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

Jump to:

  • 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)

    • 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 markets by origination volume include: New York, New Haven, Philadelphia, Vineland, and Bridgeport among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)

    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 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.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    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

    491

    Origination Dollar Volume (All Markets)

    $528,465,000

    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) 477 $499,105,000 $1,046,342 $11,368 5.17%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 4 $7,340,000 $1,835,000 $0 4.69%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 2 $7,280,000 $3,640,000 $0 4.44%
    VINELAND-BRIDGETON, NJ (FHA|USDA|VA) 2 $6,390,000 $3,195,000 $0 4.94%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 2 $3,750,000 $1,875,000 $5,566 4.75%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 2 $2,450,000 $1,225,000 $0 5.75%
    POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 1 $1,805,000 $1,805,000 $0 4.50%
    TRENTON-PRINCETON, NJ (FHA|USDA|VA) 1 $345,000 $345,000 $0 5.88%
    Hanover Community Bank's top markets include New York, New Haven, Philadelphia, Vineland, and Bridgeport among others.

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

    RSI BANK
    Similarity Rank: 30
    Schuyler Savings Bank
    Similarity Rank: 51
    North Jersey Federal Credit Union
    Similarity Rank: 124
    The First National Bank of Long Island
    Similarity Rank: 142
    N C P D Federal Credit Union
    Similarity Rank: 201
    Nassau Educators Federal Credit Union
    Similarity Rank: 481
    American Broadcast Employees Federal Credit Union
    Similarity Rank: 540
    Ridgewood Savings Bank
    Similarity Rank: 644
    GARDEN SAVINGS FEDERAL CREDIT UNION
    Similarity Rank: 664
    Bogota Savings Bank
    Similarity Rank: 680

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 491 $528,465,000 $1,076,303 $11,268 5.16%

    For 2022, Hanover Community Bank's most frequently originated type of loan was Conventional, with 491 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 337 $226,945,000 $673,427 $12,201 5.37%
    Cash Out Refi 119 $267,855,000 $2,250,882 $12,019 4.65%
    Refi 22 $26,940,000 $1,224,545 $12,232 4.99%
    Home Improvement 10 $4,760,000 $476,000 $1,448 4.62%
    Other 3 $1,965,000 $655,000 $16,053 5.00%

    For 2022, Hanover Community Bank's most frequently cited loan purpose was Home Purchase, with 337 originations. The 2nd most popular reason was Cash Out Refi, with 119 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 323 $182,045,000 $563,607 $12,561 5.45%
    10 Year 132 $329,530,000 $2,496,439 $0 4.44%
    15 Year 32 $16,110,000 $503,438 $6,454 5.32%
    Other 4 $780,000 $195,000 $0 3.94%

    For 2022, Hanover Community Bank's most frequently cited loan duration was 30 Year, with 323 originations. The 2nd most popular length was 10 Year, with 132 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $5k+ 30 $14,770,000 $492,333
    $2k-3k 9 $3,485,000 $387,222
    $<1k 6 $640,000 $106,667
    $3k-4k 6 $3,490,000 $581,667
    $1k-2k 4 $810,000 $202,500
    $4k-5k 3 $2,325,000 $775,000

    Hanover Community Bank's average total fees were $12,561, 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% 178 $143,440,000 $805,843
    4-5% 175 $197,645,000 $1,129,400
    3-4% 68 $148,310,000 $2,181,029
    6-7% 52 $29,830,000 $573,654
    7-8% 16 $8,200,000 $512,500
    Over 8% 2 $1,040,000 $520,000

    During 2022, Hanover Community Bank's average interest rate for loans was 5.45%, while their most frequently originated rate bucket for loans was 5-6%, with 178 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $400k-600k 143 $70,095,000 $490,175 $12,685 5.34%
    $600k-1MM 129 $99,745,000 $773,217 $14,056 5.33%
    $1MM+ 123 $329,985,000 $2,682,805 $26,649 4.51%
    $200k-400k 88 $27,990,000 $318,068 $10,626 5.62%
    $100,000 or less 5 $135,000 $27,000 $0 4.00%
    $100k-200k 3 $515,000 $171,667 $4,788 5.04%

    2022 saw Hanover Community Bank place emphasis on $400k-600k loans with 143 originations, totaling $70,095,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 90 $42,730,000 $474,778 $10,653 5.53%
    $75k-100k 51 $25,885,000 $507,549 $10,454 5.42%
    $50k-75k 47 $25,955,000 $552,234 $8,127 5.25%
    $50k or less 45 $18,105,000 $402,333 $0 5.31%
    $150k-250k 42 $29,180,000 $694,762 $12,625 5.69%
    $250k+ 8 $7,480,000 $935,000 $22,667 6.20%

    Hanover Community Bank lent most frequently to those with incomes in the $100k-150k range, with 90 originations. The second most popular income band? $75k-100k, with 51 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    50-60% 10 $3,370,000 $337,000 $9,844 5.26%
    42% 7 $4,885,000 $697,857 $15,405 5.57%
    48% 6 $2,420,000 $403,333 $12,441 5.60%
    30-36% 5 $2,035,000 $407,000 $7,459 5.18%
    47% 5 $3,005,000 $601,000 $11,522 5.45%
    20-30% 4 $1,970,000 $492,500 $16,853 5.91%
    38% 3 $1,455,000 $485,000 $14,447 5.17%
    <20% 2 $450,000 $225,000 $11,100 5.38%
    36% 2 $650,000 $325,000 $10,104 6.50%
    40% 2 $440,000 $220,000 $4,073 4.81%
    43% 2 $710,000 $355,000 $14,387 6.63%
    44% 2 $1,230,000 $615,000 $11,136 6.06%
    46% 2 $940,000 $470,000 $13,043 6.00%
    49% 2 $800,000 $400,000 $8,797 4.88%
    41% 1 $585,000 $585,000 $9,057 4.50%
    >60% 1 $45,000 $45,000 $0 4.00%
    39% 1 $305,000 $305,000 $7,460 5.13%
    45% 1 $225,000 $225,000 $5,165 7.88%

    Hanover Community Bank lent most frequently to those with DTI ratios of 50-60%, with 10 originations. The next most common DTI ratio? 42%, with 7 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 208 $379,130,000 $1,822,740 $0 4.74%
    Asian 225 $119,555,000 $531,356 $10,212 5.43%
    Not provided 34 $18,860,000 $554,706 $17,902 5.76%
    White 17 $9,455,000 $556,176 $11,367 5.87%
    American Indian 1 $765,000 $765,000 $0 6.25%
    Black 6 $700,000 $116,667 $0 4.29%

    Approval Rates

    Total approvals of all applications
    79.55%

    Hanover Community Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    86.35%

    Hanover Community Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 491 $528,465,000 $1,076,303

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    491 $528,465,000 $1,076,303

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 14 $4,940,000 $352,857 $10,525 5.21%
    40-60% 124 $104,690,000 $844,274 $11,772 5.24%
    60-80% 345 $417,105,000 $1,209,000 $12,737 5.15%
    80-100% 1 $395,000 $395,000 $0 5.63%
    Under 20% 7 $1,335,000 $190,714 $3,165 4.30%