Lakeland Bank Mortgage Rates, Fees & Info

Newfoundland, NJ

LEI: 549300ZJ3ZL66QGSGO48

Tax ID: 22-1867508

5 stars - Updated: 2/26/24 - out of 5 stars, based on 47 reviews

Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

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.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
Home Equity Line of Credit (HELOC) 4.22% 2/26/24
30 Year Conventional Purchase 5.62% 2/26/24
30 Year Conventional Refi 6.19% 2/26/24
30 Year Cash-out Refi 6.54% 2/26/24
30 Year FHA Purchase 7.33% 2/26/24
30 Year FHA Refi 6.27% 2/26/24
30 Year VA Purchase 7.09% 2/26/24
15 Year Conventional Purchase 5.97% 2/26/24
15 Year Conventional Refi 5.72% 2/26/24
15 Year Cash-out Refi 5.72% 2/26/24
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.

Lakeland Bank Mortgage Calculator






Your Estimates

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

This is not an official calculator from Lakeland Bank. 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

2,246

Origination Dollar Volume (All Markets)

$1,210,650,000

Awards

Lakeland Bank 30 Year Conventional Loans bronze Lakeland Bank 30 Year Conventional Loans silver
Show all (2) awards

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%
Lakeland Bank's top markets include New York, Philadelphia, Trenton, Poughkeepsie, and Albany among others.

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

    N C P D Federal Credit Union
    Similarity Rank: 306
    ATLANTIS MORTGAGE CO., INC.
    Similarity Rank: 326
    Schuyler Savings Bank
    Similarity Rank: 352
    The Atlantic Federal Credit Union
    Similarity Rank: 588
    U S WIDE FINANCIAL LLC
    Similarity Rank: 624
    Ridgewood Savings Bank
    Similarity Rank: 1062
    Poli Mortgage Group, Inc.
    Similarity Rank: 1073
    Columbia Bank
    Similarity Rank: 1183

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,477 $1,073,435,000 $726,767 $3,781 4.16%
    HELOC 749 $130,305,000 $173,972 n/a 3.33%
    FHA 20 $6,910,000 $345,500 $10,889 4.31%

    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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 875 $720,535,000 $823,469 $5,911 4.28%
    Home Improvement 576 $77,330,000 $134,253 $7 3.59%
    Refi 498 $343,940,000 $690,643 $1,832 3.59%
    Other 200 $24,090,000 $120,450 $8 3.70%
    Cash Out Refi 97 $44,755,000 $461,392 $5,587 3.98%

    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

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,255 $421,215,000 $335,629 $5,848 3.90%
    Other 420 $287,400,000 $684,286 $498 3.48%
    10 Year 209 $329,115,000 $1,574,713 $0 4.33%
    15 Year 161 $26,025,000 $161,646 $907 3.73%
    20 Year 149 $24,375,000 $163,591 $293 4.22%
    5 Year 41 $109,315,000 $2,666,220 $0 4.19%
    1 Year 10 $12,530,000 $1,253,000 $0 5.95%
    3 Year 1 $675,000 $675,000 $0 5.00%

    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

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 832 $212,190,000 $255,036
    $1k-2k 212 $95,590,000 $450,896
    $5k+ 72 $41,810,000 $580,694
    $2k-3k 52 $22,820,000 $438,846
    $3k-4k 40 $16,810,000 $420,250
    $4k-5k 33 $11,355,000 $344,091

    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

    Loan Rate Originations Total Value Average Loan
    3-4% 801 $396,765,000 $495,337
    4-5% 550 $359,680,000 $653,964
    2.5-3% 315 $99,575,000 $316,111
    <2.5% 285 $63,125,000 $221,491
    5-6% 253 $241,905,000 $956,146
    6-7% 33 $30,065,000 $911,061
    7-8% 8 $15,800,000 $1,975,000
    Over 8% 1 $3,735,000 $3,735,000

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 677 $193,135,000 $285,281 $4,454 3.95%
    $100,000 or less 521 $29,175,000 $55,998 $121 3.72%
    $100k-200k 460 $64,430,000 $140,065 $1,950 3.68%
    $400k-600k 320 $153,290,000 $479,031 $6,253 4.05%
    $600k-1MM 148 $112,230,000 $758,311 $6,961 4.12%
    $1MM+ 120 $658,390,000 $5,486,583 $11,572 4.24%

    2022 saw Lakeland Bank place emphasis on $200k-400k loans with 677 originations, totaling $193,135,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 500 $121,890,000 $243,780 $3,026 3.75%
    $100k-150k 425 $98,995,000 $232,929 $3,909 3.91%
    $250k+ 410 $180,660,000 $440,634 $5,461 3.77%
    $75k-100k 324 $79,320,000 $244,815 $3,933 3.87%
    $50k-75k 302 $60,390,000 $199,967 $3,977 3.83%
    $50k or less 63 $7,965,000 $126,429 $3,221 3.75%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 446 $111,140,000 $249,193 $3,116 3.76%
    30-36% 363 $96,235,000 $265,110 $3,346 3.72%
    44% 263 $72,365,000 $275,152 $4,786 3.82%
    42% 150 $38,720,000 $258,133 $3,667 3.91%
    <20% 141 $35,065,000 $248,688 $2,882 3.68%
    43% 108 $31,850,000 $294,907 $4,551 4.07%
    41% 99 $27,705,000 $279,848 $4,595 3.86%
    38% 95 $25,495,000 $268,368 $3,910 3.77%
    39% 89 $24,455,000 $274,775 $3,862 3.81%
    40% 85 $23,125,000 $272,059 $4,166 4.00%
    36% 76 $22,930,000 $301,711 $4,796 3.81%
    37% 75 $18,865,000 $251,533 $3,525 3.82%
    45% 16 $6,130,000 $383,125 $5,695 3.75%
    49% 15 $4,295,000 $286,333 $6,022 4.28%
    48% 13 $3,395,000 $261,154 $3,818 4.12%
    47% 12 $4,070,000 $339,167 $4,593 4.19%
    50-60% 11 $5,635,000 $512,273 $12,689 4.11%
    46% 9 $3,185,000 $353,889 $4,936 4.36%
    >60% 4 $700,000 $175,000 $3,516 3.97%

    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

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 173 $654,635,000 $3,784,017 $0 4.70%
    White 1,640 $427,160,000 $260,463 $3,661 3.81%
    Not provided 262 $69,150,000 $263,931 $3,849 3.83%
    Black 78 $26,210,000 $336,026 $6,294 3.93%
    Asian 63 $25,115,000 $398,651 $5,217 3.83%
    Asian Indian 12 $3,690,000 $307,500 $4,394 3.98%
    American Indian 7 $1,655,000 $236,429 $4,111 3.34%
    Other Asian 6 $1,440,000 $240,000 $2,759 4.12%
    Native Hawaiian or Islander 1 $505,000 $505,000 $0 2.50%
    Filipino 2 $490,000 $245,000 $0 2.87%
    Other Pacific Islander 1 $455,000 $455,000 $4,588 3.00%
    Korean 1 $145,000 $145,000 $0 3.24%

    Approval Rates

    Total approvals of all applications
    80.60%

    Lakeland Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    83.17%

    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

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 407 $95,165,000 $233,821 $1,221 3.59%
    40-60% 297 $279,095,000 $939,714 $3,750 3.98%
    60-80% 491 $568,775,000 $1,158,401 $5,724 4.25%
    80-100% 422 $154,900,000 $367,062 $5,904 3.98%
    Over 100% 1 $325,000 $325,000 $0 4.50%
    Under 20% 625 $111,655,000 $178,648 $0 3.68%