Kearny Bank Mortgage Rates, Fees & Info

Kearny, NJ

LEI: 549300N6U5XCH70TOK35

Tax ID: 22-1032860

5 stars - Updated: 12/10/23 - out of 5 stars, based on 32 reviews

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

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Mortgage Data

Review & Overview

Kearny Bank is a small bank specializing in Home Purchase and Refi loans. Kearny Bank has a high proportion of conventional loans. Their top markets by origination volume include: New York, Philadelphia, Springfield, Allentown, and Trenton among others. We have data for 28 markets. (Some data included below & more in-depth data is available with an active subscription.)

Kearny Bank has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Kearny 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.

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 5.63% 12/10/23
30 Year Conventional Refi 6.04% 12/10/23
30 Year Cash-out Refi 6.24% 12/10/23
15 Year Conventional Purchase 5.44% 12/10/23
15 Year Conventional Refi 5.72% 12/10/23
15 Year Cash-out Refi 5.72% 12/10/23
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.

Kearny Bank Mortgage Calculator






Your Estimates

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

This is not an official calculator from Kearny 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

1,015

Origination Dollar Volume (All Markets)

$1,339,095,000
Show all (6) awards

Relative Rate

Kearny Bank's average 30 year fixed mortgage rate was 4.27%.

The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

This yields a difference of -0.49%.

Relative Fees (Closing Costs)

Kearny Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $5,638.

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 $4,750.

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) 918 $1,141,410,000 $1,243,366 $4,648 4.20%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 35 $112,695,000 $3,219,857 $5,378 4.25%
SPRINGFIELD, MA (FHA|USDA|VA) 1 $13,935,000 $13,935,000 $0 3.90%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 6 $11,730,000 $1,955,000 $3,757 4.10%
TRENTON-PRINCETON, NJ (FHA|USDA|VA) 18 $11,510,000 $639,444 $5,099 4.08%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 3 $10,635,000 $3,545,000 $6,446 5.04%
HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 1 $10,505,000 $10,505,000 $0 3.00%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 7 $5,355,000 $765,000 $5,277 4.34%
Cortland, NY (FHA|USDA|VA) 1 $5,185,000 $5,185,000 $0 3.25%
OCEAN CITY, NJ (FHA|USDA|VA) 2 $3,340,000 $1,670,000 $8,262 5.31%
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 2 $2,830,000 $1,415,000 $3,194 3.56%
Outside of Metro Areas 2 $2,030,000 $1,015,000 $4,650 3.00%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 3 $1,165,000 $388,333 $7,269 4.46%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 2 $1,050,000 $525,000 $6,614 5.63%
ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 1 $905,000 $905,000 $5,918 3.25%
NORWICH-NEW LONDON, CT (FHA|USDA|VA) 1 $655,000 $655,000 $4,044 5.38%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 1 $585,000 $585,000 $6,124 5.13%
Hudson, NY (FHA|USDA|VA) 1 $535,000 $535,000 $7,385 4.88%
AKRON, OH (FHA|USDA|VA) 1 $535,000 $535,000 $5,746 5.50%
ASHEVILLE, NC (FHA|USDA|VA) 1 $395,000 $395,000 $2,873 4.13%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $365,000 $365,000 $4,762 3.25%
EAST STROUDSBURG, PA (FHA|USDA|VA) 1 $355,000 $355,000 $8,462 5.63%
WILMINGTON, NC (FHA|USDA|VA) 1 $315,000 $315,000 $3,316 5.25%
Rutland, VT (FHA|USDA|VA) 1 $305,000 $305,000 $4,562 3.25%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $295,000 $295,000 $2,726 6.50%
RALEIGH-CARY, NC (FHA|USDA|VA) 1 $205,000 $205,000 $2,184 4.88%
SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 1 $165,000 $165,000 $0 6.50%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $105,000 $105,000 $3,597 5.13%
Kearny Bank's top markets include New York, Philadelphia, Springfield, Allentown, and Trenton among others.

Their top states include:
  • New Jersey (FHA|USDA|VA)
  • New York (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)
  • Massachusetts (FHA|USDA|VA)
  • Connecticut (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against Kearny 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 1,015 $1,339,095,000 $1,319,305 $4,702 4.21%

    For 2022, Kearny Bank's most frequently originated type of loan was Conventional, with 1,015 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 644 $475,510,000 $738,370 $5,721 4.34%
    Refi 179 $802,785,000 $4,484,832 $2,906 3.64%
    Home Improvement 88 $9,780,000 $111,136 $362 4.76%
    Cash Out Refi 74 $46,410,000 $627,162 $4,669 3.67%
    Other 30 $4,610,000 $153,667 $1,297 4.46%

    For 2022, Kearny Bank's most frequently cited loan purpose was Home Purchase, with 644 originations. The 2nd most popular reason was Refi, with 179 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 691 $431,845,000 $624,957 $5,638 4.27%
    10 Year 106 $654,380,000 $6,173,396 $653 3.83%
    15 Year 86 $32,490,000 $377,791 $2,929 4.00%
    20 Year 70 $14,840,000 $212,000 $1,180 4.71%
    5 Year 54 $146,500,000 $2,712,963 $181 3.91%
    Other 7 $55,535,000 $7,933,571 $4,499 3.79%
    3 Year 1 $3,505,000 $3,505,000 $0 4.25%

    For 2022, Kearny Bank's most frequently cited loan duration was 30 Year, with 691 originations. The 2nd most popular length was 10 Year, with 106 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 783 $431,905,000 $551,603
    $1k-2k 47 $17,265,000 $367,340
    $2k-3k 15 $6,545,000 $436,333
    $3k-4k 11 $3,775,000 $343,182
    $5k+ 9 $4,815,000 $535,000
    $4k-5k 6 $2,530,000 $421,667

    Kearny Bank's average total fees were $5,638, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 783 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 383 $237,845,000 $621,005
    3-4% 277 $452,535,000 $1,633,700
    2.5-3% 169 $559,715,000 $3,311,923
    5-6% 140 $68,780,000 $491,286
    6-7% 32 $14,380,000 $449,375
    <2.5% 10 $4,880,000 $488,000
    7-8% 4 $960,000 $240,000

    During 2022, Kearny Bank's average interest rate for loans was 4.27%, while their most frequently originated rate bucket for loans was 4-5%, with 383 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $600k-1MM 302 $228,110,000 $755,331 $6,018 3.97%
    $200k-400k 211 $63,815,000 $302,441 $3,982 4.43%
    $1MM+ 190 $960,740,000 $5,056,526 $7,714 3.67%
    $400k-600k 144 $69,840,000 $485,000 $5,426 4.58%
    $100,000 or less 88 $4,910,000 $55,795 $439 4.57%
    $100k-200k 80 $11,680,000 $146,000 $1,905 4.72%

    2022 saw Kearny Bank place emphasis on $600k-1MM loans with 302 originations, totaling $228,110,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 313 $166,975,000 $533,466 $4,747 4.28%
    $250k+ 258 $215,390,000 $834,845 $6,010 4.09%
    $100k-150k 167 $59,625,000 $357,036 $4,176 4.56%
    $75k-100k 84 $23,690,000 $282,024 $3,642 4.38%
    $50k-75k 53 $11,245,000 $212,170 $2,914 4.17%
    $50k or less 17 $1,665,000 $97,941 $1,813 4.15%

    Kearny Bank lent most frequently to those with incomes in the $150k-250k range, with 313 originations. The second most popular income band? $250k+, with 258 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 195 $110,665,000 $567,513 $4,688 4.17%
    30-36% 182 $96,720,000 $531,429 $4,601 4.30%
    42% 61 $33,815,000 $554,344 $4,729 4.28%
    40% 51 $27,575,000 $540,686 $4,822 4.45%
    39% 48 $26,690,000 $556,042 $4,678 4.13%
    41% 47 $22,655,000 $482,021 $4,317 4.34%
    43% 38 $19,400,000 $510,526 $4,255 4.45%
    <20% 36 $22,120,000 $614,444 $4,537 4.03%
    49% 34 $17,340,000 $510,000 $5,394 4.13%
    36% 33 $15,745,000 $477,121 $4,561 4.56%
    44% 31 $13,145,000 $424,032 $4,325 4.61%
    38% 31 $13,485,000 $435,000 $4,101 4.07%
    37% 28 $14,570,000 $520,357 $6,248 4.42%
    45% 24 $14,110,000 $587,917 $5,547 4.18%
    46% 22 $15,570,000 $707,727 $5,957 3.99%
    48% 15 $6,905,000 $460,333 $4,465 4.78%
    47% 15 $7,335,000 $489,000 $5,094 4.34%
    50-60% 2 $970,000 $485,000 $5,662 5.31%

    Kearny Bank lent most frequently to those with DTI ratios of 20-30%, with 195 originations. The next most common DTI ratio? 30-36%, with 182 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 113 $858,085,000 $7,593,673 $0 3.64%
    White 530 $272,580,000 $514,302 $4,588 4.27%
    Asian 180 $124,260,000 $690,333 $5,880 4.06%
    Not provided 118 $46,150,000 $391,102 $3,191 4.53%
    Black 39 $16,075,000 $412,179 $4,287 4.29%
    Asian Indian 24 $15,360,000 $640,000 $6,076 4.68%
    Other Asian 5 $3,315,000 $663,000 $5,810 4.88%
    American Indian 5 $2,445,000 $489,000 $5,681 4.88%
    Chinese 1 $825,000 $825,000 $7,062 5.25%

    Approval Rates

    Total approvals of all applications
    94.20%

    Kearny Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    72.51%

    Kearny Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,015 $1,339,095,000 $1,319,305

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,015 $1,339,095,000 $1,319,305

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 68 $18,820,000 $276,765 $2,894 4.10%
    40-60% 116 $203,500,000 $1,754,310 $4,480 3.88%
    60-80% 393 $908,525,000 $2,311,768 $5,882 4.12%
    80-100% 327 $198,515,000 $607,080 $5,577 4.30%
    Under 20% 111 $9,735,000 $87,703 $366 4.69%