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

Review & Overview

Hometown Bank is a smaller bank specializing in Home Purchase, Cash Out Refi, and Refi loans. Hometown Bank has a high proportion of conventional loans. Their top markets by origination volume include: Akron, Canton, Pittsburgh, Cleveland, and Youngstown among others. We have data for 8 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.

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.

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Originations

126

Origination Dollar Volume (All Markets)

$26,610,000

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
AKRON, OH (FHA|USDA|VA) 100 $21,020,000 $210,200 $0 0.00%
CANTON-MASSILLON, OH (FHA|USDA|VA) 6 $1,380,000 $230,000 $0 0.00%
PITTSBURGH, PA (FHA|USDA|VA) 4 $1,370,000 $342,500 $0 0.00%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 6 $1,200,000 $200,000 $0 0.00%
YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) 6 $930,000 $155,000 $0 0.00%
BURLINGTON, NC (FHA|USDA|VA) 1 $325,000 $325,000 $0 0.00%
Ashtabula, OH (FHA|USDA|VA) 1 $325,000 $325,000 $0 0.00%
MANSFIELD, OH (FHA|USDA|VA) 2 $60,000 $30,000 $0 0.00%
Hometown Bank's top markets include Akron, Canton, Pittsburgh, Cleveland, and Youngstown among others.

Their top states include:
  • Ohio (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)
  • North Carolina (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.

    The Middlefield Banking Company
    Similarity Rank: 312
    Ohio Catholic Federal Credit Union
    Similarity Rank: 340
    Westfield Bank, FSB
    Similarity Rank: 702
    Union Savings Bank
    Similarity Rank: 835
    Seven Seventeen Credit Union
    Similarity Rank: 1032
    YOUR HOME FINANCIAL LLC
    Similarity Rank: 1610
    UNION CAPITAL MORTGAGE CORPORATION
    Similarity Rank: 1818
    PULTE MORTGAGE LLC
    Similarity Rank: 2142

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 126 $26,610,000 $211,190 $0 0.00%

    For 2022, Hometown Bank's most frequently originated type of loan was Conventional, with 126 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 48 $10,460,000 $217,917 $0 0.00%
    Cash Out Refi 45 $7,585,000 $168,556 $0 0.00%
    Refi 27 $8,265,000 $306,111 $0 0.00%
    Home Improvement 3 $75,000 $25,000 $0 0.00%
    Other 3 $225,000 $75,000 $0 0.00%

    For 2022, Hometown Bank's most frequently cited loan purpose was Home Purchase, with 48 originations. The 2nd most popular reason was Cash Out Refi, with 45 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 126 $26,610,000 $211,190 $0 0.00%

    For 2022, Hometown Bank's most frequently cited loan duration was Other, with 126 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 48 $6,910,000 $143,958 $0 0.00%
    $100,000 or less 34 $2,020,000 $59,412 $0 0.00%
    $200k-400k 34 $9,410,000 $276,765 $0 0.00%
    $600k-1MM 7 $4,775,000 $682,143 $0 0.00%
    $1MM+ 2 $3,070,000 $1,535,000 $0 0.00%
    $400k-600k 1 $425,000 $425,000 $0 0.00%

    2022 saw Hometown Bank place emphasis on $100k-200k loans with 48 originations, totaling $6,910,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $75k-100k 25 $4,175,000 $167,000 $0 0.00%
    $50k or less 24 $2,340,000 $97,500 $0 0.00%
    $100k-150k 23 $4,335,000 $188,478 $0 0.00%
    $50k-75k 16 $2,200,000 $137,500 $0 0.00%
    $150k-250k 12 $3,980,000 $331,667 $0 0.00%
    $250k+ 10 $4,160,000 $416,000 $0 0.00%

    Hometown Bank lent most frequently to those with incomes in the $75k-100k range, with 25 originations. The second most popular income band? $50k or less, with 24 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 126 $26,610,000 $211,190 $0 0.00%

    Hometown Bank lent most frequently to those with DTI ratios of Exempt%, with 126 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 105 $20,335,000 $193,667 $0 0.00%
    Not applicable 15 $5,025,000 $335,000 $0 0.00%
    Black 3 $775,000 $258,333 $0 0.00%
    Asian 2 $420,000 $210,000 $0 0.00%
    Not provided 1 $55,000 $55,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    91.08%

    Hometown Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    87.30%

    Hometown Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 126 $26,610,000 $211,190

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    126 $26,610,000 $211,190

    Complaints

    Bank Name Product Issue 2022 CPFB Complaints % of Total Issues
    HUNTINGTON NATIONAL BANK, THE Conventional home mortgage Struggling to pay mortgage 1 50.0%
    HUNTINGTON NATIONAL BANK, THE Conventional home mortgage Trouble during payment process 1 50.0%