Commercial Bank Mortgage Rates, Fees & Info
Alma, MILEI: 549300FTVK4FVXS1IW37
Tax ID: 38-1688835
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Mortgage Data
Review & Overview
Commercial Bank is a smaller bank specializing in Home Purchase loans. Commercial Bank has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Alma, Lansing, Grand Rapids, Saginaw, and Traverse City among others. We have data for 11 markets. (Some data included below & more in-depth data is available with an active subscription.)Commercial 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.
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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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.62% | 11/17/24 |
| 30 Year Conventional Refi | 6.85% | 11/17/24 |
| 30 Year Cash-out Refi | 6.42% | 11/17/24 |
| 30 Year USDA Purchase | 7.74% | 11/17/24 |
| 15 Year Conventional Purchase | 6.13% | 11/17/24 |
| 15 Year Conventional Refi | 6.25% | 11/17/24 |
| 15 Year Cash-out Refi | 6.25% | 11/17/24 |
| 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. | ||
Commercial Bank Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
61Origination Dollar Volume (All Markets)
$11,905,000Top 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 |
|---|---|---|---|---|---|
| Alma, MI (FHA|USDA|VA) | 22 | $3,560,000 | $161,818 | $0 | 0.00% |
| Outside of Metro Areas | 12 | $2,580,000 | $215,000 | $0 | 0.00% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 12 | $2,330,000 | $194,167 | $0 | 0.00% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 6 | $980,000 | $163,333 | $0 | 0.00% |
| SAGINAW, MI (FHA|USDA|VA) | 1 | $685,000 | $685,000 | $0 | 0.00% |
| Traverse City, MI (FHA|USDA|VA) | 1 | $505,000 | $505,000 | $0 | 0.00% |
| Mount Pleasant, MI (FHA|USDA|VA) | 2 | $460,000 | $230,000 | $0 | 0.00% |
| Cadillac, MI (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $0 | 0.00% |
| KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $0 | 0.00% |
| MIDLAND, MI (FHA|USDA|VA) | 2 | $110,000 | $55,000 | $0 | 0.00% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 0.00% |
Similar Lenders
We use machine learning to identify the top lenders compared against Commercial Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 100
Similarity Rank: 5016
Similarity Rank: 5442
Similarity Rank: 7424
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 60 | $11,660,000 | $194,333 | $0 | 0.00% |
| USDA | 1 | $245,000 | $245,000 | $0 | 0.00% |
For 2023, Commercial Bank's most frequently originated type of loan was Conventional, with 60 originations. Their 2nd most popular type was USDA, with 1 originations.
Loan Reason
For 2023, Commercial Bank's most frequently cited loan purpose was Home Purchase, with 41 originations. The 2nd most popular reason was Refi, with 7 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 61 | $11,905,000 | $195,164 | $0 | 0.00% |
For 2023, Commercial Bank's most frequently cited loan duration was Other, with 61 originations.
Loan Sizing
2023 saw Commercial Bank place emphasis on $100k-200k loans with 24 originations, totaling $3,870,000 in origination value.
Applicant Income
Commercial Bank lent most frequently to those with incomes in the $50k-75k range, with 14 originations. The second most popular income band? $100k-150k, with 13 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 61 | $11,905,000 | $195,164 | $0 | 0.00% |
Commercial Bank lent most frequently to those with DTI ratios of Exempt%, with 61 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications76.79%
Commercial Bank has a below average approval rate.
Pick Rate
Approvals leading to origination63.93%
Commercial Bank has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 61 | $11,905,000 | $195,164 |