Jersey Mortgage Company Of New Jersey Rates, Fees & Info

CRANFORD, NJ

LEI: 549300WEZMN6QE5IIH42

Tax ID: 22-2985976

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

    Jersey Mortgage Company Of New Jersey is a smaller mortgage company specializing in Home Purchase and Refi loans. Jersey Mortgage Company Of New Jersey has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: New York, Philadelphia, Allentown, Trenton, and Ocean City among others. We have data for 16 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.

    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 6.55% 11/17/24
    30 Year Conventional Refi 6.62% 11/17/24
    30 Year Cash-out Refi 6.87% 11/17/24
    30 Year FHA Purchase 7.46% 11/17/24
    30 Year FHA Refi 7.96% 11/17/24
    30 Year VA Purchase 6.97% 11/17/24
    30 Year USDA Purchase 6.87% 11/17/24
    15 Year Conventional Purchase 5.44% 11/17/24
    15 Year Conventional Refi 6.48% 11/17/24
    15 Year Cash-out Refi 6.48% 11/17/24
    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






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Jersey Mortgage Company 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

    1,171

    Origination Dollar Volume (All Markets)

    $384,995,000

    Awards

    JERSEY MORTGAGE COMPANY OF NEW JERSEY 30 Year Conventional Loans silver JERSEY MORTGAGE COMPANY OF NEW JERSEY FHA 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
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 1,075 $360,615,000 $335,456 $6,583 3.13%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 29 $7,155,000 $246,724 $6,925 2.96%
    ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 27 $6,835,000 $253,148 $6,447 3.24%
    TRENTON-PRINCETON, NJ (FHA|USDA|VA) 14 $3,800,000 $271,429 $5,196 3.15%
    OCEAN CITY, NJ (FHA|USDA|VA) 3 $945,000 $315,000 $4,337 3.12%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 2 $940,000 $470,000 $11,628 2.69%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 4 $860,000 $215,000 $4,681 2.94%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 3 $845,000 $281,667 $5,957 3.17%
    EAST STROUDSBURG, PA (FHA|USDA|VA) 4 $790,000 $197,500 $4,843 2.97%
    POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 2 $480,000 $240,000 $4,824 3.31%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 2 $470,000 $235,000 $4,605 3.37%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $425,000 $425,000 $2,735 1.88%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 2 $360,000 $180,000 $2,570 2.63%
    LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $275,000 $275,000 $4,272 3.63%
    VINELAND-BRIDGETON, NJ (FHA|USDA|VA) 1 $125,000 $125,000 $3,682 3.00%
    Outside of Metro Areas 1 $75,000 $75,000 $4,795 4.25%
    Jersey Mortgage Company Of New Jersey's top markets include New York, Philadelphia, Allentown, Trenton, and Ocean City among others.

    Their top states include:
  • New Jersey (FHA|USDA|VA)
  • New York (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)
  • Connecticut (FHA|USDA|VA)

    • 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.

    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 910 $296,360,000 $325,670 $4,909 3.10%
    FHA 231 $78,755,000 $340,931 $12,559 3.26%
    VA 21 $7,715,000 $367,381 $10,916 3.20%
    USDA 7 $1,755,000 $250,714 $6,442 2.89%
    FHA 2 $410,000 $205,000 $0 3.34%

    For 2020, Jersey Mortgage Company Of New Jersey's most frequently originated type of loan was Conventional, with 910 originations. Their 2nd most popular type was FHA, with 231 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 584 $197,420,000 $338,048 $8,093 3.22%
    Refi 431 $138,455,000 $321,241 $4,792 2.98%
    Cash Out Refi 156 $49,120,000 $314,872 $5,515 3.21%

    For 2020, Jersey Mortgage Company Of New Jersey's most frequently cited loan purpose was Home Purchase, with 584 originations. The 2nd most popular reason was Refi, with 431 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,043 $346,905,000 $332,603 $6,827 3.18%
    15 Year 63 $18,055,000 $286,587 $4,090 2.61%
    20 Year 43 $13,355,000 $310,581 $4,345 2.90%
    Other 15 $4,075,000 $271,667 $4,278 3.08%
    10 Year 7 $2,605,000 $372,143 $3,159 2.43%

    For 2020, Jersey Mortgage Company Of New Jersey's most frequently cited loan duration was 30 Year, with 1,043 originations. The 2nd most popular length was 15 Year, with 63 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 646 $204,560,000 $316,656
    $2k-3k 132 $41,700,000 $315,909
    $5k+ 129 $52,855,000 $409,729
    $<1k 114 $36,650,000 $321,491
    $3k-4k 91 $30,555,000 $335,769
    $4k-5k 57 $18,265,000 $320,439

    Jersey Mortgage Company Of New Jersey's average total fees were $6,827, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 646 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 544 $181,820,000 $334,228
    3-4% 468 $152,770,000 $326,432
    <2.5% 95 $31,795,000 $334,684
    4-5% 57 $16,145,000 $283,246
    5-6% 7 $2,465,000 $352,143

    During 2020, Jersey Mortgage Company Of New Jersey's average interest rate for loans was 3.18%, while their most frequently originated rate bucket for loans was 2.5-3%, with 544 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 707 $208,895,000 $295,467 $6,264 3.13%
    $400k-600k 264 $125,430,000 $475,114 $7,876 3.05%
    $100k-200k 150 $23,800,000 $158,667 $4,350 3.19%
    $600k-1MM 35 $23,705,000 $677,286 $11,877 3.11%
    $100,000 or less 13 $1,085,000 $83,462 $3,946 3.91%
    $1MM+ 2 $2,080,000 $1,040,000 $12,927 3.50%

    2020 saw Jersey Mortgage Company Of New Jersey place emphasis on $200k-400k loans with 707 originations, totaling $208,895,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 342 $118,450,000 $346,345 $6,620 3.10%
    $75k-100k 264 $78,390,000 $296,932 $7,313 3.20%
    $150k-250k 241 $94,855,000 $393,589 $6,501 3.11%
    $50k-75k 196 $46,370,000 $236,582 $6,019 3.17%
    $250k+ 78 $37,080,000 $475,385 $5,949 2.92%
    $50k or less 50 $9,850,000 $197,000 $4,944 3.19%

    Jersey Mortgage Company Of New Jersey lent most frequently to those with incomes in the $100k-150k range, with 342 originations. The second most popular income band? $75k-100k, with 264 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 231 $73,765,000 $319,329 $4,888 3.06%
    30-36% 183 $59,575,000 $325,546 $6,046 3.06%
    44% 61 $20,415,000 $334,672 $7,345 3.17%
    <20% 60 $20,800,000 $346,667 $4,744 2.89%
    41% 58 $18,850,000 $325,000 $5,923 3.24%
    49% 57 $19,445,000 $341,140 $8,678 3.06%
    42% 53 $17,595,000 $331,981 $7,560 3.26%
    45% 48 $16,470,000 $343,125 $9,285 3.30%
    48% 46 $15,010,000 $326,304 $8,130 3.17%
    38% 45 $16,605,000 $369,000 $6,855 3.12%
    47% 45 $15,075,000 $335,000 $7,277 3.18%
    43% 44 $15,030,000 $341,591 $6,867 3.22%
    37% 41 $13,735,000 $335,000 $6,367 3.12%
    46% 38 $11,810,000 $310,789 $7,390 3.21%
    40% 37 $11,915,000 $322,027 $6,922 3.13%
    39% 35 $11,335,000 $323,857 $5,535 3.15%
    36% 32 $9,890,000 $309,063 $6,772 3.13%
    50-60% 30 $10,050,000 $335,000 $12,250 3.77%

    Jersey Mortgage Company Of New Jersey lent most frequently to those with DTI ratios of 20-30%, with 231 originations. The next most common DTI ratio? 30-36%, with 183 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 824 $276,730,000 $335,837 $5,963 3.10%
    Black 213 $64,455,000 $302,606 $8,694 3.27%
    Not provided 82 $25,820,000 $314,878 $6,775 3.17%
    Asian 50 $16,980,000 $339,600 $6,094 2.88%
    Native Hawaiian or Islander 1 $585,000 $585,000 $23,629 2.75%
    American Indian 1 $425,000 $425,000 $5,536 3.88%

    Approval Rates

    Total approvals of all applications
    88.15%

    Jersey Mortgage Company Of New Jersey has an average approval rate.

    Pick Rate

    Approvals leading to origination
    76.94%

    Jersey Mortgage Company Of New Jersey has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,171 $384,995,000 $328,775

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 1,171 $384,995,000 $328,775

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 26 $6,780,000 $260,769 $4,662 2.81%
    40-60% 133 $38,245,000 $287,556 $4,073 2.95%
    60-80% 425 $143,085,000 $336,671 $5,115 3.12%
    80-100% 562 $189,750,000 $337,633 $8,323 3.21%
    Over 100% 4 $1,670,000 $417,500 $17,400 3.03%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    Jersey Mortgage Company of New Jersey, Inc. FHA mortgage Closing on a mortgage 2 66.7%
    Jersey Mortgage Company of New Jersey, Inc. FHA mortgage Struggling to pay mortgage 1 33.3%