Oceanfirst Bank Mortgage Rates, Fees & Info
Toms River, NJLEI: 5493002N5168AC238149
Tax ID: 21-0607451
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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, Philadelphia, Ocean City, Atlantic City, and Washington among others. We have data for 68 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 a low 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 about average 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 9.69% | 4/16/25 |
| 30 Year Conventional Purchase | 6.48% | 4/16/25 |
| 30 Year Conventional Refi | 6.51% | 4/16/25 |
| 30 Year Cash-out Refi | 6.96% | 4/16/25 |
| 30 Year FHA Purchase | 6.83% | 4/16/25 |
| 30 Year FHA Refi | 6.52% | 4/16/25 |
| 30 Year VA Purchase | 6.20% | 4/16/25 |
| 30 Year VA Refi | 6.06% | 4/16/25 |
| 15 Year Conventional Purchase | 6.12% | 4/16/25 |
| 15 Year Conventional Refi | 7.25% | 4/16/25 |
| 15 Year Cash-out Refi | 7.25% | 4/16/25 |
| 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
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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
1,872Origination Dollar Volume (All Markets)
$714,250,000Awards
OceanFirst Bank - 2024
OceanFirst Bank is a 2024 , due to their low .
For 2024, less than of lenders were eligible for this award.
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Relative Rate
Oceanfirst Bank's average 30 year fixed mortgage rate was
6.31%.
The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.
This yields a difference of -0.24%.
Relative Fees (Closing Costs)
Oceanfirst Bank's average total fees/closing costs for a 30 year fixed rate
mortgage were $5,701.
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 $8,356.
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) | 887 | $361,855,000 | $407,954 | $4,452 | 7.14% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 388 | $127,300,000 | $328,093 | $4,763 | 6.45% |
| OCEAN CITY, NJ (FHA|USDA|VA) | 152 | $60,200,000 | $396,053 | $4,945 | 7.56% |
| ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) | 175 | $44,465,000 | $254,086 | $3,801 | 7.24% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 54 | $33,120,000 | $613,333 | $6,970 | 6.39% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 31 | $12,755,000 | $411,452 | $5,051 | 6.71% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 3 | $9,425,000 | $3,141,667 | $43,971 | 7.04% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 2 | $6,750,000 | $3,375,000 | $3,863 | 6.62% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 16 | $6,590,000 | $411,875 | $8,163 | 6.24% |
| VINELAND-BRIDGETON, NJ (FHA|USDA|VA) | 42 | $6,460,000 | $153,810 | $2,591 | 7.29% |
| Outside of Metro Areas | 11 | $5,665,000 | $515,000 | $5,471 | 6.43% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 10 | $4,590,000 | $459,000 | $7,829 | 6.01% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 11 | $4,055,000 | $368,636 | $8,417 | 5.83% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 5 | $1,785,000 | $357,000 | $3,433 | 6.40% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 4 | $1,600,000 | $400,000 | $4,702 | 6.38% |
| PITTSBURGH, PA (FHA|USDA|VA) | 6 | $1,590,000 | $265,000 | $5,280 | 6.06% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 2 | $1,150,000 | $575,000 | $7,061 | 6.69% |
| LANCASTER, PA (FHA|USDA|VA) | 3 | $1,065,000 | $355,000 | $4,573 | 6.08% |
| PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) | 2 | $970,000 | $485,000 | $3,722 | 6.31% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 3 | $905,000 | $301,667 | $4,363 | 6.17% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 2 | $890,000 | $445,000 | $6,521 | 8.19% |
| CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) | 1 | $865,000 | $865,000 | $11,923 | 5.63% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 3 | $775,000 | $258,333 | $5,679 | 6.96% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 1 | $765,000 | $765,000 | $2,686 | 5.75% |
| RICHMOND, VA (FHA|USDA|VA) | 2 | $720,000 | $360,000 | $5,223 | 6.50% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 2 | $720,000 | $360,000 | $9,580 | 6.13% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 1 | $695,000 | $695,000 | $19,118 | 6.25% |
| MANCHESTER-NASHUA, NH (FHA|USDA|VA) | 2 | $690,000 | $345,000 | $3,569 | 6.13% |
| ATHENS-CLARKE COUNTY, GA (FHA|USDA|VA) | 1 | $655,000 | $655,000 | $11,093 | 6.88% |
| READING, PA (FHA|USDA|VA) | 2 | $650,000 | $325,000 | $6,171 | 6.06% |
| EAST STROUDSBURG, PA (FHA|USDA|VA) | 2 | $590,000 | $295,000 | $6,348 | 5.88% |
| Cambridge, MD (FHA|USDA|VA) | 2 | $580,000 | $290,000 | $3,621 | 6.75% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 4 | $570,000 | $142,500 | $3,100 | 6.88% |
| JACKSON, MS (FHA|USDA|VA) | 2 | $570,000 | $285,000 | $7,272 | 6.38% |
| POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) | 1 | $555,000 | $555,000 | $4,805 | 6.38% |
| Watertown, SD (FHA|USDA|VA) | 1 | $535,000 | $535,000 | $2,948 | 5.75% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 2 | $530,000 | $265,000 | $7,898 | 5.75% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 1 | $515,000 | $515,000 | $5,389 | 7.38% |
| Key West, FL (FHA|USDA|VA) | 1 | $505,000 | $505,000 | $0 | 9.50% |
| DOVER, DE (FHA|USDA|VA) | 1 | $475,000 | $475,000 | $4,364 | 6.75% |
| BURLINGTON-SOUTH BURLINGTON, VT (FHA|USDA|VA) | 1 | $475,000 | $475,000 | $4,184 | 6.75% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 1 | $445,000 | $445,000 | $11,541 | 6.13% |
| COLORADO SPRINGS, CO (FHA|USDA|VA) | 1 | $445,000 | $445,000 | $2,852 | 6.88% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 1 | $435,000 | $435,000 | $4,258 | 6.63% |
| Barre, VT (FHA|USDA|VA) | 1 | $435,000 | $435,000 | $4,450 | 6.63% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 2 | $430,000 | $215,000 | $3,603 | 7.00% |
| LYNCHBURG, VA (FHA|USDA|VA) | 2 | $430,000 | $215,000 | $3,310 | 6.31% |
| Lebanon, NH-VT (FHA|USDA|VA) | 1 | $395,000 | $395,000 | $3,850 | 6.50% |
| TUSCALOOSA, AL (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $10,395 | 8.00% |
| Malone, NY (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $4,927 | 6.63% |
| Laconia, NH (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $5,785 | 5.63% |
| CHARLOTTESVILLE, VA (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $6,016 | 7.13% |
| PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $3,683 | 5.75% |
| Traverse City, MI (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $2,808 | 6.00% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 2 | $320,000 | $160,000 | $2,826 | 5.94% |
| WINCHESTER, VA-WV (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $7,720 | 6.13% |
| CORVALLIS, OR (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $10,640 | 5.75% |
| LOUISVILLE, KY (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $3,594 | 6.13% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $13,560 | 5.13% |
| COLUMBIA, SC (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $8,815 | 6.25% |
| WEIRTON-STEUBENVILLE, WV-OH (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $2,946 | 6.25% |
| HARRISBURG-CARLISLE, PA (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $4,339 | 6.88% |
| Ogdensburg-Massena, NY (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $5,394 | 5.88% |
| SAGINAW, MI (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $3,101 | 6.25% |
| Marquette, MI (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $2,173 | 5.63% |
| YORK-HANOVER, PA (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $5,801 | 6.50% |
| Berlin, NH (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $2,718 | 6.13% |
| YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $3,252 | 5.50% |
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.
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Product Mix
For 2024, Oceanfirst Bank's most frequently originated type of loan was Conventional, with 1,523 originations. Their 2nd most popular type was HELOC, with 262 originations.
Loan Reason
For 2024, Oceanfirst Bank's most frequently cited loan purpose was Home Purchase, with 1,217 originations. The 2nd most popular reason was Other, with 233 originations.
Loan Duration/Length
For 2024, Oceanfirst Bank's most frequently cited loan duration was 30 Year, with 1,300 originations. The 2nd most popular length was 20 Year, with 391 originations.
Origination Fees/Closing Costs
Oceanfirst Bank's average total fees were $5,701, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,242 originations.
Interest Rates
During 2024, Oceanfirst Bank's average interest rate for loans was 6.31%, while their most frequently originated rate bucket for loans was 6-7%, with 691 originations.
Loan Sizing
2024 saw Oceanfirst Bank place emphasis on $200k-400k loans with 632 originations, totaling $186,800,000 in origination value.
Applicant Income
Oceanfirst Bank lent most frequently to those with incomes in the $150k-250k range, with 486 originations. The second most popular income band? $100k-150k, with 410 originations.
Applicant Debt to Income Ratio
Oceanfirst Bank lent most frequently to those with DTI ratios of 30-36%, with 368 originations. The next most common DTI ratio? 20-30%, with 338 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications84.19%
Oceanfirst Bank has a below average approval rate.
Pick Rate
Approvals leading to origination77.19%
Oceanfirst Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 1,872 | $714,250,000 | $381,544 |