Unity Bank Mortgage Rates, Fees & Info

Clinton, NJ

LEI: 549300FNQXUCMCVLKL76

Tax ID: 22-3110915

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Bank Data

Review & Overview

Unity Bank is a smaller bank specializing in Home Purchase and Refi 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, Trenton, and Miami among others. We have data for 27 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 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.

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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

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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

932

Origination Dollar Volume (All Markets)

$386,200,000

Employee count

211

Awards

Unity Bank 30 Year Conventional Loans gold Unity Bank 30 Year Conventional Loans silver Unity Bank 30 Year Conventional Loans gold
Show all (3) 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) 765 $339,975,000 $444,412 $4,191 3.17%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 79 $15,615,000 $197,658 $3,422 3.09%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 30 $10,320,000 $344,000 $4,445 3.22%
Outside of Metro Areas 10 $4,780,000 $478,000 $4,618 3.95%
TRENTON-PRINCETON, NJ (FHA|USDA|VA) 11 $3,455,000 $314,091 $3,437 3.07%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 3 $2,345,000 $781,667 $6,713 4.33%
EAST STROUDSBURG, PA (FHA|USDA|VA) 3 $895,000 $298,333 $6,141 3.04%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 3 $855,000 $285,000 $2,744 2.71%
SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 4 $830,000 $207,500 $4,852 4.19%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $795,000 $795,000 $6,044 5.00%
PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $765,000 $765,000 $6,358 5.00%
OCEAN CITY, NJ (FHA|USDA|VA) 3 $725,000 $241,667 $3,086 2.92%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 3 $695,000 $231,667 $2,609 2.67%
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 3 $665,000 $221,667 $0 4.58%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $425,000 $425,000 $5,098 4.25%
KINGSTON, NY (FHA|USDA|VA) 1 $415,000 $415,000 $0 4.50%
UTICA-ROME, NY (FHA|USDA|VA) 1 $395,000 $395,000 $4,122 3.25%
ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 1 $315,000 $315,000 $0 4.38%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $305,000 $305,000 $4,048 3.63%
GAINESVILLE, FL (FHA|USDA|VA) 1 $265,000 $265,000 $3,372 2.75%
HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 1 $235,000 $235,000 $0 3.13%
Bennington, VT (FHA|USDA|VA) 1 $215,000 $215,000 $3,725 2.63%
READING, PA (FHA|USDA|VA) 1 $215,000 $215,000 $3,368 2.88%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $195,000 $195,000 $3,423 3.00%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $185,000 $185,000 $2,421 3.00%
ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 1 $175,000 $175,000 $4,136 2.88%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $145,000 $145,000 $2,487 2.88%
Unity Bank's top markets include New York, Allentown, Philadelphia, Trenton, and Miami among others.

Their top states include:
  • New Jersey (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)
  • New York (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Connecticut (FHA|USDA|VA)
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 925 $384,205,000 $415,357 $4,090 3.18%
    FHA 6 $1,900,000 $316,667 $9,835 3.13%
    HELOC 1 $95,000 $95,000 n/a 5.00%

    For 2021, Unity Bank's most frequently originated type of loan was Conventional, with 925 originations. Their 2nd most popular type was FHA, with 6 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 422 $202,020,000 $478,720 $4,952 3.51%
    Refi 344 $123,190,000 $358,110 $3,332 2.66%
    Cash Out Refi 162 $60,520,000 $373,580 $3,929 3.41%
    Other 4 $470,000 $117,500 $283 4.81%

    For 2021, Unity Bank's most frequently cited loan purpose was Home Purchase, with 422 originations. The 2nd most popular reason was Refi, with 344 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 684 $290,510,000 $424,722 $4,215 3.26%
    15 Year 162 $49,640,000 $306,420 $3,226 2.65%
    20 Year 36 $13,400,000 $372,222 $3,344 3.28%
    Other 30 $20,850,000 $695,000 $6,782 4.37%
    10 Year 16 $4,210,000 $263,125 $2,624 2.61%
    1 Year 3 $4,345,000 $1,448,333 $19,274 5.04%
    30+ year 1 $3,245,000 $3,245,000 $58,089 5.25%

    For 2021, Unity Bank's most frequently cited loan duration was 30 Year, with 684 originations. The 2nd most popular length was 15 Year, with 162 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 758 $304,000,000 $401,055
    $5k+ 23 $23,165,000 $1,007,174
    $1k-2k 14 $5,010,000 $357,857
    $2k-3k 11 $5,225,000 $475,000
    $3k-4k 3 $2,115,000 $705,000
    $4k-5k 3 $1,115,000 $371,667

    Unity Bank's average total fees were $4,215, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 758 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 317 $121,815,000 $384,274
    <2.5% 266 $86,490,000 $325,150
    3-4% 162 $70,500,000 $435,185
    4-5% 130 $68,570,000 $527,462
    5-6% 57 $38,825,000 $681,140

    During 2021, Unity Bank's average interest rate for loans was 3.26%, while their most frequently originated rate bucket for loans was 2.5-3%, with 317 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 404 $121,350,000 $300,371 $3,410 3.04%
    $400k-600k 262 $126,530,000 $482,939 $4,552 3.09%
    $100k-200k 131 $20,625,000 $157,443 $2,973 3.04%
    $600k-1MM 94 $69,580,000 $740,213 $5,895 3.77%
    $1MM+ 27 $46,885,000 $1,736,481 $11,803 4.55%
    $100,000 or less 14 $1,230,000 $87,857 $2,161 4.12%

    2021 saw Unity Bank place emphasis on $200k-400k loans with 404 originations, totaling $121,350,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 244 $106,410,000 $436,107 $4,073 3.01%
    $100k-150k 227 $80,735,000 $355,661 $3,693 2.94%
    $250k+ 151 $96,415,000 $638,510 $4,996 3.35%
    $75k-100k 131 $41,885,000 $319,733 $3,797 3.09%
    $50k-75k 92 $23,340,000 $253,696 $3,496 3.17%
    $50k or less 74 $28,690,000 $387,703 $4,720 4.11%

    Unity Bank lent most frequently to those with incomes in the $150k-250k range, with 244 originations. The second most popular income band? $100k-150k, with 227 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 194 $73,960,000 $381,237 $3,662 2.80%
    30-36% 130 $50,320,000 $387,077 $3,766 2.82%
    >60% 99 $52,005,000 $525,303 $5,845 4.64%
    <20% 90 $37,970,000 $421,889 $3,692 2.94%
    39% 39 $13,925,000 $357,051 $3,738 2.88%
    41% 32 $12,750,000 $398,438 $4,228 3.09%
    36% 31 $11,895,000 $383,710 $4,042 3.03%
    50-60% 31 $12,975,000 $418,548 $5,495 4.27%
    43% 30 $10,920,000 $364,000 $3,630 2.89%
    38% 27 $9,605,000 $355,741 $3,741 2.72%
    45% 27 $12,495,000 $462,778 $4,147 3.05%
    37% 26 $11,670,000 $448,846 $3,990 2.99%
    48% 26 $10,000,000 $384,615 $3,610 2.99%
    49% 24 $8,800,000 $366,667 $4,077 3.17%
    46% 22 $9,140,000 $415,455 $3,747 2.97%
    42% 22 $9,390,000 $426,818 $4,837 3.23%
    47% 20 $6,380,000 $319,000 $3,329 2.72%
    44% 20 $9,500,000 $475,000 $4,821 3.16%
    40% 16 $6,690,000 $418,125 $4,314 2.94%

    Unity Bank lent most frequently to those with DTI ratios of 20-30%, with 194 originations. The next most common DTI ratio? 30-36%, with 130 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 663 $279,125,000 $421,003 $4,046 3.21%
    Asian 169 $64,735,000 $383,047 $4,020 2.99%
    Not provided 54 $21,550,000 $399,074 $4,309 3.48%
    Black 34 $12,830,000 $377,353 $4,081 2.91%
    Not applicable 5 $5,635,000 $1,127,000 $16,817 4.95%
    Asian Indian 6 $2,050,000 $341,667 $3,960 3.15%
    Filipino 1 $275,000 $275,000 $2,891 2.50%

    Approval Rates

    Total approvals of all applications
    97.24%

    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 origination
    91.31%

    Unity Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 932 $386,200,000 $414,378

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    932 $386,200,000 $414,378

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 63 $17,145,000 $272,143 $3,139 3.00%
    40-60% 203 $67,855,000 $334,261 $3,491 2.80%
    60-80% 464 $209,870,000 $452,306 $4,384 3.39%
    80-100% 194 $90,170,000 $464,794 $4,653 3.18%
    Under 20% 8 $1,160,000 $145,000 $2,371 2.84%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Unity Bank 104 Raritan Avenue Highland Park, NJ 8901 Full Service B&M $76,604
    Unity Bank 12 Mountain Avenue Somerville, NJ 8876 Full Service B&M $80,750
    Unity Bank 120 Cedar Grove Lane Somerset, NJ 8873 Full Service B&M $70,900
    Unity Bank 1225 Us - 22 W Phillipsburg, NJ 8865 Full Service B&M $39,402
    Unity Bank 1230 Bound Brook Road Middlesex, NJ 8846 Full Service B&M $62,373
    Unity Bank 157 Main Street Flemington, NJ 8822 Full Service B&M $91,082
    Unity Bank 1700 Sullivan Trail Easton, PA 18040 Full Service B&M $52,173
    Unity Bank 1746 Oak Tree Road Edison, NJ 8820 Full Service B&M $86,746
    Unity Bank 2222 South Avenue Scotch Plains Township, NJ 7076 Full Service B&M $83,915
    Unity Bank 2426 Plainfield Avenue South Plainfield, NJ 7080 Full Service B&M $41,873
    Unity Bank 2850 Easton Ave Bethlehem, PA 18017 Full Service B&M $7,975
    Unity Bank 370 Route 22 Whitehouse Station, NJ 8889 Full Service B&M $101,064
    Unity Bank 4 Emerson Plaza West Emerson, NJ 7630 Full Service B&M $47,801
    Unity Bank 450 Somerset Street North Plainfield, NJ 7060 Full Service B&M $112,833
    Unity Bank 475 Franklin Tpke. Ramsey, NJ 7446 Full Service B&M $23,597
    Unity Bank 5 East Asbury Anderson Road Washington, NJ 7882 Full Service B&M $73,423
    Unity Bank 628 North Wood Avenue Linden, NJ 7036 Full Service B&M $55,624
    Unity Bank 64 Old Highway 22 Clinton, NJ 8809 Full Service B&M $445,043
    Unity Bank 952 Stuyvesant Avenue Union Township, NJ 7083 Full Service B&M $42,327

    For 2021, Unity Bank had 19 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $86,988
    Net interest income $79,503
    Total noninterest income $9,130
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $1,329
    Trading account gains and fees $0
    Additional Noninterest Income $7,801
    Pre-tax net operating income $46,259
    Securities gains (or losses, -) $16
    Income before extraordinary items $34,489
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $34,489
    Minority interest net income $0
    Net income $34,489
    Sale, conversion, retirement of capital stock, net $1,617
    Net operating income $34,476

    Unity Bank's gross interest income from loans was $86,988,000.
    Unity Bank's net interest income from loans was $79,503,000.
    Unity Bank's fee based income from loans was $1,329,000.
    Unity Bank's net income from loans was $34,489,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $7,485
    Provision for credit losses $181
    Total noninterest expense $42,193
    Salaries and employee benefits $24,867
    Premises and equipment expense $5,418
    Additional noninterest expense $11,908
    Applicable income taxes $11,786
    Net charge-offs $984
    Cash dividends $11,291

    Unity Bank's interest expense for loans was $7,485,000.
    Unity Bank's payroll and benefits expense were $24,867,000.
    Unity Bank's property, plant and equipment expenses $5,418,000.

    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 1.0%
    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 1.0%
    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 $1,760,270
    Deposits held in domestic offices $1,760,270
    Deposits by Individuals, partnerships, and corporations $1,507,288
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $247,728
    Deposits by Commercial banks and other depository institutions in U.S. $5,254
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $773,661
    Demand deposits $529,589
    Nontransaction accounts $986,609
    Money market deposit accounts (MMDAs) $89,998
    Other savings deposits (excluding MMDAs) $605,190
    Total time deposits $291,420
    Total time and savings deposits $1,230,681
    Noninterest-bearing deposits $529,589
    Interest-bearing deposits $1,230,681
    Retail deposits $1,606,135
    IRAs and Keogh plan accounts $33,608
    Brokered deposits $125,784
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $2,022,383
    Cash & Balances due from depository institutions $239,653
    Interest-bearing balances $213,638
    Total securities $74,280
    Federal funds sold & reverse repurchase $0
    Net loans and leases $1,630,005
    Loan and leases loss allowance $22,302
    Trading account assets $0
    Bank premises and fixed assets $21,405
    Other real estate owned $0
    Goodwill and other intangibles $2,529
    All other assets $54,511

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $2,022,383
    Total Liabilities $1,817,977
    Total deposits $1,760,270
    Interest-bearing deposits $1,230,681
    Deposits held in domestic offices $1,760,270
    % insured (estimated) $58
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $40,000
    Subordinated debt $0
    All other liabilities $17,707

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $1,630,005
    Loan and leases loss allowance $22,302
    Total loans and leases (domestic) $1,652,307
    All real estate loans $1,514,191
    Real estate loans in domestic offices $1,514,191
    Construction and development loans $240,480
    Residential 1-4 family construction $139,864
    Other construction, all land development and other land $100,616
    Loans secured by nonfarm nonresidential properties $776,885
    Nonfarm nonresidential secured by owner-occupied properties $452,435
    Commercial real estate & other non-farm, non-residential $324,450
    Multifamily residential real estate $0
    1-4 family residential loans $496,746
    Farmland loans $80
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $125,379
    To non-U.S. addressees $0
    Loans to individuals $12,544
    Credit card loans $0
    Related Plans $214
    Consumer Auto Loans $477
    Other loans to individuals $11,853
    All other loans & leases $193
    Loans to foreign governments and official institutions $0
    Other loans $193
    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 $1,046
    Non 1-4 family restructured loans & leases $619
    Total loans and leases (foreign) $0

    Unity Bank had $1,630,005,000 of loans outstanding in 2021. $1,514,191,000 of loans were in real estate loans. $240,480,000 of loans were in development loans. $0 of loans were in multifamily mortgage loans. $496,746,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $477,000 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 867 $241,517 $278,566
    Nonfarm, nonresidential loans - <$100k 80 $2,775 $34,688
    Nonfarm, nonresidential loans - $100-250k 194 $23,520 $121,237
    Nonfarm, nonresidential loans - $250k-1MM 593 $215,222 $362,938
    Commercial & Industrial, US addressed loans - <$1MM 622 $67,886 $109,141
    Commercial & Industrial, US addressed loans - <$100k 298 $7,562 $25,376
    Commercial & Industrial, US addressed loans - $100-250k 156 $16,404 $105,154
    Commercial & Industrial, US addressed loans - $250k-1MM 168 $43,920 $261,429
    Farmland loans - <$1MM 1 $80 $80,000
    Farmland loans - <$100k 1 $80 $80,000
    Agriculture operations loans - <$1MM 80 $0 $0
    Agriculture operations loans - <$100k 80 $0 $0