Macatawa Bank Mortgage Rates, Fees & Info

Holland, MI

LEI: 549300M5D5Q2KMDSMP10

Tax ID: 38-3378283

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • 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)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Macatawa Bank is a smaller bank specializing in Home Purchase and Refi loans. Macatawa Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Grand Rapids, Holland, Orlando, Traverse City, and Detroit among others. We have data for 13 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Macatawa Bank has an average approval rate when compared to the average across all lenders. They have an average pick rate when compared to similar lenders. Macatawa 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
    Home Equity Line of Credit (HELOC) 6.31% 12/16/24
    30 Year Conventional Purchase 6.76% 12/16/24
    30 Year Conventional Refi 6.63% 12/16/24
    30 Year Cash-out Refi 6.83% 12/16/24
    30 Year FHA Purchase 7.20% 12/16/24
    15 Year Conventional Purchase 6.17% 12/16/24
    15 Year Conventional Refi 6.39% 12/16/24
    15 Year Cash-out Refi 6.39% 12/16/24
    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.

    Macatawa Bank Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Macatawa 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

    541

    Origination Dollar Volume (All Markets)

    $159,885,000

    Employee count

    335 Show all (7) 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) 416 $128,960,000 $310,000 $2,143 4.54%
    Holland, MI (FHA|USDA|VA) 77 $17,395,000 $225,909 $2,344 4.53%
    Outside of Metro Areas 21 $5,075,000 $241,667 $2,609 4.48%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $2,005,000 $2,005,000 $0 4.93%
    Traverse City, MI (FHA|USDA|VA) 4 $1,700,000 $425,000 $3,303 4.13%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 6 $1,610,000 $268,333 $2,601 4.42%
    KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 4 $740,000 $185,000 $2,039 4.16%
    MUSKEGON, MI (FHA|USDA|VA) 5 $725,000 $145,000 $2,822 4.23%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $485,000 $485,000 $4,802 4.50%
    Hillsdale, MI (FHA|USDA|VA) 1 $405,000 $405,000 $0 4.58%
    Ludington, MI (FHA|USDA|VA) 2 $350,000 $175,000 $2,116 5.44%
    Big Rapids, MI (FHA|USDA|VA) 2 $220,000 $110,000 $1,996 3.88%
    ANN ARBOR, MI (FHA|USDA|VA) 1 $215,000 $215,000 $2,528 3.50%
    Macatawa Bank's top markets include Grand Rapids, Holland, Orlando, Traverse City, 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 Macatawa Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Isabella Bank
    Similarity Rank: 209
    Macatawa Bank
    Similarity Rank: 273
    Community West Credit Union
    Similarity Rank: 276
    COMMUNITY FIRST
    Similarity Rank: 350
    PREFERRED CREDIT UNION
    Similarity Rank: 375
    West Michigan Community Bank
    Similarity Rank: 472
    PFCU
    Similarity Rank: 520
    AAC Credit Union
    Similarity Rank: 736
    Adventure Credit Union
    Similarity Rank: 752
    MICHIGAN STATE UNIVERSITY FEDERAL CREDIT UNION
    Similarity Rank: 840

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 527 $157,255,000 $298,397 $2,170 4.52%
    FHA 11 $1,455,000 $132,273 $4,361 4.76%
    HELOC 3 $1,175,000 $391,667 n/a 5.33%

    For 2018, Macatawa Bank's most frequently originated type of loan was Conventional, with 527 originations. Their 2nd most popular type was FHA, with 11 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 295 $92,225,000 $312,627 $2,695 4.49%
    Refi 160 $56,140,000 $350,875 $1,606 4.48%
    Cash Out Refi 37 $6,315,000 $170,676 $2,422 4.82%
    Other 35 $4,145,000 $118,429 $1,427 4.61%
    Home Improvement 14 $1,060,000 $75,714 $513 4.82%

    For 2018, Macatawa Bank's most frequently cited loan purpose was Home Purchase, with 295 originations. The 2nd most popular reason was Refi, with 160 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 264 $60,840,000 $230,455 $2,374 4.53%
    15 Year 85 $13,315,000 $156,647 $1,896 4.49%
    10 Year 63 $17,975,000 $285,317 $1,086 4.53%
    30+ year 49 $17,765,000 $362,551 $4,159 4.23%
    Other 31 $29,475,000 $950,806 $2,066 4.66%
    5 Year 30 $16,510,000 $550,333 $367 4.41%
    20 Year 11 $2,145,000 $195,000 $2,518 4.66%
    1 Year 8 $1,860,000 $232,500 $743 6.24%

    For 2018, Macatawa Bank's most frequently cited loan duration was 30 Year, with 264 originations. The 2nd most popular length was 15 Year, with 85 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 410 $74,530,000 $181,780
    $1k-2k 71 $19,585,000 $275,845
    $2k-3k 14 $5,740,000 $410,000
    $3k-4k 5 $2,555,000 $511,000
    $4k-5k 2 $640,000 $320,000

    Macatawa Bank's average total fees were $2,374, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 410 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 294 $105,130,000 $357,585
    3-4% 144 $33,230,000 $230,764
    5-6% 86 $20,470,000 $238,023
    7-8% 7 $375,000 $53,571
    6-7% 6 $340,000 $56,667
    2.5-3% 2 $260,000 $130,000
    Over 8% 2 $80,000 $40,000

    During 2018, Macatawa Bank's average interest rate for loans was 4.53%, while their most frequently originated rate bucket for loans was 4-5%, with 294 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 199 $29,425,000 $147,864 $2,118 4.56%
    $200k-400k 151 $40,995,000 $271,490 $2,768 4.34%
    $100,000 or less 132 $7,670,000 $58,106 $1,044 4.79%
    $400k-600k 36 $16,720,000 $464,444 $3,611 4.23%
    $600k-1MM 12 $8,260,000 $688,333 $4,051 4.19%
    $1MM+ 11 $56,815,000 $5,165,000 $5,930 4.57%

    2018 saw Macatawa Bank place emphasis on $100k-200k loans with 199 originations, totaling $29,425,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 121 $12,985,000 $107,314 $1,820 4.64%
    $50k-75k 114 $17,510,000 $153,596 $1,980 4.58%
    $75k-100k 85 $14,925,000 $175,588 $2,159 4.54%
    $100k-150k 82 $19,910,000 $242,805 $2,386 4.50%
    $150k-250k 59 $17,485,000 $296,356 $2,754 4.13%
    $250k+ 34 $18,820,000 $553,529 $3,404 4.13%

    Macatawa Bank lent most frequently to those with incomes in the $50k or less range, with 121 originations. The second most popular income band? $50k-75k, with 114 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 110 $22,120,000 $201,091 $2,083 4.44%
    30-36% 107 $21,835,000 $204,065 $2,121 4.46%
    <20% 38 $20,980,000 $552,105 $2,409 4.22%
    42% 35 $6,585,000 $188,143 $2,204 4.67%
    39% 30 $6,250,000 $208,333 $2,447 4.44%
    37% 26 $4,330,000 $166,538 $1,901 4.72%
    38% 25 $3,885,000 $155,400 $1,867 4.58%
    40% 24 $5,540,000 $230,833 $2,611 4.55%
    43% 23 $3,775,000 $164,130 $2,240 4.77%
    41% 19 $2,635,000 $138,684 $1,609 4.77%
    44% 18 $4,900,000 $272,222 $3,046 4.39%
    36% 18 $3,100,000 $172,222 $2,114 4.67%
    46% 13 $3,045,000 $234,231 $2,594 4.30%
    45% 10 $2,300,000 $230,000 $2,769 4.33%
    48% 7 $1,445,000 $206,429 $3,287 4.82%
    47% 6 $950,000 $158,333 $2,208 4.06%
    49% 6 $1,310,000 $218,333 $2,204 4.54%
    50-60% 6 $810,000 $135,000 $1,928 5.01%
    >60% 1 $85,000 $85,000 $0 5.50%

    Macatawa Bank lent most frequently to those with DTI ratios of 20-30%, with 110 originations. The next most common DTI ratio? 30-36%, with 107 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 492 $101,030,000 $205,346 $2,214 4.48%
    Not applicable 27 $55,005,000 $2,037,222 $0 5.23%
    Not provided 14 $2,510,000 $179,286 $2,019 4.65%
    Asian 5 $755,000 $151,000 $2,408 4.62%
    Black 3 $585,000 $195,000 $3,319 4.79%

    Approval Rates

    Total approvals of all applications
    85.11%

    Macatawa Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    91.87%

    Macatawa Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 541 $159,885,000 $295,536

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 7 $50,405,000 $7,200,714
    Single Family (1-4 Units):Manufactured 7 $935,000 $133,571
    Single Family (1-4 Units):Site-Built 527 $108,545,000 $205,968

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 67 $17,305,000 $258,284 $1,127 4.56%
    40-60% 89 $30,435,000 $341,966 $1,870 4.41%
    60-80% 194 $68,020,000 $350,619 $2,530 4.47%
    80-100% 157 $41,295,000 $263,025 $2,793 4.51%
    Over 100% 1 $1,005,000 $1,005,000 $0 5.25%
    Under 20% 33 $1,825,000 $55,303 $567 5.19%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Macatawa Bank 10753 Macatawa Dr Holland, MI 49424 Full Service B&M $0
    Macatawa Bank 12415 Riley Street Holland, MI 49424 Full Service B&M $24,660
    Macatawa Bank 126 Ottawa Avenue, N.W. Grand Rapids, MI 49503 Full Service B&M $264,958
    Macatawa Bank 132 Blue Star Hwy, Douglas, MI 49406 Full Service B&M $42,632
    Macatawa Bank 141 East 8th Street Holland, MI 49423 Full Service B&M $119,249
    Macatawa Bank 145 Columbia Avenue Holland, MI 49423 Limited, Mobile/Seasonal Office $0
    Macatawa Bank 15135 Whitaker Way Grand Haven, MI 49417 Full Service B&M $44,905
    Macatawa Bank 1575 68th Street, Se Grand Rapids, MI 49508 Full Service B&M $55,283
    Macatawa Bank 20 East Lakewood Boulevard Holland, MI 49424 Full Service B&M $36,073
    Macatawa Bank 2020 Baldwin Street Jenison, MI 49428 Full Service B&M $77,570
    Macatawa Bank 2261 84th Street Sw Byron Center, MI 49315 Full Service B&M $42,237
    Macatawa Bank 2440 Burton Se Grand Rapids, MI 49546 Full Service B&M $23,389
    Macatawa Bank 2750 Walker Nw Walker, MI 49544 Full Service B&M $24,716
    Macatawa Bank 2820 10 Mile Road Rockford, MI 49341 Full Service B&M $13,945
    Macatawa Bank 3177 Knapp Street Ne Grand Rapids, MI 49525 Full Service B&M $77,622
    Macatawa Bank 3191 44th Street Sw Grandville, MI 49418 Full Service B&M $53,958
    Macatawa Bank 3526 Chicago Drive Hudsonville, MI 49426 Full Service B&M $70,187
    Macatawa Bank 41 North State Street Zeeland, MI 49464 Full Service B&M $94,341
    Macatawa Bank 4590 Cascade Road Grand Rapids, MI 49546 Full Service B&M $30,012
    Macatawa Bank 4758 136th Avenue Hamilton, MI 49419 Full Service B&M $41,958
    Macatawa Bank 489 Butternut Street Holland, MI 49423 Full Service B&M $58,977
    Macatawa Bank 500 Parkside Drive Zeeland, MI 49464 Limited, Mobile/Seasonal Office $0
    Macatawa Bank 520 Baldwin Jenison, MI 49428 Full Service B&M $12,219
    Macatawa Bank 5271 Clyde Park Avenue S.W. Wyoming, MI 49509 Full Service B&M $81,387
    Macatawa Bank 6299 Lake Michigan Drive Allendale, MI 49401 Full Service B&M $78,219
    Macatawa Bank 6330 28th Street Grand Rapids, MI 49546 Full Service B&M $20,022
    Macatawa Bank 699 East 16th Street Holland, MI 49423 Full Service B&M $61,221
    Macatawa Bank 701 Maple Avenue Holland, MI 49423 Full Service B&M $67,808
    Macatawa Bank 815 East Main Street Zeeland, MI 49464 Full Service B&M $69,313

    For 2018, Macatawa Bank had 29 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $69,038
    Net interest income $61,753
    Total noninterest income $17,691
    Gross Fiduciary activities income $3,643
    Service charges on deposit accounts $4,377
    Trading account gains and fees $0
    Additional Noninterest Income $9,671
    Pre-tax net operating income $35,137
    Securities gains (or losses, -) $-32
    Income before extraordinary items $28,554
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $28,554
    Minority interest net income $0
    Net income $28,554
    Sale, conversion, retirement of capital stock, net $400
    Net operating income $28,579

    Macatawa Bank's gross interest income from loans was $69,038,000.
    Macatawa Bank's net interest income from loans was $61,753,000.
    Macatawa Bank's fee based income from loans was $4,377,000.
    Macatawa Bank's net income from loans was $28,554,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $7,285
    Provision for credit losses $450
    Total noninterest expense $43,857
    Salaries and employee benefits $24,973
    Premises and equipment expense $6,543
    Additional noninterest expense $12,341
    Applicable income taxes $6,551
    Net charge-offs $174
    Cash dividends $11,052

    Macatawa Bank's interest expense for loans was $7,285,000.
    Macatawa Bank's payroll and benefits expense were $24,973,000.
    Macatawa Bank's property, plant and equipment expenses $6,543,000.

    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 $1,683,164
    Deposits held in domestic offices $1,683,164
    Deposits by Individuals, partnerships, and corporations $1,561,714
    Deposits by U.S. Government $2
    Deposits by States and political subdivisions in the U.S. $121,448
    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 $234,533
    Demand deposits $153,810
    Nontransaction accounts $1,448,631
    Money market deposit accounts (MMDAs) $469,763
    Other savings deposits (excluding MMDAs) $853,345
    Total time deposits $125,523
    Total time and savings deposits $1,529,354
    Noninterest-bearing deposits $491,955
    Interest-bearing deposits $1,191,209
    Retail deposits $1,643,827
    IRAs and Keogh plan accounts $14,208
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,973,456
    Cash & Balances due from depository institutions $171,284
    Interest-bearing balances $130,758
    Total securities $298,758
    Federal funds sold & reverse repurchase $0
    Net loans and leases $1,389,197
    Loan and leases loss allowance $16,876
    Trading account assets $700
    Bank premises and fixed assets $44,439
    Other real estate owned $3,380
    Goodwill and other intangibles $0
    All other assets $65,698

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,973,456
    Total Liabilities $1,749,203
    Total deposits $1,683,164
    Interest-bearing deposits $1,191,209
    Deposits held in domestic offices $1,683,164
    % insured (estimated) $61
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $700
    Other borrowed funds $60,000
    Subordinated debt $0
    All other liabilities $5,339

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $1,389,197
    Loan and leases loss allowance $16,876
    Total loans and leases (domestic) $1,406,073
    All real estate loans $880,443
    Real estate loans in domestic offices $880,443
    Construction and development loans $99,600
    Residential 1-4 family construction $32,545
    Other construction, all land development and other land $67,055
    Loans secured by nonfarm nonresidential properties $381,333
    Nonfarm nonresidential secured by owner-occupied properties $203,074
    Commercial real estate & other non-farm, non-residential $178,259
    Multifamily residential real estate $56,164
    1-4 family residential loans $311,504
    Farmland loans $31,842
    Loans held in foreign offices $0
    Farm loans $29,990
    Commercial and industrial loans $469,395
    To non-U.S. addressees $0
    Loans to individuals $7,605
    Credit card loans $0
    Related Plans $34
    Consumer Auto Loans $2,675
    Other loans to individuals $4,896
    All other loans & leases $20,065
    Loans to foreign governments and official institutions $0
    Other loans $20,033
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $279
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $15,943
    Non 1-4 family restructured loans & leases $9,866
    Total loans and leases (foreign) $0

    Macatawa Bank had $1,389,197,000 of loans outstanding in 2018. $880,443,000 of loans were in real estate loans. $99,600,000 of loans were in development loans. $56,164,000 of loans were in multifamily mortgage loans. $311,504,000 of loans were in 1-4 family mortgage loans. $29,990,000 of loans were in farm loans. $0 of loans were in credit card loans. $2,675,000 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 488 $84,349 $172,846
    Nonfarm, nonresidential loans - <$100k 97 $2,417 $24,918
    Nonfarm, nonresidential loans - $100-250k 158 $13,477 $85,297
    Nonfarm, nonresidential loans - $250k-1MM 233 $68,455 $293,798
    Commercial & Industrial, US addressed loans - <$1MM 1,939 $119,781 $61,775
    Commercial & Industrial, US addressed loans - <$100k 1,182 $21,531 $18,216
    Commercial & Industrial, US addressed loans - $100-250k 429 $28,701 $66,902
    Commercial & Industrial, US addressed loans - $250k-1MM 328 $69,549 $212,040
    Farmland loans - <$1MM 31 $3,402 $109,742
    Farmland loans - <$100k 12 $240 $20,000
    Farmland loans - $100-250k 9 $1,054 $117,111
    Farmland loans - $250k-1MM 10 $2,108 $210,800
    Agriculture operations loans - <$1MM 28 $1,455 $51,964
    Agriculture operations loans - <$100k 8 $81 $10,125
    Agriculture operations loans - $100-250k 10 $265 $26,500
    Agriculture operations loans - $250k-1MM 10 $1,109 $110,900