Provident Bank Mortgage Rates, Fees & Info

Jersey City, NJ

LEI: 5493004NH61PL6YYNH25

Tax ID: 22-1211130

5 stars - Updated: 5/27/24 - out of 5 stars, based on 29 reviews

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

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Mortgage Data

Review & Overview

Provident Bank is a smaller bank specializing in Refi and Home Purchase loans. Provident Bank has a high proportion of conventional loans. Their top markets by origination volume include: New York, Philadelphia, Allentown, Trenton, and Poughkeepsie among others. We have data for 11 markets. (Some data included below & more in-depth data is available with an active subscription.)

Provident 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. Provident 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 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 5.33% 5/27/24
30 Year Conventional Refi 6.20% 5/27/24
30 Year Cash-out Refi 5.53% 5/27/24
15 Year Conventional Purchase 5.54% 5/27/24
15 Year Conventional Refi 5.77% 5/27/24
15 Year Cash-out Refi 5.77% 5/27/24
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.

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

838

Origination Dollar Volume (All Markets)

$539,640,000

Awards

Provident Bank 30 Year Conventional Loans silver Provident Bank 30 Year Conventional Loans gold Provident Bank 30 Year Conventional Loans gold
Show all (3) awards

Relative Rate

Provident Bank's average 30 year fixed mortgage rate was 6.11%.

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

This yields a difference of -0.37%.

Relative Fees (Closing Costs)

Provident Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $5,885.

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
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 758 $453,520,000 $598,311 $1,551 6.67%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 34 $55,140,000 $1,621,765 $1,956 6.26%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 19 $12,965,000 $682,368 $2,528 6.21%
TRENTON-PRINCETON, NJ (FHA|USDA|VA) 15 $7,945,000 $529,667 $6,268 6.43%
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 2 $2,580,000 $1,290,000 $7,918 6.50%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $2,475,000 $2,475,000 $0 6.81%
OCEAN CITY, NJ (FHA|USDA|VA) 5 $2,405,000 $481,000 $4,978 7.25%
READING, PA (FHA|USDA|VA) 1 $1,775,000 $1,775,000 $0 5.54%
EAST STROUDSBURG, PA (FHA|USDA|VA) 1 $565,000 $565,000 $6,696 7.13%
KINGSTON, NY (FHA|USDA|VA) 1 $245,000 $245,000 $4,579 5.75%
Outside of Metro Areas 1 $25,000 $25,000 $0 6.25%
Provident Bank's top markets include New York, Philadelphia, Allentown, Trenton, and Poughkeepsie among others.

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

    N C P D Federal Credit Union
    Similarity Rank: 126
    Columbia Bank
    Similarity Rank: 156
    GREATER ALLIANCE
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    Blue Foundry Bank
    Similarity Rank: 188
    PCSB Bank
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    LYONS MORTGAGE SERVICES, INC.
    Similarity Rank: 267
    Bogota Savings Bank
    Similarity Rank: 351

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 568 $485,810,000 $855,299 $1,736 6.28%
    HELOC 270 $53,830,000 $199,370 n/a 7.39%

    For 2023, Provident Bank's most frequently originated type of loan was Conventional, with 568 originations. Their 2nd most popular type was HELOC, with 270 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 328 $46,540,000 $141,890 $85 6.87%
    Refi 216 $220,880,000 $1,022,593 $302 6.66%
    Home Purchase 179 $250,575,000 $1,399,860 $5,731 6.09%
    Home Improvement 108 $15,250,000 $141,204 $283 6.86%
    Cash Out Refi 7 $6,395,000 $913,571 $7,997 6.09%

    For 2023, Provident Bank's most frequently cited loan purpose was Other, with 328 originations. The 2nd most popular reason was Refi, with 216 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 287 $62,225,000 $216,812 $5,459 7.35%
    30 Year 149 $79,345,000 $532,517 $5,885 6.11%
    10 Year 122 $171,360,000 $1,404,590 $0 6.13%
    20 Year 120 $16,740,000 $139,500 $0 6.65%
    15 Year 82 $9,450,000 $115,244 $293 6.42%
    5 Year 74 $150,000,000 $2,027,027 $0 6.04%
    3 Year 4 $50,520,000 $12,630,000 $0 6.51%

    For 2023, Provident Bank's most frequently cited loan duration was Other, with 287 originations. The 2nd most popular length was 30 Year, with 149 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 432 $87,110,000 $201,644
    $1k-2k 9 $3,455,000 $383,889
    $2k-3k 5 $2,825,000 $565,000
    $3k-4k 3 $3,395,000 $1,131,667
    $5k+ 3 $1,365,000 $455,000
    $4k-5k 2 $3,130,000 $1,565,000

    Provident Bank's average total fees were $5,885, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 432 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 361 $218,805,000 $606,108
    7-8% 225 $49,605,000 $220,467
    5-6% 215 $261,645,000 $1,216,953
    Over 8% 35 $6,555,000 $187,286
    3-4% 1 $2,305,000 $2,305,000
    4-5% 1 $725,000 $725,000

    During 2023, Provident Bank's average interest rate for loans was 6.11%, while their most frequently originated rate bucket for loans was 6-7%, with 361 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 308 $16,060,000 $52,143 $37 6.58%
    $100k-200k 181 $24,875,000 $137,431 $863 7.01%
    $200k-400k 147 $40,915,000 $278,333 $3,085 6.72%
    $1MM+ 84 $387,540,000 $4,613,571 $8,571 6.07%
    $400k-600k 72 $34,490,000 $479,028 $5,422 6.58%
    $600k-1MM 46 $35,760,000 $777,391 $5,797 6.47%

    2023 saw Provident Bank place emphasis on $100,000 or less loans with 308 originations, totaling $16,060,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 196 $40,930,000 $208,827 $1,580 6.90%
    $100k-150k 183 $25,475,000 $139,208 $1,112 6.79%
    $250k+ 157 $73,435,000 $467,739 $4,194 6.76%
    $75k-100k 99 $11,855,000 $119,747 $1,234 6.40%
    $50k-75k 70 $7,040,000 $100,571 $1,376 6.34%
    $50k or less 30 $1,460,000 $48,667 $497 6.29%

    Provident Bank lent most frequently to those with incomes in the $150k-250k range, with 196 originations. The second most popular income band? $100k-150k, with 183 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 160 $28,930,000 $180,813 $1,623 6.68%
    30-36% 131 $30,095,000 $229,733 $1,410 6.69%
    44% 120 $25,830,000 $215,250 $1,072 6.82%
    <20% 49 $13,475,000 $275,000 $1,812 6.54%
    39% 37 $6,535,000 $176,622 $2,022 6.66%
    38% 37 $7,185,000 $194,189 $1,949 6.64%
    41% 34 $8,830,000 $259,706 $1,994 6.70%
    43% 33 $8,215,000 $248,939 $2,701 6.68%
    37% 29 $8,385,000 $289,138 $2,479 6.55%
    45% 29 $7,065,000 $243,621 $3,465 6.99%
    36% 26 $4,950,000 $190,385 $1,818 6.81%
    40% 24 $4,290,000 $178,750 $1,630 6.40%
    42% 22 $4,590,000 $208,636 $1,368 6.82%
    >60% 5 $265,000 $53,000 $0 7.15%
    50-60% 4 $1,420,000 $355,000 $4,183 6.63%
    46% 1 $405,000 $405,000 $5,692 6.25%

    Provident Bank lent most frequently to those with DTI ratios of 20-30%, with 160 originations. The next most common DTI ratio? 30-36%, with 131 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 92 $376,530,000 $4,092,717 $0 6.18%
    White 608 $126,950,000 $208,799 $1,639 6.69%
    Asian 69 $22,115,000 $320,507 $3,083 6.64%
    Not provided 41 $8,865,000 $216,220 $1,247 6.87%
    Black 25 $4,315,000 $172,600 $1,405 6.69%
    Native Hawaiian or Islander 3 $865,000 $288,333 $0 7.42%

    Approval Rates

    Total approvals of all applications
    70.62%

    Provident Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    78.64%

    Provident Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 838 $539,640,000 $643,962

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    838 $539,640,000 $643,962

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 177 $56,295,000 $318,051 $572 6.98%
    40-60% 96 $211,530,000 $2,203,438 $3,404 6.48%
    60-80% 138 $198,700,000 $1,439,855 $5,516 6.35%
    80-100% 54 $32,450,000 $600,926 $5,735 6.04%
    Under 20% 373 $40,665,000 $109,021 $47 6.72%