Is Columbia Bank NJ a cheap or expensive mortgage lender? To help you shop for a mortgage, we compare the interest rates and closing costs charged by Columbia Bank NJ to those of other lenders for a comparable set of borrowers. Here is our review of Columbia Bank NJ nationally:
|Review Item||Columbia Bank NJ|
|Interest Rate||lower than other lenders (-0.20%)|
|Loan Related Closing Costs||lower than other lenders (-$822)|
|National Rate and Closing Cost Star Rating||(5)|
On average, Columbia Bank NJ’s interest rates were lower than those of other lenders (-0.20%). Its loan related closing costs were also lower than those of other lenders, with a difference of -$822. Overall, combining interest rates and closing costs we estimate that Columbia Bank NJ tends to be a cheap lender, and give it a National Rate and Closing Costs Rating of 5 out of 5 stars. This is a fantastic rating and places it among the top 5% of lenders nationwide.
We maintain our independence by not accepting any money from the mortgage lenders we review. To visit Columbia Bank NJ, check out its website at: https://www.columbiabankonline.com.
Columbia Bank NJ’s Rate Review by City
Mortgage lenders often set different rates in different geographical markets. For our list of the top mortgage lenders by city, click here. In particular, among the cities we track Columbia Bank NJ was most active in:
In addition, Columbia Bank NJ is our top ranked/best mortgage lender in terms of interest rate and closing costs in:
- Ocean City, NJ, overall
Columbia Bank NJ’s Rate Review by Mortgage Type
Mortgage lenders also tend to charge different interest rates and closing costs depending on the type of mortgage. In our data, Columbia Bank NJ originated Conforming, FHA and Jumbo mortgages for new home purchases. It also originated Conforming and Jumbo mortgages for refinances. Its average interest rate and total loan related closing cost difference relative to other lenders for comparable borrowers by mortgages type is as follows.
|New Purchase Mortgages||Conforming||FHA||Jumbo|
|Interest Rate Difference||-0.18%||-0.01%||-0.04%|
|Loan Related Closing Cost Difference||-$433||-$31||+$22|
|Cost Adjusted Rate Difference||-0.21%||-0.02%||-0.04%|
|National Star Rating|
|Interest Rate Difference||-0.23%||-0.05%|
|Loan Related Closing Cost Difference||-$1136||+$77|
|Cost Adjusted Rate Difference||-0.31%||-0.05%|
|Average Star Rating|
As a summary, Columbia Bank NJ is cheap for Conforming purchase mortgages. It is similar to other lenders for FHA and Jumbo purchase mortgages. For refinancing mortgages, Columbia Bank NJ is cheap for Conforming mortgage refinance. It is similar to other lenders for Jumbo mortgage refinance. Nevertheless, individual circumstances can matter a lot for mortgage rates, and we always recommend shopping among several of our top mortgage lenders in your area before signing.
Other information about Columbia Bank NJ:
Registered city and state: Fair Lawn, NJ, 07410
Regulator: Office of the Comptroller of the Currency (OCC)
Top holder: COLUMBIA BANK MHC
* Source of the data is Federal Financial Institutions Examination Council (FFIEC) and is for mortgages originated in the past year. Our comparable mortgages analysis controls for Columbia Bank NJ’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and commuting zone. Cost adjusted rates were computed based on each percent of the loan amount in above average loan related closing costs being worth +0.15 of a percentage point in interest rate. Furthermore, the amounts are regularized using a Bayesian approach to control for small samples.