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
  • Complaints
  • 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 and Cash Out Refi 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% 11/21/24
    30 Year Conventional Refi 6.78% 11/21/24
    30 Year Cash-out Refi 6.84% 11/21/24
    15 Year Conventional Purchase 6.12% 11/21/24
    15 Year Conventional Refi 5.68% 11/21/24
    15 Year Cash-out Refi 5.68% 11/21/24
    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

    470

    Origination Dollar Volume (All Markets)

    $264,950,000

    Employee count

    96

    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) 470 $264,950,000 $563,723 $11,354 5.61%
    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: 56
    Schuyler Savings Bank
    Similarity Rank: 104
    Union County Savings Bank
    Similarity Rank: 150
    GARDEN SAVINGS FEDERAL CREDIT UNION
    Similarity Rank: 192
    Blue Foundry Bank
    Similarity Rank: 212
    Bogota Savings Bank
    Similarity Rank: 246
    MOUNTAIN MORTGAGE CORP.
    Similarity Rank: 266
    FUNDING RESOURCES MORTGAGE CORPORATION
    Similarity Rank: 292
    CREDIT UNION OF NEW JERSEY
    Similarity Rank: 360
    Atlantic Stewardship Bank
    Similarity Rank: 372

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 470 $264,950,000 $563,723 $11,354 5.61%

    For 2019, Hanover Community Bank's most frequently originated type of loan was Conventional, with 470 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 286 $146,030,000 $510,594 $10,739 5.56%
    Cash Out Refi 118 $80,990,000 $686,356 $13,126 5.69%
    Refi 28 $15,970,000 $570,357 $9,662 5.71%
    Home Improvement 24 $14,030,000 $584,583 $8,594 5.61%
    Other 14 $7,930,000 $566,429 $13,680 5.66%

    For 2019, Hanover Community Bank's most frequently cited loan purpose was Home Purchase, with 286 originations. The 2nd most popular reason was Cash Out Refi, with 118 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 353 $192,055,000 $544,065 $11,459 5.54%
    15 Year 103 $59,895,000 $581,505 $10,418 5.88%
    10 Year 13 $12,145,000 $934,231 $0 5.19%
    Other 1 $855,000 $855,000 $0 5.63%

    For 2019, Hanover Community Bank's most frequently cited loan duration was 30 Year, with 353 originations. The 2nd most popular length was 15 Year, with 103 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $5k+ 113 $65,545,000 $580,044
    $4k-5k 28 $16,220,000 $579,286
    $2k-3k 27 $9,445,000 $349,815
    $3k-4k 26 $11,970,000 $460,385
    $1k-2k 18 $7,670,000 $426,111
    $<1k 6 $2,460,000 $410,000

    Hanover Community Bank's average total fees were $11,459, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 113 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 430 $241,680,000 $562,047
    6-7% 23 $11,835,000 $514,565
    4-5% 16 $11,020,000 $688,750
    3-4% 1 $415,000 $415,000

    During 2019, Hanover Community Bank's average interest rate for loans was 5.54%, while their most frequently originated rate bucket for loans was 5-6%, with 430 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $400k-600k 158 $77,590,000 $491,076 $11,762 5.63%
    $600k-1MM 154 $118,750,000 $771,104 $13,355 5.57%
    $200k-400k 134 $42,490,000 $317,090 $8,799 5.64%
    $1MM+ 20 $25,420,000 $1,271,000 $21,817 5.60%
    $100k-200k 4 $700,000 $175,000 $3,977 5.28%

    2019 saw Hanover Community Bank place emphasis on $400k-600k loans with 158 originations, totaling $77,590,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 121 $62,305,000 $514,917 $11,090 5.63%
    $150k-250k 82 $52,370,000 $638,659 $11,658 5.63%
    $75k-100k 79 $34,655,000 $438,671 $9,518 5.59%
    $50k-75k 35 $12,825,000 $366,429 $10,527 5.54%
    $250k+ 26 $20,660,000 $794,615 $16,326 5.69%
    $50k or less 5 $1,905,000 $381,000 $11,814 5.59%

    Hanover Community Bank lent most frequently to those with incomes in the $100k-150k range, with 121 originations. The second most popular income band? $150k-250k, with 82 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    50-60% 50 $25,380,000 $507,600 $10,209 5.62%
    20-30% 30 $15,800,000 $526,667 $13,443 5.61%
    30-36% 23 $12,385,000 $538,478 $10,121 5.52%
    49% 15 $7,695,000 $513,000 $10,906 5.68%
    47% 13 $7,335,000 $564,231 $10,755 5.65%
    <20% 12 $7,010,000 $584,167 $13,795 5.68%
    36% 9 $3,865,000 $429,444 $10,407 5.64%
    48% 9 $4,535,000 $503,889 $10,052 5.65%
    44% 8 $3,790,000 $473,750 $10,126 5.66%
    41% 8 $4,250,000 $531,250 $11,779 5.75%
    38% 8 $4,740,000 $592,500 $12,351 5.66%
    45% 7 $3,305,000 $472,143 $12,479 5.67%
    46% 7 $3,845,000 $549,286 $10,222 5.80%
    43% 6 $3,840,000 $640,000 $15,089 5.51%
    40% 5 $2,355,000 $471,000 $11,454 5.87%
    39% 4 $1,550,000 $387,500 $9,730 5.63%
    42% 2 $740,000 $370,000 $13,430 5.69%
    37% 2 $890,000 $445,000 $14,462 5.95%

    Hanover Community Bank lent most frequently to those with DTI ratios of 50-60%, with 50 originations. The next most common DTI ratio? 20-30%, with 30 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Asian 248 $130,570,000 $526,492 $10,947 5.58%
    Not applicable 121 $79,625,000 $658,058 $0 5.58%
    White 67 $35,035,000 $522,910 $10,948 5.72%
    Not provided 28 $16,640,000 $594,286 $15,451 5.66%
    Black 3 $1,515,000 $505,000 $0 5.75%
    Chinese 2 $1,180,000 $590,000 $0 5.56%
    Asian Indian 1 $385,000 $385,000 $13,941 5.50%

    Approval Rates

    Total approvals of all applications
    96.76%

    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
    92.98%

    Hanover Community Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 470 $264,950,000 $563,723

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 12 $12,290,000 $1,024,167
    Single Family (1-4 Units):Site-Built 458 $252,660,000 $551,659

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 38 $17,630,000 $463,947 $9,212 5.67%
    40-60% 170 $96,830,000 $569,588 $10,944 5.61%
    60-80% 256 $147,410,000 $575,820 $11,898 5.61%
    80-100% 1 $415,000 $415,000 $4,172 3.88%
    Under 20% 5 $2,665,000 $533,000 $0 5.56%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    Homefront Mortgages, Inc VA mortgage Closing on a mortgage 1 100.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Hanover Community Bank 138-29 39th Avenue Flushing, NY 11354 Full Service B&M $33,178
    Hanover Community Bank 2131 Jericho Turnpike Garden City Park, NY 11040 Full Service B&M $347,598
    Hanover Community Bank 71-15 Austin Street Forest Hills, NY 11375 Full Service B&M $59,490
    Hanover Community Bank 80 Jericho Turnpike Mineola, NY 11501 Full Service B&M $77,361

    For 2019, Hanover Community Bank had 4 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $36,751
    Net interest income $24,508
    Total noninterest income $4,113
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $42
    Trading account gains and fees $0
    Additional Noninterest Income $4,071
    Pre-tax net operating income $10,760
    Securities gains (or losses, -) $0
    Income before extraordinary items $8,231
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $8,231
    Minority interest net income $0
    Net income $8,231
    Sale, conversion, retirement of capital stock, net $522
    Net operating income $8,231

    Hanover Community Bank's gross interest income from loans was $36,751,000.
    Hanover Community Bank's net interest income from loans was $24,508,000.
    Hanover Community Bank's fee based income from loans was $42,000.
    Hanover Community Bank's net income from loans was $8,231,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $12,243
    Provision for credit losses $425
    Total noninterest expense $17,436
    Salaries and employee benefits $9,654
    Premises and equipment expense $3,368
    Additional noninterest expense $4,414
    Applicable income taxes $2,529
    Net charge-offs $0
    Cash dividends $0

    Hanover Community Bank's interest expense for loans was $12,243,000.
    Hanover Community Bank's payroll and benefits expense were $9,654,000.
    Hanover Community Bank's property, plant and equipment expenses $3,368,000.

    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 8.0%
    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 $670,477
    Deposits held in domestic offices $670,477
    Deposits by Individuals, partnerships, and corporations $665,844
    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. $4,633
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $115,659
    Demand deposits $76,600
    Nontransaction accounts $554,818
    Money market deposit accounts (MMDAs) $101,681
    Other savings deposits (excluding MMDAs) $41,993
    Total time deposits $411,144
    Total time and savings deposits $593,877
    Noninterest-bearing deposits $73,227
    Interest-bearing deposits $597,250
    Retail deposits $569,422
    IRAs and Keogh plan accounts $26,944
    Brokered deposits $1,275
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $861,575
    Cash & Balances due from depository institutions $86,616
    Interest-bearing balances $76,174
    Total securities $12,682
    Federal funds sold & reverse repurchase $11,799
    Net loans and leases $716,098
    Loan and leases loss allowance $7,143
    Trading account assets $0
    Bank premises and fixed assets $14,396
    Other real estate owned $0
    Goodwill and other intangibles $1,754
    All other assets $18,230

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $861,575
    Total Liabilities $774,257
    Total deposits $670,477
    Interest-bearing deposits $597,250
    Deposits held in domestic offices $670,477
    % insured (estimated) $81
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $95,086
    Subordinated debt $0
    All other liabilities $8,694

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $716,098
    Loan and leases loss allowance $7,143
    Total loans and leases (domestic) $723,241
    All real estate loans $715,268
    Real estate loans in domestic offices $715,268
    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 $104,951
    Nonfarm nonresidential secured by owner-occupied properties $10,699
    Commercial real estate & other non-farm, non-residential $94,252
    Multifamily residential real estate $131,474
    1-4 family residential loans $478,843
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $7,472
    To non-U.S. addressees $0
    Loans to individuals $500
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $0
    Other loans to individuals $500
    All other loans & leases $1
    Loans to foreign governments and official institutions $0
    Other loans $1
    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 $716,098,000 of loans outstanding in 2019. $715,268,000 of loans were in real estate loans. $0 of loans were in development loans. $131,474,000 of loans were in multifamily mortgage loans. $478,843,000 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 202 $75,370 $373,119
    Nonfarm, nonresidential loans - <$100k 5 $233 $46,600
    Nonfarm, nonresidential loans - $100-250k 39 $3,740 $95,897
    Nonfarm, nonresidential loans - $250k-1MM 158 $71,397 $451,880
    Commercial & Industrial, US addressed loans - <$1MM 25 $7,472 $298,880
    Commercial & Industrial, US addressed loans - <$100k 7 $667 $95,286
    Commercial & Industrial, US addressed loans - $100-250k 6 $756 $126,000
    Commercial & Industrial, US addressed loans - $250k-1MM 12 $6,049 $504,083