South Jersey Mortgage Rates, Fees & Info
Deptford, NJLEI: 5493002P6EVQ94HFYF14
Tax ID: 21-0641594
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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, Ocean City, Vineland, 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 a below average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.
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 |
|---|---|---|
| 30 Year Conventional Purchase | 6.60% | 12/16/24 |
| 30 Year Conventional Refi | 6.40% | 12/16/24 |
| 30 Year Cash-out Refi | 6.60% | 12/16/24 |
| 15 Year Conventional Purchase | 6.55% | 12/16/24 |
| 15 Year Conventional Refi | 7.28% | 12/16/24 |
| 15 Year Cash-out Refi | 7.28% | 12/16/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
500Origination Dollar Volume (All Markets)
$22,400,000Top 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) | 376 | $16,830,000 | $44,761 | $243 | 5.48% |
| ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) | 58 | $2,600,000 | $44,828 | $301 | 5.40% |
| OCEAN CITY, NJ (FHA|USDA|VA) | 13 | $795,000 | $61,154 | $369 | 6.32% |
| VINELAND-BRIDGETON, NJ (FHA|USDA|VA) | 19 | $695,000 | $36,579 | $222 | 5.10% |
| Outside of Metro Areas | 17 | $685,000 | $40,294 | $293 | 6.06% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 12 | $630,000 | $52,500 | $273 | 6.10% |
| WILLIAMSPORT, PA (FHA|USDA|VA) | 4 | $140,000 | $35,000 | $216 | 5.62% |
| LANCASTER, PA (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 4.50% |
Their top states include:
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.
Similarity Rank: 63
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 468 | $20,570,000 | $43,953 | $256 | 5.49% |
| HELOC | 32 | $1,830,000 | $57,188 | n/a | 5.81% |
For 2018, South Jersey's most frequently originated type of loan was Conventional, with 468 originations. Their 2nd most popular type was HELOC, with 32 originations.
Loan Reason
For 2018, South Jersey's most frequently cited loan purpose was Other, with 319 originations. The 2nd most popular reason was Home Improvement, with 152 originations.
Loan Duration/Length
For 2018, South Jersey's most frequently cited loan duration was 10 Year, with 184 originations. The 2nd most popular length was 5 Year, with 120 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 151 | $5,765,000 | $38,179 |
| $1k-2k | 1 | $35,000 | $35,000 |
South Jersey's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 151 originations.
Interest Rates
During 2018, South Jersey's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 4-5%, with 141 originations.
Loan Sizing
2018 saw South Jersey place emphasis on $100,000 or less loans with 477 originations, totaling $19,065,000 in origination value.
Applicant Income
South Jersey lent most frequently to those with incomes in the $50k-75k range, with 138 originations. The second most popular income band? $100k-150k, with 111 originations.
Applicant Debt to Income Ratio
South Jersey lent most frequently to those with DTI ratios of 20-30%, with 106 originations. The next most common DTI ratio? 50-60%, with 85 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications68.63%
South Jersey has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination64.40%
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 |
|---|---|---|---|
| 178.98 | 1 | $45,000 | $45,000 |
| NA | 499 | $22,355,000 | $44,800 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 500 | $22,400,000 | $44,800 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| South Carolina State Housing Finance and Development Authority | Conventional home mortgage | Struggling to pay mortgage | 2 | 100.0% |