Credit Union Of New Jersey Mortgage Rates, Fees & Info

Ewing, NJ

LEI: 549300NP3DNB1K9Z8513

Tax ID: 21-0628526

5 stars - Updated: 3/28/24 - out of 5 stars, based on 14 reviews

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

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Mortgage Data

Review & Overview

Credit Union Of New Jersey is a smaller credit union specializing in Home Improvement and Home Purchase loans. Credit Union Of New Jersey has a high proportion of conventional loans. Their top markets by origination volume include: Trenton, New York, Philadelphia, Vineland, and Ocean City among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)

Credit Union Of New Jersey has a below average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Credit Union Of New Jersey 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 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 6.54% 3/28/24
30 Year Conventional Refi 6.79% 3/28/24
30 Year Cash-out Refi 6.59% 3/28/24
15 Year Conventional Purchase 6.30% 3/28/24
15 Year Conventional Refi 6.48% 3/28/24
15 Year Cash-out Refi 6.48% 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.

Credit Union Of New Jersey Mortgage Calculator






Your Estimates

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

This is not an official calculator from Credit Union Of New Jersey. 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

183

Origination Dollar Volume (All Markets)

$22,485,000

Relative Rate

Credit Union Of New Jersey's average 30 year fixed mortgage rate was 6.64%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 0.16%.

Relative Fees (Closing Costs)

Credit Union Of New Jersey's average total fees/closing costs for a 30 year fixed rate mortgage were $4,504.

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 $9,089.

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
TRENTON-PRINCETON, NJ (FHA|USDA|VA) 74 $8,990,000 $121,486 $4,374 6.71%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 46 $7,840,000 $170,435 $4,611 6.76%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 48 $4,210,000 $87,708 $3,441 6.82%
VINELAND-BRIDGETON, NJ (FHA|USDA|VA) 7 $615,000 $87,857 $2,378 6.46%
OCEAN CITY, NJ (FHA|USDA|VA) 2 $480,000 $240,000 $3,623 7.68%
Outside of Metro Areas 1 $145,000 $145,000 $2,029 5.88%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 3 $105,000 $35,000 $0 7.07%
Seneca Falls, NY (FHA|USDA|VA) 1 $55,000 $55,000 $0 0.00%
DOVER, DE (FHA|USDA|VA) 1 $45,000 $45,000 $0 6.74%
Credit Union Of New Jersey's top markets include Trenton, New York, Philadelphia, Vineland, and Ocean City among others.

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

    We use machine learning to identify the top lenders compared against CREDIT UNION OF NEW JERSEY based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Republic Bank
    Similarity Rank: 21
    N C P D Federal Credit Union
    Similarity Rank: 126
    County Savings Bank
    Similarity Rank: 135
    GREATER ALLIANCE
    Similarity Rank: 168
    Blue Foundry Bank
    Similarity Rank: 188
    PCSB Bank
    Similarity Rank: 207
    LYONS MORTGAGE SERVICES, INC.
    Similarity Rank: 267
    Columbia Bank
    Similarity Rank: 312

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 183 $22,485,000 $122,869 $4,089 6.75%

    For 2023, Credit Union Of New Jersey's most frequently originated type of loan was Conventional, with 183 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 142 $11,470,000 $80,775 $0 6.84%
    Home Purchase 24 $9,350,000 $389,583 $4,323 6.47%
    Other 12 $1,160,000 $96,667 $0 6.16%
    Cash Out Refi 3 $345,000 $115,000 $2,336 6.38%
    Refi 2 $160,000 $80,000 $0 0.00%

    For 2023, Credit Union Of New Jersey's most frequently cited loan purpose was Home Improvement, with 142 originations. The 2nd most popular reason was Home Purchase, with 24 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 72 $5,900,000 $81,944 $2,740 7.17%
    20 Year 38 $4,800,000 $126,316 $2,744 6.80%
    30 Year 24 $9,200,000 $383,333 $4,504 6.64%
    10 Year 22 $1,380,000 $62,727 $0 6.33%
    Other 14 $680,000 $48,571 $0 6.13%
    5 Year 13 $525,000 $40,385 $0 5.78%

    For 2023, Credit Union Of New Jersey's most frequently cited loan duration was 15 Year, with 72 originations. The 2nd most popular length was 20 Year, with 38 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 17 $5,945,000 $349,706

    Credit Union Of New Jersey's average total fees were $4,504, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 17 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 81 $8,045,000 $99,321
    5-6% 41 $3,645,000 $88,902
    7-8% 28 $5,200,000 $185,714
    Over 8% 21 $1,685,000 $80,238

    During 2023, Credit Union Of New Jersey's average interest rate for loans was 6.64%, while their most frequently originated rate bucket for loans was 6-7%, with 81 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 123 $6,365,000 $51,748 $2,818 6.72%
    $100k-200k 33 $4,645,000 $140,758 $2,233 6.92%
    $200k-400k 16 $4,230,000 $264,375 $3,984 6.70%
    $400k-600k 7 $3,435,000 $490,714 $5,065 6.28%
    $600k-1MM 3 $1,905,000 $635,000 $6,821 7.25%
    $1MM+ 1 $1,905,000 $1,905,000 $10,691 7.38%

    2023 saw Credit Union Of New Jersey place emphasis on $100,000 or less loans with 123 originations, totaling $6,365,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $75k-100k 46 $4,440,000 $96,522 $3,628 6.57%
    $100k-150k 41 $3,625,000 $88,415 $3,299 6.80%
    $50k-75k 40 $3,160,000 $79,000 $2,627 6.94%
    $50k or less 26 $1,800,000 $69,231 $2,884 6.55%
    $150k-250k 22 $5,790,000 $263,182 $5,170 6.98%
    $250k+ 8 $3,670,000 $458,750 $7,975 6.83%

    Credit Union Of New Jersey lent most frequently to those with incomes in the $75k-100k range, with 46 originations. The second most popular income band? $100k-150k, with 41 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 33 $4,945,000 $149,848 $5,081 6.66%
    20-30% 31 $3,605,000 $116,290 $5,065 6.20%
    40% 13 $1,135,000 $87,308 $2,108 6.62%
    <20% 13 $695,000 $53,462 $0 6.07%
    42% 11 $1,145,000 $104,091 $4,089 6.99%
    38% 11 $825,000 $75,000 $2,029 7.00%
    43% 10 $1,240,000 $124,000 $6,821 7.29%
    39% 8 $700,000 $87,500 $2,293 7.34%
    41% 7 $1,095,000 $156,429 $3,441 6.71%
    46% 7 $535,000 $76,429 $2,378 7.67%
    48% 5 $655,000 $131,000 $4,039 7.19%
    36% 5 $185,000 $37,000 $0 6.44%
    37% 5 $395,000 $79,000 $0 7.44%
    47% 4 $660,000 $165,000 $0 7.24%
    49% 3 $265,000 $88,333 $0 7.24%
    >60% 2 $220,000 $110,000 $0 6.12%
    44% 2 $160,000 $80,000 $2,744 7.37%
    45% 1 $115,000 $115,000 $0 8.74%

    Credit Union Of New Jersey lent most frequently to those with DTI ratios of 30-36%, with 33 originations. The next most common DTI ratio? 20-30%, with 31 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 90 $9,690,000 $107,667 $3,615 6.68%
    Asian 11 $5,905,000 $536,818 $8,756 6.62%
    Not provided 38 $3,470,000 $91,316 $4,245 6.64%
    Black 42 $3,280,000 $78,095 $3,045 7.06%
    Other Asian 1 $85,000 $85,000 $0 6.74%
    Native Hawaiian or Islander 1 $55,000 $55,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    60.38%

    Credit Union Of New Jersey has a low approval rate. They may have poor market targeting or stringent lending standards.

    Pick Rate

    Approvals leading to origination
    96.72%

    Credit Union Of New Jersey 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 183 $22,485,000 $122,869

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    183 $22,485,000 $122,869

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 44 $4,650,000 $105,682 $3,027 6.94%
    40-60% 9 $2,205,000 $245,000 $2,378 6.49%
    60-80% 11 $3,835,000 $348,636 $4,329 6.41%
    80-100% 9 $2,875,000 $319,444 $4,226 6.67%
    Under 20% 98 $5,010,000 $51,122 $0 6.74%