South Jersey Mortgage Rates, Fees & Info

Deptford, NJ

LEI: 5493002P6EVQ94HFYF14

Tax ID: 21-0641594

5 stars - Updated: 4/18/24 - out of 5 stars, based on 20 reviews

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

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Mortgage Data

Review & Overview

South Jersey is a smaller mortgage company specializing in Other and Home Improvement loans. South Jersey has a high proportion of conventional loans. Their top markets by origination volume include: Philadelphia, Atlantic City, Vineland, Ocean City, and New York among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)

South Jersey 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. South Jersey 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 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
30 Year Conventional Purchase 6.60% 4/18/24
30 Year Conventional Refi 6.40% 4/18/24
30 Year Cash-out Refi 6.60% 4/18/24
15 Year Conventional Purchase 6.55% 4/18/24
15 Year Conventional Refi 7.28% 4/18/24
15 Year Cash-out Refi 7.28% 4/18/24
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.

South Jersey Mortgage Calculator






Your Estimates

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This is not an official calculator from South Jersey. 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

407

Origination Dollar Volume (All Markets)

$25,505,000

Relative Rate

South Jersey's average 30 year fixed mortgage rate was 6.27%.

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

This yields a difference of -0.21%.

Relative Fees (Closing Costs)

South Jersey's average total fees/closing costs for a 30 year fixed rate mortgage were $2,876.

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
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 288 $17,850,000 $61,979 $145 7.41%
ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 53 $3,395,000 $64,057 $298 7.25%
VINELAND-BRIDGETON, NJ (FHA|USDA|VA) 26 $1,610,000 $61,923 $158 7.66%
OCEAN CITY, NJ (FHA|USDA|VA) 13 $895,000 $68,846 $379 6.74%
Outside of Metro Areas 10 $810,000 $81,000 $233 7.62%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 7 $595,000 $85,000 $264 8.78%
WILLIAMSPORT, PA (FHA|USDA|VA) 8 $270,000 $33,750 $86 6.81%
TRENTON-PRINCETON, NJ (FHA|USDA|VA) 2 $80,000 $40,000 $66 7.87%
South Jersey's top markets include Philadelphia, Atlantic City, Vineland, Ocean City, and New York among others.

Their top states include:
  • New Jersey (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)
  • Similar Lenders

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

    Republic Bank
    Similarity Rank: 35
    County Savings Bank
    Similarity Rank: 135
    Columbia Bank
    Similarity Rank: 156
    DEL-ONE FEDERAL CREDIT UNION
    Similarity Rank: 438
    Dover Federal Credit Union
    Similarity Rank: 506
    Financial Freedom Mortgage, LLC
    Similarity Rank: 549
    FRANKLIN MINT
    Similarity Rank: 570
    FREEDOM CREDIT UNION
    Similarity Rank: 900
    FEDERATED LENDING CORPORATION
    Similarity Rank: 910

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 273 $16,145,000 $59,139 $176 7.42%
    HELOC 134 $9,360,000 $69,851 n/a 7.38%

    For 2023, South Jersey's most frequently originated type of loan was Conventional, with 273 originations. Their 2nd most popular type was HELOC, with 134 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 181 $10,675,000 $58,978 $72 7.47%
    Home Improvement 171 $9,885,000 $57,807 $108 7.40%
    Refi 52 $4,390,000 $84,423 $427 7.27%
    Cash Out Refi 2 $410,000 $205,000 $3,092 6.13%
    Home Purchase 1 $145,000 $145,000 $3,072 5.88%

    For 2023, South Jersey's most frequently cited loan purpose was Other, with 181 originations. The 2nd most popular reason was Home Improvement, with 171 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 134 $9,360,000 $69,851 $0 7.38%
    15 Year 91 $5,945,000 $65,330 $88 8.22%
    10 Year 68 $4,070,000 $59,853 $159 7.59%
    Other 67 $3,855,000 $57,537 $141 7.01%
    5 Year 41 $1,295,000 $31,585 $62 6.19%
    30 Year 6 $980,000 $163,333 $2,876 6.27%

    For 2023, South Jersey's most frequently cited loan duration was 20 Year, with 134 originations. The 2nd most popular length was 15 Year, with 91 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 272 $15,990,000 $58,787
    $1k-2k 1 $155,000 $155,000

    South Jersey's average total fees were $2,876, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 272 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    7-8% 108 $6,610,000 $61,204
    Over 8% 106 $6,500,000 $61,321
    5-6% 100 $6,780,000 $67,800
    6-7% 91 $5,545,000 $60,934
    4-5% 2 $70,000 $35,000

    During 2023, South Jersey's average interest rate for loans was 6.27%, while their most frequently originated rate bucket for loans was 7-8%, with 108 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 332 $16,360,000 $49,277 $72 7.46%
    $100k-200k 72 $8,480,000 $117,778 $677 7.21%
    $200k-400k 3 $665,000 $221,667 $2,442 6.04%

    2023 saw South Jersey place emphasis on $100,000 or less loans with 332 originations, totaling $16,360,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 132 $8,410,000 $63,712 $182 7.43%
    $75k-100k 89 $5,225,000 $58,708 $82 7.43%
    $150k-250k 74 $5,770,000 $77,973 $210 7.46%
    $50k-75k 71 $3,625,000 $51,056 $224 7.29%
    $50k or less 29 $1,365,000 $47,069 $208 7.41%
    $250k+ 12 $1,110,000 $92,500 $301 7.33%

    South Jersey lent most frequently to those with incomes in the $100k-150k range, with 132 originations. The second most popular income band? $75k-100k, with 89 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    50-60% 108 $6,670,000 $61,759 $233 7.57%
    30-36% 67 $4,245,000 $63,358 $156 7.01%
    20-30% 55 $3,255,000 $59,182 $174 7.46%
    <20% 24 $1,600,000 $66,667 $381 6.95%
    47% 14 $800,000 $57,143 $170 7.15%
    >60% 13 $845,000 $65,000 $294 7.41%
    42% 12 $820,000 $68,333 $62 7.51%
    44% 12 $760,000 $63,333 $62 7.43%
    41% 11 $755,000 $68,636 $60 6.70%
    38% 11 $585,000 $53,182 $62 7.67%
    45% 10 $800,000 $80,000 $62 7.94%
    49% 10 $740,000 $74,000 $212 7.47%
    36% 9 $585,000 $65,000 $62 7.34%
    46% 9 $465,000 $51,667 $62 8.71%
    48% 9 $575,000 $63,889 $62 7.44%
    39% 9 $415,000 $46,111 $62 7.38%
    40% 8 $530,000 $66,250 $62 6.65%
    37% 8 $550,000 $68,750 $301 8.24%
    43% 7 $465,000 $66,429 $62 8.32%

    South Jersey lent most frequently to those with DTI ratios of 50-60%, with 108 originations. The next most common DTI ratio? 30-36%, with 67 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 293 $17,765,000 $60,631 $166 7.44%
    Black 86 $5,490,000 $63,837 $161 7.36%
    Asian 13 $1,175,000 $90,385 $320 6.95%
    Not provided 13 $1,015,000 $78,077 $318 7.60%
    Native Hawaiian or Islander 2 $60,000 $30,000 $0 6.75%

    Approval Rates

    Total approvals of all applications
    75.00%

    South Jersey has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    44.23%

    South Jersey has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 407 $25,505,000 $62,666

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    407 $25,505,000 $62,666

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 129 $10,685,000 $82,829 $167 7.63%
    40-60% 23 $2,625,000 $114,130 $1,132 6.66%
    60-80% 4 $570,000 $142,500 $1,946 6.54%
    80-100% 1 $145,000 $145,000 $3,072 5.88%
    Under 20% 249 $11,435,000 $45,924 $69 7.38%