United Bank Of Michigan Mortgage Rates, Fees & Info

Grand Rapids, MI

LEI: 2549004W2JKWS6P17T44

Tax ID: 38-1151910

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

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  • SimulatedRates™
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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

    United Bank Of Michigan is a smaller bank specializing in Refi, Cash Out Refi, and Home Purchase loans. United Bank Of Michigan has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Grand Rapids, Holland, Kalamazoo, Muskegon, and Traverse City among others. We have data for 16 markets. (Some data included below & more in-depth data is available with an active subscription.)

    United Bank Of Michigan 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. United Bank Of Michigan 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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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.19% 12/16/24
    30 Year Conventional Refi 6.94% 12/16/24
    30 Year Cash-out Refi 6.94% 12/16/24
    15 Year Conventional Purchase 5.62% 12/16/24
    15 Year Conventional Refi 6.03% 12/16/24
    15 Year Cash-out Refi 6.03% 12/16/24
    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.

    United Bank Of Michigan Mortgage Calculator






    Your Estimates

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    This is not an official calculator from United Bank Of Michigan. 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

    984

    Origination Dollar Volume (All Markets)

    $224,410,000

    Employee count

    156

    Awards

    United Bank of Michigan 30 Year Conventional Loans gold United Bank of Michigan 30 Year Conventional Loans gold United Bank of Michigan 30 Year Conventional Loans gold United Bank of Michigan 30 Year Conventional Loans gold
    Show all (4) 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
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 548 $135,860,000 $247,920 $1,933 3.07%
    Holland, MI (FHA|USDA|VA) 292 $56,370,000 $193,048 $1,926 2.96%
    Outside of Metro Areas 90 $16,670,000 $185,222 $1,979 3.09%
    KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 10 $6,520,000 $652,000 $3,081 3.16%
    MUSKEGON, MI (FHA|USDA|VA) 13 $2,465,000 $189,615 $1,626 2.93%
    Traverse City, MI (FHA|USDA|VA) 5 $1,625,000 $325,000 $2,650 2.68%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 5 $1,245,000 $249,000 $2,184 3.00%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 6 $1,010,000 $168,333 $2,301 3.31%
    Big Rapids, MI (FHA|USDA|VA) 5 $735,000 $147,000 $2,395 3.63%
    ANN ARBOR, MI (FHA|USDA|VA) 3 $725,000 $241,667 $2,307 3.17%
    Sturgis, MI (FHA|USDA|VA) 2 $400,000 $200,000 $1,831 3.00%
    Ludington, MI (FHA|USDA|VA) 1 $265,000 $265,000 $2,102 3.25%
    SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 1 $205,000 $205,000 $2,083 2.38%
    MIDLAND, MI (FHA|USDA|VA) 1 $155,000 $155,000 $3,605 3.88%
    BATTLE CREEK, MI (FHA|USDA|VA) 1 $85,000 $85,000 $1,533 2.25%
    Hillsdale, MI (FHA|USDA|VA) 1 $75,000 $75,000 $1,546 2.88%
    United Bank Of Michigan's top markets include Grand Rapids, Holland, Kalamazoo, Muskegon, and Traverse City among others.

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

    • Similar Lenders

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

    Community West Credit Union
    Similarity Rank: 306
    KENT COUNTY CREDIT UNION
    Similarity Rank: 316
    PREFERRED CREDIT UNION
    Similarity Rank: 532
    MEMBERS FIRST Credit Union
    Similarity Rank: 561
    West Michigan Credit Union
    Similarity Rank: 572
    Isabella Bank
    Similarity Rank: 630
    Macatawa Bank
    Similarity Rank: 984
    PFCU
    Similarity Rank: 1323
    Grand River Bank
    Similarity Rank: 1513
    Adventure Credit Union
    Similarity Rank: 1599

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 981 $223,855,000 $228,191 $1,948 3.04%
    USDA 2 $310,000 $155,000 $3,802 2.75%
    Reverse Mortgage 1 $245,000 $245,000 $0 3.38%

    For 2021, United Bank Of Michigan's most frequently originated type of loan was Conventional, with 981 originations. Their 2nd most popular type was USDA, with 2 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 372 $84,530,000 $227,231 $1,700 2.88%
    Cash Out Refi 314 $63,500,000 $202,229 $2,009 3.01%
    Home Purchase 261 $71,735,000 $274,847 $2,270 3.26%
    Home Improvement 20 $1,930,000 $96,500 $1,468 3.27%
    Other 17 $2,715,000 $159,706 $1,721 3.34%

    For 2021, United Bank Of Michigan's most frequently cited loan purpose was Refi, with 372 originations. The 2nd most popular reason was Cash Out Refi, with 314 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 513 $116,395,000 $226,891 $2,042 3.25%
    15 Year 295 $53,695,000 $182,017 $1,879 2.60%
    20 Year 66 $11,350,000 $171,970 $1,824 2.97%
    10 Year 59 $23,915,000 $405,339 $1,532 2.93%
    Other 45 $18,295,000 $406,556 $2,106 3.62%
    5 Year 5 $625,000 $125,000 $0 4.05%
    3 Year 1 $135,000 $135,000 $0 4.00%

    For 2021, United Bank Of Michigan's most frequently cited loan duration was 30 Year, with 513 originations. The 2nd most popular length was 15 Year, with 295 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 750 $144,120,000 $192,160
    $1k-2k 81 $17,415,000 $215,000
    $2k-3k 22 $6,770,000 $307,727
    $3k-4k 8 $2,930,000 $366,250
    $5k+ 2 $780,000 $390,000
    $4k-5k 1 $345,000 $345,000

    United Bank Of Michigan's average total fees were $2,042, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 750 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 336 $95,430,000 $284,018
    2.5-3% 320 $74,280,000 $232,125
    <2.5% 256 $43,840,000 $171,250
    4-5% 62 $9,720,000 $156,774
    5-6% 10 $1,140,000 $114,000

    During 2021, United Bank Of Michigan's average interest rate for loans was 3.25%, while their most frequently originated rate bucket for loans was 3-4%, with 336 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 408 $60,600,000 $148,529 $1,809 3.01%
    $200k-400k 342 $91,150,000 $266,520 $2,158 3.06%
    $100,000 or less 161 $11,845,000 $73,571 $1,576 3.07%
    $400k-600k 53 $25,405,000 $479,340 $2,318 2.94%
    $600k-1MM 11 $8,435,000 $766,818 $4,657 3.11%
    $1MM+ 9 $26,975,000 $2,997,222 $6,006 3.44%

    2021 saw United Bank Of Michigan place emphasis on $100k-200k loans with 408 originations, totaling $60,600,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 236 $39,530,000 $167,500 $1,830 2.95%
    $50k or less 187 $24,885,000 $133,075 $1,795 2.95%
    $100k-150k 168 $39,510,000 $235,179 $1,924 2.92%
    $75k-100k 133 $28,265,000 $212,519 $2,022 3.05%
    $150k-250k 120 $33,470,000 $278,917 $2,166 3.09%
    $250k+ 53 $19,185,000 $361,981 $2,781 2.98%

    United Bank Of Michigan lent most frequently to those with incomes in the $50k-75k range, with 236 originations. The second most popular income band? $50k or less, with 187 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 247 $52,245,000 $211,518 $1,901 2.87%
    30-36% 189 $40,165,000 $212,513 $2,027 3.03%
    <20% 134 $23,040,000 $171,940 $1,771 2.83%
    37% 39 $8,595,000 $220,385 $2,234 3.13%
    39% 38 $8,300,000 $218,421 $1,984 3.24%
    40% 36 $7,670,000 $213,056 $1,856 3.14%
    42% 31 $6,225,000 $200,806 $1,971 2.88%
    36% 31 $6,745,000 $217,581 $2,128 3.03%
    43% 24 $4,280,000 $178,333 $1,829 3.14%
    41% 23 $4,555,000 $198,043 $1,910 2.87%
    45% 22 $5,340,000 $242,727 $2,076 3.16%
    48% 20 $3,780,000 $189,000 $2,027 3.23%
    44% 18 $4,520,000 $251,111 $2,375 3.06%
    38% 18 $3,950,000 $219,444 $2,069 3.26%
    47% 13 $2,585,000 $198,846 $1,924 2.75%
    50-60% 12 $3,070,000 $255,833 $2,180 3.17%
    46% 11 $2,045,000 $185,909 $1,701 3.06%
    49% 10 $1,640,000 $164,000 $1,751 2.98%
    >60% 1 $335,000 $335,000 $0 2.50%

    United Bank Of Michigan lent most frequently to those with DTI ratios of 20-30%, with 247 originations. The next most common DTI ratio? 30-36%, with 189 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 785 $162,835,000 $207,433 $1,948 2.98%
    Not applicable 66 $35,100,000 $531,818 $0 3.88%
    Not provided 110 $21,450,000 $195,000 $2,013 2.95%
    Black 11 $2,485,000 $225,909 $1,843 3.05%
    American Indian 7 $1,705,000 $243,571 $1,506 2.82%
    Asian 5 $835,000 $167,000 $2,096 3.28%

    Approval Rates

    Total approvals of all applications
    89.18%

    United Bank Of Michigan has an average approval rate.

    Pick Rate

    Approvals leading to origination
    77.13%

    United Bank Of Michigan has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 984 $224,410,000 $228,059

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    984 $224,410,000 $228,059

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 144 $17,860,000 $124,028 $1,703 2.76%
    40-60% 291 $51,635,000 $177,440 $1,835 2.88%
    60-80% 377 $105,005,000 $278,528 $2,059 3.20%
    80-100% 144 $44,340,000 $307,917 $2,232 3.16%
    Over 100% 5 $3,495,000 $699,000 $2,553 3.92%
    Under 20% 23 $2,075,000 $90,217 $1,312 3.29%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    UNITED COMMUNITY BANK Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 20.0%
    UNITED COMMUNITY BANK Home equity loan or line of credit (HELOC) Trouble during payment process 1 20.0%
    UNITED COMMUNITY BANK Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 20.0%
    UNITED COMMUNITY BANK Other type of mortgage Trouble during payment process 1 20.0%
    UNITED COMMUNITY BANK Conventional home mortgage Trouble during payment process 1 20.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    United Bank of Michigan 102 West Main Street Hopkins, MI 49328 Full Service B&M $53,152
    United Bank of Michigan 1131 West Superior Street Wayland, MI 49348 Full Service B&M $113,594
    United Bank of Michigan 132 South Main Street Clarksville, MI 48815 Full Service B&M $34,656
    United Bank of Michigan 155 Marcel Drive Ne Rockford, MI 49341 Full Service B&M $33,377
    United Bank of Michigan 1796 142nd Avenue Dorr, MI 49323 Full Service B&M $85,927
    United Bank of Michigan 1884 Baldwin St Jenison, MI 49428 Full Service B&M $20,634
    United Bank of Michigan 2404 Patterson Road Shelbyville, MI 49344 Full Service B&M $49,137
    United Bank of Michigan 44 Ionia Ave Sw Suite 2 Grand Rapids, MI 49503 Full Service B&M $24,122
    United Bank of Michigan 6801 Cascade Road Grand Rapids, MI 49546 Full Service B&M $41,685
    United Bank of Michigan 8301 Byron Center Ave Byron Center, MI 49315 Full Service B&M $56,212
    United Bank of Michigan 8540 Broadmoor Avenue Se Caledonia, MI 49316 Full Service B&M $34,048
    United Bank of Michigan 900 East Paris Avenue, S.E. Grand Rapids, MI 49546 Full Service B&M $132,450

    For 2021, United Bank Of Michigan had 12 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $27,246
    Net interest income $24,496
    Total noninterest income $13,135
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $639
    Trading account gains and fees $0
    Additional Noninterest Income $12,496
    Pre-tax net operating income $11,933
    Securities gains (or losses, -) $0
    Income before extraordinary items $9,644
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $9,644
    Minority interest net income $0
    Net income $9,644
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $9,644

    United Bank Of Michigan's gross interest income from loans was $27,246,000.
    United Bank Of Michigan's net interest income from loans was $24,496,000.
    United Bank Of Michigan's fee based income from loans was $639,000.
    United Bank Of Michigan's net income from loans was $9,644,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $2,750
    Provision for credit losses $-250
    Total noninterest expense $25,948
    Salaries and employee benefits $16,062
    Premises and equipment expense $2,704
    Additional noninterest expense $7,182
    Applicable income taxes $2,289
    Net charge-offs $225
    Cash dividends $2,000

    United Bank Of Michigan's interest expense for loans was $2,750,000.
    United Bank Of Michigan's payroll and benefits expense were $16,062,000.
    United Bank Of Michigan's property, plant and equipment expenses $2,704,000.

    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 $711,878
    Deposits held in domestic offices $711,878
    Deposits by Individuals, partnerships, and corporations $635,995
    Deposits by U.S. Government $3
    Deposits by States and political subdivisions in the U.S. $75,880
    Deposits by Commercial banks and other depository institutions in U.S. $0
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $181,329
    Demand deposits $74,233
    Nontransaction accounts $530,549
    Money market deposit accounts (MMDAs) $8,808
    Other savings deposits (excluding MMDAs) $467,123
    Total time deposits $54,618
    Total time and savings deposits $637,645
    Noninterest-bearing deposits $181,783
    Interest-bearing deposits $530,095
    Retail deposits $697,989
    IRAs and Keogh plan accounts $16,450
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $862,936
    Cash & Balances due from depository institutions $166,917
    Interest-bearing balances $132,281
    Total securities $52,655
    Federal funds sold & reverse repurchase $0
    Net loans and leases $589,601
    Loan and leases loss allowance $8,905
    Trading account assets $0
    Bank premises and fixed assets $15,070
    Other real estate owned $0
    Goodwill and other intangibles $3,539
    All other assets $35,154

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $862,936
    Total Liabilities $779,276
    Total deposits $711,878
    Interest-bearing deposits $530,095
    Deposits held in domestic offices $711,878
    % insured (estimated) $75
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $60,000
    Subordinated debt $0
    All other liabilities $7,398

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $589,601
    Loan and leases loss allowance $8,905
    Total loans and leases (domestic) $598,506
    All real estate loans $564,642
    Real estate loans in domestic offices $564,642
    Construction and development loans $34,788
    Residential 1-4 family construction $20,268
    Other construction, all land development and other land $14,520
    Loans secured by nonfarm nonresidential properties $379,218
    Nonfarm nonresidential secured by owner-occupied properties $67,924
    Commercial real estate & other non-farm, non-residential $311,294
    Multifamily residential real estate $20,159
    1-4 family residential loans $121,686
    Farmland loans $8,791
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $24,365
    To non-U.S. addressees $0
    Loans to individuals $6,294
    Credit card loans $0
    Related Plans $731
    Consumer Auto Loans $3,540
    Other loans to individuals $2,023
    All other loans & leases $3,205
    Loans to foreign governments and official institutions $0
    Other loans $31
    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 $2,813
    Non 1-4 family restructured loans & leases $1,975
    Total loans and leases (foreign) $0

    United Bank of Michigan had $589,601,000 of loans outstanding in 2021. $564,642,000 of loans were in real estate loans. $34,788,000 of loans were in development loans. $20,159,000 of loans were in multifamily mortgage loans. $121,686,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $3,540,000 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 387 $113,418 $293,070
    Nonfarm, nonresidential loans - <$100k 50 $2,303 $46,060
    Nonfarm, nonresidential loans - $100-250k 109 $13,784 $126,459
    Nonfarm, nonresidential loans - $250k-1MM 228 $97,331 $426,890
    Commercial & Industrial, US addressed loans - <$1MM 251 $21,484 $85,594
    Commercial & Industrial, US addressed loans - <$100k 146 $3,604 $24,685
    Commercial & Industrial, US addressed loans - $100-250k 57 $5,015 $87,982
    Commercial & Industrial, US addressed loans - $250k-1MM 48 $12,865 $268,021
    Farmland loans - <$1MM 10 $1,767 $176,700
    Farmland loans - <$100k 2 $73 $36,500
    Farmland loans - $100-250k 5 $689 $137,800
    Farmland loans - $250k-1MM 3 $1,005 $335,000