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, 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.

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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

391

Origination Dollar Volume (All Markets)

$112,915,000

Employee count

71

Awards

Grand River Bank 30 Year Conventional Loans bronze Grand River Bank 30 Year Conventional Loans bronze 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)
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    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