,887 7.09%
    $150k-250k 288 $91,710,000 $318,438 $4,655 7.15%
    $100k-150k 234 $50,120,000 $214,188 $3,019 7.11%
    $50k-75k 142 $17,260,000 $121,549 $1,789 6.90%
    $75k-100k 139 $23,335,000 $167,878 $2,325 6.83%
    $50k or less 51 $3,105,000 $60,882 $1,144 7.00%

    Oceanfirst Bank lent most frequently to those with incomes in the $250k+ range, with 310 originations. The second most popular income band? $150k-250k, with 288 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 250 $71,770,000 $287,080 $3,605 7.04%
    30-36% 213 $72,625,000 $340,962 $4,185 7.03%
    <20% 84 $39,250,000 $467,262 $5,489 7.05%
    43% 78 $25,890,000 $331,923 $4,358 7.21%
    42% 74 $20,130,000 $272,027 $3,609 7.19%
    44% 73 $22,165,000 $303,630 $3,997 7.31%
    41% 64 $21,180,000 $330,938 $3,667 6.84%
    45% 56 $21,470,000 $383,393 $4,607 7.17%
    40% 54 $18,970,000 $351,296 $5,203 7.34%
    38% 52 $30,770,000 $591,731 $6,268 6.68%
    37% 51 $20,635,000 $404,608 $4,984 6.78%
    36% 47 $16,615,000 $353,511 $5,184 7.28%
    39% 47 $15,285,000 $325,213 $3,952 6.93%
    46% 26 $10,250,000 $394,231 $5,423 7.08%
    47% 12 $5,910,000 $492,500 $7,340 7.28%
    48% 8 $2,440,000 $305,000 $3,829 6.75%
    49% 5 $2,695,000 $539,000 $7,384 7.18%
    50-60% 3 $1,125,000 $375,000 $7,830 6.00%

    Oceanfirst Bank lent most frequently to those with DTI ratios of 20-30%, with 250 originations. The next most common DTI ratio? 30-36%, with 213 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,011 $339,775,000 $336,078 $4,185 7.07%
    Not applicable 17 $120,255,000 $7,073,824 $0 6.73%
    Not provided 114 $46,940,000 $411,754 $4,959 7.15%
    Asian 40 $25,280,000 $632,000 $7,493 6.56%
    Black 20 $4,650,000 $232,500 $5,079 6.82%
    Asian Indian 5 $1,315,000 $263,000 $2,289 8.00%
    Korean 1 $725,000 $725,000 $6,646 7.50%
    American Indian 4 $240,000 $60,000 $500 7.28%
    Native Hawaiian or Islander 1 $195,000 $195,000 $3,310 5.50%
    Other Pacific Islander 1 $55,000 $55,000 $0 9.50%

    Approval Rates

    Total approvals of all applications
    78.19%

    Oceanfirst Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    77.02%

    Oceanfirst Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,214 $539,430,000 $444,341

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,214 $539,430,000 $444,341

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 162 $37,000,000 $228,395 $2,670 7.37%
    40-60% 130 $117,450,000 $903,462 $6,006 6.95%
    60-80% 306 $252,210,000 $824,216 $7,383 6.69%
    80-100% 241 $101,315,000 $420,394 $5,153 6.35%
    Over 100% 1 $205,000 $205,000 $9,057 6.50%
    Under 20% 374 $31,250,000 $83,556 $143 7.72%