Grand River Bank Mortgage Rates, Fees & Info

Grandville, MI

LEI: 549300L7610D7H3Z5585

Tax ID: 26-4733625

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 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, Kalamazoo, Naples, and Muskegon among others. We have data for 17 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. Grand River 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.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™ Mortgage Type	Simulated Rate	Simulation Date
30 Year Conventional Purchase	6.54%	11/17/24
30 Year Conventional Refi	6.25%	11/17/24
30 Year Cash-out Refi	6.74%	11/17/24
15 Year Conventional Purchase	6.04%	11/17/24
15 Year Conventional Refi	5.80%	11/17/24
15 Year Cash-out Refi	5.80%	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.

Grand River Bank Mortgage Calculator

Purchase Price:

Loan Amount:

Deposit Amount:

% Deposit:

Interest Rate:

Loan Type:

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

391

Origination Dollar Volume (All Markets)

$112,915,000

Employee count

Awards

Grand River Bank 30 Year Conventional Loans bronze

Show all (3) awards

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)	322	$93,120,000	$289,193	$2,681	2.94%
Holland, MI (FHA\|USDA\|VA)	27	$7,965,000	$295,000	$2,711	3.05%
Outside of Metro Areas	16	$4,880,000	$305,000	$3,057	2.83%
KALAMAZOO-PORTAGE, MI (FHA\|USDA\|VA)	4	$1,270,000	$317,500	$3,528	3.25%
NAPLES-MARCO ISLAND, FL (FHA\|USDA\|VA)	3	$1,255,000	$418,333	$4,156	3.00%
MUSKEGON, MI (FHA\|USDA\|VA)	5	$895,000	$179,000	$1,906	2.73%
Traverse City, MI (FHA\|USDA\|VA)	2	$820,000	$410,000	$2,920	3.19%
Detroit-Warren-Dearborn, MI (FHA\|USDA\|VA)	2	$530,000	$265,000	$2,434	2.63%
Brainerd, MN (FHA\|USDA\|VA)	1	$495,000	$495,000	$2,887	2.75%
BATTLE CREEK, MI (FHA\|USDA\|VA)	1	$345,000	$345,000	$2,629	3.13%
North Port-Sarasota-Bradenton, FL (FHA\|USDA\|VA)	1	$255,000	$255,000	$4,051	2.75%
Ludington, MI (FHA\|USDA\|VA)	1	$215,000	$215,000	$1,671	3.38%
NILES, MI (FHA\|USDA\|VA)	1	$215,000	$215,000	$3,213	2.75%
Alexandria, MN (FHA\|USDA\|VA)	1	$205,000	$205,000	$2,540	2.50%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA\|USDA\|VA)	1	$205,000	$205,000	$0	3.88%
Cadillac, MI (FHA\|USDA\|VA)	1	$155,000	$155,000	$2,934	3.00%
Big Rapids, MI (FHA\|USDA\|VA)	2	$90,000	$45,000	$1,175	4.43%

Grand River Bank's top markets include Grand Rapids, Holland, Kalamazoo, Naples, and Muskegon among others.

Their top states include:

Michigan (FHA|USDA|VA)

Florida (FHA|USDA|VA)

Minnesota (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.

Community West Credit Union
Similarity Rank: 306

KENT COUNTY CREDIT UNION
Similarity Rank: 316

PREFERRED CREDIT UNION
Similarity Rank: 532

MEMBERS FIRST Credit Union
Similarity Rank: 561

West Michigan Credit Union
Similarity Rank: 572

Isabella Bank
Similarity Rank: 630

Macatawa Bank
Similarity Rank: 984

PFCU
Similarity Rank: 1323

Grand River Bank
Similarity Rank: 1513

AAC Credit Union
Similarity Rank: 1530

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	391	$112,915,000	$288,785	$2,709	2.95%

For 2021, Grand River Bank's most frequently originated type of loan was Conventional, with 391 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	174	$55,330,000	$317,989	$3,239	3.07%
Refi	142	$37,160,000	$261,690	$2,081	2.82%
Cash Out Refi	59	$16,175,000	$274,153	$2,631	2.93%
Other	12	$3,500,000	$291,667	$3,032	2.90%
Home Improvement	4	$750,000	$187,500	$2,419	3.34%

For 2021, Grand River Bank's most frequently cited loan purpose was Home Purchase, with 174 originations. The 2nd most popular reason was Refi, with 142 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	223	$62,125,000	$278,587	$2,723	3.08%
15 Year	106	$26,560,000	$250,566	$2,279	2.50%
30+ year	19	$10,595,000	$557,632	$5,694	3.14%
20 Year	16	$3,970,000	$248,125	$1,996	2.88%
5 Year	12	$4,340,000	$361,667	$0	4.10%
Other	9	$3,255,000	$361,667	$2,517	3.53%
10 Year	6	$2,070,000	$345,000	$2,534	2.71%

For 2021, Grand River Bank's most frequently cited loan duration was 30 Year, with 223 originations. The 2nd most popular length was 15 Year, with 106 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	282	$75,080,000	$266,241
$1k-2k	54	$15,100,000	$279,630
$2k-3k	17	$8,195,000	$482,059
$3k-4k	7	$3,925,000	$560,714
$4k-5k	5	$3,295,000	$659,000
$5k+	1	$975,000	$975,000

Grand River Bank's average total fees were $2,723, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 282 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
2.5-3%	182	$57,540,000	$316,154
3-4%	136	$38,770,000	$285,074
<2.5%	65	$14,895,000	$229,154
4-5%	6	$1,630,000	$271,667
5-6%	2	$80,000	$40,000

During 2021, Grand River Bank's average interest rate for loans was 3.08%, while their most frequently originated rate bucket for loans was 2.5-3%, with 182 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$200k-400k	175	$47,905,000	$273,743	$2,535	2.94%
$100k-200k	118	$18,410,000	$156,017	$2,114	2.89%
$400k-600k	58	$28,880,000	$497,931	$3,644	2.96%
$100,000 or less	23	$1,715,000	$74,565	$1,576	3.23%
$600k-1MM	11	$8,405,000	$764,091	$6,576	3.16%
$1MM+	6	$7,600,000	$1,266,667	$7,453	3.14%

2021 saw Grand River Bank place emphasis on $200k-400k loans with 175 originations, totaling $47,905,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-150k	75	$21,345,000	$284,600	$2,504	2.92%
$50k-75k	70	$13,100,000	$187,143	$2,369	2.96%
$150k-250k	69	$25,415,000	$368,333	$3,082	2.86%
$75k-100k	60	$14,990,000	$249,833	$2,530	2.94%
$250k+	51	$23,725,000	$465,196	$3,788	2.91%
$50k or less	40	$6,060,000	$151,500	$2,150	3.05%

Grand River Bank lent most frequently to those with incomes in the $100k-150k range, with 75 originations. The second most popular income band? $50k-75k, with 70 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	109	$30,195,000	$277,018	$2,603	2.90%
30-36%	73	$19,205,000	$263,082	$2,587	2.86%
<20%	59	$16,895,000	$286,356	$2,314	2.79%
42%	14	$4,380,000	$312,857	$3,420	3.07%
43%	14	$3,390,000	$242,143	$2,307	2.93%
37%	13	$4,375,000	$336,538	$3,214	3.11%
39%	13	$3,355,000	$258,077	$2,787	2.95%
36%	13	$3,505,000	$269,615	$2,729	2.86%
40%	12	$5,520,000	$460,000	$5,218	3.25%
41%	12	$3,460,000	$288,333	$2,673	2.99%
45%	11	$2,715,000	$246,818	$3,185	3.14%
44%	10	$3,130,000	$313,000	$2,519	3.04%
38%	10	$3,460,000	$346,000	$2,923	3.50%
48%	6	$2,590,000	$431,667	$2,811	3.21%
47%	5	$1,405,000	$281,000	$2,326	2.68%
46%	4	$1,700,000	$425,000	$3,234	2.97%
50-60%	3	$1,165,000	$388,333	$4,352	3.04%
49%	2	$450,000	$225,000	$2,140	2.38%
>60%	1	$245,000	$245,000	$2,479	3.00%

Grand River Bank lent most frequently to those with DTI ratios of 20-30%, with 109 originations. The next most common DTI ratio? 30-36%, with 73 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	350	$101,430,000	$289,800	$2,721	2.92%
Not provided	25	$6,005,000	$240,200	$2,561	2.95%
Not applicable	10	$4,030,000	$403,000	$0	4.19%
Asian	5	$1,245,000	$249,000	$2,869	3.03%
Black	1	$205,000	$205,000	$1,693	3.00%

Approval Rates

Total approvals of all applications
94.77%

Grand River Bank has an average approval rate.

Pick Rate

Approvals leading to origination
88.75%

Grand River Bank has an average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	391	$112,915,000	$288,785

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
	391	$112,915,000	$288,785

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	29	$6,265,000	$216,034	$2,007	2.65%
40-60%	85	$20,105,000	$236,529	$2,401	2.79%
60-80%	174	$52,020,000	$298,966	$2,785	3.01%
80-100%	97	$33,645,000	$346,856	$3,111	3.07%
Under 20%	6	$880,000	$146,667	$1,695	3.39%

Complaints

Bank Name	Product	Issue	2021 CPFB Complaints	% of Total Issues
GUARANTEED RATE INC.	VA mortgage	Closing on a mortgage	1	0.6%
GUARANTEED RATE INC.	VA mortgage	Trouble during payment process	14	8.7%
GUARANTEED RATE INC.	VA mortgage	Struggling to pay mortgage	1	0.6%
GUARANTEED RATE INC.	Conventional home mortgage	Applying for a mortgage or refinancing an existing mortgage	34	21.1%
GUARANTEED RATE INC.	Conventional home mortgage	Closing on a mortgage	12	7.5%
GUARANTEED RATE INC.	Conventional home mortgage	Improper use of your report	1	0.6%
GUARANTEED RATE INC.	Conventional home mortgage	Incorrect information on your report	1	0.6%
GUARANTEED RATE INC.	Conventional home mortgage	Struggling to pay mortgage	3	1.9%
GUARANTEED RATE INC.	Conventional home mortgage	Trouble during payment process	60	37.3%
GUARANTEED RATE INC.	FHA mortgage	Applying for a mortgage or refinancing an existing mortgage	7	4.3%
GUARANTEED RATE INC.	FHA mortgage	Closing on a mortgage	4	2.5%
GUARANTEED RATE INC.	FHA mortgage	Incorrect information on your report	1	0.6%
GUARANTEED RATE INC.	FHA mortgage	Trouble during payment process	12	7.5%
GUARANTEED RATE INC.	Other type of mortgage	Applying for a mortgage or refinancing an existing mortgage	4	2.5%
GUARANTEED RATE INC.	Other type of mortgage	Closing on a mortgage	1	0.6%
GUARANTEED RATE INC.	Other type of mortgage	Trouble during payment process	2	1.2%
GUARANTEED RATE INC.	VA mortgage	Applying for a mortgage or refinancing an existing mortgage	3	1.9%

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
Grand River Bank	4471 Wilson Avenue Grandville, MI 49418	Full Service B&M	$409,593
Grand River Bank	50 Crahen Ave. Ne Grand Rapids, MI 49525	Full Service B&M	$4,940

For 2021, Grand River Bank had 2 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$16,086
Net interest income	$14,043
Total noninterest income	$3,180
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$50
Trading account gains and fees	$0
Additional Noninterest Income	$3,130
Pre-tax net operating income	$5,168
Securities gains (or losses, -)	$0
Income before extraordinary items	$4,057
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$4,057
Minority interest net income	$0
Net income	$4,057
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$4,057

Grand River Bank's gross interest income from loans was $16,086,000.
Grand River Bank's net interest income from loans was $14,043,000.
Grand River Bank's fee based income from loans was $50,000.
Grand River Bank's net income from loans was $4,057,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$2,043
Provision for credit losses	$160
Total noninterest expense	$11,895
Salaries and employee benefits	$8,495
Premises and equipment expense	$884
Additional noninterest expense	$2,516
Applicable income taxes	$1,111
Net charge-offs	$0
Cash dividends	$0

Grand River Bank's interest expense for loans was $2,043,000.
Grand River Bank's payroll and benefits expense were $8,495,000.
Grand River Bank's property, plant and equipment expenses $884,000.

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	$436,831
Deposits held in domestic offices	$436,831
Deposits by Individuals, partnerships, and corporations	$372,443
Deposits by U.S. Government	$0
Deposits by States and political subdivisions in the U.S.	$64,388
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	$142,575
Demand deposits	$108,257
Nontransaction accounts	$294,256
Money market deposit accounts (MMDAs)	$157,744
Other savings deposits (excluding MMDAs)	$49,023
Total time deposits	$87,489
Total time and savings deposits	$328,574
Noninterest-bearing deposits	$108,257
Interest-bearing deposits	$328,574
Retail deposits	$386,832
IRAs and Keogh plan accounts	$5,230
Brokered deposits	$17,469
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$489,326
Cash & Balances due from depository institutions	$83,398
Interest-bearing balances	$82,502
Total securities	$18,100
Federal funds sold & reverse repurchase	$737
Net loans and leases	$378,392
Loan and leases loss allowance	$4,866
Trading account assets	$0
Bank premises and fixed assets	$2,275
Other real estate owned	$0
Goodwill and other intangibles	$0
All other assets	$6,424

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$489,326
Total Liabilities	$445,015
Total deposits	$436,831
Interest-bearing deposits	$328,574
Deposits held in domestic offices	$436,831
% insured (estimated)	$56
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$4,500
Subordinated debt	$0
All other liabilities	$3,684

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$378,392
Loan and leases loss allowance	$4,866
Total loans and leases (domestic)	$383,258
All real estate loans	$342,507
Real estate loans in domestic offices	$342,507
Construction and development loans	$36,964
Residential 1-4 family construction	$8,887
Other construction, all land development and other land	$28,077
Loans secured by nonfarm nonresidential properties	$227,809
Nonfarm nonresidential secured by owner-occupied properties	$103,559
Commercial real estate & other non-farm, non-residential	$124,250
Multifamily residential real estate	$12,715
1-4 family residential loans	$63,158
Farmland loans	$1,861
Loans held in foreign offices	$0
Farm loans	$200
Commercial and industrial loans	$37,050
To non-U.S. addressees	$0
Loans to individuals	$1,167
Credit card loans	$0
Related Plans	$584
Consumer Auto Loans	$58
Other loans to individuals	$525
All other loans & leases	$2,334
Loans to foreign governments and official institutions	$0
Other loans	$2,334
Loans to depository institutions and acceptances of other banks	$0
Loans not secured by real estate	$752
Loans secured by real estate to non-U.S. addressees	$0
Restructured Loans & leases	$1,311
Non 1-4 family restructured loans & leases	$0
Total loans and leases (foreign)	$0

Grand River Bank had $378,392,000 of loans outstanding in 2021. $342,507,000 of loans were in real estate loans. $36,964,000 of loans were in development loans. $12,715,000 of loans were in multifamily mortgage loans. $63,158,000 of loans were in 1-4 family mortgage loans. $200,000 of loans were in farm loans. $0 of loans were in credit card loans. $58,000 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	161	$55,385	$344,006
Nonfarm, nonresidential loans - <$100k	3	$196	$65,333
Nonfarm, nonresidential loans - $100-250k	33	$4,412	$133,697
Nonfarm, nonresidential loans - $250k-1MM	125	$50,777	$406,216
Commercial & Industrial, US addressed loans - <$1MM	117	$16,512	$141,128
Commercial & Industrial, US addressed loans - <$100k	23	$702	$30,522
Commercial & Industrial, US addressed loans - $100-250k	27	$2,023	$74,926
Commercial & Industrial, US addressed loans - $250k-1MM	67	$13,787	$205,776
Farmland loans - <$1MM	1	$394	$394,000
Farmland loans - $250k-1MM	1	$394	$394,000
Agriculture operations loans - <$1MM	1	$200	$200,000
Agriculture operations loans - $100-250k	1	$200	$200,000