Unity Bank Mortgage Rates, Fees & Info

Clinton, NJ

LEI: 549300FNQXUCMCVLKL76

Tax ID: 22-3110915

3.9 stars - Updated: 4/5/25 - out of 5 stars, based on 18 reviews

Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Unity Bank is a smaller bank specializing in Home Purchase loans. Unity Bank has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: New York, Allentown, Philadelphia, Miami, and Trenton among others. We have data for 18 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Unity Bank has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Unity Bank is typically an average 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 7.34% 4/5/25
    30 Year Conventional Refi 7.42% 4/5/25
    30 Year Cash-out Refi 7.49% 4/5/25
    30 Year FHA Purchase 6.94% 4/5/25
    15 Year Conventional Purchase 6.40% 4/5/25
    15 Year Conventional Refi 6.83% 4/5/25
    15 Year Cash-out Refi 6.83% 4/5/25
    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.

    Unity Bank Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Unity Bank. 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

    308

    Origination Dollar Volume (All Markets)

    $166,100,000

    Awards

    Unity Bank 30 Year Conventional Loans gold Unity Bank FHA Loans silver
    Show all (2) awards

    Relative Rate

    Unity Bank's average 30 year fixed mortgage rate was 7.08%.

    The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.

    This yields a difference of 0.53%.

    Relative Fees (Closing Costs)

    Unity Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $7,849.

    The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $8,356.

    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) 255 $141,075,000 $553,235 $7,666 7.24%
    ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 27 $8,765,000 $324,630 $4,708 7.19%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 4 $3,370,000 $842,500 $11,872 7.59%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $3,105,000 $3,105,000 $0 8.50%
    TRENTON-PRINCETON, NJ (FHA|USDA|VA) 2 $1,580,000 $790,000 $14,360 7.88%
    CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 1 $1,405,000 $1,405,000 $7,691 7.88%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $1,205,000 $1,205,000 $9,436 7.50%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 3 $985,000 $328,333 $4,932 7.00%
    EAST STROUDSBURG, PA (FHA|USDA|VA) 4 $890,000 $222,500 $4,810 6.75%
    Outside of Metro Areas 2 $630,000 $315,000 $2,905 7.19%
    Kill Devil Hills, NC (FHA|USDA|VA) 1 $595,000 $595,000 $30,018 7.00%
    ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 1 $585,000 $585,000 $0 7.00%
    PUNTA GORDA, FL (FHA|USDA|VA) 1 $415,000 $415,000 $4,344 7.88%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $385,000 $385,000 $5,210 7.75%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $315,000 $315,000 $3,187 6.63%
    POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 1 $305,000 $305,000 $0 7.63%
    SALISBURY, MD-DE (FHA|USDA|VA) 1 $285,000 $285,000 $7,473 6.38%
    SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 1 $205,000 $205,000 $3,951 6.50%
    Unity Bank's top markets include New York, Allentown, Philadelphia, Miami, and Trenton among others.

    Their top states include:
  • New Jersey (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • New York (FHA|USDA|VA)
  • South Carolina (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Unity Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    County Savings Bank
    Similarity Rank: 82
    Columbia Bank
    Similarity Rank: 96
    N C P D Federal Credit Union
    Similarity Rank: 126
    BNB Bank
    Similarity Rank: 154
    FREEDOM CREDIT UNION
    Similarity Rank: 255
    ISLAND
    Similarity Rank: 260
    Peoples Security Bank and Trust Company
    Similarity Rank: 320
    PCSB Bank
    Similarity Rank: 384
    Bogota Savings Bank
    Similarity Rank: 450
    DEL-ONE FEDERAL CREDIT UNION
    Similarity Rank: 455

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 291 $156,815,000 $538,883 $6,833 7.29%
    FHA 17 $9,285,000 $546,176 $15,739 6.34%

    For 2024, Unity Bank's most frequently originated type of loan was Conventional, with 291 originations. Their 2nd most popular type was FHA, with 17 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 238 $123,980,000 $520,924 $7,714 7.14%
    Cash Out Refi 36 $19,260,000 $535,000 $7,805 7.68%
    Refi 24 $21,500,000 $895,833 $7,274 7.16%
    Home Improvement 6 $710,000 $118,333 $499 8.25%
    Other 4 $650,000 $162,500 $499 8.22%

    For 2024, Unity Bank's most frequently cited loan purpose was Home Purchase, with 238 originations. The 2nd most popular reason was Cash Out Refi, with 36 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 249 $138,465,000 $556,084 $7,849 7.08%
    Other 31 $20,325,000 $655,645 $0 8.26%
    15 Year 22 $5,580,000 $253,636 $2,682 7.48%
    20 Year 4 $1,550,000 $387,500 $5,843 7.88%
    10 Year 1 $125,000 $125,000 $5,646 6.63%
    5 Year 1 $55,000 $55,000 $499 7.75%

    For 2024, Unity Bank's most frequently cited loan duration was 30 Year, with 249 originations. The 2nd most popular length was Other, with 31 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 170 $89,290,000 $525,235
    $5k+ 41 $28,395,000 $692,561
    $1k-2k 21 $10,145,000 $483,095
    $3k-4k 10 $3,590,000 $359,000
    $2k-3k 7 $2,275,000 $325,000
    $4k-5k 5 $1,835,000 $367,000

    Unity Bank's average total fees were $7,849, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 170 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 123 $56,765,000 $461,504
    7-8% 123 $77,175,000 $627,439
    Over 8% 44 $25,540,000 $580,455
    5-6% 18 $6,620,000 $367,778

    During 2024, Unity Bank's average interest rate for loans was 7.08%, while their most frequently originated rate bucket for loans was 6-7%, with 123 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $400k-600k 101 $49,445,000 $489,554 $7,881 7.26%
    $200k-400k 97 $28,895,000 $297,887 $5,562 7.11%
    $600k-1MM 53 $39,915,000 $753,113 $10,252 7.18%
    $1MM+ 29 $44,155,000 $1,522,586 $11,722 7.70%
    $100k-200k 23 $3,365,000 $146,304 $3,229 7.17%
    $100,000 or less 5 $325,000 $65,000 $1,640 7.33%

    2024 saw Unity Bank place emphasis on $400k-600k loans with 101 originations, totaling $49,445,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 86 $43,160,000 $501,860 $8,369 7.26%
    $250k+ 82 $68,270,000 $832,561 $9,002 7.43%
    $100k-150k 73 $27,995,000 $383,493 $6,524 7.00%
    $75k-100k 33 $12,335,000 $373,788 $5,317 7.00%
    $50k-75k 18 $6,120,000 $340,000 $5,394 7.10%
    $50k or less 8 $4,740,000 $592,500 $5,792 7.20%

    Unity Bank lent most frequently to those with incomes in the $150k-250k range, with 86 originations. The second most popular income band? $250k+, with 82 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    >60% 60 $46,250,000 $770,833 $8,473 7.83%
    30-36% 37 $17,385,000 $469,865 $6,739 6.95%
    50-60% 34 $16,640,000 $489,412 $8,402 7.43%
    20-30% 33 $14,585,000 $441,970 $7,489 6.85%
    <20% 15 $10,625,000 $708,333 $7,998 7.11%
    49% 14 $5,300,000 $378,571 $8,441 7.06%
    44% 11 $4,595,000 $417,727 $6,007 7.27%
    47% 11 $5,385,000 $489,545 $7,105 7.18%
    38% 10 $4,760,000 $476,000 $6,031 7.07%
    45% 9 $4,715,000 $523,889 $6,441 6.81%
    46% 8 $3,700,000 $462,500 $7,921 6.80%
    40% 8 $2,690,000 $336,250 $6,632 6.92%
    39% 8 $4,380,000 $547,500 $7,371 6.77%
    43% 7 $3,985,000 $569,286 $7,045 6.89%
    42% 7 $3,415,000 $487,857 $5,479 6.93%
    48% 7 $2,645,000 $377,857 $6,999 6.93%
    41% 6 $2,830,000 $471,667 $6,071 7.27%
    36% 6 $5,060,000 $843,333 $6,582 6.92%
    37% 5 $2,095,000 $419,000 $5,034 6.93%

    Unity Bank lent most frequently to those with DTI ratios of >60%, with 60 originations. The next most common DTI ratio? 30-36%, with 37 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 221 $123,245,000 $557,670 $7,400 7.20%
    Asian 45 $25,715,000 $571,444 $8,232 7.14%
    Not provided 22 $7,690,000 $349,545 $5,520 7.60%
    Black 10 $4,080,000 $408,000 $7,827 6.90%
    Not applicable 8 $3,480,000 $435,000 $0 8.56%
    American Indian 2 $1,890,000 $945,000 $10,938 6.13%

    Approval Rates

    Total approvals of all applications
    92.96%

    Unity Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    91.56%

    Unity Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 308 $166,100,000 $539,286

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    308 $166,100,000 $539,286

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 27 $11,705,000 $433,519 $6,146 7.29%
    40-60% 44 $29,810,000 $677,500 $6,697 7.34%
    60-80% 144 $81,760,000 $567,778 $7,735 7.33%
    80-100% 77 $39,895,000 $518,117 $8,440 6.90%
    Over 100% 1 $375,000 $375,000 $0 7.50%
    Under 20% 15 $2,555,000 $170,333 $2,728 7.68%