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

Jump to:

Mortgage Data

Bank 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% 3/28/24
30 Year Conventional Refi 6.80% 3/28/24
30 Year Cash-out Refi 7.08% 3/28/24
30 Year FHA Purchase 7.42% 3/28/24
15 Year Conventional Purchase 6.32% 3/28/24
15 Year Conventional Refi 5.66% 3/28/24
15 Year Cash-out Refi 5.66% 3/28/24
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.

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

627

Origination Dollar Volume (All Markets)

$224,765,000

Employee count

198

Awards

Unity Bank 30 Year Conventional Loans silver Unity Bank FHA Loans gold
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
    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