Unity Bank Mortgage Rates, Fees & Info
Clinton, NJLEI: 549300FNQXUCMCVLKL76
Tax ID: 22-3110915
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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, Ocean City, Philadelphia, and Trenton among others. We have data for 17 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.92% | 11/21/24 |
| 30 Year Conventional Refi | 6.80% | 11/21/24 |
| 30 Year Cash-out Refi | 7.08% | 11/21/24 |
| 30 Year FHA Purchase | 7.42% | 11/21/24 |
| 15 Year Conventional Purchase | 6.32% | 11/21/24 |
| 15 Year Conventional Refi | 5.66% | 11/21/24 |
| 15 Year Cash-out Refi | 5.66% | 11/21/24 |
| 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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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
660Origination Dollar Volume (All Markets)
$257,360,000Employee count
203Awards
Unity Bank - 2019
Unity Bank is a 2019 , due to their low .
For 2019, less than of lenders were eligible for this award.
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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) | 591 | $237,795,000 | $402,360 | $5,240 | 4.82% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 36 | $8,020,000 | $222,778 | $3,809 | 4.84% |
| OCEAN CITY, NJ (FHA|USDA|VA) | 5 | $3,725,000 | $745,000 | $6,203 | 5.23% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 8 | $2,470,000 | $308,750 | $3,745 | 4.97% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 4 | $1,840,000 | $460,000 | $5,378 | 5.44% |
| EAST STROUDSBURG, PA (FHA|USDA|VA) | 4 | $670,000 | $167,500 | $4,178 | 5.06% |
| ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) | 2 | $410,000 | $205,000 | $4,116 | 5.31% |
| LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $3,902 | 5.13% |
| LANCASTER, PA (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $4,160 | 4.00% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $3,105 | 3.75% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $11,303 | 5.13% |
| POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $9,033 | 3.75% |
| Outside of Metro Areas | 1 | $245,000 | $245,000 | $3,768 | 3.88% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $2,036 | 3.75% |
| Hudson, NY (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $4,146 | 5.50% |
| Jefferson, GA (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $2,435 | 3.63% |
| SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $2,343 | 3.75% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 644 | $251,460,000 | $390,466 | $5,007 | 4.84% |
| FHA | 15 | $5,645,000 | $376,333 | $10,444 | 3.78% |
| HELOC | 1 | $255,000 | $255,000 | n/a | 6.75% |
For 2019, Unity Bank's most frequently originated type of loan was Conventional, with 644 originations. Their 2nd most popular type was FHA, with 15 originations.
Loan Reason
For 2019, Unity Bank's most frequently cited loan purpose was Home Purchase, with 413 originations. The 2nd most popular reason was Refi, with 119 originations.
Loan Duration/Length
For 2019, Unity Bank's most frequently cited loan duration was 30 Year, with 542 originations. The 2nd most popular length was 15 Year, with 86 originations.
Origination Fees/Closing Costs
Unity Bank's average total fees were $5,405, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 455 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 205 | $71,515,000 | $348,854 |
| 5-6% | 200 | $83,980,000 | $419,900 |
| 4-5% | 163 | $67,155,000 | $411,994 |
| 6-7% | 86 | $32,960,000 | $383,256 |
| 2.5-3% | 5 | $1,305,000 | $261,000 |
During 2019, Unity Bank's average interest rate for loans was 4.86%, while their most frequently originated rate bucket for loans was 3-4%, with 205 originations.
Loan Sizing
2019 saw Unity Bank place emphasis on $200k-400k loans with 290 originations, totaling $87,020,000 in origination value.
Applicant Income
Unity Bank lent most frequently to those with incomes in the $100k-150k range, with 156 originations. The second most popular income band? $150k-250k, with 146 originations.
Applicant Debt to Income Ratio
Unity Bank lent most frequently to those with DTI ratios of >60%, with 186 originations. The next most common DTI ratio? 20-30%, with 84 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.95%
Unity Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination97.42%
Unity Bank has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 660 | $257,360,000 | $389,939 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Multifamily:Site-Built | 7 | $3,635,000 | $519,286 |
| Single Family (1-4 Units):Site-Built | 653 | $253,725,000 | $388,553 |
LTV Distribution
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| Unity Bank | 104 Raritan Avenue Highland Park, NJ 8901 | Full Service B&M | $72,195 |
| Unity Bank | 12 Mountain Avenue Somerville, NJ 8876 | Full Service B&M | $45,376 |
| Unity Bank | 120 Cedar Grove Lane Somerset, NJ 8873 | Full Service B&M | $53,625 |
| Unity Bank | 1225 Us - 22 W Phillipsburg, NJ 8865 | Full Service B&M | $37,331 |
| Unity Bank | 1230 Bound Brook Road Middlesex, NJ 8846 | Full Service B&M | $48,669 |
| Unity Bank | 157 Main Street Flemington, NJ 8822 | Full Service B&M | $86,278 |
| Unity Bank | 1700 Sullivan Trail Easton, PA 18040 | Full Service B&M | $48,427 |
| Unity Bank | 1746 Oak Tree Road Edison, NJ 8820 | Full Service B&M | $74,142 |
| Unity Bank | 2222 South Avenue Scotch Plains Township, NJ 7076 | Full Service B&M | $67,245 |
| Unity Bank | 2426 Plainfield Avenue South Plainfield, NJ 7080 | Full Service B&M | $35,368 |
| Unity Bank | 2850 Easton Ave Bethlehem, PA 18017 | Full Service B&M | $10,182 |
| Unity Bank | 370 Route 22 Whitehouse Station, NJ 8889 | Full Service B&M | $76,643 |
| Unity Bank | 4 Emerson Plaza West Emerson, NJ 7630 | Full Service B&M | $34,754 |
| Unity Bank | 450 Somerset Street North Plainfield, NJ 7060 | Full Service B&M | $83,108 |
| Unity Bank | 475 Franklin Tpke. Ramsey, NJ 7446 | Full Service B&M | $12,075 |
| Unity Bank | 5 East Asbury Anderson Road Washington, NJ 7882 | Full Service B&M | $78,592 |
| Unity Bank | 628 North Wood Avenue Linden, NJ 7036 | Full Service B&M | $37,097 |
| Unity Bank | 64 Old Highway 22 Clinton, NJ 8809 | Full Service B&M | $331,813 |
| Unity Bank | 952 Stuyvesant Avenue Union Township, NJ 7083 | Full Service B&M | $32,712 |
For 2019, Unity Bank had 19 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $77,006 |
| Net interest income | $59,315 |
| Total noninterest income | $7,766 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $1,678 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $6,088 |
| Pre-tax net operating income | $29,052 |
| Securities gains (or losses, -) | $63 |
| Income before extraordinary items | $22,542 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $22,542 |
| Minority interest net income | $0 |
| Net income | $22,542 |
| Sale, conversion, retirement of capital stock, net | $1,271 |
| Net operating income | $22,492 |
Unity Bank's gross interest income from loans was $77,006,000.
Unity Bank's net interest income from loans was $59,315,000.
Unity Bank's fee based income from loans was $1,678,000.
Unity Bank's net income from loans was $22,542,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $17,691 |
| Provision for credit losses | $2,100 |
| Total noninterest expense | $35,929 |
| Salaries and employee benefits | $20,779 |
| Premises and equipment expense | $5,606 |
| Additional noninterest expense | $9,544 |
| Applicable income taxes | $6,573 |
| Net charge-offs | $1,193 |
| Cash dividends | $3,308 |
Unity Bank's interest expense for loans was $17,691,000.
Unity Bank's payroll and benefits expense were $20,779,000.
Unity Bank's property, plant and equipment expenses $5,606,000.
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 | $1,252,165 |
| Deposits held in domestic offices | $1,252,165 |
| Deposits by Individuals, partnerships, and corporations | $1,103,057 |
| Deposits by U.S. Government | $6,751 |
| Deposits by States and political subdivisions in the U.S. | $130,308 |
| Deposits by Commercial banks and other depository institutions in U.S. | $12,049 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $439,666 |
| Demand deposits | $280,490 |
| Nontransaction accounts | $812,499 |
| Money market deposit accounts (MMDAs) | $17,160 |
| Other savings deposits (excluding MMDAs) | $391,137 |
| Total time deposits | $404,202 |
| Total time and savings deposits | $971,675 |
| Noninterest-bearing deposits | $280,490 |
| Interest-bearing deposits | $971,675 |
| Retail deposits | $1,097,242 |
| IRAs and Keogh plan accounts | $40,440 |
| Brokered deposits | $79,121 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $1,712,368 |
| Cash & Balances due from depository institutions | $154,165 |
| Interest-bearing balances | $133,084 |
| Total securities | $65,209 |
| Federal funds sold & reverse repurchase | $0 |
| Net loans and leases | $1,411,467 |
| Loan and leases loss allowance | $16,395 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $19,909 |
| Other real estate owned | $1,723 |
| Goodwill and other intangibles | $3,542 |
| All other assets | $56,353 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $1,712,368 |
| Total Liabilities | $1,549,223 |
| Total deposits | $1,252,165 |
| Interest-bearing deposits | $971,675 |
| Deposits held in domestic offices | $1,252,165 |
| % insured (estimated) | $64 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $285,824 |
| Subordinated debt | $0 |
| All other liabilities | $11,234 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $1,411,467 |
| Loan and leases loss allowance | $16,395 |
| Total loans and leases (domestic) | $1,427,862 |
| All real estate loans | $1,343,547 |
| Real estate loans in domestic offices | $1,343,547 |
| Construction and development loans | $131,954 |
| Residential 1-4 family construction | $85,174 |
| Other construction, all land development and other land | $46,780 |
| Loans secured by nonfarm nonresidential properties | $643,672 |
| Nonfarm nonresidential secured by owner-occupied properties | $389,697 |
| Commercial real estate & other non-farm, non-residential | $253,975 |
| Multifamily residential real estate | $0 |
| 1-4 family residential loans | $567,841 |
| Farmland loans | $80 |
| Loans held in foreign offices | $0 |
| Farm loans | $0 |
| Commercial and industrial loans | $81,933 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $1,280 |
| Credit card loans | $0 |
| Related Plans | $221 |
| Consumer Auto Loans | $331 |
| Other loans to individuals | $728 |
| All other loans & leases | $1,102 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $1,102 |
| 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 | $705 |
| Non 1-4 family restructured loans & leases | $705 |
| Total loans and leases (foreign) | $0 |
Unity Bank had $1,411,467,000 of loans outstanding in 2019. $1,343,547,000 of loans were in real estate loans. $131,954,000 of loans were in development loans. $0 of loans were in multifamily mortgage loans. $567,841,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $331,000 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 | 907 | $226,970 | $250,243 |
| Nonfarm, nonresidential loans - <$100k | 92 | $3,203 | $34,815 |
| Nonfarm, nonresidential loans - $100-250k | 216 | $27,029 | $125,134 |
| Nonfarm, nonresidential loans - $250k-1MM | 599 | $196,738 | $328,444 |
| Commercial & Industrial, US addressed loans - <$1MM | 380 | $43,933 | $115,613 |
| Commercial & Industrial, US addressed loans - <$100k | 144 | $3,631 | $25,215 |
| Commercial & Industrial, US addressed loans - $100-250k | 113 | $9,455 | $83,673 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 123 | $30,847 | $250,789 |
| Farmland loans - <$1MM | 2 | $80 | $40,000 |
| Farmland loans - <$100k | 2 | $80 | $40,000 |