Rutgers Mortgage Rates, Fees & Info

New Brunswick, NJ

LEI: 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.

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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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
15 Year Conventional Refi 5.68% 3/28/24
15 Year Cash-out Refi 5.68% 3/28/24
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.

Rutgers Mortgage Calculator






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The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

17

Origination Dollar Volume (All Markets)

$1,405,000

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) 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%
Rutgers's top markets include New York, Philadelphia, Allentown, and Trenton among others.

Their top states include:
  • New Jersey (FHA|USDA|VA)
  • 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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 14 $890,000 $63,571 $402 7.11%
    $100k-200k 2 $280,000 $140,000 $402 6.50%
    $200k-400k 1 $235,000 $235,000 $0 8.50%

    2023 saw Rutgers place emphasis on $100,000 or less loans with 14 originations, totaling $890,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 7 $525,000 $75,000 $402 6.50%
    $100k-150k 4 $340,000 $85,000 $402 7.50%
    $250k+ 2 $290,000 $145,000 $0 8.50%
    $50k-75k 2 $170,000 $85,000 $0 7.75%
    $50k or less 2 $80,000 $40,000 $0 6.50%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 5 $525,000 $105,000 $402 6.85%
    30-36% 3 $175,000 $58,333 $0 7.42%
    <20% 3 $195,000 $65,000 $0 8.33%
    41% 2 $220,000 $110,000 $0 6.13%
    49% 1 $155,000 $155,000 $402 6.75%
    37% 1 $35,000 $35,000 $0 7.00%
    38% 1 $55,000 $55,000 $0 6.00%
    42% 1 $45,000 $45,000 $0 7.50%

    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

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 12 $900,000 $75,000 $402 7.04%
    Black 3 $365,000 $121,667 $0 7.67%
    Native Hawaiian or Islander 2 $140,000 $70,000 $0 6.75%

    Approval Rates

    Total approvals of all applications
    94.44%

    Rutgers has an average approval rate.

    Pick Rate

    Approvals leading to origination

    Points and Fees

    Points Originations Total Value Average Loan
    NA 17 $1,405,000 $82,647

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    17 $1,405,000 $82,647

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 2 $310,000 $155,000 $0 8.50%
    Under 20% 15 $1,095,000 $73,000 $402 6.93%