Rutgers Mortgage Rates, Fees & Info
New Brunswick, NJLEI: 549300C1SBZVJTL6WB07
Tax ID: 22-1557663
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Jump to:
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.
Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.
Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.
SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 15 Year Conventional Refi | 5.68% | 4/28/24 |
| 15 Year Cash-out Refi | 5.68% | 4/28/24 |
| 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
Your Estimates
Estimated Loan Payment: Update the calculator values and click calculate payment!
This is not an official calculator from Rutgers. It uses our SimulatedRate™
technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.
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 |