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)

    • 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, Muskegon, Kalamazoo, and Ludington 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 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.

    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% 4/28/24
    30 Year Conventional Purchase 6.76% 4/28/24
    30 Year Conventional Refi 6.63% 4/28/24
    30 Year Cash-out Refi 6.83% 4/28/24
    30 Year FHA Purchase 7.20% 4/28/24
    15 Year Conventional Purchase 6.17% 4/28/24
    15 Year Conventional Refi 6.39% 4/28/24
    15 Year Cash-out Refi 6.39% 4/28/24
    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

    681

    Origination Dollar Volume (All Markets)

    $166,355,000
    Show all (5) 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) 520 $128,350,000 $246,827 $2,737 4.30%
    Holland, MI (FHA|USDA|VA) 120 $24,530,000 $204,417 $2,926 4.53%
    Outside of Metro Areas 19 $4,855,000 $255,526 $3,347 4.85%
    MUSKEGON, MI (FHA|USDA|VA) 11 $3,555,000 $323,182 $3,531 4.70%
    KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 3 $2,835,000 $945,000 $4,909 2.88%
    Ludington, MI (FHA|USDA|VA) 2 $620,000 $310,000 $3,077 2.69%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 1 $615,000 $615,000 $5,305 6.00%
    Traverse City, MI (FHA|USDA|VA) 1 $425,000 $425,000 $3,821 2.63%
    Cadillac, MI (FHA|USDA|VA) 2 $360,000 $180,000 $2,835 4.26%
    Big Rapids, MI (FHA|USDA|VA) 1 $105,000 $105,000 $0 2.99%
    BATTLE CREEK, MI (FHA|USDA|VA) 1 $105,000 $105,000 $3,190 6.25%
    Macatawa Bank's top markets include Grand Rapids, Holland, Muskegon, Kalamazoo, and Ludington 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.

    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
    HELOC 382 $53,650,000 $140,445 n/a 4.30%
    Conventional 298 $112,530,000 $377,617 $2,847 4.41%
    FHA 1 $175,000 $175,000 $6,000 3.00%

    For 2022, Macatawa Bank's most frequently originated type of loan was HELOC, with 382 originations. Their 2nd most popular type was Conventional, with 298 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 205 $29,925,000 $145,976 $2,190 4.35%
    Home Purchase 168 $65,850,000 $391,964 $3,241 4.65%
    Refi 167 $48,095,000 $287,994 $2,301 4.11%
    Home Improvement 86 $10,750,000 $125,000 $1,946 4.43%
    Cash Out Refi 55 $11,735,000 $213,364 $2,623 4.01%

    For 2022, Macatawa Bank's most frequently cited loan purpose was Other, with 205 originations. The 2nd most popular reason was Home Purchase, with 168 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 366 $61,370,000 $167,678 $3,516 4.25%
    30 Year 177 $48,885,000 $276,186 $2,949 4.59%
    15 Year 53 $11,205,000 $211,415 $2,544 3.79%
    30+ year 33 $15,795,000 $478,636 $4,054 3.96%
    20 Year 27 $11,615,000 $430,185 $2,607 4.65%
    10 Year 14 $1,190,000 $85,000 $1,115 5.47%
    1 Year 6 $1,340,000 $223,333 $897 5.99%
    5 Year 5 $14,955,000 $2,991,000 $424 4.83%

    For 2022, Macatawa Bank's most frequently cited loan duration was Other, with 366 originations. The 2nd most popular length was 30 Year, with 177 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 220 $55,900,000 $254,091
    $1k-2k 62 $20,860,000 $336,452
    $2k-3k 8 $2,380,000 $297,500
    $3k-4k 1 $235,000 $235,000
    $4k-5k 1 $305,000 $305,000
    $5k+ 1 $195,000 $195,000

    Macatawa Bank's average total fees were $2,949, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 220 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 205 $53,845,000 $262,659
    2.5-3% 142 $24,780,000 $174,507
    5-6% 114 $22,650,000 $198,684
    4-5% 100 $45,550,000 $455,500
    6-7% 83 $15,035,000 $181,145
    <2.5% 20 $2,690,000 $134,500
    7-8% 14 $1,610,000 $115,000
    Over 8% 3 $195,000 $65,000

    During 2022, Macatawa Bank's average interest rate for loans was 4.59%, while their most frequently originated rate bucket for loans was 3-4%, with 205 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 261 $36,715,000 $140,670 $2,550 4.21%
    $200k-400k 174 $46,380,000 $266,552 $3,111 4.43%
    $100,000 or less 171 $10,105,000 $59,094 $1,523 4.55%
    $400k-600k 50 $23,300,000 $466,000 $3,348 4.23%
    $600k-1MM 16 $11,110,000 $694,375 $3,962 3.93%
    $1MM+ 9 $38,745,000 $4,305,000 $6,044 4.41%

    2022 saw Macatawa Bank place emphasis on $100k-200k loans with 261 originations, totaling $36,715,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 135 $29,205,000 $216,333 $3,091 4.69%
    $50k-75k 132 $19,310,000 $146,288 $2,680 4.34%
    $75k-100k 121 $18,085,000 $149,463 $2,552 4.32%
    $50k or less 93 $10,785,000 $115,968 $2,364 4.21%
    $150k-250k 92 $21,880,000 $237,826 $2,958 4.43%
    $250k+ 81 $31,255,000 $385,864 $3,684 4.05%

    Macatawa Bank lent most frequently to those with incomes in the $100k-150k range, with 135 originations. The second most popular income band? $50k-75k, with 132 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 144 $30,980,000 $215,139 $2,870 4.40%
    20-30% 134 $26,440,000 $197,313 $2,787 4.29%
    42% 84 $12,360,000 $147,143 $2,447 4.32%
    <20% 65 $13,925,000 $214,231 $2,839 3.98%
    40% 40 $6,470,000 $161,750 $2,884 4.84%
    39% 39 $7,435,000 $190,641 $3,100 4.45%
    41% 37 $6,975,000 $188,514 $2,657 4.59%
    37% 26 $4,630,000 $178,077 $2,766 4.46%
    36% 26 $5,210,000 $200,385 $2,924 4.31%
    38% 21 $3,555,000 $169,286 $2,900 4.41%
    43% 20 $5,460,000 $273,000 $3,554 4.05%
    44% 15 $4,505,000 $300,333 $3,007 4.34%
    49% 7 $1,935,000 $276,429 $2,903 4.36%
    45% 5 $1,025,000 $205,000 $2,289 3.45%
    46% 4 $760,000 $190,000 $2,704 4.38%
    47% 4 $1,050,000 $262,500 $2,791 3.50%
    48% 3 $535,000 $178,333 $2,708 5.05%
    50-60% 1 $275,000 $275,000 $2,335 5.63%

    Macatawa Bank lent most frequently to those with DTI ratios of 30-36%, with 144 originations. The next most common DTI ratio? 20-30%, with 134 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 629 $124,915,000 $198,593 $2,860 4.35%
    Not applicable 6 $32,830,000 $5,471,667 $0 4.57%
    Not provided 32 $6,150,000 $192,188 $2,761 4.09%
    Asian 6 $1,430,000 $238,333 $3,367 5.13%
    Native Hawaiian or Islander 3 $355,000 $118,333 $2,114 4.00%
    Other Asian 2 $350,000 $175,000 $2,906 4.38%
    Black 1 $185,000 $185,000 $2,131 5.50%
    American Indian 2 $140,000 $70,000 $0 6.57%

    Approval Rates

    Total approvals of all applications
    85.17%

    Macatawa Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    90.46%

    Macatawa Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 681 $166,355,000 $244,280

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    681 $166,355,000 $244,280

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 212 $31,360,000 $147,925 $2,313 4.25%
    40-60% 152 $38,040,000 $250,263 $2,626 4.14%
    60-80% 140 $56,530,000 $403,786 $3,226 4.33%
    80-100% 66 $22,710,000 $344,091 $3,327 4.58%
    Under 20% 111 $17,715,000 $159,595 $939 4.72%