The Andover Bank Mortgage Rates, Fees & Info
Roaming Shores, OHLEI: 254900I3LJYL57NZ5H21
Tax ID: 34-1436056
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Mortgage Data
Review & Overview
The Andover Bank is a smaller bank specializing in Home Purchase and Cash Out Refi loans. The Andover Bank has a high proportion of conventional loans. Their top markets by origination volume include: Ashtabula, Erie, Canton, Cleveland, and Akron among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)The Andover Bank has an average approval rate when compared to the average across all lenders. They have an average pick rate when compared to similar lenders.
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Originations
215Origination Dollar Volume (All Markets)
$26,415,000Top 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 |
|---|---|---|---|---|---|
| Ashtabula, OH (FHA|USDA|VA) | 126 | $13,990,000 | $111,032 | $0 | 0.00% |
| ERIE, PA (FHA|USDA|VA) | 38 | $3,680,000 | $96,842 | $0 | 0.00% |
| CANTON-MASSILLON, OH (FHA|USDA|VA) | 4 | $2,690,000 | $672,500 | $0 | 0.00% |
| CLEVELAND-ELYRIA, OH (FHA|USDA|VA) | 19 | $2,385,000 | $125,526 | $0 | 0.00% |
| AKRON, OH (FHA|USDA|VA) | 10 | $2,220,000 | $222,000 | $0 | 0.00% |
| Meadville, PA (FHA|USDA|VA) | 15 | $1,365,000 | $91,000 | $0 | 0.00% |
| YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) | 3 | $85,000 | $28,333 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 215 | $26,415,000 | $122,860 | $0 | 0.00% |
For 2023, The Andover Bank's most frequently originated type of loan was Conventional, with 215 originations.
Loan Reason
For 2023, The Andover Bank's most frequently cited loan purpose was Home Purchase, with 72 originations. The 2nd most popular reason was Home Improvement, with 48 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 215 | $26,415,000 | $122,860 | $0 | 0.00% |
For 2023, The Andover Bank's most frequently cited loan duration was Other, with 215 originations.
Loan Sizing
2023 saw The Andover Bank place emphasis on $100,000 or less loans with 123 originations, totaling $5,725,000 in origination value.
Applicant Income
The Andover Bank lent most frequently to those with incomes in the $100k-150k range, with 53 originations. The second most popular income band? $50k-75k, with 41 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 215 | $26,415,000 | $122,860 | $0 | 0.00% |
The Andover Bank lent most frequently to those with DTI ratios of Exempt%, with 215 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications78.35%
The Andover Bank has a below average approval rate.
Pick Rate
Approvals leading to origination90.23%
The Andover Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 215 | $26,415,000 | $122,860 |