Members 1st Of Nj Federal Credit Union Mortgage Rates, Fees & Info
Vineland, NJLEI: 549300VFP60F9IJ2SQ62
Tax ID: 22-0665362
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Mortgage Data
Review & Overview
Members 1st Of Nj Federal Credit Union is a smaller credit union specializing in Home Improvement loans. Members 1st Of Nj Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Vineland, Philadelphia, and Atlantic City among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)Members 1st Of Nj Federal Credit Union 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. They typically have relatively high rates.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Refi | 6.57% | 11/21/24 |
| 15 Year Conventional Refi | 5.68% | 11/21/24 |
| 15 Year Cash-out Refi | 5.68% | 11/21/24 |
| 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. | ||
Members 1st Of Nj Federal Credit Union Mortgage Calculator
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Originations
60Origination Dollar Volume (All Markets)
$3,630,000Top 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 |
|---|---|---|---|---|---|
| VINELAND-BRIDGETON, NJ (FHA|USDA|VA) | 41 | $2,585,000 | $63,049 | $553 | 4.11% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 18 | $980,000 | $54,444 | $491 | 3.89% |
| ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $583 | 3.50% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 60 | $3,630,000 | $60,500 | $535 | 4.03% |
For 2022, Members 1st Of Nj Federal Credit Union's most frequently originated type of loan was Conventional, with 60 originations.
Loan Reason
For 2022, Members 1st Of Nj Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 40 originations. The 2nd most popular reason was Other, with 9 originations.
Loan Duration/Length
For 2022, Members 1st Of Nj Federal Credit Union's most frequently cited loan duration was 15 Year, with 30 originations. The 2nd most popular length was 10 Year, with 16 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 58 | $3,290,000 | $56,724 |
| $1k-2k | 1 | $205,000 | $205,000 |
| $2k-3k | 1 | $135,000 | $135,000 |
Members 1st Of Nj Federal Credit Union's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 58 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 33 | $1,625,000 | $49,242 |
| 4-5% | 16 | $1,160,000 | $72,500 |
| 5-6% | 7 | $585,000 | $83,571 |
| 2.5-3% | 2 | $130,000 | $65,000 |
| <2.5% | 1 | $65,000 | $65,000 |
| 6-7% | 1 | $65,000 | $65,000 |
During 2022, Members 1st Of Nj Federal Credit Union's average interest rate for loans was 5.50%, while their most frequently originated rate bucket for loans was 3-4%, with 33 originations.
Loan Sizing
2022 saw Members 1st Of Nj Federal Credit Union place emphasis on $100,000 or less loans with 53 originations, totaling $2,635,000 in origination value.
Applicant Income
Members 1st Of Nj Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 18 originations. The second most popular income band? $100k-150k, with 15 originations.
Applicant Debt to Income Ratio
Members 1st Of Nj Federal Credit Union lent most frequently to those with DTI ratios of 30-36%, with 21 originations. The next most common DTI ratio? 20-30%, with 12 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications91.18%
Members 1st Of Nj Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination98.33%
Members 1st Of Nj Federal Credit Union 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 |
|---|---|---|---|
| 3581.0 | 1 | $135,000 | $135,000 |
| 5055.0 | 1 | $205,000 | $205,000 |
| NA | 58 | $3,290,000 | $56,724 |