Hometown Bank Mortgage Rates, Fees & Info

Kent, OH

LEI: 549300WF6CI48BRR4W39

Tax ID: 34-0295215

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

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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

    Hometown Bank is a smaller bank specializing in Home Purchase and Cash Out Refi loans. Hometown Bank has a high proportion of conventional loans. Their top markets by origination volume include: Akron, Columbus, Cleveland, Canton, and Youngstown among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Hometown Bank has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Hometown Bank is typically a low 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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    Originations

    145

    Origination Dollar Volume (All Markets)

    $21,485,000

    Employee count

    59

    Awards

    Hometown Bank 30 Year Conventional Loans bronze
    Show all (1) awards

    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
    AKRON, OH (FHA|USDA|VA) 131 $18,205,000 $138,969 $2,395 4.90%
    COLUMBUS, OH (FHA|USDA|VA) 2 $1,170,000 $585,000 $3,455 4.44%
    CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 5 $805,000 $161,000 $2,545 4.60%
    CANTON-MASSILLON, OH (FHA|USDA|VA) 3 $515,000 $171,667 $2,665 4.67%
    YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) 2 $480,000 $240,000 $1,621 5.15%
    Wooster, OH (FHA|USDA|VA) 1 $245,000 $245,000 $0 5.00%
    Salem, OH (FHA|USDA|VA) 1 $65,000 $65,000 $2,544 4.50%
    Hometown Bank's top markets include Akron, Columbus, Cleveland, Canton, and Youngstown among others.

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

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Hometown Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    FIRESTONE
    Similarity Rank: 32
    Hometown Bank
    Similarity Rank: 315
    Ohio Catholic Federal Credit Union
    Similarity Rank: 504
    Seven Seventeen Credit Union
    Similarity Rank: 665
    Peoples Bank
    Similarity Rank: 782
    HOME MORTGAGE ASSURED CORPORATION
    Similarity Rank: 1100
    The Cortland Savings and Banking Company
    Similarity Rank: 1300
    UNION CAPITAL MORTGAGE CORPORATION
    Similarity Rank: 1683
    PULTE MORTGAGE LLC
    Similarity Rank: 2232
    Third Federal Savings and Loan Association of Cleveland
    Similarity Rank: 2456

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 145 $21,485,000 $148,172 $2,414 4.88%

    For 2018, Hometown Bank's most frequently originated type of loan was Conventional, with 145 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 88 $14,640,000 $166,364 $2,950 4.85%
    Cash Out Refi 31 $4,525,000 $145,968 $2,185 4.97%
    Refi 13 $2,015,000 $155,000 $1,693 4.59%
    Other 7 $155,000 $22,143 $401 5.17%
    Home Improvement 6 $150,000 $25,000 $525 5.03%

    For 2018, Hometown Bank's most frequently cited loan purpose was Home Purchase, with 88 originations. The 2nd most popular reason was Cash Out Refi, with 31 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 81 $13,495,000 $166,605 $2,965 4.78%
    15 Year 33 $3,775,000 $114,394 $1,549 4.81%
    5 Year 12 $2,160,000 $180,000 $0 5.32%
    10 Year 11 $255,000 $23,182 $363 5.09%
    Other 6 $1,130,000 $188,333 $0 5.50%
    20 Year 1 $65,000 $65,000 $1,360 4.00%
    30+ year 1 $605,000 $605,000 $4,798 5.25%

    For 2018, Hometown Bank's most frequently cited loan duration was 30 Year, with 81 originations. The 2nd most popular length was 15 Year, with 33 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 108 $15,190,000 $140,648
    $1k-2k 4 $1,540,000 $385,000

    Hometown Bank's average total fees were $2,965, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 108 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 91 $14,315,000 $157,308
    5-6% 46 $6,100,000 $132,609
    3-4% 4 $550,000 $137,500
    6-7% 1 $165,000 $165,000

    During 2018, Hometown Bank's average interest rate for loans was 4.78%, while their most frequently originated rate bucket for loans was 4-5%, with 91 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 61 $3,575,000 $58,607 $1,409 4.99%
    $100k-200k 53 $7,735,000 $145,943 $2,791 4.80%
    $200k-400k 23 $6,085,000 $264,565 $3,829 4.73%
    $400k-600k 6 $2,640,000 $440,000 $3,108 4.88%
    $600k-1MM 2 $1,450,000 $725,000 $4,553 5.00%

    2018 saw Hometown Bank place emphasis on $100,000 or less loans with 61 originations, totaling $3,575,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 36 $2,640,000 $73,333 $1,767 4.91%
    $50k-75k 30 $3,270,000 $109,000 $2,369 4.87%
    $75k-100k 24 $3,650,000 $152,083 $2,723 4.70%
    $100k-150k 22 $3,940,000 $179,091 $2,411 4.88%
    $150k-250k 9 $3,385,000 $376,111 $4,604 5.22%
    $250k+ 6 $1,770,000 $295,000 $2,802 4.48%

    Hometown Bank lent most frequently to those with incomes in the $50k or less range, with 36 originations. The second most popular income band? $50k-75k, with 30 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 36 $4,500,000 $125,000 $2,155 4.74%
    30-36% 26 $4,180,000 $160,769 $2,258 4.78%
    <20% 15 $1,655,000 $110,333 $1,675 4.77%
    45% 6 $1,110,000 $185,000 $2,854 5.04%
    42% 4 $560,000 $140,000 $2,528 4.80%
    38% 4 $530,000 $132,500 $2,030 4.66%
    39% 4 $1,260,000 $315,000 $2,570 4.63%
    40% 4 $620,000 $155,000 $2,844 4.84%
    44% 4 $700,000 $175,000 $6,144 4.91%
    49% 4 $340,000 $85,000 $1,447 5.31%
    46% 3 $455,000 $151,667 $2,089 4.46%
    43% 2 $190,000 $95,000 $3,707 4.38%
    41% 2 $280,000 $140,000 $2,281 5.13%
    37% 2 $340,000 $170,000 $6,673 4.44%
    48% 1 $235,000 $235,000 $3,220 4.75%
    >60% 1 $45,000 $45,000 $1,549 4.88%
    36% 1 $115,000 $115,000 $2,363 4.50%
    50-60% 1 $195,000 $195,000 $2,311 5.13%

    Hometown Bank lent most frequently to those with DTI ratios of 20-30%, with 36 originations. The next most common DTI ratio? 30-36%, with 26 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 127 $19,075,000 $150,197 $2,449 4.86%
    Not applicable 14 $2,080,000 $148,571 $0 5.11%
    Not provided 1 $145,000 $145,000 $1,850 3.88%
    Asian 1 $125,000 $125,000 $3,017 4.50%
    Black 2 $60,000 $30,000 $352 5.15%

    Approval Rates

    Total approvals of all applications
    91.01%

    Hometown Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    82.07%

    Hometown Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 145 $21,485,000 $148,172

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 2 $620,000 $310,000
    Single Family (1-4 Units):Site-Built 143 $20,865,000 $145,909

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 8 $610,000 $76,250 $659 5.16%
    40-60% 18 $1,980,000 $110,000 $1,802 4.82%
    60-80% 55 $9,655,000 $175,545 $2,865 4.88%
    80-100% 49 $8,875,000 $181,122 $2,998 4.77%
    Over 100% 1 $95,000 $95,000 $0 5.00%
    Under 20% 14 $270,000 $19,286 $399 5.14%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    HUNTINGTON NATIONAL BANK, THE Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 2.4%
    HUNTINGTON NATIONAL BANK, THE Conventional home mortgage Closing on a mortgage 2 4.9%
    HUNTINGTON NATIONAL BANK, THE Conventional home mortgage Struggling to pay mortgage 4 9.8%
    HUNTINGTON NATIONAL BANK, THE Conventional home mortgage Trouble during payment process 13 31.7%
    HUNTINGTON NATIONAL BANK, THE FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 2.4%
    HUNTINGTON NATIONAL BANK, THE FHA mortgage Trouble during payment process 3 7.3%
    HUNTINGTON NATIONAL BANK, THE Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 2 4.9%
    HUNTINGTON NATIONAL BANK, THE Home equity loan or line of credit (HELOC) Struggling to pay mortgage 1 2.4%
    HUNTINGTON NATIONAL BANK, THE Home equity loan or line of credit (HELOC) Trouble during payment process 5 12.2%
    HUNTINGTON NATIONAL BANK, THE Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 2.4%
    HUNTINGTON NATIONAL BANK, THE Other type of mortgage Trouble during payment process 7 17.1%
    HUNTINGTON NATIONAL BANK, THE VA mortgage Closing on a mortgage 1 2.4%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Hometown Bank 100 East Main Street Ravenna, OH 44266 Full Service B&M $18,820
    Hometown Bank 142 North Water Street Kent, OH 44240 Full Service B&M $122,223
    Hometown Bank 203 North Water Street Kent, OH 44240 Limited, Drive-thru $0
    Hometown Bank 4023 State Route 43 Brimfield Township, OH 44240 Full Service B&M $21,222

    For 2018, Hometown Bank had 4 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $8,318
    Net interest income $6,971
    Total noninterest income $1,304
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $186
    Trading account gains and fees $0
    Additional Noninterest Income $1,118
    Pre-tax net operating income $1,054
    Securities gains (or losses, -) $0
    Income before extraordinary items $396
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $396
    Minority interest net income $0
    Net income $396
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $396

    Hometown Bank's gross interest income from loans was $8,318,000.
    Hometown Bank's net interest income from loans was $6,971,000.
    Hometown Bank's fee based income from loans was $186,000.
    Hometown Bank's net income from loans was $396,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,347
    Provision for credit losses $85
    Total noninterest expense $7,136
    Salaries and employee benefits $4,120
    Premises and equipment expense $745
    Additional noninterest expense $2,271
    Applicable income taxes $658
    Net charge-offs $-23
    Cash dividends $350

    Hometown Bank's interest expense for loans was $1,347,000.
    Hometown Bank's payroll and benefits expense were $4,120,000.
    Hometown Bank's property, plant and equipment expenses $745,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 2.0%
    Real Estate loans 2.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 3.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 1.0%
    HELOC loans 2.0%
    All other family 1.0%
    Commercial & industrial loans 2.0%
    Personal loans 1.0%
    Credit card loans 2.7%
    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 $163,972
    Deposits held in domestic offices $163,972
    Deposits by Individuals, partnerships, and corporations $145,792
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $17,490
    Deposits by Commercial banks and other depository institutions in U.S. $690
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $53,238
    Demand deposits $23,085
    Nontransaction accounts $110,734
    Money market deposit accounts (MMDAs) $19,826
    Other savings deposits (excluding MMDAs) $25,804
    Total time deposits $65,104
    Total time and savings deposits $140,887
    Noninterest-bearing deposits $23,085
    Interest-bearing deposits $140,887
    Retail deposits $134,478
    IRAs and Keogh plan accounts $7,446
    Brokered deposits $3,516
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $203,495
    Cash & Balances due from depository institutions $11,404
    Interest-bearing balances $10,123
    Total securities $10,427
    Federal funds sold & reverse repurchase $0
    Net loans and leases $169,250
    Loan and leases loss allowance $1,549
    Trading account assets $0
    Bank premises and fixed assets $4,172
    Other real estate owned $675
    Goodwill and other intangibles $570
    All other assets $6,997

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $203,495
    Total Liabilities $186,914
    Total deposits $163,972
    Interest-bearing deposits $140,887
    Deposits held in domestic offices $163,972
    % insured (estimated) $86
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $18,735
    Subordinated debt $0
    All other liabilities $4,207

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $169,250
    Loan and leases loss allowance $1,549
    Total loans and leases (domestic) $170,799
    All real estate loans $152,849
    Real estate loans in domestic offices $152,849
    Construction and development loans $4,358
    Residential 1-4 family construction $848
    Other construction, all land development and other land $3,510
    Loans secured by nonfarm nonresidential properties $70,294
    Nonfarm nonresidential secured by owner-occupied properties $44,417
    Commercial real estate & other non-farm, non-residential $25,877
    Multifamily residential real estate $7,083
    1-4 family residential loans $71,114
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $15,305
    To non-U.S. addressees $0
    Loans to individuals $2,601
    Credit card loans $887
    Related Plans $0
    Consumer Auto Loans $894
    Other loans to individuals $820
    All other loans & leases $43
    Loans to foreign governments and official institutions $0
    Other loans $43
    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 $995
    Non 1-4 family restructured loans & leases $147
    Total loans and leases (foreign) $0

    Hometown Bank had $169,250,000 of loans outstanding in 2018. $152,849,000 of loans were in real estate loans. $4,358,000 of loans were in development loans. $7,083,000 of loans were in multifamily mortgage loans. $71,114,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $887,000 of loans were in credit card loans. $894,000 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 195 $44,217 $226,754
    Nonfarm, nonresidential loans - <$100k 52 $2,471 $47,519
    Nonfarm, nonresidential loans - $100-250k 58 $7,304 $125,931
    Nonfarm, nonresidential loans - $250k-1MM 85 $34,442 $405,200
    Commercial & Industrial, US addressed loans - <$1MM 142 $12,634 $88,972
    Commercial & Industrial, US addressed loans - <$100k 95 $2,923 $30,768
    Commercial & Industrial, US addressed loans - $100-250k 30 $3,392 $113,067
    Commercial & Industrial, US addressed loans - $250k-1MM 17 $6,319 $371,706