Rutgers Mortgage Rates, Fees & Info
New Brunswick, NJLEI: 549300C1SBZVJTL6WB07
Tax ID: 22-1557663
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Mortgage Data
Review & Overview
Rutgers is a smaller mortgage company specializing in Other loans. Rutgers has a high proportion of conventional loans. Their top markets by origination volume include: New York, Philadelphia, Allentown, and Trenton among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)Rutgers has an above average approval rate when compared to the average across all lenders.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 15 Year Conventional Refi | 5.68% | 11/17/24 |
| 15 Year Cash-out Refi | 5.68% | 11/17/24 |
| 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. | ||
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Originations
17Origination Dollar Volume (All Markets)
$1,405,000Top 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) | 14 | $1,230,000 | $87,857 | $402 | 7.09% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 8.50% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 7.00% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 6.25% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 16 | $1,330,000 | $83,125 | $402 | 7.03% |
| HELOC | 1 | $75,000 | $75,000 | n/a | 8.50% |
For 2023, Rutgers's most frequently originated type of loan was Conventional, with 16 originations. Their 2nd most popular type was HELOC, with 1 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Other | 17 | $1,405,000 | $82,647 | $402 | 7.12% |
For 2023, Rutgers's most frequently cited loan purpose was Other, with 17 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 15 Year | 15 | $1,255,000 | $83,667 | $402 | 7.27% |
| 10 Year | 2 | $150,000 | $75,000 | $0 | 6.00% |
For 2023, Rutgers's most frequently cited loan duration was 15 Year, with 15 originations. The 2nd most popular length was 10 Year, with 2 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 2 | $230,000 | $115,000 |
Rutgers's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 2 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 9 | $695,000 | $77,222 |
| Over 8% | 4 | $450,000 | $112,500 |
| 5-6% | 2 | $150,000 | $75,000 |
| 7-8% | 2 | $110,000 | $55,000 |
During 2023, Rutgers's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 6-7%, with 9 originations.
Loan Sizing
2023 saw Rutgers place emphasis on $100,000 or less loans with 14 originations, totaling $890,000 in origination value.
Applicant Income
Rutgers lent most frequently to those with incomes in the $150k-250k range, with 7 originations. The second most popular income band? $100k-150k, with 4 originations.
Applicant Debt to Income Ratio
Rutgers lent most frequently to those with DTI ratios of 20-30%, with 5 originations. The next most common DTI ratio? 30-36%, with 3 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications94.44%
Rutgers has an average approval rate.
Pick Rate
Approvals leading to originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 17 | $1,405,000 | $82,647 |