Provident Bank Mortgage Rates, Fees & Info

Jersey City, NJ

LEI: 5493004NH61PL6YYNH25

Tax ID: 22-1211130

5 stars - Updated: 11/30/23 - out of 5 stars, based on 33 reviews

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

Jump to:

  • 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 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, Scranton, and Austin among others. We have data for 19 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 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
    30 Year Conventional Purchase 5.33% 11/30/23
    30 Year Conventional Refi 6.20% 11/30/23
    30 Year Cash-out Refi 5.53% 11/30/23
    15 Year Conventional Purchase 5.54% 11/30/23
    15 Year Conventional Refi 5.77% 11/30/23
    15 Year Cash-out Refi 5.77% 11/30/23
    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

    1,114

    Origination Dollar Volume (All Markets)

    $450,920,000

    Awards

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

    Relative Rate

    Provident Bank's average 30 year fixed mortgage rate was 4.21%.

    The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

    This yields a difference of -0.55%.

    Relative Fees (Closing Costs)

    Provident Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $5,209.

    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 $4,750.

    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) 1,023 $373,865,000 $365,459 $2,556 4.14%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 37 $50,275,000 $1,358,784 $3,760 4.41%
    ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 21 $4,785,000 $227,857 $2,380 4.43%
    SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 1 $3,255,000 $3,255,000 $0 4.70%
    AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 1 $3,105,000 $3,105,000 $0 3.25%
    TRENTON-PRINCETON, NJ (FHA|USDA|VA) 13 $2,715,000 $208,846 $3,302 3.87%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $2,665,000 $2,665,000 $15,728 3.25%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 1 $2,325,000 $2,325,000 $0 3.92%
    BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 1 $2,195,000 $2,195,000 $0 5.61%
    ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 3 $2,035,000 $678,333 $6,635 5.58%
    POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 2 $860,000 $430,000 $5,685 3.50%
    Barre, VT (FHA|USDA|VA) 1 $705,000 $705,000 $5,615 2.75%
    VINELAND-BRIDGETON, NJ (FHA|USDA|VA) 1 $665,000 $665,000 $0 5.19%
    OCEAN CITY, NJ (FHA|USDA|VA) 2 $480,000 $240,000 $0 4.81%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 1 $285,000 $285,000 $0 6.21%
    Outside of Metro Areas 2 $250,000 $125,000 $4,638 3.50%
    READING, PA (FHA|USDA|VA) 1 $245,000 $245,000 $0 3.00%
    LANCASTER, PA (FHA|USDA|VA) 1 $105,000 $105,000 $0 7.13%
    ERIE, PA (FHA|USDA|VA) 1 $105,000 $105,000 $0 4.63%
    Provident Bank's top markets include New York, Philadelphia, Allentown, Scranton, and Austin among others.

    Their top states include:
  • New Jersey (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)
  • New York (FHA|USDA|VA)
  • Texas (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: 306
    ATLANTIS MORTGAGE CO., INC.
    Similarity Rank: 326
    Schuyler Savings Bank
    Similarity Rank: 352
    The First National Bank of Long Island
    Similarity Rank: 374
    The Atlantic Federal Credit Union
    Similarity Rank: 588
    U S WIDE FINANCIAL LLC
    Similarity Rank: 624
    Ridgewood Savings Bank
    Similarity Rank: 1062
    Poli Mortgage Group, Inc.
    Similarity Rank: 1073
    FUNDING RESOURCES MORTGAGE CORPORATION
    Similarity Rank: 1080
    Columbia Bank
    Similarity Rank: 1183

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 737 $384,415,000 $521,594 $2,641 4.25%
    HELOC 377 $66,505,000 $176,406 n/a 3.97%

    For 2022, Provident Bank's most frequently originated type of loan was Conventional, with 737 originations. Their 2nd most popular type was HELOC, with 377 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 356 $220,370,000 $619,017 $973 4.05%
    Other 326 $51,750,000 $158,742 $439 4.30%
    Home Purchase 236 $126,250,000 $534,958 $5,505 4.33%
    Home Improvement 118 $22,360,000 $189,492 $589 4.25%
    Cash Out Refi 78 $30,190,000 $387,051 $4,949 3.36%

    For 2022, Provident Bank's most frequently cited loan purpose was Refi, with 356 originations. The 2nd most popular reason was Other, with 326 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 599 $180,945,000 $302,078 $5,276 3.94%
    30 Year 144 $57,320,000 $398,056 $5,209 4.21%
    10 Year 139 $151,825,000 $1,092,266 $160 4.37%
    15 Year 93 $13,125,000 $141,129 $298 4.60%
    20 Year 85 $14,655,000 $172,412 $0 4.65%
    5 Year 54 $33,050,000 $612,037 $0 4.32%

    For 2022, Provident Bank's most frequently cited loan duration was Other, with 599 originations. The 2nd most popular length was 30 Year, with 144 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 471 $104,735,000 $222,367
    $1k-2k 80 $30,110,000 $376,375
    $2k-3k 11 $8,475,000 $770,455
    $5k+ 5 $3,005,000 $601,000
    $4k-5k 4 $4,380,000 $1,095,000
    $3k-4k 2 $1,190,000 $595,000

    Provident Bank's average total fees were $5,209, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 471 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 455 $153,225,000 $336,758
    5-6% 264 $114,900,000 $435,227
    4-5% 207 $133,435,000 $644,614
    2.5-3% 154 $35,940,000 $233,377
    6-7% 29 $12,035,000 $415,000
    7-8% 3 $245,000 $81,667
    <2.5% 2 $1,140,000 $570,000

    During 2022, Provident Bank's average interest rate for loans was 4.21%, while their most frequently originated rate bucket for loans was 3-4%, with 455 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 335 $17,575,000 $52,463 $113 4.22%
    $200k-400k 287 $81,965,000 $285,592 $3,559 4.09%
    $100k-200k 231 $32,215,000 $139,459 $1,372 4.13%
    $400k-600k 129 $61,995,000 $480,581 $5,155 3.90%
    $600k-1MM 71 $51,925,000 $731,338 $6,755 4.34%
    $1MM+ 61 $205,245,000 $3,364,672 $9,167 4.52%

    2022 saw Provident Bank place emphasis on $100,000 or less loans with 335 originations, totaling $17,575,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 273 $72,705,000 $266,319 $3,076 4.16%
    $100k-150k 231 $43,855,000 $189,848 $2,600 4.18%
    $250k+ 165 $69,745,000 $422,697 $4,574 4.23%
    $75k-100k 145 $20,355,000 $140,379 $1,919 3.98%
    $50k-75k 123 $14,655,000 $119,146 $1,711 3.79%
    $50k or less 41 $4,885,000 $119,146 $1,223 4.01%

    Provident Bank lent most frequently to those with incomes in the $150k-250k range, with 273 originations. The second most popular income band? $100k-150k, with 231 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 224 $50,730,000 $226,473 $2,649 4.01%
    30-36% 200 $47,800,000 $239,000 $2,713 4.09%
    44% 105 $22,445,000 $213,762 $2,286 4.14%
    <20% 102 $26,990,000 $264,608 $2,657 3.99%
    43% 52 $12,190,000 $234,423 $1,591 4.25%
    42% 51 $11,235,000 $220,294 $3,010 4.23%
    39% 44 $11,140,000 $253,182 $3,252 4.29%
    38% 40 $6,900,000 $172,500 $2,597 4.17%
    36% 38 $7,560,000 $198,947 $2,735 4.00%
    40% 33 $7,745,000 $234,697 $2,725 4.10%
    37% 33 $7,605,000 $230,455 $2,692 4.15%
    41% 32 $5,210,000 $162,813 $1,623 4.43%
    45% 14 $4,880,000 $348,571 $5,078 3.91%
    50-60% 4 $1,920,000 $480,000 $4,519 3.63%
    >60% 3 $1,035,000 $345,000 $2,844 3.29%
    48% 1 $355,000 $355,000 $4,098 3.38%
    49% 1 $405,000 $405,000 $0 3.25%

    Provident Bank lent most frequently to those with DTI ratios of 20-30%, with 224 originations. The next most common DTI ratio? 30-36%, with 200 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 119 $217,295,000 $1,826,008 $0 4.62%
    White 772 $178,660,000 $231,425 $2,560 4.09%
    Asian 96 $26,030,000 $271,146 $3,557 4.20%
    Not provided 84 $21,530,000 $256,310 $2,700 4.09%
    Black 37 $4,555,000 $123,108 $1,783 4.18%
    Asian Indian 1 $1,205,000 $1,205,000 $0 3.88%
    American Indian 4 $1,190,000 $297,500 $4,368 2.88%
    Native Hawaiian or Islander 1 $455,000 $455,000 $5,854 4.13%

    Approval Rates

    Total approvals of all applications
    74.86%

    Provident Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    80.34%

    Provident Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,114 $450,920,000 $404,776

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,114 $450,920,000 $404,776

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 223 $66,675,000 $298,991 $1,286 4.17%
    40-60% 180 $83,690,000 $464,944 $2,942 3.90%
    60-80% 274 $234,110,000 $854,416 $5,089 4.22%
    80-100% 74 $33,360,000 $450,811 $5,418 4.04%
    Under 20% 362 $33,030,000 $91,243 $43 4.25%