Lakeland Bank Mortgage Rates, Fees & Info
Newfoundland, NJLEI: 549300ZJ3ZL66QGSGO48
Tax ID: 22-1867508
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Mortgage Data
Review & Overview
Lakeland Bank is a small bank specializing in Home Purchase and Refi loans. Lakeland Bank has a high proportion of conventional 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, Trenton, Poughkeepsie, and Albany among others. We have data for 35 markets. (Some data included below & more in-depth data is available with an active subscription.)Lakeland Bank 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. Lakeland Bank 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 |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 4.22% | 5/27/23 |
| 30 Year Conventional Purchase | 5.62% | 5/27/23 |
| 30 Year Conventional Refi | 6.19% | 5/27/23 |
| 30 Year Cash-out Refi | 6.54% | 5/27/23 |
| 30 Year FHA Purchase | 7.33% | 5/27/23 |
| 30 Year FHA Refi | 6.27% | 5/27/23 |
| 30 Year VA Purchase | 7.09% | 5/27/23 |
| 15 Year Conventional Purchase | 5.97% | 5/27/23 |
| 15 Year Conventional Refi | 5.72% | 5/27/23 |
| 15 Year Cash-out Refi | 5.72% | 5/27/23 |
| 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. | ||
Lakeland Bank Mortgage Calculator
Your Estimates
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This is not an official calculator from Lakeland Bank. It uses our SimulatedRate™
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
2,246Origination Dollar Volume (All Markets)
$1,210,650,000Awards
Lakeland Bank - 2022
Lakeland Bank is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
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Relative Rate
Lakeland Bank's average 30 year fixed mortgage rate was
3.9%.
The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.
This yields a difference of -0.86%.
Relative Fees (Closing Costs)
Lakeland Bank's average total fees/closing costs for a 30 year fixed rate
mortgage were $5,848.
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 $4,750.
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) | 2,052 | $856,700,000 | $417,495 | $3,813 | 3.85% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 29 | $75,755,000 | $2,612,241 | $4,082 | 4.51% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 49 | $74,095,000 | $1,512,143 | $5,718 | 4.19% |
| POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) | 23 | $51,095,000 | $2,221,522 | $2,243 | 3.57% |
| ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) | 1 | $38,855,000 | $38,855,000 | $0 | 5.43% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 32 | $31,430,000 | $982,188 | $2,300 | 4.19% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 1 | $31,255,000 | $31,255,000 | $0 | 5.88% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 4 | $16,760,000 | $4,190,000 | $4,293 | 4.19% |
| TOLEDO, OH (FHA|USDA|VA) | 1 | $7,535,000 | $7,535,000 | $0 | 4.75% |
| OCEAN CITY, NJ (FHA|USDA|VA) | 5 | $7,165,000 | $1,433,000 | $8,446 | 3.74% |
| Outside of Metro Areas | 5 | $3,625,000 | $725,000 | $6,615 | 4.30% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 5 | $3,525,000 | $705,000 | $10,992 | 4.55% |
| ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) | 6 | $2,460,000 | $410,000 | $5,385 | 4.60% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 5 | $1,605,000 | $321,000 | $5,576 | 4.25% |
| Sebastian-Vero Beach, FL (FHA|USDA|VA) | 1 | $1,125,000 | $1,125,000 | $11,047 | 3.38% |
| VINELAND-BRIDGETON, NJ (FHA|USDA|VA) | 1 | $1,025,000 | $1,025,000 | $0 | 6.25% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 2 | $960,000 | $480,000 | $6,006 | 5.25% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 2 | $840,000 | $420,000 | $3,527 | 4.81% |
| EAST STROUDSBURG, PA (FHA|USDA|VA) | 5 | $825,000 | $165,000 | $4,357 | 3.80% |
| SAVANNAH, GA (FHA|USDA|VA) | 1 | $635,000 | $635,000 | $4,992 | 6.50% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 2 | $600,000 | $300,000 | $3,163 | 4.13% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $555,000 | $555,000 | $6,170 | 4.13% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $2,746 | 3.63% |
| SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $3,753 | 3.38% |
| Bennington, VT (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $0 | 3.88% |
| HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $6,031 | 4.13% |
| STAUNTON, VA (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $2,655 | 3.25% |
| HARRISBURG-CARLISLE, PA (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $6,554 | 3.88% |
| RICHMOND, VA (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $3,400 | 6.63% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $0 | 5.63% |
| TALLAHASSEE, FL (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $0 | 4.13% |
| LANCASTER, PA (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $0 | 3.63% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $2,751 | 3.00% |
| YORK-HANOVER, PA (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 4.25% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 5.75% |
Similar Lenders
We use machine learning to identify the top lenders compared against Lakeland Bank 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 2022, Lakeland Bank's most frequently originated type of loan was Conventional, with 1,477 originations. Their 2nd most popular type was HELOC, with 749 originations.
Loan Reason
For 2022, Lakeland Bank's most frequently cited loan purpose was Home Purchase, with 875 originations. The 2nd most popular reason was Home Improvement, with 576 originations.
Loan Duration/Length
For 2022, Lakeland Bank's most frequently cited loan duration was 30 Year, with 1,255 originations. The 2nd most popular length was Other, with 420 originations.
Origination Fees/Closing Costs
Lakeland Bank's average total fees were $5,848, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 832 originations.
Interest Rates
During 2022, Lakeland Bank's average interest rate for loans was 3.90%, while their most frequently originated rate bucket for loans was 3-4%, with 801 originations.
Loan Sizing
2022 saw Lakeland Bank place emphasis on $200k-400k loans with 677 originations, totaling $193,135,000 in origination value.
Applicant Income
Lakeland Bank lent most frequently to those with incomes in the $150k-250k range, with 500 originations. The second most popular income band? $100k-150k, with 425 originations.
Applicant Debt to Income Ratio
Lakeland Bank lent most frequently to those with DTI ratios of 20-30%, with 446 originations. The next most common DTI ratio? 30-36%, with 363 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications80.60%
Lakeland Bank has a below average approval rate.
Pick Rate
Approvals leading to origination83.17%
Lakeland Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 2,246 | $1,210,650,000 | $539,025 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2,246 | $1,210,650,000 | $539,025 |