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

Jump to:

  • 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 Refi, Cash Out Refi, and Home Purchase 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, Muskegon, and Kalamazoo among others. We have data for 11 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Macatawa 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. 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

    932

    Origination Dollar Volume (All Markets)

    $219,360,000

    Employee count

    329

    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) 729 $168,725,000 $231,447 $2,211 3.26%
    Holland, MI (FHA|USDA|VA) 127 $33,355,000 $262,638 $2,434 3.21%
    Outside of Metro Areas 34 $8,220,000 $241,765 $2,306 3.28%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 14 $3,390,000 $242,143 $2,129 3.18%
    MUSKEGON, MI (FHA|USDA|VA) 13 $2,175,000 $167,308 $2,257 3.37%
    KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 6 $1,050,000 $175,000 $2,097 3.10%
    Traverse City, MI (FHA|USDA|VA) 4 $980,000 $245,000 $2,035 3.19%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $565,000 $565,000 $4,293 3.25%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 1 $425,000 $425,000 $2,245 3.38%
    FLINT, MI (FHA|USDA|VA) 2 $300,000 $150,000 $2,269 3.25%
    Big Rapids, MI (FHA|USDA|VA) 1 $175,000 $175,000 $2,090 3.38%
    Macatawa Bank's top markets include Grand Rapids, Holland, Detroit, Muskegon, and Kalamazoo 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.

    Community West Credit Union
    Similarity Rank: 210
    KENT COUNTY CREDIT UNION
    Similarity Rank: 235
    PREFERRED CREDIT UNION
    Similarity Rank: 425
    Meijer Credit Union
    Similarity Rank: 490
    RIVER VALLEY CREDIT UNION
    Similarity Rank: 536
    West Michigan Credit Union
    Similarity Rank: 574
    MEMBERS FIRST Credit Union
    Similarity Rank: 608
    Kellogg Community Credit Union
    Similarity Rank: 629
    Pacor Mortgage Corp
    Similarity Rank: 882
    AAC Credit Union
    Similarity Rank: 1072

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 931 $219,055,000 $235,290 $2,240 3.26%
    FHA 1 $305,000 $305,000 $7,486 3.75%

    For 2020, Macatawa Bank's most frequently originated type of loan was Conventional, with 931 originations. Their 2nd most popular type was FHA, with 1 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 487 $113,555,000 $233,172 $2,052 3.21%
    Cash Out Refi 239 $52,975,000 $221,653 $2,345 3.23%
    Home Purchase 188 $45,610,000 $242,606 $2,663 3.34%
    Other 12 $2,460,000 $205,000 $2,107 3.36%
    Home Improvement 6 $4,760,000 $793,333 $1,916 5.03%

    For 2020, Macatawa Bank's most frequently cited loan purpose was Refi, with 487 originations. The 2nd most popular reason was Cash Out Refi, with 239 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 532 $124,650,000 $234,305 $2,300 3.38%
    15 Year 320 $62,550,000 $195,469 $2,062 3.03%
    10 Year 31 $5,415,000 $174,677 $2,200 2.78%
    30+ year 15 $5,425,000 $361,667 $4,359 3.37%
    20 Year 12 $2,270,000 $189,167 $1,971 3.56%
    5 Year 10 $1,690,000 $169,000 $433 4.05%
    Other 9 $17,005,000 $1,889,444 $4,262 3.27%
    1 Year 3 $355,000 $118,333 $592 5.72%

    For 2020, Macatawa Bank's most frequently cited loan duration was 30 Year, with 532 originations. The 2nd most popular length was 15 Year, with 320 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 830 $180,070,000 $216,952
    $1k-2k 56 $14,240,000 $254,286
    $2k-3k 13 $4,435,000 $341,154
    $4k-5k 3 $785,000 $261,667
    $3k-4k 2 $650,000 $325,000

    Macatawa Bank's average total fees were $2,300, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 830 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 552 $135,670,000 $245,779
    2.5-3% 340 $74,810,000 $220,029
    4-5% 14 $5,200,000 $371,429
    <2.5% 8 $1,560,000 $195,000
    5-6% 4 $430,000 $107,500
    Over 8% 3 $105,000 $35,000
    6-7% 1 $75,000 $75,000

    During 2020, Macatawa Bank's average interest rate for loans was 3.38%, while their most frequently originated rate bucket for loans was 3-4%, with 552 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 397 $60,945,000 $153,514 $2,046 3.25%
    $200k-400k 345 $92,855,000 $269,145 $2,398 3.25%
    $100,000 or less 105 $8,145,000 $77,571 $1,779 3.33%
    $400k-600k 71 $33,115,000 $466,408 $3,070 3.19%
    $600k-1MM 9 $6,415,000 $712,778 $3,311 3.17%
    $1MM+ 5 $17,885,000 $3,577,000 $4,014 3.54%

    2020 saw Macatawa Bank place emphasis on $100k-200k loans with 397 originations, totaling $60,945,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 218 $39,300,000 $180,275 $2,145 3.30%
    $50k or less 169 $22,625,000 $133,876 $2,039 3.29%
    $100k-150k 168 $42,990,000 $255,893 $2,405 3.25%
    $75k-100k 154 $29,830,000 $193,701 $2,147 3.21%
    $150k-250k 102 $32,410,000 $317,745 $2,459 3.20%
    $250k+ 61 $26,555,000 $435,328 $2,739 3.08%

    Macatawa Bank lent most frequently to those with incomes in the $50k-75k range, with 218 originations. The second most popular income band? $50k or less, with 169 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 293 $65,025,000 $221,928 $2,189 3.22%
    30-36% 173 $35,895,000 $207,486 $2,233 3.23%
    <20% 100 $24,650,000 $246,500 $2,128 3.11%
    41% 42 $12,560,000 $299,048 $2,530 3.34%
    40% 40 $8,630,000 $215,750 $2,261 3.33%
    38% 32 $7,030,000 $219,688 $2,303 3.25%
    37% 32 $7,120,000 $222,500 $2,340 3.34%
    44% 28 $5,800,000 $207,143 $2,311 3.43%
    42% 26 $5,220,000 $200,769 $2,019 3.76%
    39% 25 $5,155,000 $206,200 $2,337 3.15%
    45% 25 $5,005,000 $200,200 $2,364 3.31%
    43% 23 $4,775,000 $207,609 $2,354 3.39%
    36% 23 $5,515,000 $239,783 $2,357 3.21%
    46% 21 $5,035,000 $239,762 $2,361 3.32%
    47% 15 $3,825,000 $255,000 $2,770 3.23%
    48% 13 $2,495,000 $191,923 $2,019 3.13%
    49% 11 $2,135,000 $194,091 $2,249 3.22%
    50-60% 5 $885,000 $177,000 $1,968 3.53%
    >60% 1 $55,000 $55,000 $0 5.64%

    Macatawa Bank lent most frequently to those with DTI ratios of 20-30%, with 293 originations. The next most common DTI ratio? 30-36%, with 173 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 891 $196,395,000 $220,421 $2,250 3.25%
    Not applicable 9 $16,285,000 $1,809,444 $0 3.75%
    Not provided 18 $3,790,000 $210,556 $2,244 3.25%
    Asian 10 $2,150,000 $215,000 $1,998 3.15%
    Black 2 $450,000 $225,000 $1,681 3.63%
    Vietnamese 1 $155,000 $155,000 $2,133 3.38%
    American Indian 1 $135,000 $135,000 $2,404 3.25%

    Approval Rates

    Total approvals of all applications
    92.36%

    Macatawa Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    87.23%

    Macatawa Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 932 $219,360,000 $235,365

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 5 $15,405,000 $3,081,000
    Single Family (1-4 Units):Manufactured 4 $520,000 $130,000
    Single Family (1-4 Units):Site-Built 923 $203,435,000 $220,406

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 110 $18,110,000 $164,636 $1,995 3.10%
    40-60% 245 $50,355,000 $205,531 $2,135 3.12%
    60-80% 415 $101,685,000 $245,024 $2,254 3.30%
    80-100% 144 $34,900,000 $242,361 $2,612 3.39%
    Under 20% 18 $14,310,000 $795,000 $2,109 4.08%

    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 $35,497
    Macatawa Bank 126 Ottawa Avenue, N.W. Grand Rapids, MI 49503 Full Service B&M $361,386
    Macatawa Bank 132 Blue Star Hwy, Douglas, MI 49406 Full Service B&M $54,687
    Macatawa Bank 141 East 8th Street Holland, MI 49423 Full Service B&M $147,337
    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 $70,399
    Macatawa Bank 1575 68th Street, Se Grand Rapids, MI 49508 Full Service B&M $59,134
    Macatawa Bank 20 East Lakewood Boulevard Holland, MI 49424 Full Service B&M $57,450
    Macatawa Bank 2020 Baldwin Street Jenison, MI 49428 Full Service B&M $107,885
    Macatawa Bank 2261 84th Street Sw Byron Center, MI 49315 Full Service B&M $45,147
    Macatawa Bank 2440 Burton Se Grand Rapids, MI 49546 Full Service B&M $35,783
    Macatawa Bank 2750 Walker Nw Walker, MI 49544 Full Service B&M $36,553
    Macatawa Bank 2820 10 Mile Road Rockford, MI 49341 Full Service B&M $19,944
    Macatawa Bank 3177 Knapp Street Ne Grand Rapids, MI 49525 Full Service B&M $129,515
    Macatawa Bank 3191 44th Street Sw Grandville, MI 49418 Full Service B&M $67,703
    Macatawa Bank 3526 Chicago Drive Hudsonville, MI 49426 Full Service B&M $109,847
    Macatawa Bank 41 North State Street Zeeland, MI 49464 Full Service B&M $129,047
    Macatawa Bank 4590 Cascade Road Grand Rapids, MI 49546 Full Service B&M $35,929
    Macatawa Bank 4758 136th Avenue Hamilton, MI 49419 Full Service B&M $60,929
    Macatawa Bank 489 Butternut Street Holland, MI 49423 Full Service B&M $72,713
    Macatawa Bank 500 Parkside Drive Zeeland, MI 49464 Limited, Mobile/Seasonal Office $0
    Macatawa Bank 520 Baldwin Jenison, MI 49428 Full Service B&M $19,780
    Macatawa Bank 5271 Clyde Park Avenue S.W. Wyoming, MI 49509 Full Service B&M $103,103
    Macatawa Bank 6299 Lake Michigan Drive Allendale, MI 49401 Full Service B&M $98,129
    Macatawa Bank 6330 28th Street Grand Rapids, MI 49546 Full Service B&M $30,765
    Macatawa Bank 699 East 16th Street Holland, MI 49423 Full Service B&M $88,909
    Macatawa Bank 701 Maple Avenue Holland, MI 49423 Full Service B&M $86,437
    Macatawa Bank 815 East Main Street Zeeland, MI 49464 Full Service B&M $61,124

    For 2020, Macatawa Bank had 29 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $67,224
    Net interest income $62,307
    Total noninterest income $23,903
    Gross Fiduciary activities income $3,758
    Service charges on deposit accounts $4,030
    Trading account gains and fees $0
    Additional Noninterest Income $16,115
    Pre-tax net operating income $38,230
    Securities gains (or losses, -) $32
    Income before extraordinary items $31,319
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $31,319
    Minority interest net income $0
    Net income $31,319
    Sale, conversion, retirement of capital stock, net $435
    Net operating income $31,292

    Macatawa Bank's gross interest income from loans was $67,224,000.
    Macatawa Bank's net interest income from loans was $62,307,000.
    Macatawa Bank's fee based income from loans was $4,030,000.
    Macatawa Bank's net income from loans was $31,319,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $4,917
    Provision for credit losses $3,000
    Total noninterest expense $44,980
    Salaries and employee benefits $25,159
    Premises and equipment expense $7,189
    Additional noninterest expense $12,632
    Applicable income taxes $6,943
    Net charge-offs $2,792
    Cash dividends $11,686

    Macatawa Bank's interest expense for loans was $4,917,000.
    Macatawa Bank's payroll and benefits expense were $25,159,000.
    Macatawa Bank's property, plant and equipment expenses $7,189,000.

    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 $2,305,305
    Deposits held in domestic offices $2,305,305
    Deposits by Individuals, partnerships, and corporations $2,134,511
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $170,794
    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 $312,022
    Demand deposits $204,273
    Nontransaction accounts $1,993,283
    Money market deposit accounts (MMDAs) $556,171
    Other savings deposits (excluding MMDAs) $1,333,565
    Total time deposits $103,547
    Total time and savings deposits $2,101,032
    Noninterest-bearing deposits $816,155
    Interest-bearing deposits $1,489,150
    Retail deposits $2,276,553
    IRAs and Keogh plan accounts $12,673
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $2,641,173
    Cash & Balances due from depository institutions $770,604
    Interest-bearing balances $739,124
    Total securities $317,813
    Federal funds sold & reverse repurchase $13,132
    Net loans and leases $1,417,345
    Loan and leases loss allowance $17,408
    Trading account assets $4,217
    Bank premises and fixed assets $42,995
    Other real estate owned $2,537
    Goodwill and other intangibles $0
    All other assets $72,530

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $2,641,173
    Total Liabilities $2,388,130
    Total deposits $2,305,305
    Interest-bearing deposits $1,489,150
    Deposits held in domestic offices $2,305,305
    % insured (estimated) $55
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $4,217
    Other borrowed funds $70,000
    Subordinated debt $0
    All other liabilities $8,608

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $1,417,345
    Loan and leases loss allowance $17,408
    Total loans and leases (domestic) $1,434,753
    All real estate loans $759,686
    Real estate loans in domestic offices $759,686
    Construction and development loans $75,791
    Residential 1-4 family construction $18,169
    Other construction, all land development and other land $57,622
    Loans secured by nonfarm nonresidential properties $352,416
    Nonfarm nonresidential secured by owner-occupied properties $189,616
    Commercial real estate & other non-farm, non-residential $162,800
    Multifamily residential real estate $87,647
    1-4 family residential loans $212,532
    Farmland loans $31,300
    Loans held in foreign offices $0
    Farm loans $28,568
    Commercial and industrial loans $632,543
    To non-U.S. addressees $0
    Loans to individuals $4,629
    Credit card loans $0
    Related Plans $48
    Consumer Auto Loans $1,904
    Other loans to individuals $2,677
    All other loans & leases $14,547
    Loans to foreign governments and official institutions $0
    Other loans $14,547
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $0
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $9,006
    Non 1-4 family restructured loans & leases $5,268
    Total loans and leases (foreign) $0

    Macatawa Bank had $1,417,345,000 of loans outstanding in 2020. $759,686,000 of loans were in real estate loans. $75,791,000 of loans were in development loans. $87,647,000 of loans were in multifamily mortgage loans. $212,532,000 of loans were in 1-4 family mortgage loans. $28,568,000 of loans were in farm loans. $0 of loans were in credit card loans. $1,904,000 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 425 $74,447 $175,169
    Nonfarm, nonresidential loans - <$100k 80 $1,577 $19,713
    Nonfarm, nonresidential loans - $100-250k 139 $10,052 $72,317
    Nonfarm, nonresidential loans - $250k-1MM 206 $62,818 $304,942
    Commercial & Industrial, US addressed loans - <$1MM 2,775 $202,762 $73,067
    Commercial & Industrial, US addressed loans - <$100k 1,749 $39,626 $22,656
    Commercial & Industrial, US addressed loans - $100-250k 604 $55,830 $92,434
    Commercial & Industrial, US addressed loans - $250k-1MM 422 $107,306 $254,280
    Farmland loans - <$1MM 25 $3,035 $121,400
    Farmland loans - <$100k 8 $207 $25,875
    Farmland loans - $100-250k 7 $720 $102,857
    Farmland loans - $250k-1MM 10 $2,108 $210,800
    Agriculture operations loans - <$1MM 24 $1,268 $52,833
    Agriculture operations loans - <$100k 5 $8 $1,600
    Agriculture operations loans - $100-250k 9 $114 $12,667
    Agriculture operations loans - $250k-1MM 10 $1,146 $114,600