Credit Union Of New Jersey Mortgage Rates, Fees & Info

Ewing, NJ

LEI: 549300NP3DNB1K9Z8513

Tax ID: 21-0628526

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • 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, Philadelphia, New York, Atlantic City, and Charlotte among others. We have data for 10 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 a below 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 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 6.54% 4/28/24
    30 Year Conventional Refi 6.79% 4/28/24
    30 Year Cash-out Refi 6.59% 4/28/24
    15 Year Conventional Purchase 6.30% 4/28/24
    15 Year Conventional Refi 6.48% 4/28/24
    15 Year Cash-out Refi 6.48% 4/28/24
    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)

    $17,575,000

    Awards

    CREDIT UNION OF NEW JERSEY 30 Year Conventional Loans gold CREDIT UNION OF NEW JERSEY 30 Year Conventional 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
    TRENTON-PRINCETON, NJ (FHA|USDA|VA) 75 $6,485,000 $86,467 $2,779 5.22%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 53 $5,265,000 $99,340 $2,882 5.24%
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 41 $4,785,000 $116,707 $3,116 5.22%
    ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 3 $335,000 $111,667 $2,251 5.44%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $275,000 $275,000 $2,522 6.13%
    ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 4 $170,000 $42,500 $0 5.71%
    VINELAND-BRIDGETON, NJ (FHA|USDA|VA) 3 $115,000 $38,333 $1,932 5.33%
    OCEAN CITY, NJ (FHA|USDA|VA) 1 $85,000 $85,000 $0 5.43%
    JACKSONVILLE, NC (FHA|USDA|VA) 1 $45,000 $45,000 $1,993 4.25%
    SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 1 $15,000 $15,000 $0 5.28%
    Credit Union Of New Jersey's top markets include Trenton, Philadelphia, New York, Atlantic City, and Charlotte among others.

    Their top states include:
  • New Jersey (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)
  • North Carolina (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.

    N C P D Federal Credit Union
    Similarity Rank: 55
    Iron Workers Savings Bank
    Similarity Rank: 63
    Bogota Savings Bank
    Similarity Rank: 63
    Union County Savings Bank
    Similarity Rank: 66
    GARDEN SAVINGS FEDERAL CREDIT UNION
    Similarity Rank: 80
    Haddon Savings Bank
    Similarity Rank: 116
    The Atlantic Federal Credit Union
    Similarity Rank: 120
    Freehold Savings Bank
    Similarity Rank: 120
    Blue Foundry Bank
    Similarity Rank: 125
    FIDELITY SAVINGS AND LOAN ASSOCIATION OF BUCKS COUNTY
    Similarity Rank: 126

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 183 $17,575,000 $96,038 $2,831 5.24%

    For 2018, 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 98 $6,280,000 $64,082 $0 5.50%
    Home Purchase 44 $7,270,000 $165,227 $3,034 4.96%
    Cash Out Refi 23 $2,775,000 $120,652 $2,175 4.82%
    Refi 14 $1,120,000 $80,000 $2,151 5.01%
    NA 3 $65,000 $21,667 $0 5.32%
    Other 1 $65,000 $65,000 $0 4.99%

    For 2018, Credit Union Of New Jersey's most frequently cited loan purpose was Home Improvement, with 98 originations. The 2nd most popular reason was Home Purchase, with 44 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 53 $8,965,000 $169,151 $2,894 4.88%
    15 Year 40 $3,000,000 $75,000 $2,357 5.47%
    10 Year 29 $1,675,000 $57,759 $0 5.68%
    Other 26 $1,380,000 $53,077 $0 5.40%
    5 Year 20 $710,000 $35,500 $0 5.00%
    20 Year 15 $1,845,000 $123,000 $1,820 5.14%

    For 2018, Credit Union Of New Jersey's most frequently cited loan duration was 30 Year, with 53 originations. The 2nd most popular length was 15 Year, with 40 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 53 $9,035,000 $170,472

    Credit Union Of New Jersey's average total fees were $2,894, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 53 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 108 $8,900,000 $82,407
    4-5% 53 $6,365,000 $120,094
    3-4% 10 $1,660,000 $166,000
    6-7% 10 $600,000 $60,000
    7-8% 2 $50,000 $25,000

    During 2018, Credit Union Of New Jersey's average interest rate for loans was 4.88%, while their most frequently originated rate bucket for loans was 5-6%, with 108 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 114 $4,930,000 $43,246 $2,378 5.40%
    $100k-200k 49 $6,985,000 $142,551 $2,731 5.05%
    $200k-400k 19 $5,255,000 $276,579 $3,213 4.84%
    $400k-600k 1 $405,000 $405,000 $4,479 4.25%

    2018 saw Credit Union Of New Jersey place emphasis on $100,000 or less loans with 114 originations, totaling $4,930,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 51 $5,935,000 $116,373 $3,092 5.27%
    $50k-75k 51 $4,495,000 $88,137 $2,736 5.29%
    $75k-100k 40 $2,890,000 $72,250 $2,579 5.15%
    $50k or less 18 $1,430,000 $79,444 $2,724 5.17%
    $150k-250k 17 $2,275,000 $133,824 $3,077 5.14%
    $250k+ 4 $540,000 $135,000 $0 5.65%

    Credit Union Of New Jersey lent most frequently to those with incomes in the $100k-150k range, with 51 originations. The second most popular income band? $50k-75k, with 51 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 40 $3,510,000 $87,750 $2,651 5.33%
    20-30% 36 $2,560,000 $71,111 $2,616 5.27%
    <20% 17 $1,095,000 $64,412 $2,561 5.06%
    42% 12 $1,110,000 $92,500 $2,671 5.25%
    36% 11 $535,000 $48,636 $0 5.59%
    39% 9 $1,065,000 $118,333 $2,520 5.51%
    41% 8 $760,000 $95,000 $2,484 5.30%
    40% 8 $1,130,000 $141,250 $3,615 5.38%
    37% 6 $640,000 $106,667 $3,306 5.25%
    43% 6 $1,520,000 $253,333 $2,870 4.86%
    38% 4 $330,000 $82,500 $0 5.67%
    49% 3 $865,000 $288,333 $3,182 4.54%
    >60% 2 $310,000 $155,000 $0 5.71%
    44% 2 $190,000 $95,000 $3,149 5.06%
    45% 2 $140,000 $70,000 $3,019 5.36%
    48% 1 $265,000 $265,000 $4,362 4.88%
    47% 1 $275,000 $275,000 $2,522 6.13%
    50-60% 1 $115,000 $115,000 $2,553 5.63%
    46% 1 $65,000 $65,000 $0 4.99%

    Credit Union Of New Jersey lent most frequently to those with DTI ratios of 30-36%, with 40 originations. The next most common DTI ratio? 20-30%, with 36 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 74 $7,600,000 $102,703 $3,046 5.03%
    Black 53 $5,545,000 $104,623 $2,743 5.25%
    Not provided 46 $3,490,000 $75,870 $2,260 5.50%
    Asian 5 $645,000 $129,000 $3,442 5.33%
    Other Asian 1 $165,000 $165,000 $2,050 4.13%
    Asian Indian 1 $75,000 $75,000 $0 5.99%
    American Indian 2 $30,000 $15,000 $0 5.99%
    Korean 1 $25,000 $25,000 $0 7.49%

    Approval Rates

    Total approvals of all applications
    61.50%

    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
    65.03%

    Credit Union Of New Jersey has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 183 $17,575,000 $96,038

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 9 $375,000 $41,667
    Single Family (1-4 Units):Site-Built 174 $17,200,000 $98,851

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 27 $2,175,000 $80,556 $2,050 5.16%
    40-60% 14 $1,770,000 $126,429 $2,114 4.87%
    60-80% 19 $3,015,000 $158,684 $2,595 5.17%
    80-100% 40 $6,870,000 $171,750 $3,078 5.02%
    Over 100% 2 $150,000 $75,000 $0 5.24%
    Under 20% 73 $2,655,000 $36,370 $2,117 5.55%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    Credit Union Mortgage Association, Inc. Conventional home mortgage Closing on a mortgage 1 50.0%
    Credit Union Mortgage Association, Inc. Conventional home mortgage Trouble during payment process 1 50.0%