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 Refi, Cash Out Refi, and Home Purchase loans. Macatawa Bank has a high proportion of conventional loans. Their top markets by origination volume include: Grand Rapids, Holland, Muskegon, Naples, and Detroit among others. We have data for 12 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 an above 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% 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

    732

    Origination Dollar Volume (All Markets)

    $187,670,000

    Employee count

    312

    Awards

    Macatawa Bank 30 Year Conventional Loans silver Macatawa Bank 30 Year Conventional Loans gold Macatawa Bank 30 Year Conventional Loans bronze 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) 534 $139,530,000 $261,292 $2,512 2.95%
    Holland, MI (FHA|USDA|VA) 133 $30,595,000 $230,038 $2,542 2.93%
    Outside of Metro Areas 27 $7,975,000 $295,370 $2,790 2.88%
    MUSKEGON, MI (FHA|USDA|VA) 16 $2,360,000 $147,500 $2,332 3.14%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $2,345,000 $2,345,000 $8,909 2.63%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 7 $1,725,000 $246,429 $2,861 3.02%
    Traverse City, MI (FHA|USDA|VA) 7 $1,645,000 $235,000 $2,864 2.84%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 1 $415,000 $415,000 $2,549 2.38%
    ANN ARBOR, MI (FHA|USDA|VA) 2 $390,000 $195,000 $2,383 2.81%
    Big Rapids, MI (FHA|USDA|VA) 2 $310,000 $155,000 $2,532 2.81%
    KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 1 $225,000 $225,000 $2,821 3.00%
    SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 1 $155,000 $155,000 $2,619 3.00%
    Macatawa Bank's top markets include Grand Rapids, Holland, Muskegon, Naples, 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.

    Community West Credit Union
    Similarity Rank: 306
    KENT COUNTY CREDIT UNION
    Similarity Rank: 316
    PREFERRED CREDIT UNION
    Similarity Rank: 532
    MEMBERS FIRST Credit Union
    Similarity Rank: 561
    West Michigan Credit Union
    Similarity Rank: 572
    Isabella Bank
    Similarity Rank: 630
    Macatawa Bank
    Similarity Rank: 984
    PFCU
    Similarity Rank: 1323
    Grand River Bank
    Similarity Rank: 1513
    AAC Credit Union
    Similarity Rank: 1530

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 732 $187,670,000 $256,380 $2,539 2.95%

    For 2021, Macatawa Bank's most frequently originated type of loan was Conventional, with 732 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 298 $83,530,000 $280,302 $2,342 2.78%
    Cash Out Refi 219 $46,545,000 $212,534 $2,478 2.96%
    Home Purchase 191 $52,615,000 $275,471 $2,954 3.13%
    Other 22 $4,910,000 $223,182 $2,415 3.29%
    Home Improvement 2 $70,000 $35,000 $381 4.82%

    For 2021, Macatawa Bank's most frequently cited loan purpose was Refi, with 298 originations. The 2nd most popular reason was Cash Out Refi, with 219 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 368 $89,540,000 $243,315 $2,575 3.12%
    15 Year 265 $56,045,000 $211,491 $2,380 2.59%
    10 Year 35 $7,835,000 $223,857 $2,298 3.00%
    20 Year 20 $3,910,000 $195,500 $2,284 2.93%
    30+ year 18 $5,840,000 $324,444 $3,923 3.35%
    Other 12 $22,220,000 $1,851,667 $5,209 2.91%
    5 Year 10 $1,540,000 $154,000 $0 4.10%
    1 Year 4 $740,000 $185,000 $1,024 5.20%

    For 2021, Macatawa Bank's most frequently cited loan duration was 30 Year, with 368 originations. The 2nd most popular length was 15 Year, with 265 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 638 $147,030,000 $230,455
    $1k-2k 60 $15,750,000 $262,500
    $2k-3k 14 $4,380,000 $312,857
    $4k-5k 3 $1,805,000 $601,667
    $3k-4k 2 $760,000 $380,000
    $5k+ 2 $540,000 $270,000

    Macatawa Bank's average total fees were $2,575, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 638 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 380 $97,420,000 $256,368
    3-4% 204 $59,780,000 $293,039
    <2.5% 129 $27,885,000 $216,163
    4-5% 10 $1,600,000 $160,000
    5-6% 7 $895,000 $127,857
    6-7% 2 $90,000 $45,000

    During 2021, Macatawa Bank's average interest rate for loans was 3.12%, while their most frequently originated rate bucket for loans was 2.5-3%, with 380 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 301 $44,735,000 $148,621 $2,285 2.92%
    $200k-400k 287 $76,945,000 $268,101 $2,680 2.97%
    $100,000 or less 66 $4,650,000 $70,455 $1,892 3.10%
    $400k-600k 58 $27,620,000 $476,207 $3,150 2.83%
    $600k-1MM 12 $8,670,000 $722,500 $3,937 2.82%
    $1MM+ 8 $25,050,000 $3,131,250 $6,247 2.78%

    2021 saw Macatawa Bank place emphasis on $100k-200k loans with 301 originations, totaling $44,735,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 176 $30,770,000 $174,830 $2,388 2.91%
    $100k-150k 145 $36,835,000 $254,034 $2,620 2.96%
    $50k or less 127 $20,155,000 $158,701 $2,280 3.00%
    $75k-100k 114 $23,850,000 $209,211 $2,412 3.01%
    $150k-250k 89 $28,245,000 $317,360 $2,744 2.79%
    $250k+ 46 $26,380,000 $573,478 $3,647 2.74%

    Macatawa Bank lent most frequently to those with incomes in the $50k-75k range, with 176 originations. The second most popular income band? $100k-150k, with 145 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 188 $43,030,000 $228,883 $2,453 2.92%
    30-36% 150 $33,430,000 $222,867 $2,599 3.02%
    <20% 92 $21,380,000 $232,391 $2,413 2.84%
    41% 33 $10,285,000 $311,667 $2,692 3.04%
    36% 31 $7,155,000 $230,806 $2,532 2.87%
    37% 29 $6,725,000 $231,897 $2,619 2.84%
    39% 27 $8,295,000 $307,222 $2,708 2.94%
    42% 26 $5,040,000 $193,846 $2,437 2.99%
    44% 24 $6,830,000 $284,583 $2,796 2.98%
    38% 23 $5,865,000 $255,000 $2,551 2.98%
    40% 20 $4,640,000 $232,000 $2,525 2.98%
    43% 20 $5,480,000 $274,000 $2,776 2.84%
    45% 17 $3,815,000 $224,412 $2,413 3.07%
    46% 15 $3,775,000 $251,667 $2,635 2.98%
    47% 13 $2,545,000 $195,769 $2,670 2.90%
    48% 10 $1,650,000 $165,000 $2,163 2.90%
    49% 5 $775,000 $155,000 $2,637 3.08%
    50-60% 4 $1,220,000 $305,000 $2,797 3.11%

    Macatawa Bank lent most frequently to those with DTI ratios of 20-30%, with 188 originations. The next most common DTI ratio? 30-36%, with 150 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 663 $158,275,000 $238,725 $2,541 2.92%
    Not applicable 12 $17,200,000 $1,433,333 $0 4.01%
    Not provided 33 $7,625,000 $231,061 $2,476 3.12%
    Asian 15 $2,975,000 $198,333 $2,484 2.82%
    Black 6 $930,000 $155,000 $2,770 3.15%
    American Indian 2 $460,000 $230,000 $2,822 3.31%
    Native Hawaiian or Islander 1 $205,000 $205,000 $2,440 3.50%

    Approval Rates

    Total approvals of all applications
    92.69%

    Macatawa Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    91.39%

    Macatawa Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 732 $187,670,000 $256,380

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    732 $187,670,000 $256,380

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 117 $19,395,000 $165,769 $2,308 2.71%
    40-60% 205 $58,395,000 $284,854 $2,355 2.82%
    60-80% 276 $76,650,000 $277,717 $2,703 3.02%
    80-100% 122 $32,400,000 $265,574 $2,817 3.13%
    Under 20% 12 $830,000 $69,167 $1,395 3.88%

    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 $37,960
    Macatawa Bank 126 Ottawa Avenue, N.W. Grand Rapids, MI 49503 Full Service B&M $522,275
    Macatawa Bank 132 Blue Star Hwy, Douglas, MI 49406 Full Service B&M $68,119
    Macatawa Bank 141 East 8th Street Holland, MI 49423 Full Service B&M $170,214
    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 $74,187
    Macatawa Bank 1575 68th Street, Se Grand Rapids, MI 49508 Full Service B&M $81,710
    Macatawa Bank 20 East Lakewood Boulevard Holland, MI 49424 Full Service B&M $67,773
    Macatawa Bank 2020 Baldwin Street Jenison, MI 49428 Full Service B&M $128,722
    Macatawa Bank 2261 84th Street Sw Byron Center, MI 49315 Full Service B&M $58,270
    Macatawa Bank 2440 Burton Se Grand Rapids, MI 49546 Full Service B&M $42,886
    Macatawa Bank 2750 Walker Nw Walker, MI 49544 Full Service B&M $40,337
    Macatawa Bank 2820 10 Mile Road Rockford, MI 49341 Full Service B&M $21,990
    Macatawa Bank 3177 Knapp Street Ne Grand Rapids, MI 49525 Full Service B&M $179,704
    Macatawa Bank 3191 44th Street Sw Grandville, MI 49418 Full Service B&M $70,430
    Macatawa Bank 3526 Chicago Drive Hudsonville, MI 49426 Full Service B&M $139,399
    Macatawa Bank 41 North State Street Zeeland, MI 49464 Full Service B&M $143,799
    Macatawa Bank 4590 Cascade Road Grand Rapids, MI 49546 Full Service B&M $38,084
    Macatawa Bank 4758 136th Avenue Hamilton, MI 49419 Full Service B&M $70,408
    Macatawa Bank 489 Butternut Street Holland, MI 49423 Full Service B&M $81,597
    Macatawa Bank 500 Parkside Drive Zeeland, MI 49464 Limited, Mobile/Seasonal Office $0
    Macatawa Bank 520 Baldwin Jenison, MI 49428 Full Service B&M $22,890
    Macatawa Bank 5271 Clyde Park Avenue S.W. Wyoming, MI 49509 Full Service B&M $126,448
    Macatawa Bank 6299 Lake Michigan Drive Allendale, MI 49401 Full Service B&M $119,618
    Macatawa Bank 6330 28th Street Grand Rapids, MI 49546 Full Service B&M $39,132
    Macatawa Bank 699 East 16th Street Holland, MI 49423 Full Service B&M $95,168
    Macatawa Bank 701 Maple Avenue Holland, MI 49423 Full Service B&M $98,872
    Macatawa Bank 815 East Main Street Zeeland, MI 49464 Full Service B&M $67,687

    For 2021, Macatawa Bank had 29 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $58,634
    Net interest income $56,388
    Total noninterest income $23,735
    Gross Fiduciary activities income $4,331
    Service charges on deposit accounts $4,446
    Trading account gains and fees $0
    Additional Noninterest Income $14,958
    Pre-tax net operating income $36,921
    Securities gains (or losses, -) $-43
    Income before extraordinary items $29,920
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $29,920
    Minority interest net income $0
    Net income $29,920
    Sale, conversion, retirement of capital stock, net $595
    Net operating income $29,954

    Macatawa Bank's gross interest income from loans was $58,634,000.
    Macatawa Bank's net interest income from loans was $56,388,000.
    Macatawa Bank's fee based income from loans was $4,446,000.
    Macatawa Bank's net income from loans was $29,920,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $2,246
    Provision for credit losses $-2,050
    Total noninterest expense $45,252
    Salaries and employee benefits $24,821
    Premises and equipment expense $7,624
    Additional noninterest expense $12,807
    Applicable income taxes $6,958
    Net charge-offs $-531
    Cash dividends $33,105

    Macatawa Bank's interest expense for loans was $2,246,000.
    Macatawa Bank's payroll and benefits expense were $24,821,000.
    Macatawa Bank's property, plant and equipment expenses $7,624,000.

    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 $2,585,790
    Deposits held in domestic offices $2,585,790
    Deposits by Individuals, partnerships, and corporations $2,405,456
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $180,334
    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 $321,542
    Demand deposits $210,354
    Nontransaction accounts $2,264,248
    Money market deposit accounts (MMDAs) $640,156
    Other savings deposits (excluding MMDAs) $1,534,350
    Total time deposits $89,742
    Total time and savings deposits $2,375,436
    Noninterest-bearing deposits $893,946
    Interest-bearing deposits $1,691,844
    Retail deposits $2,557,562
    IRAs and Keogh plan accounts $10,978
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $2,928,502
    Cash & Balances due from depository institutions $1,141,240
    Interest-bearing balances $1,117,571
    Total securities $554,536
    Federal funds sold & reverse repurchase $10,547
    Net loans and leases $1,094,511
    Loan and leases loss allowance $15,889
    Trading account assets $3,277
    Bank premises and fixed assets $41,696
    Other real estate owned $2,343
    Goodwill and other intangibles $0
    All other assets $80,352

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $2,928,502
    Total Liabilities $2,682,560
    Total deposits $2,585,790
    Interest-bearing deposits $1,691,844
    Deposits held in domestic offices $2,585,790
    % insured (estimated) $54
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $3,277
    Other borrowed funds $85,000
    Subordinated debt $0
    All other liabilities $8,493

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $1,094,511
    Loan and leases loss allowance $15,889
    Total loans and leases (domestic) $1,110,400
    All real estate loans $673,877
    Real estate loans in domestic offices $673,877
    Construction and development loans $63,713
    Residential 1-4 family construction $16,709
    Other construction, all land development and other land $47,004
    Loans secured by nonfarm nonresidential properties $347,878
    Nonfarm nonresidential secured by owner-occupied properties $181,813
    Commercial real estate & other non-farm, non-residential $166,065
    Multifamily residential real estate $65,461
    1-4 family residential loans $168,212
    Farmland loans $28,613
    Loans held in foreign offices $0
    Farm loans $6,250
    Commercial and industrial loans $407,087
    To non-U.S. addressees $0
    Loans to individuals $3,752
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $1,392
    Other loans to individuals $2,360
    All other loans & leases $20,742
    Loans to foreign governments and official institutions $0
    Other loans $20,742
    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 $7,521
    Non 1-4 family restructured loans & leases $4,681
    Total loans and leases (foreign) $0

    Macatawa Bank had $1,094,511,000 of loans outstanding in 2021. $673,877,000 of loans were in real estate loans. $63,713,000 of loans were in development loans. $65,461,000 of loans were in multifamily mortgage loans. $168,212,000 of loans were in 1-4 family mortgage loans. $6,250,000 of loans were in farm loans. $0 of loans were in credit card loans. $1,392,000 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 389 $71,215 $183,072
    Nonfarm, nonresidential loans - <$100k 71 $1,294 $18,225
    Nonfarm, nonresidential loans - $100-250k 121 $8,938 $73,868
    Nonfarm, nonresidential loans - $250k-1MM 197 $60,983 $309,558
    Commercial & Industrial, US addressed loans - <$1MM 1,953 $119,484 $61,180
    Commercial & Industrial, US addressed loans - <$100k 1,190 $20,540 $17,261
    Commercial & Industrial, US addressed loans - $100-250k 433 $30,051 $69,402
    Commercial & Industrial, US addressed loans - $250k-1MM 330 $68,893 $208,767
    Farmland loans - <$1MM 24 $2,313 $96,375
    Farmland loans - <$100k 6 $148 $24,667
    Farmland loans - $100-250k 7 $845 $120,714
    Farmland loans - $250k-1MM 11 $1,320 $120,000
    Agriculture operations loans - <$1MM 19 $1,115 $58,684
    Agriculture operations loans - <$100k 4 $10 $2,500
    Agriculture operations loans - $100-250k 6 $260 $43,333
    Agriculture operations loans - $250k-1MM 9 $845 $93,889