Provident Bank Mortgage Rates, Fees & Info

Jersey City, NJ

LEI: 5493004NH61PL6YYNH25

Tax ID: 22-1211130

5 stars - Updated: 4/5/25 - out of 5 stars, based on 40 reviews

Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • 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

    Provident Bank is a smaller bank specializing in Home Purchase and Refi loans. Provident 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, Poughkeepsie, Miami, and Allentown among others. We have data for 21 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Provident Bank 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. Provident 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.

    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) 6.72% 4/5/25
    30 Year Conventional Purchase 6.38% 4/5/25
    30 Year Conventional Refi 6.37% 4/5/25
    30 Year Cash-out Refi 6.80% 4/5/25
    30 Year FHA Purchase 7.41% 4/5/25
    30 Year FHA Refi 6.93% 4/5/25
    30 Year VA Purchase 6.12% 4/5/25
    15 Year Conventional Purchase 5.81% 4/5/25
    15 Year Conventional Refi 6.81% 4/5/25
    15 Year Cash-out Refi 6.81% 4/5/25
    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.

    Provident Bank Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Provident 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

    1,563

    Origination Dollar Volume (All Markets)

    $662,655,000
    Show all (6) awards

    Relative Rate

    Provident Bank's average 30 year fixed mortgage rate was 6.61%.

    The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.

    This yields a difference of 0.06%.

    Relative Fees (Closing Costs)

    Provident Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $5,881.

    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) 1,443 $559,935,000 $388,035 $3,164 7.07%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 26 $62,120,000 $2,389,231 $5,081 6.92%
    POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 15 $9,385,000 $625,667 $2,524 7.36%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 4 $7,390,000 $1,847,500 $8,178 6.88%
    ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 26 $6,260,000 $240,769 $2,321 7.18%
    TRENTON-PRINCETON, NJ (FHA|USDA|VA) 25 $5,995,000 $239,800 $4,028 6.85%
    Outside of Metro Areas 2 $2,040,000 $1,020,000 $7,324 6.79%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 2 $1,810,000 $905,000 $9,598 6.69%
    OCEAN CITY, NJ (FHA|USDA|VA) 3 $1,715,000 $571,667 $5,412 7.96%
    VINELAND-BRIDGETON, NJ (FHA|USDA|VA) 3 $1,535,000 $511,667 $0 6.42%
    KINGSTON, NY (FHA|USDA|VA) 1 $955,000 $955,000 $0 7.50%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 2 $740,000 $370,000 $5,248 6.50%
    EAST STROUDSBURG, PA (FHA|USDA|VA) 2 $660,000 $330,000 $5,212 6.88%
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $445,000 $445,000 $0 7.50%
    SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 2 $360,000 $180,000 $6,045 6.94%
    LANCASTER, PA (FHA|USDA|VA) 1 $325,000 $325,000 $4,615 6.63%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $285,000 $285,000 $2,868 7.13%
    PUNTA GORDA, FL (FHA|USDA|VA) 1 $225,000 $225,000 $3,931 6.63%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $225,000 $225,000 $5,495 6.88%
    Pottsville, PA (FHA|USDA|VA) 1 $145,000 $145,000 $4,654 6.50%
    YORK-HANOVER, PA (FHA|USDA|VA) 1 $105,000 $105,000 $0 7.00%
    Provident Bank's top markets include New York, Philadelphia, Poughkeepsie, Miami, and Allentown among others.

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

    • Similar Lenders

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

    Columbia Bank
    Similarity Rank: 64
    N C P D Federal Credit Union
    Similarity Rank: 126
    BNB Bank
    Similarity Rank: 154
    ISLAND
    Similarity Rank: 260
    PCSB Bank
    Similarity Rank: 384
    Bogota Savings Bank
    Similarity Rank: 450
    ATLANTIS MORTGAGE CO., INC.
    Similarity Rank: 504
    Nassau Educators Federal Credit Union
    Similarity Rank: 504
    POLISH & SLAVIC FEDERAL CREDIT UNION
    Similarity Rank: 506
    SELF RELIANCE NY Federal Credit Union
    Similarity Rank: 518

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 904 $507,500,000 $561,394 $2,931 6.76%
    HELOC 636 $145,290,000 $228,443 n/a 7.52%
    FHA 22 $9,280,000 $421,818 $14,675 6.60%
    VA 1 $585,000 $585,000 $4,577 6.25%

    For 2024, Provident Bank's most frequently originated type of loan was Conventional, with 904 originations. Their 2nd most popular type was HELOC, with 636 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 488 $328,570,000 $673,299 $5,925 6.52%
    Other 432 $64,120,000 $148,426 $132 7.46%
    Refi 305 $208,785,000 $684,541 $786 7.27%
    Home Improvement 290 $44,150,000 $152,241 $88 7.28%
    Cash Out Refi 48 $17,030,000 $354,792 $5,703 6.61%

    For 2024, Provident Bank's most frequently cited loan purpose was Home Purchase, with 488 originations. The 2nd most popular reason was Other, with 432 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 603 $213,835,000 $354,619 $5,881 6.61%
    Other 532 $218,390,000 $410,508 $2,710 7.56%
    20 Year 144 $20,450,000 $142,014 $272 7.36%
    10 Year 127 $52,475,000 $413,189 $3 6.93%
    15 Year 94 $12,060,000 $128,298 $329 7.12%
    5 Year 52 $64,500,000 $1,240,385 $0 6.67%
    1 Year 7 $4,085,000 $583,571 $0 8.64%
    3 Year 4 $76,860,000 $19,215,000 $0 6.34%

    For 2024, Provident Bank's most frequently cited loan duration was 30 Year, with 603 originations. The 2nd most popular length was Other, with 532 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 659 $162,035,000 $245,880
    $1k-2k 77 $23,855,000 $309,805
    $2k-3k 27 $10,895,000 $403,519
    $5k+ 19 $9,455,000 $497,632
    $3k-4k 17 $8,825,000 $519,118
    $4k-5k 9 $5,455,000 $606,111

    Provident Bank's average total fees were $5,881, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 659 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 783 $367,115,000 $468,857
    7-8% 396 $89,600,000 $226,263
    Over 8% 244 $65,550,000 $268,648
    5-6% 136 $84,190,000 $619,044
    4-5% 4 $56,200,000 $14,050,000

    During 2024, Provident Bank's average interest rate for loans was 6.61%, while their most frequently originated rate bucket for loans was 6-7%, with 783 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 445 $24,565,000 $55,202 $177 7.31%
    $200k-400k 363 $102,765,000 $283,099 $4,601 6.94%
    $100k-200k 354 $49,140,000 $138,814 $1,544 7.23%
    $400k-600k 233 $112,175,000 $481,438 $6,413 6.74%
    $600k-1MM 103 $75,615,000 $734,126 $7,009 6.81%
    $1MM+ 65 $298,395,000 $4,590,692 $8,463 6.81%

    2024 saw Provident Bank place emphasis on $100,000 or less loans with 445 originations, totaling $24,565,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 401 $94,685,000 $236,122 $3,102 7.18%
    $100k-150k 369 $81,495,000 $220,854 $3,646 6.94%
    $250k+ 328 $135,340,000 $412,622 $3,803 7.26%
    $75k-100k 178 $28,680,000 $161,124 $2,987 6.96%
    $50k-75k 136 $19,360,000 $142,353 $3,012 6.79%
    $50k or less 43 $3,115,000 $72,442 $2,020 6.76%

    Provident Bank lent most frequently to those with incomes in the $150k-250k range, with 401 originations. The second most popular income band? $100k-150k, with 369 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    44% 255 $56,245,000 $220,569 $2,851 7.26%
    20-30% 254 $54,970,000 $216,417 $2,235 7.16%
    30-36% 235 $50,845,000 $216,362 $2,821 7.09%
    43% 92 $26,740,000 $290,652 $3,863 7.00%
    <20% 87 $21,765,000 $250,172 $2,400 7.18%
    42% 76 $17,670,000 $232,500 $2,604 7.03%
    40% 73 $15,935,000 $218,288 $2,438 6.98%
    41% 69 $19,865,000 $287,899 $2,871 6.86%
    38% 59 $13,135,000 $222,627 $2,414 7.21%
    37% 58 $13,610,000 $234,655 $2,733 6.98%
    39% 56 $12,810,000 $228,750 $2,268 7.23%
    49% 42 $18,980,000 $451,905 $6,699 6.28%
    36% 37 $8,835,000 $238,784 $3,688 7.03%
    45% 20 $6,990,000 $349,500 $6,281 6.79%
    47% 17 $6,645,000 $390,882 $5,296 6.60%
    48% 16 $8,030,000 $501,875 $6,056 6.52%
    46% 16 $6,870,000 $429,375 $4,865 6.34%
    50-60% 10 $4,750,000 $475,000 $12,999 6.59%
    >60% 5 $1,195,000 $239,000 $4,376 7.43%

    Provident Bank lent most frequently to those with DTI ratios of 44%, with 255 originations. The next most common DTI ratio? 20-30%, with 254 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 84 $296,510,000 $3,529,881 $0 7.07%
    White 1,094 $250,250,000 $228,748 $2,759 7.15%
    Not provided 172 $47,590,000 $276,686 $4,215 7.02%
    Black 102 $35,460,000 $347,647 $5,518 6.40%
    Asian 89 $26,455,000 $297,247 $3,167 7.08%
    Native Hawaiian or Islander 7 $2,435,000 $347,857 $4,283 6.30%
    American Indian 10 $1,710,000 $171,000 $4,010 6.84%
    Other Pacific Islander 2 $1,180,000 $590,000 $3,409 6.69%
    Filipino 2 $640,000 $320,000 $4,668 6.75%
    Asian Indian 1 $425,000 $425,000 $4,914 5.25%

    Approval Rates

    Total approvals of all applications
    69.54%

    Provident Bank has a low approval rate. They may have poor market targeting or stringent lending standards.

    Pick Rate

    Approvals leading to origination
    75.37%

    Provident Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,563 $662,655,000 $423,964

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,563 $662,655,000 $423,964

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 354 $90,970,000 $256,977 $1,387 7.30%
    40-60% 164 $253,910,000 $1,548,232 $4,466 7.02%
    60-80% 211 $159,215,000 $754,573 $5,796 6.89%
    80-100% 254 $108,280,000 $426,299 $6,159 6.26%
    Under 20% 580 $50,280,000 $86,690 $29 7.36%