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

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  • 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 Refi and Cash Out Refi loans. Credit Union Of New Jersey has a high proportion of conventional loans. Their top markets by origination volume include: New York, Philadelphia, Trenton, Ocean City, and Atlantic City among others. We have data for 12 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Credit Union Of New Jersey has an 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% 12/16/24
    30 Year Conventional Refi 6.79% 12/16/24
    30 Year Cash-out Refi 6.59% 12/16/24
    15 Year Conventional Purchase 6.30% 12/16/24
    15 Year Conventional Refi 6.48% 12/16/24
    15 Year Cash-out Refi 6.48% 12/16/24
    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

    274

    Origination Dollar Volume (All Markets)

    $53,560,000

    Awards

    CREDIT UNION OF NEW JERSEY 30 Year Conventional Loans gold CREDIT UNION OF NEW JERSEY 30 Year Conventional Loans gold CREDIT UNION OF NEW JERSEY 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) 104 $26,680,000 $256,538 $2,453 3.21%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 75 $12,955,000 $172,733 $2,127 3.63%
    TRENTON-PRINCETON, NJ (FHA|USDA|VA) 74 $9,920,000 $134,054 $1,780 3.87%
    OCEAN CITY, NJ (FHA|USDA|VA) 6 $1,240,000 $206,667 $2,278 3.73%
    ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 5 $1,005,000 $201,000 $2,448 2.93%
    ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 3 $785,000 $261,667 $2,437 2.92%
    DOVER, DE (FHA|USDA|VA) 1 $295,000 $295,000 $2,558 3.13%
    VINELAND-BRIDGETON, NJ (FHA|USDA|VA) 2 $220,000 $110,000 $2,061 3.50%
    Pottsville, PA (FHA|USDA|VA) 1 $175,000 $175,000 $2,084 3.50%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $115,000 $115,000 $1,794 3.50%
    THE VILLAGES, FL (FHA|USDA|VA) 1 $95,000 $95,000 $1,670 2.88%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $75,000 $75,000 $2,910 2.88%
    Credit Union Of New Jersey's top markets include New York, Philadelphia, Trenton, Ocean City, and Atlantic City among others.

    Their top states include:
  • New Jersey (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)
  • Delaware (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Illinois (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.

    The First National Bank of Long Island
    Similarity Rank: 134
    North Jersey Federal Credit Union
    Similarity Rank: 247
    Princeton Federal Credit Union
    Similarity Rank: 450
    N C P D Federal Credit Union
    Similarity Rank: 482
    MOUNTAIN MORTGAGE CORP.
    Similarity Rank: 538
    First Citizens Community Bank
    Similarity Rank: 589
    BHCU
    Similarity Rank: 625
    Prudential Bank
    Similarity Rank: 640
    ATLANTIS MORTGAGE CO., INC.
    Similarity Rank: 668
    TEG Federal Credit Union
    Similarity Rank: 715

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 274 $53,560,000 $195,474 $2,184 3.51%

    For 2020, Credit Union Of New Jersey's most frequently originated type of loan was Conventional, with 274 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 105 $22,995,000 $219,000 $2,266 2.95%
    Cash Out Refi 88 $19,810,000 $225,114 $2,280 3.12%
    Home Improvement 47 $2,365,000 $50,319 $0 5.60%
    Home Purchase 34 $8,390,000 $246,765 $3,605 3.39%

    For 2020, Credit Union Of New Jersey's most frequently cited loan purpose was Refi, with 105 originations. The 2nd most popular reason was Cash Out Refi, with 88 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 132 $24,490,000 $185,530 $2,084 3.30%
    30 Year 84 $21,450,000 $255,357 $2,797 3.33%
    20 Year 21 $4,135,000 $196,905 $1,757 3.88%
    10 Year 19 $2,875,000 $151,316 $1,703 3.56%
    5 Year 11 $325,000 $29,545 $0 5.08%
    Other 7 $285,000 $40,714 $0 5.78%

    For 2020, Credit Union Of New Jersey's most frequently cited loan duration was 15 Year, with 132 originations. The 2nd most popular length was 30 Year, with 84 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 274 $53,560,000 $195,474

    Credit Union Of New Jersey's average total fees were $2,797, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 274 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 135 $30,245,000 $224,037
    3-4% 80 $17,520,000 $219,000
    4-5% 17 $1,315,000 $77,353
    6-7% 16 $740,000 $46,250
    5-6% 15 $775,000 $51,667
    <2.5% 10 $2,930,000 $293,000

    During 2020, Credit Union Of New Jersey's average interest rate for loans was 3.33%, while their most frequently originated rate bucket for loans was 2.5-3%, with 135 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 102 $27,620,000 $270,784 $2,589 3.07%
    $100k-200k 85 $12,345,000 $145,235 $2,166 3.23%
    $100,000 or less 66 $3,690,000 $55,909 $940 4.75%
    $400k-600k 19 $8,595,000 $452,368 $3,241 2.86%
    $600k-1MM 2 $1,310,000 $655,000 $3,332 3.25%

    2020 saw Credit Union Of New Jersey place emphasis on $200k-400k loans with 102 originations, totaling $27,620,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 77 $14,145,000 $183,701 $2,107 3.40%
    $150k-250k 70 $18,310,000 $261,571 $2,504 3.39%
    $75k-100k 53 $7,955,000 $150,094 $1,888 3.71%
    $50k-75k 37 $4,055,000 $109,595 $1,966 3.83%
    $250k+ 20 $6,740,000 $337,000 $2,642 2.90%
    $50k or less 13 $1,275,000 $98,077 $1,828 4.00%

    Credit Union Of New Jersey lent most frequently to those with incomes in the $100k-150k range, with 77 originations. The second most popular income band? $150k-250k, with 70 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 96 $21,190,000 $220,729 $2,394 3.15%
    30-36% 39 $7,455,000 $191,154 $2,257 3.56%
    <20% 33 $6,345,000 $192,273 $2,119 3.24%
    42% 14 $1,480,000 $105,714 $1,109 4.71%
    41% 12 $1,610,000 $134,167 $1,404 4.30%
    44% 10 $1,780,000 $178,000 $1,988 3.24%
    39% 10 $1,800,000 $180,000 $1,605 4.64%
    38% 9 $1,465,000 $162,778 $2,130 3.29%
    40% 9 $1,855,000 $206,111 $2,916 3.57%
    37% 8 $2,130,000 $266,250 $2,366 3.79%
    43% 8 $1,220,000 $152,500 $1,739 4.04%
    50-60% 5 $1,125,000 $225,000 $2,121 4.37%
    45% 5 $585,000 $117,000 $2,146 4.33%
    49% 4 $900,000 $225,000 $2,532 3.09%
    36% 4 $680,000 $170,000 $2,445 3.16%
    48% 4 $870,000 $217,500 $2,726 3.16%
    47% 2 $570,000 $285,000 $3,585 3.13%
    46% 2 $500,000 $250,000 $2,198 2.88%

    Credit Union Of New Jersey lent most frequently to those with DTI ratios of 20-30%, with 96 originations. The next most common DTI ratio? 30-36%, with 39 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 155 $29,315,000 $189,129 $2,135 3.61%
    Not provided 54 $11,720,000 $217,037 $2,421 3.14%
    Asian 24 $6,340,000 $264,167 $2,660 2.95%
    Black 39 $5,705,000 $146,282 $1,723 3.93%
    American Indian 2 $480,000 $240,000 $2,404 3.56%

    Approval Rates

    Total approvals of all applications
    77.65%

    Credit Union Of New Jersey has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    58.03%

    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 274 $53,560,000 $195,474

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 274 $53,560,000 $195,474

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 38 $4,870,000 $128,158 $1,612 3.84%
    40-60% 69 $13,645,000 $197,754 $2,137 3.04%
    60-80% 109 $25,595,000 $234,817 $2,442 3.18%
    80-100% 31 $8,515,000 $274,677 $3,156 3.42%
    Under 20% 27 $935,000 $34,630 $237 5.64%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    Credit Plus Inc Conventional home mortgage Improper use of your report 1 50.0%
    Credit Plus Inc FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%