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, Mount Pleasant, and Niles among others. We have data for 12 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. Commercial 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.62% | 11/22/24 |
| 30 Year Conventional Refi | 6.85% | 11/22/24 |
| 30 Year Cash-out Refi | 6.42% | 11/22/24 |
| 30 Year USDA Purchase | 7.74% | 11/22/24 |
| 15 Year Conventional Purchase | 6.13% | 11/22/24 |
| 15 Year Conventional Refi | 6.25% | 11/22/24 |
| 15 Year Cash-out Refi | 6.25% | 11/22/24 |
| 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
109Origination Dollar Volume (All Markets)
$23,085,000Awards
Commercial Bank - 2022
Commercial Bank is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
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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 |
|---|---|---|---|---|---|
| Alma, MI (FHA|USDA|VA) | 38 | $7,380,000 | $194,211 | $2,850 | 4.39% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 22 | $4,670,000 | $212,273 | $2,600 | 4.74% |
| Outside of Metro Areas | 18 | $4,100,000 | $227,778 | $3,059 | 5.05% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 17 | $3,925,000 | $230,882 | $2,735 | 4.40% |
| Mount Pleasant, MI (FHA|USDA|VA) | 5 | $925,000 | $185,000 | $3,092 | 5.03% |
| NILES, MI (FHA|USDA|VA) | 1 | $505,000 | $505,000 | $4,514 | 4.13% |
| Holland, MI (FHA|USDA|VA) | 1 | $445,000 | $445,000 | $3,177 | 3.25% |
| MIDLAND, MI (FHA|USDA|VA) | 2 | $370,000 | $185,000 | $2,629 | 5.44% |
| Big Rapids, MI (FHA|USDA|VA) | 2 | $350,000 | $175,000 | $3,122 | 3.44% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $2,373 | 2.63% |
| JACKSON, MI (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $2,274 | 4.88% |
| SAGINAW, MI (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $2,361 | 4.82% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 108 | $22,970,000 | $212,685 | $2,846 | 4.56% |
| USDA | 1 | $115,000 | $115,000 | $3,749 | 7.20% |
For 2022, Commercial Bank's most frequently originated type of loan was Conventional, with 108 originations. Their 2nd most popular type was USDA, with 1 originations.
Loan Reason
For 2022, Commercial Bank's most frequently cited loan purpose was Home Purchase, with 66 originations. The 2nd most popular reason was Cash Out Refi, with 27 originations.
Loan Duration/Length
For 2022, Commercial Bank's most frequently cited loan duration was 30 Year, with 61 originations. The 2nd most popular length was 15 Year, with 38 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 81 | $14,875,000 | $183,642 |
| $1k-2k | 14 | $4,430,000 | $316,429 |
| $2k-3k | 1 | $185,000 | $185,000 |
| $3k-4k | 1 | $265,000 | $265,000 |
Commercial Bank's average total fees were $3,069, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 81 originations.
Interest Rates
During 2022, Commercial Bank's average interest rate for loans was 4.91%, while their most frequently originated rate bucket for loans was 3-4%, with 42 originations.
Loan Sizing
2022 saw Commercial Bank place emphasis on $100k-200k loans with 45 originations, totaling $6,585,000 in origination value.
Applicant Income
Commercial Bank lent most frequently to those with incomes in the $50k-75k range, with 23 originations. The second most popular income band? $100k-150k, with 22 originations.
Applicant Debt to Income Ratio
Commercial Bank lent most frequently to those with DTI ratios of 20-30%, with 34 originations. The next most common DTI ratio? 30-36%, with 25 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications89.54%
Commercial Bank has an average approval rate.
Pick Rate
Approvals leading to origination76.15%
Commercial Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 109 | $23,085,000 | $211,789 |