Grand River Bank Mortgage Rates, Fees & Info

Grandville, MI

LEI: 549300L7610D7H3Z5585

Tax ID: 26-4733625

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Mortgage Data

Bank Data

Review & Overview

Grand River Bank is a smaller bank specializing in Home Purchase and Refi loans. Grand River Bank has a high proportion of conventional loans. Their top markets by origination volume include: Grand Rapids, Holland, Muskegon, Kalamazoo, and Ludington among others. We have data for 10 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% 5/4/24
30 Year Conventional Refi 6.25% 5/4/24
30 Year Cash-out Refi 6.74% 5/4/24
15 Year Conventional Purchase 6.04% 5/4/24
15 Year Conventional Refi 5.80% 5/4/24
15 Year Cash-out Refi 5.80% 5/4/24
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

324

Origination Dollar Volume (All Markets)

$83,640,000

Employee count

54

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) 287 $73,265,000 $255,279 $0 0.00%
Outside of Metro Areas 9 $3,835,000 $426,111 $0 0.00%
Holland, MI (FHA|USDA|VA) 12 $2,910,000 $242,500 $0 0.00%
MUSKEGON, MI (FHA|USDA|VA) 6 $1,520,000 $253,333 $0 0.00%
KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 3 $695,000 $231,667 $0 0.00%
Ludington, MI (FHA|USDA|VA) 2 $590,000 $295,000 $0 0.00%
Traverse City, MI (FHA|USDA|VA) 2 $390,000 $195,000 $0 0.00%
Cadillac, MI (FHA|USDA|VA) 1 $175,000 $175,000 $0 0.00%
Sturgis, MI (FHA|USDA|VA) 1 $135,000 $135,000 $0 0.00%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 1 $125,000 $125,000 $0 0.00%
Grand River Bank's top markets include Grand Rapids, Holland, Muskegon, Kalamazoo, and Ludington among others.

Their top states include:
  • Michigan (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.

    KENT COUNTY CREDIT UNION
    Similarity Rank: 344
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 324 $83,640,000 $258,148 $0 0.00%

    For 2019, Grand River Bank's most frequently originated type of loan was Conventional, with 324 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 189 $49,545,000 $262,143 $0 0.00%
    Refi 84 $21,990,000 $261,786 $0 0.00%
    Cash Out Refi 43 $11,005,000 $255,930 $0 0.00%
    Home Improvement 4 $370,000 $92,500 $0 0.00%
    Other 4 $730,000 $182,500 $0 0.00%

    For 2019, Grand River Bank's most frequently cited loan purpose was Home Purchase, with 189 originations. The 2nd most popular reason was Refi, with 84 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 324 $83,640,000 $258,148 $0 0.00%

    For 2019, Grand River Bank's most frequently cited loan duration was Other, with 324 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 138 $38,140,000 $276,377 $0 0.00%
    $100k-200k 126 $19,710,000 $156,429 $0 0.00%
    $400k-600k 32 $15,210,000 $475,313 $0 0.00%
    $100,000 or less 18 $1,360,000 $75,556 $0 0.00%
    $600k-1MM 7 $4,695,000 $670,714 $0 0.00%
    $1MM+ 3 $4,525,000 $1,508,333 $0 0.00%

    2019 saw Grand River Bank place emphasis on $200k-400k loans with 138 originations, totaling $38,140,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 69 $12,435,000 $180,217 $0 0.00%
    $100k-150k 68 $18,450,000 $271,324 $0 0.00%
    $150k-250k 50 $17,720,000 $354,400 $0 0.00%
    $75k-100k 47 $10,055,000 $213,936 $0 0.00%
    $250k+ 38 $14,320,000 $376,842 $0 0.00%
    $50k or less 36 $5,210,000 $144,722 $0 0.00%

    Grand River Bank lent most frequently to those with incomes in the $50k-75k range, with 69 originations. The second most popular income band? $100k-150k, with 68 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 324 $83,640,000 $258,148 $0 0.00%

    Grand River Bank lent most frequently to those with DTI ratios of Exempt%, with 324 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 289 $73,705,000 $255,035 $0 0.00%
    Not applicable 12 $4,460,000 $371,667 $0 0.00%
    Not provided 18 $4,340,000 $241,111 $0 0.00%
    Asian 3 $575,000 $191,667 $0 0.00%
    Native Hawaiian or Islander 2 $560,000 $280,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    94.72%

    Grand River Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    89.20%

    Grand River Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 324 $83,640,000 $258,148

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 4 $3,060,000 $765,000
    Single Family (1-4 Units):Site-Built 320 $80,580,000 $251,813

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    GUARANTEED RATE INC. VA mortgage Trouble during payment process 1 2.8%
    GUARANTEED RATE INC. Other type of mortgage Closing on a mortgage 2 5.6%
    GUARANTEED RATE INC. Other type of mortgage Trouble during payment process 1 2.8%
    GUARANTEED RATE INC. VA mortgage Closing on a mortgage 1 2.8%
    GUARANTEED RATE INC. Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 4 11.1%
    GUARANTEED RATE INC. Conventional home mortgage Closing on a mortgage 7 19.4%
    GUARANTEED RATE INC. Conventional home mortgage Struggling to pay mortgage 1 2.8%
    GUARANTEED RATE INC. Conventional home mortgage Trouble during payment process 7 19.4%
    GUARANTEED RATE INC. FHA mortgage Applying for a mortgage or refinancing an existing mortgage 2 5.6%
    GUARANTEED RATE INC. FHA mortgage Closing on a mortgage 3 8.3%
    GUARANTEED RATE INC. FHA mortgage Struggling to pay mortgage 3 8.3%
    GUARANTEED RATE INC. FHA mortgage Trouble during payment process 3 8.3%
    GUARANTEED RATE INC. Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 2.8%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Grand River Bank 4471 Wilson Avenue Grandville, MI 49418 Full Service B&M $255,159

    For 2019, Grand River Bank had 1 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $13,189
    Net interest income $8,848
    Total noninterest income $1,789
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $49
    Trading account gains and fees $0
    Additional Noninterest Income $1,740
    Pre-tax net operating income $2,264
    Securities gains (or losses, -) $0
    Income before extraordinary items $1,777
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $1,777
    Minority interest net income $0
    Net income $1,777
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $1,777

    Grand River Bank's gross interest income from loans was $13,189,000.
    Grand River Bank's net interest income from loans was $8,848,000.
    Grand River Bank's fee based income from loans was $49,000.
    Grand River Bank's net income from loans was $1,777,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $4,341
    Provision for credit losses $536
    Total noninterest expense $7,837
    Salaries and employee benefits $5,521
    Premises and equipment expense $490
    Additional noninterest expense $1,826
    Applicable income taxes $487
    Net charge-offs $2
    Cash dividends $0

    Grand River Bank's interest expense for loans was $4,341,000.
    Grand River Bank's payroll and benefits expense were $5,521,000.
    Grand River Bank's property, plant and equipment expenses $490,000.

    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 $275,694
    Deposits held in domestic offices $275,694
    Deposits by Individuals, partnerships, and corporations $256,372
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $19,322
    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 $63,432
    Demand deposits $49,884
    Nontransaction accounts $212,262
    Money market deposit accounts (MMDAs) $58,432
    Other savings deposits (excluding MMDAs) $39,885
    Total time deposits $113,945
    Total time and savings deposits $225,810
    Noninterest-bearing deposits $49,884
    Interest-bearing deposits $225,810
    Retail deposits $219,732
    IRAs and Keogh plan accounts $4,618
    Brokered deposits $22,272
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $321,158
    Cash & Balances due from depository institutions $20,925
    Interest-bearing balances $20,147
    Total securities $5,632
    Federal funds sold & reverse repurchase $129
    Net loans and leases $290,741
    Loan and leases loss allowance $3,175
    Trading account assets $0
    Bank premises and fixed assets $445
    Other real estate owned $0
    Goodwill and other intangibles $0
    All other assets $3,286

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $321,158
    Total Liabilities $287,089
    Total deposits $275,694
    Interest-bearing deposits $225,810
    Deposits held in domestic offices $275,694
    % insured (estimated) $66
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $10,556
    Subordinated debt $0
    All other liabilities $839

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $290,741
    Loan and leases loss allowance $3,175
    Total loans and leases (domestic) $293,916
    All real estate loans $264,810
    Real estate loans in domestic offices $264,810
    Construction and development loans $30,028
    Residential 1-4 family construction $5,197
    Other construction, all land development and other land $24,831
    Loans secured by nonfarm nonresidential properties $169,545
    Nonfarm nonresidential secured by owner-occupied properties $88,885
    Commercial real estate & other non-farm, non-residential $80,660
    Multifamily residential real estate $9,411
    1-4 family residential loans $53,541
    Farmland loans $2,285
    Loans held in foreign offices $0
    Farm loans $33
    Commercial and industrial loans $25,960
    To non-U.S. addressees $0
    Loans to individuals $289
    Credit card loans $0
    Related Plans $1
    Consumer Auto Loans $102
    Other loans to individuals $186
    All other loans & leases $2,824
    Loans to foreign governments and official institutions $0
    Other loans $2,824
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $1,517
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $0
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Grand River Bank had $290,741,000 of loans outstanding in 2019. $264,810,000 of loans were in real estate loans. $30,028,000 of loans were in development loans. $9,411,000 of loans were in multifamily mortgage loans. $53,541,000 of loans were in 1-4 family mortgage loans. $33,000 of loans were in farm loans. $0 of loans were in credit card loans. $102,000 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 150 $46,260 $308,400
    Nonfarm, nonresidential loans - <$100k 5 $342 $68,400
    Nonfarm, nonresidential loans - $100-250k 33 $4,893 $148,273
    Nonfarm, nonresidential loans - $250k-1MM 112 $41,025 $366,295
    Commercial & Industrial, US addressed loans - <$1MM 106 $12,397 $116,953
    Commercial & Industrial, US addressed loans - <$100k 37 $1,461 $39,486
    Commercial & Industrial, US addressed loans - $100-250k 34 $2,955 $86,912
    Commercial & Industrial, US addressed loans - $250k-1MM 35 $7,981 $228,029
    Farmland loans - <$1MM 3 $610 $203,333
    Farmland loans - $100-250k 1 $104 $104,000
    Farmland loans - $250k-1MM 2 $506 $253,000
    Agriculture operations loans - <$1MM 1 $33 $33,000
    Agriculture operations loans - $100-250k 1 $33 $33,000