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, Detroit, Traverse City, and Muskegon among others. We have data for 9 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 a below 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.

    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
    Home Equity Line of Credit (HELOC) 6.31% 4/21/24
    30 Year Conventional Purchase 6.76% 4/21/24
    30 Year Conventional Refi 6.63% 4/21/24
    30 Year Cash-out Refi 6.83% 4/21/24
    30 Year FHA Purchase 7.20% 4/21/24
    15 Year Conventional Purchase 6.17% 4/21/24
    15 Year Conventional Refi 6.39% 4/21/24
    15 Year Cash-out Refi 6.39% 4/21/24
    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

    596

    Origination Dollar Volume (All Markets)

    $139,520,000

    Employee count

    326

    Awards

    Macatawa Bank 30 Year Conventional Loans gold Macatawa Bank 30 Year Conventional Loans gold Macatawa Bank 30 Year Conventional Loans silver Macatawa Bank 30 Year Conventional Loans silver
    Show all (4) 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) 463 $107,605,000 $232,408 $2,296 4.18%
    Holland, MI (FHA|USDA|VA) 86 $19,650,000 $228,488 $2,363 4.21%
    Outside of Metro Areas 28 $8,500,000 $303,571 $2,555 3.88%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 5 $1,305,000 $261,000 $3,385 3.90%
    Traverse City, MI (FHA|USDA|VA) 6 $1,200,000 $200,000 $2,170 4.17%
    MUSKEGON, MI (FHA|USDA|VA) 4 $640,000 $160,000 $3,180 3.88%
    KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 2 $330,000 $165,000 $2,271 4.06%
    Ludington, MI (FHA|USDA|VA) 1 $175,000 $175,000 $1,679 4.38%
    Big Rapids, MI (FHA|USDA|VA) 1 $115,000 $115,000 $2,087 4.25%
    Macatawa Bank's top markets include Grand Rapids, Holland, Detroit, Traverse City, and Muskegon among others.

    Their top states include:
  • Michigan (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.

    KENT COUNTY CREDIT UNION
    Similarity Rank: 344
    West Michigan Credit Union
    Similarity Rank: 364
    Macatawa Bank
    Similarity Rank: 396
    Community West Credit Union
    Similarity Rank: 513
    PREFERRED CREDIT UNION
    Similarity Rank: 660
    MICHIGAN ONE COMMUNITY Credit Union
    Similarity Rank: 714
    AAC Credit Union
    Similarity Rank: 720
    Isabella Bank
    Similarity Rank: 792
    Adventure Credit Union
    Similarity Rank: 793
    PFCU
    Similarity Rank: 910

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 586 $137,640,000 $234,881 $2,276 4.17%
    FHA 10 $1,880,000 $188,000 $5,464 3.93%

    For 2019, Macatawa Bank's most frequently originated type of loan was Conventional, with 586 originations. Their 2nd most popular type was FHA, with 10 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 244 $54,650,000 $223,975 $2,663 4.20%
    Refi 213 $58,115,000 $272,840 $2,008 4.07%
    Cash Out Refi 105 $22,455,000 $213,857 $2,444 4.12%
    Other 27 $3,835,000 $142,037 $1,835 4.53%
    Home Improvement 7 $465,000 $66,429 $954 4.88%

    For 2019, Macatawa Bank's most frequently cited loan purpose was Home Purchase, with 244 originations. The 2nd most popular reason was Refi, with 213 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 348 $75,010,000 $215,546 $2,325 4.19%
    15 Year 155 $31,175,000 $201,129 $2,098 3.87%
    30+ year 36 $11,980,000 $332,778 $4,074 4.11%
    10 Year 18 $6,720,000 $373,333 $802 5.00%
    Other 15 $11,375,000 $758,333 $4,479 4.01%
    5 Year 10 $1,270,000 $127,000 $549 5.17%
    20 Year 9 $1,575,000 $175,000 $2,000 4.13%
    1 Year 5 $415,000 $83,000 $549 7.33%

    For 2019, Macatawa Bank's most frequently cited loan duration was 30 Year, with 348 originations. The 2nd most popular length was 15 Year, with 155 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 498 $100,530,000 $201,867
    $1k-2k 61 $16,905,000 $277,131
    $2k-3k 14 $4,300,000 $307,143
    $4k-5k 3 $885,000 $295,000
    $3k-4k 2 $1,650,000 $825,000

    Macatawa Bank's average total fees were $2,325, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 498 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 336 $89,550,000 $266,518
    4-5% 228 $46,930,000 $205,833
    5-6% 17 $2,015,000 $118,529
    6-7% 8 $510,000 $63,750
    7-8% 5 $365,000 $73,000
    Over 8% 1 $55,000 $55,000

    During 2019, Macatawa Bank's average interest rate for loans was 4.19%, while their most frequently originated rate bucket for loans was 3-4%, with 336 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 254 $38,840,000 $152,913 $2,155 4.14%
    $200k-400k 189 $50,805,000 $268,810 $2,626 4.03%
    $100,000 or less 91 $5,945,000 $65,330 $1,432 4.66%
    $400k-600k 47 $21,975,000 $467,553 $3,307 4.00%
    $600k-1MM 11 $8,365,000 $760,455 $4,091 4.00%
    $1MM+ 4 $13,590,000 $3,397,500 $3,839 3.90%

    2019 saw Macatawa Bank place emphasis on $100k-200k loans with 254 originations, totaling $38,840,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 143 $24,265,000 $169,685 $2,154 4.20%
    $50k or less 128 $16,910,000 $132,109 $2,073 4.19%
    $75k-100k 102 $21,210,000 $207,941 $2,313 4.18%
    $100k-150k 91 $22,275,000 $244,780 $2,490 4.13%
    $150k-250k 54 $18,110,000 $335,370 $2,687 4.09%
    $250k+ 39 $16,445,000 $421,667 $3,189 3.88%

    Macatawa Bank lent most frequently to those with incomes in the $50k-75k range, with 143 originations. The second most popular income band? $50k or less, with 128 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 139 $29,475,000 $212,050 $2,243 4.06%
    30-36% 112 $23,990,000 $214,196 $2,317 4.20%
    <20% 44 $10,690,000 $242,955 $2,343 4.07%
    42% 34 $7,020,000 $206,471 $2,468 4.29%
    40% 31 $7,235,000 $233,387 $2,372 4.29%
    43% 28 $6,410,000 $228,929 $2,761 4.16%
    37% 28 $5,920,000 $211,429 $2,193 4.35%
    38% 26 $4,310,000 $165,769 $2,308 4.22%
    41% 23 $5,065,000 $220,217 $2,608 4.47%
    36% 22 $4,840,000 $220,000 $2,238 4.13%
    39% 22 $4,730,000 $215,000 $2,044 4.25%
    46% 20 $3,940,000 $197,000 $2,620 4.03%
    44% 19 $3,775,000 $198,684 $2,291 4.16%
    45% 14 $2,660,000 $190,000 $2,226 3.91%
    47% 8 $1,940,000 $242,500 $2,302 4.02%
    48% 8 $1,590,000 $198,750 $1,957 4.08%
    49% 8 $1,660,000 $207,500 $2,545 4.06%
    50-60% 3 $675,000 $225,000 $2,270 3.71%

    Macatawa Bank lent most frequently to those with DTI ratios of 20-30%, with 139 originations. The next most common DTI ratio? 30-36%, with 112 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 568 $121,690,000 $214,243 $2,315 4.15%
    Not applicable 10 $14,380,000 $1,438,000 $0 5.02%
    Not provided 10 $2,150,000 $215,000 $2,901 4.20%
    Asian 5 $705,000 $141,000 $2,181 4.20%
    Black 2 $430,000 $215,000 $2,875 4.44%
    Native Hawaiian or Islander 1 $165,000 $165,000 $5,076 3.63%

    Approval Rates

    Total approvals of all applications
    87.05%

    Macatawa Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    89.93%

    Macatawa Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 596 $139,520,000 $234,094

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 6 $14,050,000 $2,341,667
    Single Family (1-4 Units):Manufactured 9 $965,000 $107,222
    Single Family (1-4 Units):Site-Built 581 $124,505,000 $214,294

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 54 $7,910,000 $146,481 $1,804 4.10%
    40-60% 110 $19,550,000 $177,727 $2,089 4.08%
    60-80% 250 $67,760,000 $271,040 $2,437 4.14%
    80-100% 156 $38,320,000 $245,641 $2,730 4.12%
    Under 20% 26 $5,980,000 $230,000 $917 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 $27,246
    Macatawa Bank 126 Ottawa Avenue, N.W. Grand Rapids, MI 49503 Full Service B&M $335,825
    Macatawa Bank 132 Blue Star Hwy, Douglas, MI 49406 Full Service B&M $46,293
    Macatawa Bank 141 East 8th Street Holland, MI 49423 Full Service B&M $126,647
    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 $49,211
    Macatawa Bank 1575 68th Street, Se Grand Rapids, MI 49508 Full Service B&M $38,906
    Macatawa Bank 20 East Lakewood Boulevard Holland, MI 49424 Full Service B&M $38,760
    Macatawa Bank 2020 Baldwin Street Jenison, MI 49428 Full Service B&M $81,657
    Macatawa Bank 2261 84th Street Sw Byron Center, MI 49315 Full Service B&M $35,506
    Macatawa Bank 2440 Burton Se Grand Rapids, MI 49546 Full Service B&M $25,542
    Macatawa Bank 2750 Walker Nw Walker, MI 49544 Full Service B&M $23,817
    Macatawa Bank 2820 10 Mile Road Rockford, MI 49341 Full Service B&M $11,529
    Macatawa Bank 3177 Knapp Street Ne Grand Rapids, MI 49525 Full Service B&M $92,151
    Macatawa Bank 3191 44th Street Sw Grandville, MI 49418 Full Service B&M $53,932
    Macatawa Bank 3526 Chicago Drive Hudsonville, MI 49426 Full Service B&M $67,293
    Macatawa Bank 41 North State Street Zeeland, MI 49464 Full Service B&M $104,478
    Macatawa Bank 4590 Cascade Road Grand Rapids, MI 49546 Full Service B&M $26,242
    Macatawa Bank 4758 136th Avenue Hamilton, MI 49419 Full Service B&M $41,452
    Macatawa Bank 489 Butternut Street Holland, MI 49423 Full Service B&M $61,044
    Macatawa Bank 500 Parkside Drive Zeeland, MI 49464 Limited, Mobile/Seasonal Office $0
    Macatawa Bank 520 Baldwin Jenison, MI 49428 Full Service B&M $23,843
    Macatawa Bank 5271 Clyde Park Avenue S.W. Wyoming, MI 49509 Full Service B&M $73,224
    Macatawa Bank 6299 Lake Michigan Drive Allendale, MI 49401 Full Service B&M $78,631
    Macatawa Bank 6330 28th Street Grand Rapids, MI 49546 Full Service B&M $20,979
    Macatawa Bank 699 East 16th Street Holland, MI 49423 Full Service B&M $59,052
    Macatawa Bank 701 Maple Avenue Holland, MI 49423 Full Service B&M $68,436
    Macatawa Bank 815 East Main Street Zeeland, MI 49464 Full Service B&M $56,240

    For 2019, Macatawa Bank had 29 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $75,942
    Net interest income $65,719
    Total noninterest income $19,814
    Gross Fiduciary activities income $3,812
    Service charges on deposit accounts $4,415
    Trading account gains and fees $0
    Additional Noninterest Income $11,587
    Pre-tax net operating income $42,454
    Securities gains (or losses, -) $43
    Income before extraordinary items $34,393
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $34,393
    Minority interest net income $0
    Net income $34,393
    Sale, conversion, retirement of capital stock, net $380
    Net operating income $34,358

    Macatawa Bank's gross interest income from loans was $75,942,000.
    Macatawa Bank's net interest income from loans was $65,719,000.
    Macatawa Bank's fee based income from loans was $4,415,000.
    Macatawa Bank's net income from loans was $34,393,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $10,223
    Provision for credit losses $-450
    Total noninterest expense $43,529
    Salaries and employee benefits $24,373
    Premises and equipment expense $6,874
    Additional noninterest expense $12,282
    Applicable income taxes $8,104
    Net charge-offs $-774
    Cash dividends $32,543

    Macatawa Bank's interest expense for loans was $10,223,000.
    Macatawa Bank's payroll and benefits expense were $24,373,000.
    Macatawa Bank's property, plant and equipment expenses $6,874,000.

    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 $1,760,584
    Deposits held in domestic offices $1,760,584
    Deposits by Individuals, partnerships, and corporations $1,637,255
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $123,329
    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 $219,405
    Demand deposits $145,263
    Nontransaction accounts $1,541,179
    Money market deposit accounts (MMDAs) $501,872
    Other savings deposits (excluding MMDAs) $887,182
    Total time deposits $152,125
    Total time and savings deposits $1,615,321
    Noninterest-bearing deposits $489,788
    Interest-bearing deposits $1,270,796
    Retail deposits $1,722,907
    IRAs and Keogh plan accounts $13,436
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $2,068,014
    Cash & Balances due from depository institutions $257,994
    Interest-bearing balances $226,052
    Total securities $309,450
    Federal funds sold & reverse repurchase $14,456
    Net loans and leases $1,371,721
    Loan and leases loss allowance $17,200
    Trading account assets $1,830
    Bank premises and fixed assets $42,885
    Other real estate owned $2,748
    Goodwill and other intangibles $0
    All other assets $66,930

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $2,068,014
    Total Liabilities $1,837,709
    Total deposits $1,760,584
    Interest-bearing deposits $1,270,796
    Deposits held in domestic offices $1,760,584
    % insured (estimated) $60
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $1,830
    Other borrowed funds $60,000
    Subordinated debt $0
    All other liabilities $15,295

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $1,371,721
    Loan and leases loss allowance $17,200
    Total loans and leases (domestic) $1,388,921
    All real estate loans $877,903
    Real estate loans in domestic offices $877,903
    Construction and development loans $85,721
    Residential 1-4 family construction $28,238
    Other construction, all land development and other land $57,483
    Loans secured by nonfarm nonresidential properties $396,642
    Nonfarm nonresidential secured by owner-occupied properties $208,556
    Commercial real estate & other non-farm, non-residential $188,086
    Multifamily residential real estate $73,459
    1-4 family residential loans $287,168
    Farmland loans $34,913
    Loans held in foreign offices $0
    Farm loans $33,566
    Commercial and industrial loans $449,279
    To non-U.S. addressees $0
    Loans to individuals $6,013
    Credit card loans $0
    Related Plans $59
    Consumer Auto Loans $2,507
    Other loans to individuals $3,447
    All other loans & leases $23,307
    Loans to foreign governments and official institutions $0
    Other loans $23,291
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $28
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $13,430
    Non 1-4 family restructured loans & leases $8,598
    Total loans and leases (foreign) $0

    Macatawa Bank had $1,371,721,000 of loans outstanding in 2019. $877,903,000 of loans were in real estate loans. $85,721,000 of loans were in development loans. $73,459,000 of loans were in multifamily mortgage loans. $287,168,000 of loans were in 1-4 family mortgage loans. $33,566,000 of loans were in farm loans. $0 of loans were in credit card loans. $2,507,000 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 475 $84,063 $176,975
    Nonfarm, nonresidential loans - <$100k 93 $2,242 $24,108
    Nonfarm, nonresidential loans - $100-250k 155 $12,703 $81,955
    Nonfarm, nonresidential loans - $250k-1MM 227 $69,118 $304,485
    Commercial & Industrial, US addressed loans - <$1MM 1,805 $120,044 $66,506
    Commercial & Industrial, US addressed loans - <$100k 1,007 $17,890 $17,766
    Commercial & Industrial, US addressed loans - $100-250k 464 $31,852 $68,647
    Commercial & Industrial, US addressed loans - $250k-1MM 334 $70,302 $210,485
    Farmland loans - <$1MM 29 $4,356 $150,207
    Farmland loans - <$100k 8 $284 $35,500
    Farmland loans - $100-250k 9 $1,048 $116,444
    Farmland loans - $250k-1MM 12 $3,024 $252,000
    Agriculture operations loans - <$1MM 27 $2,037 $75,444
    Agriculture operations loans - <$100k 6 $31 $5,167
    Agriculture operations loans - $100-250k 11 $334 $30,364
    Agriculture operations loans - $250k-1MM 10 $1,672 $167,200