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 Cash Out Refi and Home Purchase loans. Rutgers has a high proportion of conventional loans. Their top markets by origination volume include: New York, Trenton, Dover, Allentown, and Philadelphia among others. We have data for 5 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. They have a below average pick rate when compared to similar lenders. Rutgers 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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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 15 Year Conventional Refi | 5.68% | 11/1/24 |
| 15 Year Cash-out Refi | 5.68% | 11/1/24 |
| 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
18Origination Dollar Volume (All Markets)
$3,250,000Top 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 | $2,670,000 | $190,714 | $3,518 | 3.44% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $2,679 | 3.00% |
| DOVER, DE (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $4,562 | 3.25% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 5.00% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $0 | 4.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 18 | $3,250,000 | $180,556 | $3,541 | 3.52% |
For 2021, Rutgers's most frequently originated type of loan was Conventional, with 18 originations.
Loan Reason
For 2021, Rutgers's most frequently cited loan purpose was Other, with 8 originations. The 2nd most popular reason was Cash Out Refi, with 5 originations.
Loan Duration/Length
For 2021, Rutgers's most frequently cited loan duration was 10 Year, with 6 originations. The 2nd most popular length was 15 Year, with 6 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 7 | $2,475,000 | $353,571 |
| $1k-2k | 2 | $360,000 | $180,000 |
Rutgers's average total fees were $2,951, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 7 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 11 | $1,095,000 | $99,545 |
| 2.5-3% | 4 | $800,000 | $200,000 |
| <2.5% | 2 | $1,280,000 | $640,000 |
| 4-5% | 1 | $75,000 | $75,000 |
During 2021, Rutgers's average interest rate for loans was 3.18%, while their most frequently originated rate bucket for loans was 3-4%, with 11 originations.
Loan Sizing
2021 saw Rutgers place emphasis on $100,000 or less loans with 9 originations, totaling $415,000 in origination value.
Applicant Income
Rutgers lent most frequently to those with incomes in the $75k-100k range, with 6 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 8 originations. The next most common DTI ratio? <20%, with 5 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications92.59%
Rutgers has an average approval rate.
Pick Rate
Approvals leading to origination66.67%
Rutgers has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 18 | $3,250,000 | $180,556 |