1st 2nd Mortgage Company Of N.j. Rates, Fees & Info
CRESSKILL, NJLEI: 549300ZOBXG0DT4I6U54
Tax ID: 22-2437469
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Mortgage Data
Review & Overview
1st 2nd Mortgage Company Of N.j. is a smaller mortgage company specializing in Home Purchase loans. 1st 2nd Mortgage Company Of N.j. 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, Miami, Philadelphia, Urban Honolulu, and Washington among others. We have data for 32 markets. (Some data included below & more in-depth data is available with an active subscription.)1st 2nd Mortgage Company Of N.j. has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. 1st 2nd Mortgage Company Of N.j. is typically a high 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 | 6.58% | 5/5/24 |
| 30 Year Conventional Refi | 6.53% | 5/5/24 |
| 30 Year Cash-out Refi | 6.63% | 5/5/24 |
| 30 Year FHA Purchase | 7.24% | 5/5/24 |
| 30 Year FHA Refi | 7.01% | 5/5/24 |
| 30 Year VA Purchase | 6.27% | 5/5/24 |
| 15 Year Conventional Purchase | 6.01% | 5/5/24 |
| 15 Year Conventional Refi | 6.23% | 5/5/24 |
| 15 Year Cash-out Refi | 6.23% | 5/5/24 |
| 15 Year FHA Purchase | 7.28% | 5/5/24 |
| 15 Year VA Refi | 7.08% | 5/5/24 |
| 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. | ||
1st 2nd Mortgage Company Of N.j. Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
442Origination Dollar Volume (All Markets)
$128,880,000Top 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) | 325 | $96,205,000 | $296,015 | $8,812 | 4.90% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 24 | $8,320,000 | $346,667 | $8,363 | 4.99% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 27 | $5,275,000 | $195,370 | $5,655 | 4.88% |
| URBAN HONOLULU, HI (FHA|USDA|VA) | 8 | $3,300,000 | $412,500 | $14,566 | 5.13% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 6 | $2,720,000 | $453,333 | $14,074 | 4.95% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 3 | $1,555,000 | $518,333 | $11,204 | 5.02% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 7 | $1,445,000 | $206,429 | $9,157 | 5.12% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 5 | $1,275,000 | $255,000 | $6,049 | 4.65% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 3 | $1,015,000 | $338,333 | $5,493 | 4.04% |
| OCEAN CITY, NJ (FHA|USDA|VA) | 2 | $880,000 | $440,000 | $7,270 | 4.81% |
| ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) | 3 | $735,000 | $245,000 | $8,360 | 4.67% |
| ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) | 3 | $665,000 | $221,667 | $7,384 | 4.89% |
| POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) | 2 | $620,000 | $310,000 | $5,169 | 4.75% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 1 | $525,000 | $525,000 | $3,834 | 4.88% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 3 | $515,000 | $171,667 | $6,429 | 4.86% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 2 | $420,000 | $210,000 | $3,311 | 4.94% |
| SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) | 2 | $360,000 | $180,000 | $3,884 | 4.81% |
| BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $5,105 | 4.63% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $10,194 | 5.63% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $5,091 | 4.25% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $5,029 | 4.63% |
| NEW HAVEN-MILFORD, CT (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $3,444 | 4.58% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $5,049 | 4.63% |
| OCALA, FL (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $7,598 | 4.88% |
| EAST STROUDSBURG, PA (FHA|USDA|VA) | 2 | $200,000 | $100,000 | $6,119 | 4.69% |
| BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $7,222 | 5.05% |
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $8,611 | 7.38% |
| COLLEGE STATION-BRYAN, TX (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $4,195 | 4.75% |
| DOVER, DE (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $2,776 | 5.38% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $6,547 | 5.20% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $4,613 | 4.50% |
| Outside of Metro Areas | 1 | $55,000 | $55,000 | $5,374 | 4.88% |
Similar Lenders
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Product Mix
For 2018, 1st 2nd Mortgage Company Of N.j.'s most frequently originated type of loan was Conventional, with 264 originations. Their 2nd most popular type was FHA, with 169 originations.
Loan Reason
For 2018, 1st 2nd Mortgage Company Of N.j.'s most frequently cited loan purpose was Home Purchase, with 353 originations. The 2nd most popular reason was Refi, with 82 originations.
Loan Duration/Length
For 2018, 1st 2nd Mortgage Company Of N.j.'s most frequently cited loan duration was 30 Year, with 411 originations. The 2nd most popular length was 15 Year, with 20 originations.
Origination Fees/Closing Costs
1st 2nd Mortgage Company Of N.j.'s average total fees were $8,753, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 246 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 294 | $87,760,000 | $298,503 |
| 5-6% | 125 | $33,375,000 | $267,000 |
| 3-4% | 13 | $3,885,000 | $298,846 |
| 6-7% | 7 | $3,235,000 | $462,143 |
| 7-8% | 1 | $175,000 | $175,000 |
During 2018, 1st 2nd Mortgage Company Of N.j.'s average interest rate for loans was 4.94%, while their most frequently originated rate bucket for loans was 4-5%, with 294 originations.
Loan Sizing
2018 saw 1st 2nd Mortgage Company Of N.j. place emphasis on $200k-400k loans with 238 originations, totaling $68,210,000 in origination value.
Applicant Income
1st 2nd Mortgage Company Of N.j. lent most frequently to those with incomes in the $50k-75k range, with 115 originations. The second most popular income band? $75k-100k, with 102 originations.
Applicant Debt to Income Ratio
1st 2nd Mortgage Company Of N.j. lent most frequently to those with DTI ratios of 20-30%, with 112 originations. The next most common DTI ratio? 30-36%, with 79 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications92.94%
1st 2nd Mortgage Company Of N.j. has an average approval rate.
Pick Rate
Approvals leading to origination57.01%
1st 2nd Mortgage Company Of N.j. has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 442 | $128,880,000 | $291,584 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 442 | $128,880,000 | $291,584 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| STANDARD MORTGAGE CORPORATION | Conventional home mortgage | Trouble during payment process | 2 | 66.7% |
| STANDARD MORTGAGE CORPORATION | VA mortgage | Trouble during payment process | 1 | 33.3% |