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 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 average approval rate when compared to the average across all lenders. They have a below 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 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.

    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

    137

    Origination Dollar Volume (All Markets)

    $110,955,000

    Employee count

    98

    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) 137 $110,955,000 $809,891 $14,791 5.03%
    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.

    The First National Bank of Long Island
    Similarity Rank: 134
    North Jersey Federal Credit Union
    Similarity Rank: 247
    N C P D Federal Credit Union
    Similarity Rank: 482
    MOUNTAIN MORTGAGE CORP.
    Similarity Rank: 538
    ATLANTIS MORTGAGE CO., INC.
    Similarity Rank: 668
    TEG Federal Credit Union
    Similarity Rank: 715
    Hanover Community Bank
    Similarity Rank: 727
    Roselle Bank
    Similarity Rank: 796
    Poli Mortgage Group, Inc.
    Similarity Rank: 1012
    Schuyler Savings Bank
    Similarity Rank: 1083

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 137 $110,955,000 $809,891 $14,791 5.03%

    For 2020, Hanover Community Bank's most frequently originated type of loan was Conventional, with 137 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 83 $49,455,000 $595,843 $16,688 5.05%
    Cash Out Refi 43 $54,875,000 $1,276,163 $14,562 4.97%
    Home Improvement 5 $3,625,000 $725,000 $8,731 5.10%
    Other 3 $1,895,000 $631,667 $9,613 5.13%
    Refi 3 $1,105,000 $368,333 $0 5.00%

    For 2020, Hanover Community Bank's most frequently cited loan purpose was Home Purchase, with 83 originations. The 2nd most popular reason was Cash Out Refi, with 43 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 118 $68,680,000 $582,034 $14,791 5.13%
    10 Year 15 $40,195,000 $2,679,667 $0 4.05%
    15 Year 3 $1,875,000 $625,000 $0 5.50%
    5 Year 1 $205,000 $205,000 $0 5.50%

    For 2020, Hanover Community Bank's most frequently cited loan duration was 30 Year, with 118 originations. The 2nd most popular length was 10 Year, with 15 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $5k+ 30 $17,910,000 $597,000
    $<1k 7 $3,995,000 $570,714
    $3k-4k 3 $1,805,000 $601,667
    $1k-2k 1 $705,000 $705,000
    $4k-5k 1 $805,000 $805,000

    Hanover Community Bank's average total fees were $14,791, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 30 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 68 $40,080,000 $589,412
    4-5% 53 $31,645,000 $597,075
    3-4% 13 $37,895,000 $2,915,000
    6-7% 3 $1,335,000 $445,000

    During 2020, Hanover Community Bank's average interest rate for loans was 5.13%, while their most frequently originated rate bucket for loans was 5-6%, with 68 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $400k-600k 47 $22,925,000 $487,766 $13,750 5.14%
    $600k-1MM 40 $29,770,000 $744,250 $15,596 4.98%
    $200k-400k 27 $8,645,000 $320,185 $9,662 5.21%
    $1MM+ 20 $49,150,000 $2,457,500 $25,131 4.51%
    $100k-200k 3 $465,000 $155,000 $0 5.54%

    2020 saw Hanover Community Bank place emphasis on $400k-600k loans with 47 originations, totaling $22,925,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 22 $13,220,000 $600,909 $12,412 5.01%
    $150k-250k 21 $14,795,000 $704,524 $17,064 5.14%
    $75k-100k 14 $7,770,000 $555,000 $10,492 5.14%
    $50k or less 12 $4,800,000 $400,000 $0 5.28%
    $250k+ 10 $8,320,000 $832,000 $18,644 5.05%
    $50k-75k 9 $4,495,000 $499,444 $9,102 5.16%

    Hanover Community Bank lent most frequently to those with incomes in the $100k-150k range, with 22 originations. The second most popular income band? $150k-250k, with 21 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 7 $4,305,000 $615,000 $14,918 5.08%
    20-30% 6 $3,770,000 $628,333 $12,916 5.13%
    44% 5 $2,615,000 $523,000 $16,149 5.38%
    50-60% 4 $2,690,000 $672,500 $14,999 5.09%
    40% 4 $3,020,000 $755,000 $23,335 5.19%
    46% 3 $1,845,000 $615,000 $7,043 5.00%
    43% 2 $1,450,000 $725,000 $15,990 4.88%
    <20% 2 $880,000 $440,000 $15,202 5.19%
    47% 2 $1,280,000 $640,000 $12,850 5.25%
    48% 2 $1,050,000 $525,000 $15,903 5.13%
    41% 1 $205,000 $205,000 $5,110 3.79%
    49% 1 $405,000 $405,000 $14,331 5.63%
    38% 1 $405,000 $405,000 $12,673 5.38%
    42% 1 $755,000 $755,000 $23,725 4.75%
    45% 1 $545,000 $545,000 $8,370 5.13%

    Hanover Community Bank lent most frequently to those with DTI ratios of 30-36%, with 7 originations. The next most common DTI ratio? 20-30%, with 6 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 47 $56,795,000 $1,208,404 $0 4.82%
    Asian 52 $31,290,000 $601,731 $12,529 5.07%
    White 23 $14,855,000 $645,870 $18,017 5.24%
    Not provided 12 $5,850,000 $487,500 $15,176 5.33%
    Black 2 $1,700,000 $850,000 $5,349 4.58%
    Other Asian 1 $465,000 $465,000 $16,524 4.88%

    Approval Rates

    Total approvals of all applications
    75.74%

    Hanover Community Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    63.50%

    Hanover Community Bank 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 137 $110,955,000 $809,891

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 15 $40,195,000 $2,679,667
    Single Family (1-4 Units):Site-Built 122 $70,760,000 $580,000

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 6 $9,710,000 $1,618,333 $9,235 4.98%
    40-60% 27 $15,065,000 $557,963 $15,047 5.19%
    60-80% 97 $83,695,000 $862,835 $15,082 4.91%
    80-100% 6 $2,280,000 $380,000 $0 6.04%
    Under 20% 1 $205,000 $205,000 $0 5.50%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Hanover Community Bank 107-109 Bowery New York, NY 10002 Full Service B&M $34,646
    Hanover Community Bank 138-29 39th Avenue Flushing, NY 11354 Full Service B&M $52,713
    Hanover Community Bank 172 Canal Street New York, NY 10013 Full Service B&M $74,107
    Hanover Community Bank 2131 Jericho Turnpike Garden City Park, NY 11040 Full Service B&M $293,413
    Hanover Community Bank 5512 8th Ave Brooklyn, NY 11220 Full Service B&M $27,872
    Hanover Community Bank 71-15 Austin Street Forest Hills, NY 11375 Full Service B&M $59,991
    Hanover Community Bank 80 Jericho Turnpike Mineola, NY 11501 Full Service B&M $117,233

    For 2020, Hanover Community Bank had 7 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $39,195
    Net interest income $28,760
    Total noninterest income $957
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $54
    Trading account gains and fees $0
    Additional Noninterest Income $903
    Pre-tax net operating income $6,906
    Securities gains (or losses, -) $0
    Income before extraordinary items $5,550
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $5,550
    Minority interest net income $0
    Net income $5,550
    Sale, conversion, retirement of capital stock, net $848
    Net operating income $5,550

    Hanover Community Bank's gross interest income from loans was $39,195,000.
    Hanover Community Bank's net interest income from loans was $28,760,000.
    Hanover Community Bank's fee based income from loans was $54,000.
    Hanover Community Bank's net income from loans was $5,550,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $10,435
    Provision for credit losses $1,350
    Total noninterest expense $21,461
    Salaries and employee benefits $11,769
    Premises and equipment expense $4,501
    Additional noninterest expense $5,191
    Applicable income taxes $1,356
    Net charge-offs $514
    Cash dividends $0

    Hanover Community Bank's interest expense for loans was $10,435,000.
    Hanover Community Bank's payroll and benefits expense were $11,769,000.
    Hanover Community Bank's property, plant and equipment expenses $4,501,000.

    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 $690,059
    Deposits held in domestic offices $690,059
    Deposits by Individuals, partnerships, and corporations $666,217
    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. $23,842
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $181,267
    Demand deposits $89,635
    Nontransaction accounts $508,792
    Money market deposit accounts (MMDAs) $87,843
    Other savings deposits (excluding MMDAs) $44,072
    Total time deposits $376,877
    Total time and savings deposits $600,424
    Noninterest-bearing deposits $88,009
    Interest-bearing deposits $602,050
    Retail deposits $610,201
    IRAs and Keogh plan accounts $25,981
    Brokered deposits $352
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $876,883
    Cash & Balances due from depository institutions $98,348
    Interest-bearing balances $92,162
    Total securities $17,435
    Federal funds sold & reverse repurchase $40
    Net loans and leases $724,923
    Loan and leases loss allowance $7,979
    Trading account assets $0
    Bank premises and fixed assets $14,325
    Other real estate owned $0
    Goodwill and other intangibles $2,065
    All other assets $19,747

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $876,883
    Total Liabilities $773,877
    Total deposits $690,059
    Interest-bearing deposits $602,050
    Deposits held in domestic offices $690,059
    % insured (estimated) $75
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $74,514
    Subordinated debt $0
    All other liabilities $9,304

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $724,923
    Loan and leases loss allowance $7,979
    Total loans and leases (domestic) $732,902
    All real estate loans $712,648
    Real estate loans in domestic offices $712,648
    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 $115,358
    Nonfarm nonresidential secured by owner-occupied properties $23,182
    Commercial real estate & other non-farm, non-residential $92,176
    Multifamily residential real estate $147,266
    1-4 family residential loans $450,024
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $20,213
    To non-U.S. addressees $0
    Loans to individuals $30
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $0
    Other loans to individuals $30
    All other loans & leases $11
    Loans to foreign governments and official institutions $0
    Other loans $11
    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 $724,923,000 of loans outstanding in 2020. $712,648,000 of loans were in real estate loans. $0 of loans were in development loans. $147,266,000 of loans were in multifamily mortgage loans. $450,024,000 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 189 $77,321 $409,106
    Nonfarm, nonresidential loans - <$100k 5 $251 $50,200
    Nonfarm, nonresidential loans - $100-250k 27 $3,114 $115,333
    Nonfarm, nonresidential loans - $250k-1MM 157 $73,956 $471,057
    Commercial & Industrial, US addressed loans - <$1MM 119 $17,747 $149,134
    Commercial & Industrial, US addressed loans - <$100k 66 $2,703 $40,955
    Commercial & Industrial, US addressed loans - $100-250k 31 $4,903 $158,161
    Commercial & Industrial, US addressed loans - $250k-1MM 22 $10,141 $460,955