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 and Home Purchase loans. Rutgers has a high proportion of conventional loans. Rutgers has an average proportion of conventional loans. Their top markets by origination volume include: New York, Miami, and Philadelphia among others. We have data for 3 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% | 10/29/24 |
| 15 Year Cash-out Refi | 5.68% | 10/29/24 |
| 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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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
20Origination Dollar Volume (All Markets)
$2,470,000Top 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) | 17 | $2,005,000 | $117,941 | $3,074 | 4.87% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $0 | 0.00% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 2 | $60,000 | $30,000 | $0 | 5.13% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| HELOC | 16 | $1,300,000 | $81,250 | n/a | 4.94% |
| Conventional | 3 | $985,000 | $328,333 | $0 | 0.00% |
| Conventional | 1 | $185,000 | $185,000 | $3,074 | 4.25% |
For 2019, Rutgers's most frequently originated type of loan was HELOC, with 16 originations. Their 2nd most popular type was Conventional, with 3 originations.
Loan Reason
For 2019, Rutgers's most frequently cited loan purpose was Home Improvement, with 15 originations. The 2nd most popular reason was Home Purchase, with 3 originations.
Loan Duration/Length
For 2019, Rutgers's most frequently cited loan duration was Other, with 12 originations. The 2nd most popular length was 15 Year, with 5 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 1 | $185,000 | $185,000 |
Rutgers's average total fees were $3,074, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 1 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 11 | $725,000 | $65,909 |
| 4-5% | 5 | $685,000 | $137,000 |
| <2.5% | 1 | $75,000 | $75,000 |
During 2019, Rutgers's average interest rate for loans was 4.25%, while their most frequently originated rate bucket for loans was 5-6%, with 11 originations.
Loan Sizing
2019 saw Rutgers place emphasis on $100,000 or less loans with 11 originations, totaling $445,000 in origination value.
Applicant Income
Rutgers lent most frequently to those with incomes in the $100k-150k range, with 7 originations. The second most popular income band? $150k-250k, with 4 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 3 | $985,000 | $328,333 | $0 | 0.00% |
| 30-36% | 1 | $185,000 | $185,000 | $3,074 | 4.25% |
Rutgers lent most frequently to those with DTI ratios of Exempt%, with 3 originations. The next most common DTI ratio? 30-36%, with 1 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 19 | $2,365,000 | $124,474 | $3,074 | 4.88% |
| Asian | 1 | $105,000 | $105,000 | $0 | 5.25% |
Approval Rates
Total approvals of all applications96.00%
Rutgers has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination85.00%
Rutgers has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 3 | $985,000 | $328,333 |
| NA | 17 | $1,485,000 | $87,353 |