Choiceone Bank Mortgage Rates, Fees & Info

Sparta, MI

LEI: 549300U7ERLWHOGWFM48

Tax ID: 38-1054890

5 stars - Updated: 4/21/24 - out of 5 stars, based on 30 reviews

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • 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

    Choiceone Bank is a smaller bank specializing in Home Purchase loans. Choiceone Bank has a high proportion of conventional loans. Choiceone Bank has an average proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Grand Rapids, Detroit, Muskegon, Flint, and Big Rapids among others. We have data for 25 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Choiceone 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. Choiceone 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 relatively high 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
    30 Year Conventional Purchase 6.83% 4/21/24
    30 Year Conventional Refi 6.88% 4/21/24
    30 Year Cash-out Refi 7.05% 4/21/24
    30 Year FHA Purchase 7.22% 4/21/24
    30 Year FHA Refi 6.27% 4/21/24
    30 Year VA Purchase 6.79% 4/21/24
    30 Year USDA Purchase 7.00% 4/21/24
    30 Year USDA Refi 6.27% 4/21/24
    15 Year Conventional Purchase 6.23% 4/21/24
    15 Year Conventional Refi 6.32% 4/21/24
    15 Year Cash-out Refi 6.32% 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.

    Choiceone Bank Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Choiceone 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

    915

    Origination Dollar Volume (All Markets)

    $162,545,000
    Show all (5) awards

    Relative Rate

    Choiceone Bank's average 30 year fixed mortgage rate was 6.88%.

    The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

    This yields a difference of 0.4%.

    Relative Fees (Closing Costs)

    Choiceone Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $3,276.

    The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

    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) 290 $55,290,000 $190,655 $2,128 7.01%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 288 $46,820,000 $162,569 $2,389 7.03%
    MUSKEGON, MI (FHA|USDA|VA) 145 $21,535,000 $148,517 $1,811 7.15%
    Outside of Metro Areas 132 $19,680,000 $149,091 $2,414 7.00%
    FLINT, MI (FHA|USDA|VA) 17 $4,475,000 $263,235 $2,881 7.28%
    Big Rapids, MI (FHA|USDA|VA) 4 $2,150,000 $537,500 $3,171 7.19%
    Key West, FL (FHA|USDA|VA) 3 $1,705,000 $568,333 $4,395 6.46%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 4 $1,520,000 $380,000 $4,352 6.58%
    MONROE, MI (FHA|USDA|VA) 2 $1,170,000 $585,000 $2,625 7.06%
    SAGINAW, MI (FHA|USDA|VA) 4 $1,100,000 $275,000 $3,892 6.66%
    Ludington, MI (FHA|USDA|VA) 4 $930,000 $232,500 $2,802 6.47%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 2 $900,000 $450,000 $5,798 5.94%
    Holland, MI (FHA|USDA|VA) 4 $890,000 $222,500 $2,025 6.19%
    KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 2 $670,000 $335,000 $4,804 6.50%
    NILES, MI (FHA|USDA|VA) 1 $645,000 $645,000 $3,630 5.63%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $605,000 $605,000 $9,420 6.88%
    Traverse City, MI (FHA|USDA|VA) 1 $495,000 $495,000 $8,592 7.38%
    BAY CITY, MI (FHA|USDA|VA) 2 $350,000 $175,000 $0 7.13%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $325,000 $325,000 $9,755 5.50%
    BATTLE CREEK, MI (FHA|USDA|VA) 2 $310,000 $155,000 $6,555 6.38%
    JACKSON, TN (FHA|USDA|VA) 1 $305,000 $305,000 $5,595 8.25%
    Sturgis, MI (FHA|USDA|VA) 2 $300,000 $150,000 $2,677 6.50%
    SEBRING-AVON PARK, FL (FHA|USDA|VA) 1 $195,000 $195,000 $3,003 6.00%
    Marquette, MI (FHA|USDA|VA) 1 $95,000 $95,000 $2,524 7.25%
    Mount Pleasant, MI (FHA|USDA|VA) 1 $85,000 $85,000 $2,276 5.75%
    Choiceone Bank's top markets include Grand Rapids, Detroit, Muskegon, Flint, and Big Rapids among others.

    Their top states include:
  • Michigan (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Tennessee (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against ChoiceOne Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Michigan Legacy Credit Union
    Similarity Rank: 15
    Polish-American Federal Credit Union
    Similarity Rank: 45
    Total Community Credit Union
    Similarity Rank: 94
    United Bank of Michigan
    Similarity Rank: 98
    St James Mortgage Corporation
    Similarity Rank: 104
    Adventure Credit Union
    Similarity Rank: 130
    MEMBERFOCUS COMMUNITY
    Similarity Rank: 162
    Macatawa Bank
    Similarity Rank: 168
    Dearborn Federal Savings Bank
    Similarity Rank: 184
    FINANCIAL PLUS CREDIT UNION
    Similarity Rank: 312

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 647 $133,125,000 $205,757 $2,326 7.02%
    Conventional 267 $29,285,000 $109,682 $0 0.00%
    USDA 1 $135,000 $135,000 $3,735 6.25%

    For 2023, Choiceone Bank's most frequently originated type of loan was Conventional, with 647 originations. Their 2nd most popular type was Conventional, with 267 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 357 $101,015,000 $282,955 $3,248 6.87%
    Other 188 $20,690,000 $110,053 $1,105 7.25%
    Home Improvement 182 $12,370,000 $67,967 $811 7.12%
    Cash Out Refi 98 $12,650,000 $129,082 $1,635 7.16%
    Refi 90 $15,820,000 $175,778 $2,264 7.25%

    For 2023, Choiceone Bank's most frequently cited loan purpose was Home Purchase, with 357 originations. The 2nd most popular reason was Other, with 188 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 350 $85,770,000 $245,057 $3,276 6.88%
    Other 273 $33,225,000 $121,703 $0 7.53%
    15 Year 233 $22,505,000 $96,588 $944 7.16%
    5 Year 37 $16,045,000 $433,649 $263 7.15%
    20 Year 14 $1,580,000 $112,857 $2,544 7.42%
    10 Year 5 $205,000 $41,000 $726 6.88%
    1 Year 2 $2,960,000 $1,480,000 $0 7.88%
    3 Year 1 $255,000 $255,000 $0 8.00%

    For 2023, Choiceone Bank's most frequently cited loan duration was 30 Year, with 350 originations. The 2nd most popular length was Other, with 273 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 421 $60,555,000 $143,836
    $1k-2k 114 $27,870,000 $244,474
    $2k-3k 38 $11,010,000 $289,737
    $3k-4k 17 $4,805,000 $282,647
    $4k-5k 7 $2,245,000 $320,714
    $5k+ 7 $3,645,000 $520,714

    Choiceone Bank's average total fees were $3,276, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 421 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 339 $65,345,000 $192,758
    7-8% 205 $48,645,000 $237,293
    5-6% 53 $12,295,000 $231,981
    Over 8% 51 $6,975,000 $136,765

    During 2023, Choiceone Bank's average interest rate for loans was 6.88%, while their most frequently originated rate bucket for loans was 6-7%, with 339 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 415 $21,795,000 $52,518 $984 7.17%
    $100k-200k 232 $33,410,000 $144,009 $2,470 6.97%
    $200k-400k 197 $52,845,000 $268,249 $3,450 6.93%
    $400k-600k 45 $21,095,000 $468,778 $3,667 6.77%
    $600k-1MM 17 $12,275,000 $722,059 $5,021 6.60%
    $1MM+ 9 $21,125,000 $2,347,222 $7,009 7.39%

    2023 saw Choiceone Bank place emphasis on $100,000 or less loans with 415 originations, totaling $21,795,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 198 $22,180,000 $112,020 $2,194 7.07%
    $100k-150k 182 $31,520,000 $173,187 $2,212 6.99%
    $75k-100k 161 $21,475,000 $133,385 $2,223 7.10%
    $50k or less 142 $11,070,000 $77,958 $1,822 6.93%
    $150k-250k 100 $20,830,000 $208,300 $2,744 6.92%
    $250k+ 71 $31,325,000 $441,197 $3,875 6.89%

    Choiceone Bank lent most frequently to those with incomes in the $50k-75k range, with 198 originations. The second most popular income band? $100k-150k, with 182 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 267 $29,285,000 $109,682 $0 0.00%
    20-30% 160 $25,820,000 $161,375 $2,266 6.88%
    30-36% 112 $19,170,000 $171,161 $2,403 7.00%
    <20% 60 $13,810,000 $230,167 $2,025 6.88%
    42% 41 $7,565,000 $184,512 $1,991 7.27%
    40% 39 $8,935,000 $229,103 $2,735 7.07%
    39% 34 $6,330,000 $186,176 $2,000 6.92%
    41% 31 $5,085,000 $164,032 $2,224 7.10%
    43% 30 $6,740,000 $224,667 $1,994 7.36%
    36% 27 $3,815,000 $141,296 $2,012 6.86%
    37% 18 $3,320,000 $184,444 $2,698 7.21%
    38% 18 $3,520,000 $195,556 $2,041 7.13%
    44% 9 $1,515,000 $168,333 $3,510 6.64%
    46% 8 $2,570,000 $321,250 $3,459 6.81%
    49% 7 $1,675,000 $239,286 $4,633 7.27%
    47% 5 $1,555,000 $311,000 $2,912 7.23%
    48% 4 $890,000 $222,500 $3,331 7.31%
    45% 2 $340,000 $170,000 $4,637 6.63%
    50-60% 2 $390,000 $195,000 $3,484 7.00%
    >60% 2 $130,000 $65,000 $0 7.00%

    Choiceone Bank lent most frequently to those with DTI ratios of Exempt%, with 267 originations. The next most common DTI ratio? 20-30%, with 160 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 779 $123,235,000 $158,196 $2,322 6.98%
    Not applicable 42 $21,840,000 $520,000 $0 7.30%
    Not provided 61 $12,885,000 $211,230 $2,341 7.13%
    Black 21 $2,815,000 $134,048 $2,205 7.16%
    Asian 6 $1,020,000 $170,000 $4,191 7.00%
    American Indian 5 $735,000 $147,000 $2,268 7.25%
    Other Asian 1 $15,000 $15,000 $323 8.00%

    Approval Rates

    Total approvals of all applications
    78.89%

    Choiceone Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    85.25%

    Choiceone Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 267 $29,285,000 $109,682
    NA 648 $133,260,000 $205,648

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    915 $162,545,000 $177,645

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 128 $17,380,000 $135,781 $1,230 7.19%
    40-60% 79 $27,015,000 $341,962 $2,597 6.89%
    60-80% 146 $38,340,000 $262,603 $3,538 6.96%
    80-100% 179 $44,735,000 $249,916 $3,201 6.87%
    Over 100% 1 $195,000 $195,000 $7,502 6.50%
    Under 20% 115 $5,595,000 $48,652 $536 7.22%