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 two markets are New York and New Haven .

    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

    248

    Origination Dollar Volume (All Markets)

    $324,650,000

    Employee count

    139

    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) 247 $321,925,000 $1,303,340 $13,268 4.55%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 1 $2,725,000 $2,725,000 $0 5.00%
    Hanover Community Bank's top markets include New York and New Haven among others.

    Their top states include:
  • New York (FHA|USDA|VA)
  • Connecticut (FHA|USDA|VA)
  • New Jersey (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: 102
    Schuyler Savings Bank
    Similarity Rank: 352
    ATLANTIS MORTGAGE CO., INC.
    Similarity Rank: 652
    The First National Bank of Long Island
    Similarity Rank: 748
    The Atlantic Federal Credit Union
    Similarity Rank: 882
    GARDEN SAVINGS FEDERAL CREDIT UNION
    Similarity Rank: 1064
    U S WIDE FINANCIAL LLC
    Similarity Rank: 1092
    Columbia Bank
    Similarity Rank: 1183
    Poli Mortgage Group, Inc.
    Similarity Rank: 1369
    Hanover Community Bank
    Similarity Rank: 1430

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 248 $324,650,000 $1,309,073 $13,268 4.55%

    For 2021, Hanover Community Bank's most frequently originated type of loan was Conventional, with 248 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 152 $119,770,000 $787,961 $14,230 4.74%
    Cash Out Refi 71 $170,245,000 $2,397,817 $11,045 4.11%
    Refi 16 $29,690,000 $1,855,625 $12,689 4.53%
    Other 6 $2,720,000 $453,333 $12,676 4.69%
    Home Improvement 3 $2,225,000 $741,667 $0 5.08%

    For 2021, Hanover Community Bank's most frequently cited loan purpose was Home Purchase, with 152 originations. The 2nd most popular reason was Cash Out Refi, with 71 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 175 $100,415,000 $573,800 $13,401 4.81%
    10 Year 63 $204,635,000 $3,248,175 $0 3.84%
    15 Year 6 $4,580,000 $763,333 $7,295 4.83%
    Other 4 $15,020,000 $3,755,000 $0 3.97%

    For 2021, Hanover Community Bank's most frequently cited loan duration was 30 Year, with 175 originations. The 2nd most popular length was 10 Year, with 63 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $5k+ 31 $16,175,000 $521,774
    $3k-4k 5 $2,795,000 $559,000
    $2k-3k 4 $1,340,000 $335,000
    $1k-2k 3 $685,000 $228,333
    $4k-5k 3 $2,395,000 $798,333

    Hanover Community Bank's average total fees were $13,401, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 31 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 129 $96,965,000 $751,667
    3-4% 61 $196,575,000 $3,222,541
    5-6% 55 $29,135,000 $529,727
    6-7% 3 $1,975,000 $658,333

    During 2021, Hanover Community Bank's average interest rate for loans was 4.81%, while their most frequently originated rate bucket for loans was 4-5%, with 129 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $1MM+ 75 $232,195,000 $3,095,933 $23,810 3.96%
    $400k-600k 63 $31,185,000 $495,000 $13,397 4.85%
    $600k-1MM 61 $45,575,000 $747,131 $15,989 4.69%
    $200k-400k 49 $15,695,000 $320,306 $10,642 4.88%

    2021 saw Hanover Community Bank place emphasis on $1MM+ loans with 75 originations, totaling $232,195,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $75k-100k 35 $17,885,000 $511,000 $11,275 4.74%
    $100k-150k 32 $18,820,000 $588,125 $12,439 4.57%
    $50k-75k 31 $16,745,000 $540,161 $10,123 5.02%
    $50k or less 31 $13,005,000 $419,516 $12,179 5.24%
    $150k-250k 20 $15,160,000 $758,000 $12,253 4.42%
    $250k+ 10 $8,870,000 $887,000 $22,035 4.64%

    Hanover Community Bank lent most frequently to those with incomes in the $75k-100k range, with 35 originations. The second most popular income band? $100k-150k, with 32 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 8 $3,480,000 $435,000 $12,000 4.97%
    20-30% 6 $3,160,000 $526,667 $15,972 4.85%
    47% 4 $1,800,000 $450,000 $10,321 4.47%
    <20% 4 $3,830,000 $957,500 $21,064 4.78%
    50-60% 3 $1,035,000 $345,000 $9,777 4.79%
    44% 3 $1,585,000 $528,333 $13,740 4.96%
    45% 3 $1,925,000 $641,667 $13,530 4.50%
    46% 3 $1,375,000 $458,333 $10,695 4.21%
    42% 2 $930,000 $465,000 $11,448 4.75%
    49% 2 $990,000 $495,000 $17,119 5.00%
    41% 2 $480,000 $240,000 $8,132 5.19%
    40% 1 $525,000 $525,000 $8,162 4.50%
    36% 1 $225,000 $225,000 $4,134 4.63%
    37% 1 $355,000 $355,000 $15,211 4.38%
    39% 1 $375,000 $375,000 $14,045 4.63%
    43% 1 $955,000 $955,000 $27,098 4.25%
    48% 1 $365,000 $365,000 $7,680 4.38%

    Hanover Community Bank lent most frequently to those with DTI ratios of 30-36%, with 8 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 88 $233,310,000 $2,651,250 $0 4.07%
    Asian 102 $58,340,000 $571,961 $11,618 4.79%
    White 24 $15,500,000 $645,833 $16,487 4.91%
    Not provided 28 $14,230,000 $508,214 $13,993 4.81%
    Black 3 $1,835,000 $611,667 $15,211 4.88%
    Chinese 1 $765,000 $765,000 $11,025 4.38%
    Other Asian 1 $465,000 $465,000 $0 5.25%
    Native Hawaiian or Islander 1 $205,000 $205,000 $4,847 4.63%

    Approval Rates

    Total approvals of all applications
    81.28%

    Hanover Community Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    83.06%

    Hanover Community Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 248 $324,650,000 $1,309,073

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    248 $324,650,000 $1,309,073

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 12 $6,890,000 $574,167 $8,856 4.95%
    40-60% 37 $27,165,000 $734,189 $11,446 4.59%
    60-80% 193 $287,785,000 $1,491,114 $14,585 4.48%
    80-100% 6 $2,810,000 $468,333 $0 5.75%

    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 $39,140
    Hanover Community Bank 138-29 39th Avenue Flushing, NY 11354 Full Service B&M $34,257
    Hanover Community Bank 172 Canal Street New York, NY 10013 Full Service B&M $59,699
    Hanover Community Bank 2131 Jericho Tpke Garden City Park, NY 11040 Full Service B&M $515,655
    Hanover Community Bank 5512 8th Ave Brooklyn, NY 11220 Full Service B&M $25,112
    Hanover Community Bank 600 5th Ave New York, NY 10020 Full Service B&M $311,593
    Hanover Community Bank 71-15 Austin Street Forest Hills, NY 11375 Full Service B&M $41,992
    Hanover Community Bank 80 Jericho Turnpike Mineola, NY 11501 Full Service B&M $133,112

    For 2021, Hanover Community Bank had 8 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $55,794
    Net interest income $50,962
    Total noninterest income $5,199
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $174
    Trading account gains and fees $0
    Additional Noninterest Income $5,025
    Pre-tax net operating income $21,681
    Securities gains (or losses, -) $240
    Income before extraordinary items $16,892
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $16,892
    Minority interest net income $0
    Net income $16,892
    Sale, conversion, retirement of capital stock, net $890
    Net operating income $16,702

    Hanover Community Bank's gross interest income from loans was $55,794,000.
    Hanover Community Bank's net interest income from loans was $50,962,000.
    Hanover Community Bank's fee based income from loans was $174,000.
    Hanover Community Bank's net income from loans was $16,892,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $4,832
    Provision for credit losses $1,800
    Total noninterest expense $32,680
    Salaries and employee benefits $16,592
    Premises and equipment expense $5,221
    Additional noninterest expense $10,867
    Applicable income taxes $5,029
    Net charge-offs $393
    Cash dividends $0

    Hanover Community Bank's interest expense for loans was $4,832,000.
    Hanover Community Bank's payroll and benefits expense were $16,592,000.
    Hanover Community Bank's property, plant and equipment expenses $5,221,000.

    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 1.0%
    HELOC loans 0.0%
    All other family 1.0%
    Commercial & industrial loans 2.0%
    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 $1,177,501
    Deposits held in domestic offices $1,177,501
    Deposits by Individuals, partnerships, and corporations $645,211
    Deposits by U.S. Government $6,000
    Deposits by States and political subdivisions in the U.S. $431,672
    Deposits by Commercial banks and other depository institutions in U.S. $94,618
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $629,394
    Demand deposits $224,517
    Nontransaction accounts $548,107
    Money market deposit accounts (MMDAs) $162,698
    Other savings deposits (excluding MMDAs) $58,526
    Total time deposits $326,883
    Total time and savings deposits $952,984
    Noninterest-bearing deposits $191,474
    Interest-bearing deposits $986,027
    Retail deposits $1,097,960
    IRAs and Keogh plan accounts $22,386
    Brokered deposits $22,879
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,458,180
    Cash & Balances due from depository institutions $115,200
    Interest-bearing balances $107,405
    Total securities $12,370
    Federal funds sold & reverse repurchase $184
    Net loans and leases $1,268,048
    Loan and leases loss allowance $9,386
    Trading account assets $0
    Bank premises and fixed assets $14,895
    Other real estate owned $0
    Goodwill and other intangibles $23,368
    All other assets $24,115

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,458,180
    Total Liabilities $1,304,884
    Total deposits $1,177,501
    Interest-bearing deposits $986,027
    Deposits held in domestic offices $1,177,501
    % insured (estimated) $45
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $113,274
    Subordinated debt $0
    All other liabilities $14,109

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $1,268,048
    Loan and leases loss allowance $9,386
    Total loans and leases (domestic) $1,277,434
    All real estate loans $1,167,685
    Real estate loans in domestic offices $1,167,685
    Construction and development loans $11,487
    Residential 1-4 family construction $3
    Other construction, all land development and other land $11,484
    Loans secured by nonfarm nonresidential properties $360,798
    Nonfarm nonresidential secured by owner-occupied properties $151,960
    Commercial real estate & other non-farm, non-residential $208,838
    Multifamily residential real estate $358,831
    1-4 family residential loans $436,569
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $109,718
    To non-U.S. addressees $0
    Loans to individuals $31
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $0
    Other loans to individuals $31
    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 $455
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Hanover Community Bank had $1,268,048,000 of loans outstanding in 2021. $1,167,685,000 of loans were in real estate loans. $11,487,000 of loans were in development loans. $358,831,000 of loans were in multifamily mortgage loans. $436,569,000 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 247 $114,820 $464,858
    Nonfarm, nonresidential loans - <$100k 6 $568 $94,667
    Nonfarm, nonresidential loans - $100-250k 26 $3,374 $129,769
    Nonfarm, nonresidential loans - $250k-1MM 215 $110,878 $515,712
    Commercial & Industrial, US addressed loans - <$1MM 720 $76,658 $106,469
    Commercial & Industrial, US addressed loans - <$100k 497 $10,523 $21,173
    Commercial & Industrial, US addressed loans - $100-250k 94 $13,583 $144,500
    Commercial & Industrial, US addressed loans - $250k-1MM 129 $52,552 $407,380