Unity Bank Mortgage Rates, Fees & Info

Clinton, NJ

LEI: 549300FNQXUCMCVLKL76

Tax ID: 22-3110915

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

Review & Overview

Unity Bank is a smaller bank specializing in Home Purchase loans. Unity Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: New York, Allentown, Philadelphia, Ocean City, and Trenton among others. We have data for 11 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 relatively high 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
30 Year Conventional Purchase	6.92%	11/22/24
30 Year Conventional Refi	6.80%	11/22/24
30 Year Cash-out Refi	7.08%	11/22/24
30 Year FHA Purchase	7.42%	11/22/24
15 Year Conventional Purchase	6.32%	11/22/24
15 Year Conventional Refi	5.66%	11/22/24
15 Year Cash-out Refi	5.66%	11/22/24
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.

Unity Bank Mortgage Calculator

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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

627

Origination Dollar Volume (All Markets)

$224,765,000

Employee count

198

Awards

Unity Bank 30 Year Conventional Loans silver

Show all (2) awards

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)	548	$207,750,000	$379,106	$5,645	5.17%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA\|USDA\|VA)	45	$8,275,000	$183,889	$3,516	4.97%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA\|USDA\|VA)	13	$2,605,000	$200,385	$3,453	5.44%
OCEAN CITY, NJ (FHA\|USDA\|VA)	3	$1,735,000	$578,333	$9,591	5.63%
TRENTON-PRINCETON, NJ (FHA\|USDA\|VA)	8	$1,510,000	$188,750	$5,417	5.86%
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA\|USDA\|VA)	3	$945,000	$315,000	$4,843	4.79%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA\|USDA\|VA)	1	$845,000	$845,000	$5,526	4.88%
Outside of Metro Areas	1	$535,000	$535,000	$5,743	5.88%
EAST STROUDSBURG, PA (FHA\|USDA\|VA)	2	$360,000	$180,000	$3,163	4.94%
North Port-Sarasota-Bradenton, FL (FHA\|USDA\|VA)	1	$105,000	$105,000	$0	4.50%
ATLANTIC CITY-HAMMONTON, NJ (FHA\|USDA\|VA)	2	$100,000	$50,000	$2,741	5.13%

Unity Bank's top markets include New York, Allentown, Philadelphia, Ocean City, and Trenton among others.

Their top states include:

New Jersey (FHA|USDA|VA)

New York (FHA|USDA|VA)

Pennsylvania (FHA|USDA|VA)

Florida (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.

The Neffs National Bank
Similarity Rank: 30

N C P D Federal Credit Union
Similarity Rank: 55

Bogota Savings Bank
Similarity Rank: 63

Iron Workers Savings Bank
Similarity Rank: 63

Union County Savings Bank
Similarity Rank: 66

GARDEN SAVINGS FEDERAL CREDIT UNION
Similarity Rank: 80

Haddon Savings Bank
Similarity Rank: 116

Freehold Savings Bank
Similarity Rank: 120

The Atlantic Federal Credit Union
Similarity Rank: 120

Blue Foundry Bank
Similarity Rank: 125

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	616	$221,380,000	$359,383	$5,381	5.18%
FHA	11	$3,385,000	$307,727	$8,836	4.65%

For 2018, Unity Bank's most frequently originated type of loan was Conventional, with 616 originations. Their 2nd most popular type was FHA, with 11 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	435	$154,275,000	$354,655	$5,533	5.15%
Refi	89	$34,135,000	$383,539	$5,085	5.10%
Cash Out Refi	88	$35,170,000	$399,659	$5,597	5.29%
Home Improvement	12	$830,000	$69,167	$0	5.26%
Other	3	$355,000	$118,333	$0	5.38%

For 2018, Unity Bank's most frequently cited loan purpose was Home Purchase, with 435 originations. The 2nd most popular reason was Refi, with 89 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	508	$198,450,000	$390,650	$5,717	5.18%
15 Year	90	$20,470,000	$227,444	$3,985	5.17%
20 Year	10	$2,750,000	$275,000	$5,597	5.03%
10 Year	9	$855,000	$95,000	$3,746	5.22%
Other	7	$2,105,000	$300,714	$4,103	4.92%
5 Year	3	$135,000	$45,000	$0	4.41%

For 2018, Unity Bank's most frequently cited loan duration was 30 Year, with 508 originations. The 2nd most popular length was 15 Year, with 90 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	388	$134,810,000	$347,448
$5k+	70	$47,200,000	$674,286
$2k-3k	47	$14,225,000	$302,660
$1k-2k	38	$6,000,000	$157,895
$3k-4k	35	$9,775,000	$279,286
$4k-5k	33	$10,995,000	$333,182

Unity Bank's average total fees were $5,717, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 388 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
4-5%	286	$104,520,000	$365,455
5-6%	253	$89,465,000	$353,617
6-7%	64	$21,440,000	$335,000
3-4%	24	$9,340,000	$389,167

During 2018, Unity Bank's average interest rate for loans was 5.18%, while their most frequently originated rate bucket for loans was 4-5%, with 286 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$200k-400k	265	$77,865,000	$293,830	$4,924	5.11%
$100k-200k	130	$19,090,000	$146,846	$3,615	5.22%
$400k-600k	104	$48,860,000	$469,808	$5,894	5.14%
$600k-1MM	55	$39,865,000	$724,818	$8,194	5.14%
$100,000 or less	48	$3,070,000	$63,958	$3,218	5.40%
$1MM+	25	$36,015,000	$1,440,600	$15,430	5.26%

2018 saw Unity Bank place emphasis on $200k-400k loans with 265 originations, totaling $77,865,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-150k	133	$43,265,000	$325,301	$5,064	5.07%
$150k-250k	122	$47,570,000	$389,918	$4,953	5.14%
$250k+	118	$64,990,000	$550,763	$7,339	5.34%
$50k-75k	83	$20,155,000	$242,831	$4,539	5.00%
$50k or less	82	$21,890,000	$266,951	$5,303	5.29%
$75k-100k	73	$21,545,000	$295,137	$4,854	5.10%

Unity Bank lent most frequently to those with incomes in the $100k-150k range, with 133 originations. The second most popular income band? $150k-250k, with 122 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
>60%	252	$101,190,000	$401,548	$6,418	5.48%
20-30%	58	$18,520,000	$319,310	$4,759	4.78%
30-36%	58	$17,510,000	$301,897	$4,012	4.80%
50-60%	43	$17,405,000	$404,767	$6,075	5.16%
<20%	26	$8,600,000	$330,769	$4,022	4.73%
42%	20	$5,960,000	$298,000	$4,171	4.91%
37%	18	$4,780,000	$265,556	$4,987	4.93%
41%	15	$5,175,000	$345,000	$4,042	4.96%
44%	14	$3,960,000	$282,857	$4,323	5.02%
39%	14	$5,450,000	$389,286	$5,858	4.91%
45%	14	$5,650,000	$403,571	$5,025	5.24%
38%	13	$4,425,000	$340,385	$3,728	4.84%
49%	12	$4,730,000	$394,167	$5,943	5.09%
36%	12	$2,100,000	$175,000	$4,130	5.32%
47%	11	$3,315,000	$301,364	$4,079	4.85%
43%	8	$4,030,000	$503,750	$5,200	4.80%
48%	7	$2,825,000	$403,571	$5,477	4.73%
40%	7	$1,825,000	$260,714	$3,656	5.00%
46%	5	$1,535,000	$307,000	$3,932	5.13%

Unity Bank lent most frequently to those with DTI ratios of >60%, with 252 originations. The next most common DTI ratio? 20-30%, with 58 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	494	$174,230,000	$352,692	$5,294	5.16%
Asian	90	$36,900,000	$410,000	$6,364	5.21%
Not provided	22	$6,740,000	$306,364	$5,115	5.05%
Asian Indian	7	$2,905,000	$415,000	$4,923	5.36%
Not applicable	8	$2,370,000	$296,250	$7,185	5.28%
Black	5	$1,315,000	$263,000	$4,718	5.03%
Other Asian	1	$305,000	$305,000	$3,823	4.25%

Approval Rates

Total approvals of all applications
91.67%

Unity Bank has an average approval rate.

Pick Rate

Approvals leading to origination
92.50%

Unity Bank has an average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	627	$224,765,000	$358,477

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Site-Built	3	$1,255,000	$418,333
Single Family (1-4 Units):Site-Built	624	$223,510,000	$358,189

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	34	$9,660,000	$284,118	$4,326	4.94%
40-60%	91	$37,415,000	$411,154	$6,679	5.23%
60-80%	350	$126,650,000	$361,857	$5,395	5.28%
80-100%	136	$49,660,000	$365,147	$5,037	4.89%
Over 100%	2	$90,000	$45,000	$0	4.81%
Under 20%	14	$1,290,000	$92,143	$5,912	5.09%

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
Unity Bank	104 Raritan Avenue Highland Park, NJ 8901	Full Service B&M	$64,173
Unity Bank	12 Mountain Avenue Somerville, NJ 8876	Full Service B&M	$38,138
Unity Bank	120 Cedar Grove Lane Somerset, NJ 8873	Full Service B&M	$49,765
Unity Bank	1225 Us - 22 W Phillipsburg, NJ 8865	Full Service B&M	$31,125
Unity Bank	1230 Bound Brook Road Middlesex, NJ 8846	Full Service B&M	$49,726
Unity Bank	157 Main Street Flemington, NJ 8822	Full Service B&M	$81,533
Unity Bank	1700 Sullivan Trail Easton, PA 18040	Full Service B&M	$39,184
Unity Bank	1746 Oak Tree Road Edison, NJ 8820	Full Service B&M	$67,415
Unity Bank	2222 South Avenue Scotch Plains Township, NJ 7076	Full Service B&M	$54,164
Unity Bank	2426 Plainfield Avenue South Plainfield, NJ 7080	Full Service B&M	$32,414
Unity Bank	2850 Easton Ave Bethlehem, PA 18017	Full Service B&M	$3,815
Unity Bank	370 Route 22 Whitehouse Station, NJ 8889	Full Service B&M	$68,909
Unity Bank	4 Emerson Plaza West Emerson, NJ 7630	Full Service B&M	$25,133
Unity Bank	450 Somerset Street North Plainfield, NJ 7060	Full Service B&M	$77,383
Unity Bank	475 Franklin Tpke. Ramsey, NJ 7446	Full Service B&M	$2,582
Unity Bank	5 East Asbury Anderson Road Washington, NJ 7882	Full Service B&M	$46,826
Unity Bank	628 North Wood Avenue Linden, NJ 7036	Full Service B&M	$29,269
Unity Bank	64 Old Highway 22 Clinton, NJ 8809	Full Service B&M	$350,175
Unity Bank	952 Stuyvesant Avenue Union Township, NJ 7083	Full Service B&M	$36,460

For 2018, Unity Bank had 19 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$68,642
Net interest income	$55,376
Total noninterest income	$8,038
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$1,581
Trading account gains and fees	$0
Additional Noninterest Income	$6,457
Pre-tax net operating income	$26,605
Securities gains (or losses, -)	$-28
Income before extraordinary items	$21,181
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$21,181
Minority interest net income	$0
Net income	$21,181
Sale, conversion, retirement of capital stock, net	$1,051
Net operating income	$21,203

Unity Bank's gross interest income from loans was $68,642,000.
Unity Bank's net interest income from loans was $55,376,000.
Unity Bank's fee based income from loans was $1,581,000.
Unity Bank's net income from loans was $21,181,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$13,266
Provision for credit losses	$2,050
Total noninterest expense	$34,759
Salaries and employee benefits	$20,237
Premises and equipment expense	$5,280
Additional noninterest expense	$9,242
Applicable income taxes	$5,396
Net charge-offs	$118
Cash dividends	$2,858

Unity Bank's interest expense for loans was $13,266,000.
Unity Bank's payroll and benefits expense were $20,237,000.
Unity Bank's property, plant and equipment expenses $5,280,000.

Loan Performance

Type of Loan	% of Loans Noncurrent (30+ days, end of period snapshot)
All loans	0.0%
Real Estate loans	0.0%
Construction & Land Development loans	0.0%
Nonfarm, nonresidential loans	0.0%
Multifamily residential loans	0.0%
1-4 family residential loans	0.0%
HELOC loans	0.0%
All other family	0.0%
Commercial & industrial loans	0.0%
Personal loans	0.0%
Credit card loans	0.0%
Other individual loans	0.0%
Auto loans	0.0%
Other consumer loans	0.0%
Unsecured commercial real estate loans	0.0%

Deposits

Type	Value (in 000's)
Total deposits	$1,208,874
Deposits held in domestic offices	$1,208,874
Deposits by Individuals, partnerships, and corporations	$1,014,390
Deposits by U.S. Government	$6,755
Deposits by States and political subdivisions in the U.S.	$149,330
Deposits by Commercial banks and other depository institutions in U.S.	$38,398
Deposits by Banks in foreign countries	$0
Deposits by Foreign governments and official institutions	$0
Transaction accounts	$425,807
Demand deposits	$270,686
Nontransaction accounts	$783,066
Money market deposit accounts (MMDAs)	$46,193
Other savings deposits (excluding MMDAs)	$379,838
Total time deposits	$357,035
Total time and savings deposits	$938,187
Noninterest-bearing deposits	$270,686
Interest-bearing deposits	$938,188
Retail deposits	$1,027,880
IRAs and Keogh plan accounts	$26,278
Brokered deposits	$125,001
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$1,570,941
Cash & Balances due from depository institutions	$142,280
Interest-bearing balances	$122,320
Total securities	$62,494
Federal funds sold & reverse repurchase	$0
Net loans and leases	$1,291,474
Loan and leases loss allowance	$15,488
Trading account assets	$0
Bank premises and fixed assets	$19,047
Other real estate owned	$56
Goodwill and other intangibles	$3,891
All other assets	$51,699

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$1,570,942
Total Liabilities	$1,428,649
Total deposits	$1,208,874
Interest-bearing deposits	$938,188
Deposits held in domestic offices	$1,208,874
% insured (estimated)	$69
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$210,000
Subordinated debt	$0
All other liabilities	$9,775

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$1,291,474
Loan and leases loss allowance	$15,488
Total loans and leases (domestic)	$1,306,962
All real estate loans	$1,227,848
Real estate loans in domestic offices	$1,227,848
Construction and development loans	$135,059
Residential 1-4 family construction	$81,069
Other construction, all land development and other land	$53,990
Loans secured by nonfarm nonresidential properties	$568,715
Nonfarm nonresidential secured by owner-occupied properties	$357,578
Commercial real estate & other non-farm, non-residential	$211,137
Multifamily residential real estate	$0
1-4 family residential loans	$523,997
Farmland loans	$77
Loans held in foreign offices	$0
Farm loans	$0
Commercial and industrial loans	$77,617
To non-U.S. addressees	$0
Loans to individuals	$716
Credit card loans	$0
Related Plans	$187
Consumer Auto Loans	$155
Other loans to individuals	$374
All other loans & leases	$781
Loans to foreign governments and official institutions	$0
Other loans	$781
Loans to depository institutions and acceptances of other banks	$0
Loans not secured by real estate	$0
Loans secured by real estate to non-U.S. addressees	$0
Restructured Loans & leases	$745
Non 1-4 family restructured loans & leases	$745
Total loans and leases (foreign)	$0

Unity Bank had $1,291,474,000 of loans outstanding in 2018. $1,227,848,000 of loans were in real estate loans. $135,059,000 of loans were in development loans. $0 of loans were in multifamily mortgage loans. $523,997,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $155,000 of loans were in the auto loan category.

Small Business Loans

Categorization	# of Loans in Category	$ amount of loans (in 000's)	Average $/loan
Nonfarm, nonresidential loans - <$1MM	818	$210,444	$257,267
Nonfarm, nonresidential loans - <$100k	87	$3,234	$37,172
Nonfarm, nonresidential loans - $100-250k	217	$28,076	$129,382
Nonfarm, nonresidential loans - $250k-1MM	514	$179,134	$348,510
Commercial & Industrial, US addressed loans - <$1MM	362	$43,362	$119,785
Commercial & Industrial, US addressed loans - <$100k	141	$3,543	$25,128
Commercial & Industrial, US addressed loans - $100-250k	108	$9,089	$84,157
Commercial & Industrial, US addressed loans - $250k-1MM	113	$30,730	$271,947
Farmland loans - <$1MM	2	$77	$38,500
Farmland loans - <$100k	2	$77	$38,500