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, Allentown, Trenton, and East Stroudsburg among others. We have data for 17 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 an average 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.55% | 12/16/24 |
| 30 Year Conventional Refi | 6.62% | 12/16/24 |
| 30 Year Cash-out Refi | 6.87% | 12/16/24 |
| 30 Year FHA Purchase | 7.46% | 12/16/24 |
| 30 Year FHA Refi | 7.96% | 12/16/24 |
| 30 Year VA Purchase | 6.97% | 12/16/24 |
| 30 Year USDA Purchase | 6.87% | 12/16/24 |
| 15 Year Conventional Purchase | 5.44% | 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. | ||
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
739Origination Dollar Volume (All Markets)
$229,455,000Top 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 |
|---|---|---|---|---|---|
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 658 | $211,100,000 | $320,821 | $7,691 | 4.31% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 26 | $5,440,000 | $209,231 | $7,410 | 4.32% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 20 | $4,640,000 | $232,000 | $6,127 | 4.24% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 10 | $2,490,000 | $249,000 | $5,929 | 4.53% |
| EAST STROUDSBURG, PA (FHA|USDA|VA) | 6 | $1,240,000 | $206,667 | $7,276 | 4.38% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 2 | $650,000 | $325,000 | $4,255 | 4.81% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 3 | $635,000 | $211,667 | $3,333 | 4.74% |
| OCEAN CITY, NJ (FHA|USDA|VA) | 2 | $610,000 | $305,000 | $4,163 | 3.88% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 2 | $480,000 | $240,000 | $7,562 | 4.19% |
| GLENS FALLS, NY (FHA|USDA|VA) | 1 | $475,000 | $475,000 | $8,402 | 6.75% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 2 | $470,000 | $235,000 | $6,827 | 3.75% |
| ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) | 2 | $380,000 | $190,000 | $5,089 | 3.94% |
| VINELAND-BRIDGETON, NJ (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $8,712 | 4.13% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $2,723 | 4.75% |
| NEW HAVEN-MILFORD, CT (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $3,345 | 4.88% |
| PITTSBURGH, PA (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $6,177 | 3.88% |
| Pottsville, PA (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $4,016 | 5.13% |
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.
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Product Mix
For 2019, Jersey Mortgage Company Of New Jersey's most frequently originated type of loan was Conventional, with 449 originations. Their 2nd most popular type was FHA, with 265 originations.
Loan Reason
For 2019, Jersey Mortgage Company Of New Jersey's most frequently cited loan purpose was Home Purchase, with 578 originations. The 2nd most popular reason was Refi, with 90 originations.
Loan Duration/Length
For 2019, Jersey Mortgage Company Of New Jersey's most frequently cited loan duration was 30 Year, with 711 originations. The 2nd most popular length was 15 Year, with 17 originations.
Origination Fees/Closing Costs
Jersey Mortgage Company Of New Jersey's average total fees were $7,646, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 438 originations.
Interest Rates
During 2019, Jersey Mortgage Company Of New Jersey's average interest rate for loans was 4.33%, while their most frequently originated rate bucket for loans was 4-5%, with 341 originations.
Loan Sizing
2019 saw Jersey Mortgage Company Of New Jersey place emphasis on $200k-400k loans with 463 originations, totaling $133,795,000 in origination value.
Applicant Income
Jersey Mortgage Company Of New Jersey lent most frequently to those with incomes in the $100k-150k range, with 202 originations. The second most popular income band? $75k-100k, with 176 originations.
Applicant Debt to Income Ratio
Jersey Mortgage Company Of New Jersey lent most frequently to those with DTI ratios of 50-60%, with 57 originations. The next most common DTI ratio? 30-36%, with 42 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications89.06%
Jersey Mortgage Company Of New Jersey has an average approval rate.
Pick Rate
Approvals leading to origination73.21%
Jersey Mortgage Company Of New Jersey has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 739 | $229,455,000 | $310,494 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 1 | $235,000 | $235,000 |
| Single Family (1-4 Units):Site-Built | 738 | $229,220,000 | $310,596 |