Grand River Bank Mortgage Rates, Fees & Info
Grandville, MILEI: 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.54% | 4/21/24 |
| 30 Year Conventional Refi | 6.25% | 4/21/24 |
| 30 Year Cash-out Refi | 6.74% | 4/21/24 |
| 15 Year Conventional Purchase | 6.04% | 4/21/24 |
| 15 Year Conventional Refi | 5.80% | 4/21/24 |
| 15 Year Cash-out Refi | 5.80% | 4/21/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
144Origination Dollar Volume (All Markets)
$51,490,000Top 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 |
|---|---|---|---|---|---|
| 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% |
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.
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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
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
2023 saw Grand River Bank place emphasis on $200k-400k loans with 68 originations, totaling $18,820,000 in origination value.
Applicant Income
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
Approval Rates
Total approvals of all applications96.17%
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 origination77.78%
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 |