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 Refi and Cash Out Refi loans. South Jersey 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: Philadelphia, Atlantic City, Vineland, New York, and Ocean City among others. We have data for 10 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 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 |
|---|---|---|
| 30 Year Conventional Purchase | 6.60% | 4/28/24 |
| 30 Year Conventional Refi | 6.40% | 4/28/24 |
| 30 Year Cash-out Refi | 6.60% | 4/28/24 |
| 15 Year Conventional Purchase | 6.55% | 4/28/24 |
| 15 Year Conventional Refi | 7.28% | 4/28/24 |
| 15 Year Cash-out Refi | 7.28% | 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. | ||
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
368Origination Dollar Volume (All Markets)
$31,250,000Awards
SOUTH JERSEY - 2021
SOUTH JERSEY is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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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) | 241 | $19,995,000 | $82,967 | $928 | 3.89% |
| ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) | 73 | $5,555,000 | $76,096 | $962 | 3.59% |
| VINELAND-BRIDGETON, NJ (FHA|USDA|VA) | 20 | $1,420,000 | $71,000 | $746 | 4.62% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 11 | $1,325,000 | $120,455 | $1,129 | 4.30% |
| OCEAN CITY, NJ (FHA|USDA|VA) | 11 | $1,295,000 | $117,727 | $936 | 4.76% |
| WILLIAMSPORT, PA (FHA|USDA|VA) | 7 | $765,000 | $109,286 | $1,814 | 3.41% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 2 | $490,000 | $245,000 | $3,435 | 3.31% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $3,244 | 3.13% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $2,660 | 3.00% |
| ERIE, PA (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $102 | 4.23% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 366 | $31,120,000 | $85,027 | $973 | 3.89% |
| Reverse Mortgage | 1 | $75,000 | $75,000 | $0 | 0.00% |
| FHA | 1 | $55,000 | $55,000 | $314 | 4.99% |
For 2021, South Jersey's most frequently originated type of loan was Conventional, with 366 originations. Their 2nd most popular type was Reverse Mortgage, with 1 originations.
Loan Reason
For 2021, South Jersey's most frequently cited loan purpose was Home Improvement, with 117 originations. The 2nd most popular reason was Other, with 117 originations.
Loan Duration/Length
For 2021, South Jersey's most frequently cited loan duration was 10 Year, with 95 originations. The 2nd most popular length was Other, with 87 originations.
Origination Fees/Closing Costs
South Jersey's average total fees were $2,842, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 180 originations.
Interest Rates
During 2021, South Jersey's average interest rate for loans was 3.19%, while their most frequently originated rate bucket for loans was 3-4%, with 136 originations.
Loan Sizing
2021 saw South Jersey place emphasis on $100,000 or less loans with 266 originations, totaling $12,670,000 in origination value.
Applicant Income
South Jersey lent most frequently to those with incomes in the $100k-150k range, with 92 originations. The second most popular income band? $50k-75k, with 83 originations.
Applicant Debt to Income Ratio
South Jersey lent most frequently to those with DTI ratios of 20-30%, with 76 originations. The next most common DTI ratio? 30-36%, with 66 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications79.83%
South Jersey has a below average approval rate.
Pick Rate
Approvals leading to origination71.20%
South Jersey has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 368 | $31,250,000 | $84,918 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| South Carolina State Housing Finance and Development Authority | Conventional home mortgage | Trouble during payment process | 1 | 50.0% |
| South Carolina State Housing Finance and Development Authority | FHA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 50.0% |