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 Home Improvement, Home Purchase, and Refi loans. Rutgers has a high proportion of conventional loans. Their top markets by origination volume include: New York, Philadelphia, Trenton, and Shelby 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. They have a below average pick rate when compared to similar 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% | 12/16/24 |
| 15 Year Cash-out Refi | 5.68% | 12/16/24 |
| 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
34Origination Dollar Volume (All Markets)
$3,770,000Top 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) | 28 | $2,690,000 | $96,071 | $0 | 5.11% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 4 | $770,000 | $192,500 | $0 | 5.25% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $0 | 4.75% |
| Shelby, NC (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 0.00% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| HELOC | 24 | $2,280,000 | $95,000 | n/a | 5.10% |
| Conventional | 10 | $1,490,000 | $149,000 | $0 | 0.00% |
For 2018, Rutgers's most frequently originated type of loan was HELOC, with 24 originations. Their 2nd most popular type was Conventional, with 10 originations.
Loan Reason
For 2018, Rutgers's most frequently cited loan purpose was Home Improvement, with 22 originations. The 2nd most popular reason was Home Purchase, with 6 originations.
Loan Duration/Length
For 2018, Rutgers's most frequently cited loan duration was Other, with 22 originations. The 2nd most popular length was 15 Year, with 8 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 14 | $1,400,000 | $100,000 |
| 4-5% | 9 | $865,000 | $96,111 |
| 3-4% | 1 | $15,000 | $15,000 |
During 2018, Rutgers's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 5-6%, with 14 originations.
Loan Sizing
2018 saw Rutgers place emphasis on $100,000 or less loans with 21 originations, totaling $1,145,000 in origination value.
Applicant Income
Rutgers lent most frequently to those with incomes in the $50k or less range, with 18 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 |
|---|---|---|---|---|---|
| Exempt% | 10 | $1,490,000 | $149,000 | $0 | 0.00% |
Rutgers lent most frequently to those with DTI ratios of Exempt%, with 10 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications90.00%
Rutgers has an average approval rate.
Pick Rate
Approvals leading to origination67.65%
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 |
|---|---|---|---|
| Exempt | 10 | $1,490,000 | $149,000 |
| NA | 24 | $2,280,000 | $95,000 |