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 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 East Stroudsburg among others. We have data for 22 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% | 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
1,049Origination Dollar Volume (All Markets)
$359,775,000Top 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) | 905 | $320,975,000 | $354,669 | $7,742 | 3.19% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 54 | $15,420,000 | $285,556 | $8,703 | 3.13% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 23 | $5,655,000 | $245,870 | $6,289 | 3.35% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 19 | $4,985,000 | $262,368 | $7,027 | 3.08% |
| EAST STROUDSBURG, PA (FHA|USDA|VA) | 13 | $2,955,000 | $227,308 | $5,182 | 3.39% |
| BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) | 4 | $2,010,000 | $502,500 | $7,181 | 3.19% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 5 | $1,125,000 | $225,000 | $6,898 | 3.23% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 3 | $825,000 | $275,000 | $8,561 | 3.21% |
| ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) | 4 | $720,000 | $180,000 | $5,604 | 2.97% |
| VINELAND-BRIDGETON, NJ (FHA|USDA|VA) | 2 | $680,000 | $340,000 | $8,173 | 3.06% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 2 | $650,000 | $325,000 | $5,363 | 3.13% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 2 | $620,000 | $310,000 | $4,006 | 3.13% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 2 | $570,000 | $285,000 | $5,223 | 3.25% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $525,000 | $525,000 | $5,862 | 3.38% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 1 | $415,000 | $415,000 | $1,849 | 3.49% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 2 | $360,000 | $180,000 | $3,778 | 3.50% |
| SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) | 2 | $300,000 | $150,000 | $5,945 | 3.25% |
| NEW HAVEN-MILFORD, CT (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $4,572 | 3.38% |
| BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $0 | 4.13% |
| THE VILLAGES, FL (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $5,334 | 2.38% |
| OCALA, FL (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $0 | 3.99% |
| POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $5,347 | 3.38% |
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 2021, Jersey Mortgage Company Of New Jersey's most frequently originated type of loan was Conventional, with 806 originations. Their 2nd most popular type was FHA, with 224 originations.
Loan Reason
For 2021, Jersey Mortgage Company Of New Jersey's most frequently cited loan purpose was Home Purchase, with 668 originations. The 2nd most popular reason was Refi, with 215 originations.
Loan Duration/Length
For 2021, Jersey Mortgage Company Of New Jersey's most frequently cited loan duration was 30 Year, with 952 originations. The 2nd most popular length was 15 Year, with 58 originations.
Origination Fees/Closing Costs
Jersey Mortgage Company Of New Jersey's average total fees were $7,972, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 518 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 610 | $213,060,000 | $349,279 |
| 2.5-3% | 347 | $119,705,000 | $344,971 |
| <2.5% | 52 | $16,310,000 | $313,654 |
| 4-5% | 39 | $10,545,000 | $270,385 |
| 5-6% | 1 | $155,000 | $155,000 |
During 2021, Jersey Mortgage Company Of New Jersey's average interest rate for loans was 3.23%, while their most frequently originated rate bucket for loans was 3-4%, with 610 originations.
Loan Sizing
2021 saw Jersey Mortgage Company Of New Jersey place emphasis on $200k-400k loans with 596 originations, totaling $179,630,000 in origination value.
Applicant Income
Jersey Mortgage Company Of New Jersey lent most frequently to those with incomes in the $100k-150k range, with 311 originations. The second most popular income band? $75k-100k, with 242 originations.
Applicant Debt to Income Ratio
Jersey Mortgage Company Of New Jersey lent most frequently to those with DTI ratios of 30-36%, with 176 originations. The next most common DTI ratio? 20-30%, with 176 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications87.50%
Jersey Mortgage Company Of New Jersey has an average approval rate.
Pick Rate
Approvals leading to origination71.59%
Jersey Mortgage Company Of New Jersey has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 1,049 | $359,775,000 | $342,969 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Jersey Mortgage Company of New Jersey, Inc. | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 50.0% |
| Jersey Mortgage Company of New Jersey, Inc. | FHA mortgage | Closing on a mortgage | 1 | 50.0% |