Oceanfirst Bank Mortgage Rates, Fees & Info

Toms River, NJ

LEI: 5493002N5168AC238149

Tax ID: 21-0607451

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Oceanfirst Bank is a smaller bank specializing in Home Purchase loans. Oceanfirst Bank has a high proportion of conventional loans. Their top markets by origination volume include: New York, Philadelphia, Ocean City, Atlantic City, and Miami among others. We have data for 27 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 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.

    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% 4/28/24
    30 Year Conventional Purchase 6.05% 4/28/24
    30 Year Conventional Refi 6.07% 4/28/24
    30 Year Cash-out Refi 5.98% 4/28/24
    15 Year Conventional Purchase 5.64% 4/28/24
    15 Year Conventional Refi 6.14% 4/28/24
    15 Year Cash-out Refi 6.14% 4/28/24
    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

    1,493

    Origination Dollar Volume (All Markets)

    $872,195,000
    Show all (6) awards

    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) 885 $473,665,000 $535,215 $5,051 4.59%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 131 $146,995,000 $1,122,099 $4,899 4.42%
    OCEAN CITY, NJ (FHA|USDA|VA) 188 $120,700,000 $642,021 $6,220 4.34%
    ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 201 $77,755,000 $386,841 $4,816 4.61%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 10 $13,630,000 $1,363,000 $6,925 3.60%
    CANTON-MASSILLON, OH (FHA|USDA|VA) 1 $9,505,000 $9,505,000 $0 5.93%
    TRENTON-PRINCETON, NJ (FHA|USDA|VA) 13 $8,785,000 $675,769 $9,046 4.38%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 2 $6,620,000 $3,310,000 $3,577 3.88%
    VINELAND-BRIDGETON, NJ (FHA|USDA|VA) 34 $4,060,000 $119,412 $2,098 4.48%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 3 $1,635,000 $545,000 $5,733 3.75%
    PORT ST. LUCIE, FL (FHA|USDA|VA) 2 $1,360,000 $680,000 $5,946 4.38%
    ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 4 $1,260,000 $315,000 $4,178 3.72%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 3 $1,005,000 $335,000 $4,327 4.79%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 2 $970,000 $485,000 $5,121 5.19%
    PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $605,000 $605,000 $5,092 4.50%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $525,000 $525,000 $5,555 6.00%
    ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 2 $460,000 $230,000 $4,178 4.25%
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 1 $405,000 $405,000 $2,381 5.13%
    DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $395,000 $395,000 $4,509 2.88%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $395,000 $395,000 $6,060 3.88%
    EAST STROUDSBURG, PA (FHA|USDA|VA) 1 $265,000 $265,000 $3,814 5.13%
    GLENS FALLS, NY (FHA|USDA|VA) 1 $265,000 $265,000 $6,459 5.50%
    DOVER, DE (FHA|USDA|VA) 1 $225,000 $225,000 $3,642 3.25%
    SALISBURY, MD-DE (FHA|USDA|VA) 1 $215,000 $215,000 $3,738 5.13%
    Outside of Metro Areas 1 $185,000 $185,000 $3,473 3.25%
    Georgetown, SC (FHA|USDA|VA) 1 $175,000 $175,000 $2,964 3.00%
    Sebastian-Vero Beach, FL (FHA|USDA|VA) 1 $135,000 $135,000 $2,907 5.38%
    Oceanfirst Bank's top markets include New York, Philadelphia, Ocean City, Atlantic City, and Miami among others.

    Their top states include:
  • New Jersey (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)
  • New York (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Ohio (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.

    RSI BANK
    Similarity Rank: 30
    Schuyler Savings Bank
    Similarity Rank: 51
    North Jersey Federal Credit Union
    Similarity Rank: 124
    The First National Bank of Long Island
    Similarity Rank: 142
    N C P D Federal Credit Union
    Similarity Rank: 201
    Malvern Bank N.A.
    Similarity Rank: 441
    Nassau Educators Federal Credit Union
    Similarity Rank: 481
    American Broadcast Employees Federal Credit Union
    Similarity Rank: 540
    Penn Community Bank
    Similarity Rank: 572
    Ridgewood Savings Bank
    Similarity Rank: 644

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,285 $841,165,000 $654,603 $5,133 4.35%
    HELOC 208 $31,030,000 $149,183 n/a 5.64%

    For 2022, Oceanfirst Bank's most frequently originated type of loan was Conventional, with 1,285 originations. Their 2nd most popular type was HELOC, with 208 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 784 $631,370,000 $805,319 $6,930 4.34%
    Refi 235 $124,725,000 $530,745 $2,278 4.46%
    Home Improvement 191 $19,825,000 $103,796 $468 5.30%
    Other 162 $28,710,000 $177,222 $1,197 5.43%
    Cash Out Refi 121 $67,565,000 $558,388 $4,829 3.47%

    For 2022, Oceanfirst Bank's most frequently cited loan purpose was Home Purchase, with 784 originations. The 2nd most popular reason was Refi, with 235 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 922 $558,490,000 $605,738 $6,541 4.17%
    20 Year 316 $42,940,000 $135,886 $329 5.53%
    15 Year 111 $31,885,000 $287,252 $2,522 4.05%
    10 Year 81 $107,935,000 $1,332,531 $244 4.95%
    5 Year 41 $42,115,000 $1,027,195 $72 4.75%
    Other 20 $86,320,000 $4,316,000 $1,774 5.31%
    1 Year 1 $1,005,000 $1,005,000 $0 8.00%
    30+ year 1 $1,505,000 $1,505,000 $16,788 5.00%

    For 2022, Oceanfirst Bank's most frequently cited loan duration was 30 Year, with 922 originations. The 2nd most popular length was 20 Year, with 316 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 896 $337,990,000 $377,221
    $5k+ 144 $166,730,000 $1,157,847
    $1k-2k 67 $29,955,000 $447,090
    $3k-4k 62 $34,320,000 $553,548
    $2k-3k 38 $18,030,000 $474,474
    $4k-5k 37 $22,745,000 $614,730

    Oceanfirst Bank's average total fees were $6,541, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 896 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 450 $239,170,000 $531,489
    3-4% 390 $275,650,000 $706,795
    5-6% 287 $144,675,000 $504,094
    2.5-3% 177 $112,745,000 $636,977
    6-7% 107 $64,615,000 $603,879
    7-8% 51 $13,725,000 $269,118
    <2.5% 22 $18,490,000 $840,455
    Over 8% 8 $1,620,000 $202,500

    During 2022, Oceanfirst Bank's average interest rate for loans was 4.17%, while their most frequently originated rate bucket for loans was 4-5%, with 450 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 341 $99,775,000 $292,595 $3,929 4.47%
    $100,000 or less 309 $15,105,000 $48,883 $368 5.28%
    $600k-1MM 238 $179,040,000 $752,269 $7,427 4.00%
    $100k-200k 223 $32,335,000 $145,000 $2,372 4.79%
    $400k-600k 203 $99,565,000 $490,468 $5,811 4.19%
    $1MM+ 179 $446,375,000 $2,493,715 $12,988 4.08%

    2022 saw Oceanfirst Bank place emphasis on $200k-400k loans with 341 originations, totaling $99,775,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 478 $386,870,000 $809,351 $8,188 4.25%
    $150k-250k 341 $140,315,000 $411,481 $5,219 4.44%
    $100k-150k 242 $60,320,000 $249,256 $3,664 4.69%
    $75k-100k 147 $25,665,000 $174,592 $2,399 4.85%
    $50k-75k 139 $15,455,000 $111,187 $1,579 4.76%
    $50k or less 72 $4,920,000 $68,333 $1,119 4.57%

    Oceanfirst Bank lent most frequently to those with incomes in the $250k+ range, with 478 originations. The second most popular income band? $150k-250k, with 341 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 346 $145,780,000 $421,329 $5,045 4.47%
    30-36% 269 $115,005,000 $427,528 $4,830 4.43%
    <20% 161 $85,695,000 $532,267 $5,344 4.09%
    42% 78 $33,720,000 $432,308 $5,239 4.63%
    43% 76 $29,290,000 $385,395 $5,476 5.03%
    44% 64 $21,610,000 $337,656 $4,591 5.07%
    40% 63 $24,755,000 $392,937 $4,707 4.66%
    39% 60 $25,620,000 $427,000 $5,126 4.57%
    36% 59 $25,775,000 $436,864 $4,965 4.36%
    37% 58 $23,000,000 $396,552 $5,284 4.67%
    38% 57 $27,255,000 $478,158 $5,823 4.39%
    41% 52 $22,150,000 $425,962 $5,004 4.84%
    45% 43 $23,665,000 $550,349 $5,561 4.92%
    46% 25 $12,255,000 $490,200 $6,125 4.38%
    47% 22 $13,890,000 $631,364 $5,900 3.79%
    48% 10 $4,510,000 $451,000 $5,194 4.08%
    49% 8 $6,510,000 $813,750 $5,849 4.31%
    50-60% 2 $450,000 $225,000 $3,924 5.63%

    Oceanfirst Bank lent most frequently to those with DTI ratios of 20-30%, with 346 originations. The next most common DTI ratio? 30-36%, with 269 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,269 $537,155,000 $423,290 $4,916 4.51%
    Not applicable 40 $231,260,000 $5,781,500 $0 5.17%
    Not provided 116 $69,920,000 $602,759 $6,909 4.48%
    Asian 44 $25,870,000 $587,955 $6,985 4.49%
    Black 14 $3,400,000 $242,857 $3,554 5.07%
    American Indian 6 $2,300,000 $383,333 $4,343 4.46%
    Asian Indian 3 $1,235,000 $411,667 $3,906 5.67%
    Native Hawaiian or Islander 1 $1,055,000 $1,055,000 $4,968 2.88%

    Approval Rates

    Total approvals of all applications
    77.70%

    Oceanfirst Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    80.31%

    Oceanfirst Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,493 $872,195,000 $584,190

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,493 $872,195,000 $584,190

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 209 $59,295,000 $283,708 $3,163 4.63%
    40-60% 248 $256,590,000 $1,034,637 $6,455 4.12%
    60-80% 458 $390,960,000 $853,624 $6,922 4.24%
    80-100% 265 $139,875,000 $527,830 $5,772 4.29%
    Under 20% 313 $25,475,000 $81,390 $318 5.40%

    Complaints

    Bank Name Product Issue 2022 CPFB Complaints % of Total Issues
    Ocwen Financial Corporation Conventional home mortgage Closing on a mortgage 1 3.4%
    Ocwen Financial Corporation Conventional home mortgage Struggling to pay mortgage 9 31.0%
    Ocwen Financial Corporation Conventional home mortgage Trouble during payment process 7 24.1%
    Ocwen Financial Corporation FHA mortgage Closing on a mortgage 1 3.4%
    Ocwen Financial Corporation FHA mortgage Problem with a credit reporting company's investigation into an existing problem 1 3.4%
    Ocwen Financial Corporation FHA mortgage Struggling to pay mortgage 3 10.3%
    Ocwen Financial Corporation FHA mortgage Trouble during payment process 3 10.3%
    Ocwen Financial Corporation Reverse mortgage Struggling to pay mortgage 1 3.4%
    Ocwen Financial Corporation Reverse mortgage Trouble during payment process 2 6.9%
    Ocwen Financial Corporation VA mortgage Trouble during payment process 1 3.4%