Jersey Mortgage Company Of New Jersey Rates, Fees & Info
CRANFORD, NJLEI: 549300WEZMN6QE5IIH42
Tax ID: 22-2985976
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Mortgage Data
Review & Overview
Jersey Mortgage Company Of New Jersey is a smaller mortgage company specializing in Home Purchase loans. Jersey Mortgage Company Of New Jersey has a high proportion of conventional loans. They have a a high proportion of FHA loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets by origination volume include: New York, Philadelphia, Trenton, Allentown, and Miami among others. We have data for 15 markets. (Some data included below & more in-depth data is available with an active subscription.)Jersey Mortgage Company 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. Jersey Mortgage Company Of New Jersey is typically a high 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.55% | 4/18/24 |
| 30 Year Conventional Refi | 6.62% | 4/18/24 |
| 30 Year Cash-out Refi | 6.87% | 4/18/24 |
| 30 Year FHA Purchase | 7.46% | 4/18/24 |
| 30 Year FHA Refi | 7.96% | 4/18/24 |
| 30 Year VA Purchase | 6.97% | 4/18/24 |
| 30 Year USDA Purchase | 6.87% | 4/18/24 |
| 15 Year Conventional Purchase | 5.44% | 4/18/24 |
| 15 Year Conventional Refi | 6.48% | 4/18/24 |
| 15 Year Cash-out Refi | 6.48% | 4/18/24 |
| 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. | ||
Jersey Mortgage Company Of New Jersey Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
311Origination Dollar Volume (All Markets)
$120,915,000Relative Rate
Jersey Mortgage Company Of New Jersey's average 30 year fixed mortgage rate was
6.79%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.31%.
Relative Fees (Closing Costs)
Jersey Mortgage Company Of New Jersey's average total fees/closing costs for a 30 year fixed rate
mortgage were $15,743.
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 |
|---|---|---|---|---|---|
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 251 | $103,205,000 | $411,175 | $16,349 | 6.76% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 22 | $6,500,000 | $295,455 | $12,579 | 6.91% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 18 | $4,460,000 | $247,778 | $11,503 | 6.72% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 7 | $2,005,000 | $286,429 | $12,074 | 7.14% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 3 | $1,565,000 | $521,667 | $23,338 | 6.75% |
| Outside of Metro Areas | 1 | $595,000 | $595,000 | $0 | 8.38% |
| OCEAN CITY, NJ (FHA|USDA|VA) | 1 | $545,000 | $545,000 | $16,532 | 6.63% |
| NEW HAVEN-MILFORD, CT (FHA|USDA|VA) | 1 | $425,000 | $425,000 | $22,023 | 6.63% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 1 | $395,000 | $395,000 | $13,858 | 6.63% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $0 | 8.13% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $6,894 | 6.13% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $11,470 | 6.25% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $0 | 9.13% |
| SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $0 | 7.50% |
| New Castle, PA (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 7.63% |
Similar Lenders
We use machine learning to identify the top lenders compared against JERSEY MORTGAGE COMPANY OF NEW JERSEY based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 21
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Product Mix
For 2023, Jersey Mortgage Company Of New Jersey's most frequently originated type of loan was Conventional, with 210 originations. Their 2nd most popular type was FHA, with 89 originations.
Loan Reason
For 2023, Jersey Mortgage Company Of New Jersey's most frequently cited loan purpose was Home Purchase, with 279 originations. The 2nd most popular reason was Cash Out Refi, with 24 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 308 | $120,170,000 | $390,162 | $15,743 | 6.79% |
| Other | 2 | $480,000 | $240,000 | $0 | 7.42% |
| 20 Year | 1 | $265,000 | $265,000 | $9,310 | 5.63% |
For 2023, Jersey Mortgage Company Of New Jersey's most frequently cited loan duration was 30 Year, with 308 originations. The 2nd most popular length was Other, with 2 originations.
Origination Fees/Closing Costs
Jersey Mortgage Company Of New Jersey's average total fees were $15,743, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 229 originations.
Interest Rates
During 2023, Jersey Mortgage Company Of New Jersey's average interest rate for loans was 6.79%, while their most frequently originated rate bucket for loans was 6-7%, with 128 originations.
Loan Sizing
2023 saw Jersey Mortgage Company Of New Jersey place emphasis on $200k-400k loans with 145 originations, totaling $44,255,000 in origination value.
Applicant Income
Jersey Mortgage Company Of New Jersey lent most frequently to those with incomes in the $100k-150k range, with 107 originations. The second most popular income band? $75k-100k, with 69 originations.
Applicant Debt to Income Ratio
Jersey Mortgage Company Of New Jersey lent most frequently to those with DTI ratios of 50-60%, with 36 originations. The next most common DTI ratio? 49%, with 28 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications87.80%
Jersey Mortgage Company Of New Jersey has an average approval rate.
Pick Rate
Approvals leading to origination48.87%
Jersey Mortgage Company 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 | 311 | $120,915,000 | $388,794 |