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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • 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, Kalamazoo, Niles, Holland, and Detroit among others. We have data for 13 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






    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

    187

    Origination Dollar Volume (All Markets)

    $81,345,000

    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) 155 $65,205,000 $420,677 $3,647 4.57%
    KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 2 $6,290,000 $3,145,000 $10,286 3.50%
    Outside of Metro Areas 12 $3,710,000 $309,167 $3,285 4.74%
    NILES, MI (FHA|USDA|VA) 3 $1,685,000 $561,667 $8,451 4.96%
    Holland, MI (FHA|USDA|VA) 4 $1,270,000 $317,500 $3,843 3.47%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 2 $810,000 $405,000 $5,621 4.06%
    MUSKEGON, MI (FHA|USDA|VA) 2 $680,000 $340,000 $2,486 6.13%
    Big Rapids, MI (FHA|USDA|VA) 2 $470,000 $235,000 $2,878 5.19%
    Traverse City, MI (FHA|USDA|VA) 1 $335,000 $335,000 $6,401 6.50%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $325,000 $325,000 $4,278 3.25%
    ANN ARBOR, MI (FHA|USDA|VA) 1 $245,000 $245,000 $4,676 5.00%
    Coldwater, MI (FHA|USDA|VA) 1 $235,000 $235,000 $0 4.75%
    Cadillac, MI (FHA|USDA|VA) 1 $85,000 $85,000 $2,318 6.25%
    Grand River Bank's top markets include Grand Rapids, Kalamazoo, Niles, Holland, and Detroit 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.

    RIVER VALLEY CREDIT UNION
    Similarity Rank: 318
    OAK MORTGAGE, LLC
    Similarity Rank: 384
    Macatawa Bank
    Similarity Rank: 396
    Honor Credit Union
    Similarity Rank: 549
    Adventure Credit Union
    Similarity Rank: 560
    Community West Credit Union
    Similarity Rank: 600
    PFCU
    Similarity Rank: 756
    PREFERRED CREDIT UNION
    Similarity Rank: 840
    Isabella Bank
    Similarity Rank: 860
    United Bank of Michigan
    Similarity Rank: 912

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 187 $81,345,000 $435,000 $3,731 4.58%

    For 2022, Grand River Bank's most frequently originated type of loan was Conventional, with 187 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 126 $62,530,000 $496,270 $4,245 4.67%
    Refi 22 $10,230,000 $465,000 $2,973 4.02%
    Cash Out Refi 17 $4,495,000 $264,412 $3,126 4.39%
    Other 14 $2,880,000 $205,714 $2,785 4.98%
    Home Improvement 8 $1,210,000 $151,250 $939 4.44%

    For 2022, Grand River Bank's most frequently cited loan purpose was Home Purchase, with 126 originations. The 2nd most popular reason was Refi, with 22 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 100 $28,260,000 $282,600 $3,686 4.89%
    15 Year 29 $7,315,000 $252,241 $2,528 3.73%
    5 Year 22 $14,510,000 $659,545 $505 5.13%
    30+ year 13 $12,565,000 $966,538 $7,531 3.87%
    Other 9 $15,375,000 $1,708,333 $6,679 3.93%
    20 Year 6 $1,750,000 $291,667 $2,997 4.23%
    10 Year 6 $530,000 $88,333 $1,138 4.04%
    1 Year 2 $1,040,000 $520,000 $0 5.79%

    For 2022, Grand River Bank's most frequently cited loan duration was 30 Year, with 100 originations. The 2nd most popular length was 15 Year, with 29 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 81 $22,625,000 $279,321
    $2k-3k 25 $10,245,000 $409,800
    $1k-2k 23 $6,415,000 $278,913
    $3k-4k 14 $4,560,000 $325,714
    $5k+ 7 $5,035,000 $719,286
    $4k-5k 4 $2,460,000 $615,000

    Grand River Bank's average total fees were $3,686, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 81 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 52 $17,610,000 $338,654
    3-4% 52 $27,690,000 $532,500
    5-6% 51 $22,935,000 $449,706
    6-7% 16 $4,410,000 $275,625
    2.5-3% 12 $7,790,000 $649,167
    <2.5% 3 $635,000 $211,667
    7-8% 1 $275,000 $275,000

    During 2022, Grand River Bank's average interest rate for loans was 4.89%, while their most frequently originated rate bucket for loans was 4-5%, with 52 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 76 $20,840,000 $274,211 $3,573 4.73%
    $100k-200k 39 $6,055,000 $155,256 $2,502 4.35%
    $400k-600k 36 $17,560,000 $487,778 $4,779 4.63%
    $100,000 or less 14 $960,000 $68,571 $1,355 4.77%
    $600k-1MM 12 $8,220,000 $685,000 $6,686 4.51%
    $1MM+ 10 $27,710,000 $2,771,000 $11,415 4.06%

    2022 saw Grand River Bank place emphasis on $200k-400k loans with 76 originations, totaling $20,840,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 33 $10,375,000 $314,394 $3,652 4.53%
    $50k-75k 32 $6,280,000 $196,250 $3,146 4.47%
    $75k-100k 27 $6,785,000 $251,296 $3,379 4.85%
    $150k-250k 26 $9,860,000 $379,231 $4,009 4.87%
    $250k+ 25 $16,785,000 $671,400 $5,368 4.00%
    $50k or less 14 $2,440,000 $174,286 $3,072 4.51%

    Grand River Bank lent most frequently to those with incomes in the $100k-150k range, with 33 originations. The second most popular income band? $50k-75k, with 32 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 38 $9,430,000 $248,158 $3,165 4.68%
    30-36% 31 $9,935,000 $320,484 $3,323 4.86%
    <20% 18 $8,680,000 $482,222 $3,805 3.95%
    42% 8 $1,830,000 $228,750 $3,518 4.48%
    49% 8 $2,670,000 $333,750 $4,304 5.48%
    43% 7 $1,925,000 $275,000 $3,780 4.05%
    39% 7 $2,615,000 $373,571 $5,159 4.29%
    38% 7 $2,845,000 $406,429 $4,139 4.95%
    37% 6 $2,660,000 $443,333 $4,502 3.88%
    44% 6 $2,000,000 $333,333 $3,135 3.77%
    48% 5 $1,705,000 $341,000 $4,421 4.83%
    40% 4 $1,900,000 $475,000 $5,214 4.88%
    >60% 3 $995,000 $331,667 $3,354 4.82%
    36% 3 $815,000 $271,667 $3,652 3.75%
    45% 3 $805,000 $268,333 $4,205 3.38%
    46% 3 $795,000 $265,000 $4,223 5.25%
    47% 2 $510,000 $255,000 $3,901 4.69%
    41% 2 $720,000 $360,000 $4,103 3.81%
    50-60% 1 $555,000 $555,000 $6,581 5.00%

    Grand River Bank lent most frequently to those with DTI ratios of 20-30%, with 38 originations. The next most common DTI ratio? 30-36%, with 31 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 153 $51,665,000 $337,680 $3,781 4.55%
    Not applicable 27 $28,365,000 $1,050,556 $0 4.93%
    Not provided 5 $885,000 $177,000 $2,527 3.78%
    Asian Indian 1 $225,000 $225,000 $2,575 4.13%
    Japanese 1 $205,000 $205,000 $2,372 4.88%

    Approval Rates

    Total approvals of all applications
    92.37%

    Grand River Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    77.01%

    Grand River Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 187 $81,345,000 $435,000

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    187 $81,345,000 $435,000

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 17 $2,665,000 $156,765 $2,134 4.17%
    40-60% 21 $9,945,000 $473,571 $3,026 4.11%
    60-80% 84 $43,160,000 $513,810 $4,459 4.55%
    80-100% 57 $24,795,000 $435,000 $4,010 4.86%
    Under 20% 8 $780,000 $97,500 $844 5.11%

    Complaints

    Bank Name Product Issue 2022 CPFB Complaints % of Total Issues
    GUARANTEED RATE INC. Conventional home mortgage Trouble during payment process 1 50.0%
    GUARANTEED RATE INC. FHA mortgage Trouble during payment process 1 50.0%