Grand River Bank Mortgage Rates, Fees & Info

Grandville, MI

LEI: 549300L7610D7H3Z5585

Tax ID: 26-4733625

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Mortgage Data

Review & Overview

Grand River Bank is a smaller bank specializing in Home Purchase loans. Grand River Bank has a high proportion of conventional loans. Their top markets by origination volume include: Grand Rapids, Holland, Traverse City, Detroit, and Muskegon among others. We have data for 11 markets. (Some data included below & more in-depth data is available with an active subscription.)

Grand River 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.

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 6.54% 10/29/24
30 Year Conventional Refi 6.25% 10/29/24
30 Year Cash-out Refi 6.74% 10/29/24
15 Year Conventional Purchase 6.04% 10/29/24
15 Year Conventional Refi 5.80% 10/29/24
15 Year Cash-out Refi 5.80% 10/29/24
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.

Grand River Bank Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Grand River Bank. 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

144

Origination Dollar Volume (All Markets)

$51,490,000

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
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 111 $39,545,000 $356,261 $0 0.00%
Outside of Metro Areas 12 $5,280,000 $440,000 $0 0.00%
Holland, MI (FHA|USDA|VA) 9 $2,405,000 $267,222 $0 0.00%
Traverse City, MI (FHA|USDA|VA) 3 $2,105,000 $701,667 $0 0.00%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 2 $750,000 $375,000 $0 0.00%
MUSKEGON, MI (FHA|USDA|VA) 2 $430,000 $215,000 $0 0.00%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $305,000 $305,000 $0 0.00%
ANN ARBOR, MI (FHA|USDA|VA) 1 $255,000 $255,000 $0 0.00%
KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 1 $205,000 $205,000 $0 0.00%
OCALA, FL (FHA|USDA|VA) 1 $125,000 $125,000 $0 0.00%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 1 $85,000 $85,000 $0 0.00%
Grand River Bank's top markets include Grand Rapids, Holland, Traverse City, Detroit, and Muskegon among others.

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

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

    Adventure Credit Union
    Similarity Rank: 130
    United Bank of Michigan
    Similarity Rank: 154
    Macatawa Bank
    Similarity Rank: 210
    MICHIGAN SCHOOLS AND GOVERNMENT
    Similarity Rank: 253
    PFCU
    Similarity Rank: 400
    Isabella Bank
    Similarity Rank: 400
    ARBOR FINANCIAL CREDIT UNION
    Similarity Rank: 462
    AAC Credit Union
    Similarity Rank: 488
    Community West Credit Union
    Similarity Rank: 552

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 144 $51,490,000 $357,569 $0 0.00%

    For 2023, Grand River Bank's most frequently originated type of loan was Conventional, with 144 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 123 $48,545,000 $394,675 $0 0.00%
    Other 9 $1,515,000 $168,333 $0 0.00%
    Home Improvement 6 $310,000 $51,667 $0 0.00%
    Refi 4 $700,000 $175,000 $0 0.00%
    Cash Out Refi 2 $420,000 $210,000 $0 0.00%

    For 2023, Grand River Bank's most frequently cited loan purpose was Home Purchase, with 123 originations. The 2nd most popular reason was Other, with 9 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 144 $51,490,000 $357,569 $0 0.00%

    For 2023, Grand River Bank's most frequently cited loan duration was Other, with 144 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 68 $18,820,000 $276,765 $0 0.00%
    $100k-200k 27 $4,135,000 $153,148 $0 0.00%
    $400k-600k 20 $9,350,000 $467,500 $0 0.00%
    $600k-1MM 11 $7,675,000 $697,727 $0 0.00%
    $100,000 or less 10 $470,000 $47,000 $0 0.00%
    $1MM+ 8 $11,040,000 $1,380,000 $0 0.00%

    2023 saw Grand River Bank place emphasis on $200k-400k loans with 68 originations, totaling $18,820,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 33 $8,135,000 $246,515 $0 0.00%
    $150k-250k 30 $10,770,000 $359,000 $0 0.00%
    $250k+ 21 $15,315,000 $729,286 $0 0.00%
    $75k-100k 20 $4,740,000 $237,000 $0 0.00%
    $50k-75k 15 $3,405,000 $227,000 $0 0.00%
    $50k or less 11 $1,375,000 $125,000 $0 0.00%

    Grand River Bank lent most frequently to those with incomes in the $100k-150k range, with 33 originations. The second most popular income band? $150k-250k, with 30 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 144 $51,490,000 $357,569 $0 0.00%

    Grand River Bank lent most frequently to those with DTI ratios of Exempt%, with 144 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 126 $42,770,000 $339,444 $0 0.00%
    Not applicable 12 $7,320,000 $610,000 $0 0.00%
    Not provided 3 $715,000 $238,333 $0 0.00%
    Asian 2 $530,000 $265,000 $0 0.00%
    Black 1 $155,000 $155,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    96.17%

    Grand River Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    77.78%

    Grand River Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 144 $51,490,000 $357,569

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    144 $51,490,000 $357,569