Amboy Bank Mortgage Rates, Fees & Info
Old Bridge, NJLEI: 549300APYWQYO3RLT772
Tax ID: 22-1294443
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Mortgage Data
Review & Overview
Amboy Bank is a smaller bank specializing in Cash Out Refi and Home Purchase loans. Amboy Bank has a high proportion of conventional loans. Their top markets by origination volume include: New York, Atlantic City, Philadelphia, and Trenton among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)Amboy 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. Amboy 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.
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Originations
109Origination Dollar Volume (All Markets)
$18,485,000Awards
Amboy Bank - 2019
Amboy Bank is a 2019 , due to their low .
For 2019, 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 |
|---|---|---|---|---|---|
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 105 | $17,835,000 | $169,857 | $3,472 | 5.42% |
| ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $3,204 | 5.13% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $0 | 3.38% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 2 | $160,000 | $80,000 | $2,583 | 5.25% |
Their top states include:
Similar Lenders
We use machine learning to identify the top lenders compared against Amboy Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 56
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 58 | $13,600,000 | $234,483 | $3,441 | 4.23% |
| Reverse Mortgage | 51 | $4,885,000 | $95,784 | $0 | 6.72% |
For 2019, Amboy Bank's most frequently originated type of loan was Conventional, with 58 originations. Their 2nd most popular type was Reverse Mortgage, with 51 originations.
Loan Reason
For 2019, Amboy Bank's most frequently cited loan purpose was Other, with 36 originations. The 2nd most popular reason was Cash Out Refi, with 29 originations.
Loan Duration/Length
For 2019, Amboy Bank's most frequently cited loan duration was Other, with 63 originations. The 2nd most popular length was 15 Year, with 22 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 35 | $8,405,000 | $240,143 |
| $4k-5k | 4 | $1,530,000 | $382,500 |
| $1k-2k | 1 | $185,000 | $185,000 |
| $3k-4k | 1 | $305,000 | $305,000 |
Amboy Bank's average total fees were $2,793, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 35 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 49 | $4,795,000 | $97,857 |
| 4-5% | 26 | $6,410,000 | $246,538 |
| 3-4% | 24 | $5,390,000 | $224,583 |
| 5-6% | 10 | $1,890,000 | $189,000 |
During 2019, Amboy Bank's average interest rate for loans was 4.58%, while their most frequently originated rate bucket for loans was 6-7%, with 49 originations.
Loan Sizing
2019 saw Amboy Bank place emphasis on $100,000 or less loans with 41 originations, totaling $2,365,000 in origination value.
Applicant Income
Amboy Bank lent most frequently to those with incomes in the $50k or less range, with 40 originations. The second most popular income band? $150k-250k, with 16 originations.
Applicant Debt to Income Ratio
Amboy Bank lent most frequently to those with DTI ratios of <20%, with 12 originations. The next most common DTI ratio? 20-30%, with 11 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications82.99%
Amboy Bank has a below average approval rate.
Pick Rate
Approvals leading to origination88.07%
Amboy Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 109 | $18,485,000 | $169,587 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Multifamily:Site-Built | 1 | $455,000 | $455,000 |
| Single Family (1-4 Units):Site-Built | 108 | $18,030,000 | $166,944 |