Hanover Community Bank Mortgage Rates, Fees & Info

Garden City Park, NY

LEI: 5493006F1L6NRWMNY260

Tax ID: 26-1454386

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Hanover Community Bank is a smaller bank specializing in Home Purchase loans. Hanover Community Bank has a high proportion of conventional loans. Their top (well, only) market is New York.

    Hanover Community Bank has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Hanover Community Bank 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 relatively high 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
    30 Year Conventional Purchase 7.17% 4/18/24
    30 Year Conventional Refi 6.78% 4/18/24
    30 Year Cash-out Refi 6.84% 4/18/24
    15 Year Conventional Purchase 6.12% 4/18/24
    15 Year Conventional Refi 5.68% 4/18/24
    15 Year Cash-out Refi 5.68% 4/18/24
    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.

    Hanover Community Bank Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Hanover Community 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

    504

    Origination Dollar Volume (All Markets)

    $269,290,000

    Employee count

    72

    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) 504 $269,290,000 $534,306 $10,843 5.50%
    Hanover Community Bank's top markets include and New York among others.

    Their top states include:
  • New York (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Hanover Community 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: 55
    Bogota Savings Bank
    Similarity Rank: 63
    Union County Savings Bank
    Similarity Rank: 66
    GARDEN SAVINGS FEDERAL CREDIT UNION
    Similarity Rank: 80
    The Atlantic Federal Credit Union
    Similarity Rank: 120
    Freehold Savings Bank
    Similarity Rank: 120
    Blue Foundry Bank
    Similarity Rank: 125
    Investors Home Mortgage-IHM
    Similarity Rank: 156
    GREATER ALLIANCE
    Similarity Rank: 231
    Nassau Educators Federal Credit Union
    Similarity Rank: 248

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 504 $269,290,000 $534,306 $10,843 5.50%

    For 2018, Hanover Community Bank's most frequently originated type of loan was Conventional, with 504 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 382 $192,900,000 $504,974 $10,050 5.46%
    Cash Out Refi 63 $46,385,000 $736,270 $14,557 5.58%
    Refi 28 $14,370,000 $513,214 $9,886 5.68%
    Home Improvement 18 $8,880,000 $493,333 $6,349 5.59%
    Other 13 $6,755,000 $519,615 $11,995 5.72%

    For 2018, Hanover Community Bank's most frequently cited loan purpose was Home Purchase, with 382 originations. The 2nd most popular reason was Cash Out Refi, with 63 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 368 $192,320,000 $522,609 $11,097 5.41%
    15 Year 126 $64,370,000 $510,873 $9,275 5.84%
    10 Year 9 $11,945,000 $1,327,222 $0 4.58%
    Other 1 $655,000 $655,000 $0 5.00%

    For 2018, Hanover Community Bank's most frequently cited loan duration was 30 Year, with 368 originations. The 2nd most popular length was 15 Year, with 126 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $5k+ 92 $53,920,000 $586,087
    $3k-4k 30 $12,710,000 $423,667
    $2k-3k 23 $7,435,000 $323,261
    $4k-5k 19 $9,985,000 $525,526
    $1k-2k 13 $6,445,000 $495,769
    $<1k 9 $2,465,000 $273,889

    Hanover Community Bank's average total fees were $11,097, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 92 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 465 $241,145,000 $518,591
    4-5% 34 $25,800,000 $758,824
    6-7% 5 $2,345,000 $469,000

    During 2018, Hanover Community Bank's average interest rate for loans was 5.41%, while their most frequently originated rate bucket for loans was 5-6%, with 465 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $400k-600k 193 $95,235,000 $493,446 $10,256 5.52%
    $200k-400k 169 $52,255,000 $309,201 $8,198 5.53%
    $600k-1MM 115 $86,345,000 $750,826 $14,720 5.48%
    $1MM+ 25 $35,085,000 $1,403,400 $25,450 5.29%
    $100k-200k 2 $370,000 $185,000 $0 5.31%

    2018 saw Hanover Community Bank place emphasis on $400k-600k loans with 193 originations, totaling $95,235,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 158 $81,950,000 $518,671 $10,523 5.51%
    $75k-100k 107 $43,835,000 $409,673 $9,617 5.49%
    $150k-250k 64 $39,830,000 $622,344 $13,418 5.56%
    $50k-75k 41 $14,295,000 $348,659 $8,487 5.43%
    $250k+ 17 $18,385,000 $1,081,471 $19,858 5.70%
    $50k or less 8 $2,870,000 $358,750 $6,031 5.54%

    Hanover Community Bank lent most frequently to those with incomes in the $100k-150k range, with 158 originations. The second most popular income band? $75k-100k, with 107 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    50-60% 39 $20,525,000 $526,282 $10,215 5.53%
    30-36% 21 $10,045,000 $478,333 $9,831 5.65%
    20-30% 20 $9,230,000 $461,500 $10,432 5.66%
    43% 18 $7,580,000 $421,111 $9,885 5.56%
    49% 14 $9,670,000 $690,714 $13,072 5.62%
    40% 8 $3,400,000 $425,000 $9,586 5.53%
    42% 7 $2,415,000 $345,000 $8,621 5.18%
    36% 7 $3,225,000 $460,714 $12,030 5.63%
    <20% 7 $2,685,000 $383,571 $9,739 5.68%
    47% 7 $2,995,000 $427,857 $11,574 5.69%
    46% 6 $4,080,000 $680,000 $13,202 5.64%
    39% 6 $2,790,000 $465,000 $11,610 5.44%
    45% 6 $2,610,000 $435,000 $9,186 5.52%
    38% 5 $2,735,000 $547,000 $14,135 5.65%
    37% 4 $1,990,000 $497,500 $10,112 5.59%
    48% 4 $4,090,000 $1,022,500 $17,928 5.61%
    44% 4 $2,080,000 $520,000 $14,535 5.59%
    41% 3 $845,000 $281,667 $8,861 5.65%

    Hanover Community Bank lent most frequently to those with DTI ratios of 50-60%, with 39 originations. The next most common DTI ratio? 30-36%, with 21 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Asian 336 $168,060,000 $500,179 $10,437 5.48%
    Not applicable 109 $68,125,000 $625,000 $10,220 5.46%
    White 38 $22,230,000 $585,000 $11,715 5.73%
    Not provided 16 $8,790,000 $549,375 $19,447 5.64%
    Chinese 3 $1,125,000 $375,000 $7,843 5.67%
    Native Hawaiian or Islander 1 $545,000 $545,000 $0 5.00%
    Black 1 $415,000 $415,000 $0 5.63%

    Approval Rates

    Total approvals of all applications
    98.72%

    Hanover Community Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    96.63%

    Hanover Community Bank has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 504 $269,290,000 $534,306

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 10 $12,600,000 $1,260,000
    Single Family (1-4 Units):Site-Built 494 $256,690,000 $519,615

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 45 $17,115,000 $380,333 $8,065 5.63%
    40-60% 210 $108,380,000 $516,095 $11,010 5.48%
    60-80% 245 $142,475,000 $581,531 $11,517 5.49%
    Under 20% 4 $1,320,000 $330,000 $7,124 5.50%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Hanover Community Bank 2131 Jericho Turnpike Garden City Park, NY 11040 Full Service B&M $337,152
    Hanover Community Bank 71-15 Austin Street Forest Hills, NY 11375 Full Service B&M $47,584
    Hanover Community Bank 80 Jericho Turnpike Mineola, NY 11501 Full Service B&M $42,842

    For 2018, Hanover Community Bank had 3 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $28,960
    Net interest income $20,510
    Total noninterest income $3,620
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $18
    Trading account gains and fees $0
    Additional Noninterest Income $3,602
    Pre-tax net operating income $10,060
    Securities gains (or losses, -) $0
    Income before extraordinary items $7,698
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $7,698
    Minority interest net income $0
    Net income $7,698
    Sale, conversion, retirement of capital stock, net $152
    Net operating income $7,698

    Hanover Community Bank's gross interest income from loans was $28,960,000.
    Hanover Community Bank's net interest income from loans was $20,510,000.
    Hanover Community Bank's fee based income from loans was $18,000.
    Hanover Community Bank's net income from loans was $7,698,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $8,450
    Provision for credit losses $1,373
    Total noninterest expense $12,697
    Salaries and employee benefits $7,070
    Premises and equipment expense $2,318
    Additional noninterest expense $3,309
    Applicable income taxes $2,362
    Net charge-offs $0
    Cash dividends $0

    Hanover Community Bank's interest expense for loans was $8,450,000.
    Hanover Community Bank's payroll and benefits expense were $7,070,000.
    Hanover Community Bank's property, plant and equipment expenses $2,318,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 0.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 0.0%
    HELOC loans 0.0%
    All other family 0.0%
    Commercial & industrial loans 0.0%
    Personal loans 0.0%
    Credit card loans 0.0%
    Other individual loans 0.0%
    Auto loans 0.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $468,336
    Deposits held in domestic offices $468,336
    Deposits by Individuals, partnerships, and corporations $452,458
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $0
    Deposits by Commercial banks and other depository institutions in U.S. $15,878
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $76,531
    Demand deposits $46,636
    Nontransaction accounts $391,805
    Money market deposit accounts (MMDAs) $82,298
    Other savings deposits (excluding MMDAs) $28,664
    Total time deposits $280,843
    Total time and savings deposits $421,700
    Noninterest-bearing deposits $43,521
    Interest-bearing deposits $424,815
    Retail deposits $395,337
    IRAs and Keogh plan accounts $19,950
    Brokered deposits $994
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $651,503
    Cash & Balances due from depository institutions $11,818
    Interest-bearing balances $7,978
    Total securities $12,884
    Federal funds sold & reverse repurchase $43,620
    Net loans and leases $559,399
    Loan and leases loss allowance $6,718
    Trading account assets $0
    Bank premises and fixed assets $13,956
    Other real estate owned $0
    Goodwill and other intangibles $331
    All other assets $9,495

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $651,503
    Total Liabilities $577,057
    Total deposits $468,336
    Interest-bearing deposits $424,815
    Deposits held in domestic offices $468,336
    % insured (estimated) $83
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $104,100
    Subordinated debt $0
    All other liabilities $4,621

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $559,399
    Loan and leases loss allowance $6,718
    Total loans and leases (domestic) $566,117
    All real estate loans $559,222
    Real estate loans in domestic offices $559,222
    Construction and development loans $0
    Residential 1-4 family construction $0
    Other construction, all land development and other land $0
    Loans secured by nonfarm nonresidential properties $46,196
    Nonfarm nonresidential secured by owner-occupied properties $9,267
    Commercial real estate & other non-farm, non-residential $36,929
    Multifamily residential real estate $126,851
    1-4 family residential loans $386,175
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $6,878
    To non-U.S. addressees $0
    Loans to individuals $17
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $0
    Other loans to individuals $17
    All other loans & leases $0
    Loans to foreign governments and official institutions $0
    Other loans $0
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $0
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $454
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Hanover Community Bank had $559,399,000 of loans outstanding in 2018. $559,222,000 of loans were in real estate loans. $0 of loans were in development loans. $126,851,000 of loans were in multifamily mortgage loans. $386,175,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $0 of loans were in the auto loan category.

    Small Business Loans

    Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
    Nonfarm, nonresidential loans - <$1MM 74 $34,706 $469,000
    Nonfarm, nonresidential loans - <$100k 10 $531 $53,100
    Nonfarm, nonresidential loans - $100-250k 6 $483 $80,500
    Nonfarm, nonresidential loans - $250k-1MM 58 $33,692 $580,897
    Commercial & Industrial, US addressed loans - <$1MM 21 $6,877 $327,476
    Commercial & Industrial, US addressed loans - <$100k 3 $217 $72,333
    Commercial & Industrial, US addressed loans - $100-250k 7 $955 $136,429
    Commercial & Industrial, US addressed loans - $250k-1MM 11 $5,705 $518,636