Choiceone Bank Mortgage Rates, Fees & Info

Sparta, MI

LEI: 549300U7ERLWHOGWFM48

Tax ID: 38-1054890

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Mortgage Data

Bank Data

Review & Overview

Choiceone Bank is a smaller bank specializing in Home Purchase, Cash Out Refi, and Refi loans. Choiceone 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.) They have a low ratio of USDA loans. Their top markets by origination volume include: Grand Rapids, Muskegon, Big Rapids, Holland, and Ludington among others. We have data for 14 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 an average pick rate when compared to similar lenders.

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.

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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.83% 3/24/24
30 Year Conventional Refi 6.88% 3/24/24
30 Year Cash-out Refi 7.05% 3/24/24
30 Year FHA Purchase 7.22% 3/24/24
30 Year FHA Refi 6.27% 3/24/24
30 Year VA Purchase 6.79% 3/24/24
30 Year USDA Purchase 7.00% 3/24/24
30 Year USDA Refi 6.27% 3/24/24
15 Year Conventional Purchase 6.23% 3/24/24
15 Year Conventional Refi 6.32% 3/24/24
15 Year Cash-out Refi 6.32% 3/24/24
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

570

Origination Dollar Volume (All Markets)

$85,260,000

Employee count

165

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) 298 $46,660,000 $156,577 $0 0.00%
Outside of Metro Areas 160 $24,710,000 $154,438 $0 0.00%
MUSKEGON, MI (FHA|USDA|VA) 85 $9,885,000 $116,294 $0 0.00%
Big Rapids, MI (FHA|USDA|VA) 7 $975,000 $139,286 $0 0.00%
Holland, MI (FHA|USDA|VA) 5 $745,000 $149,000 $0 0.00%
Ludington, MI (FHA|USDA|VA) 3 $575,000 $191,667 $0 0.00%
Traverse City, MI (FHA|USDA|VA) 3 $535,000 $178,333 $0 0.00%
FLINT, MI (FHA|USDA|VA) 2 $330,000 $165,000 $0 0.00%
Sturgis, MI (FHA|USDA|VA) 1 $275,000 $275,000 $0 0.00%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 2 $250,000 $125,000 $0 0.00%
MONROE, MI (FHA|USDA|VA) 1 $215,000 $215,000 $0 0.00%
Sault Ste. Marie, MI (FHA|USDA|VA) 1 $75,000 $75,000 $0 0.00%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 1 $15,000 $15,000 $0 0.00%
BAY CITY, MI (FHA|USDA|VA) 1 $15,000 $15,000 $0 0.00%
Choiceone Bank's top markets include Grand Rapids, Muskegon, Big Rapids, Holland, 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 ChoiceOne Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    HARBORLIGHT
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 555 $82,905,000 $149,378 $0 0.00%
    FHA 13 $2,065,000 $158,846 $0 0.00%
    USDA 2 $290,000 $145,000 $0 0.00%

    For 2019, Choiceone Bank's most frequently originated type of loan was Conventional, with 555 originations. Their 2nd most popular type was FHA, with 13 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 209 $38,275,000 $183,134 $0 0.00%
    Cash Out Refi 124 $21,090,000 $170,081 $0 0.00%
    Refi 109 $18,805,000 $172,523 $0 0.00%
    Other 78 $4,720,000 $60,513 $0 0.00%
    Home Improvement 50 $2,370,000 $47,400 $0 0.00%

    For 2019, Choiceone Bank's most frequently cited loan purpose was Home Purchase, with 209 originations. The 2nd most popular reason was Cash Out Refi, with 124 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 570 $85,260,000 $149,579 $0 0.00%

    For 2019, Choiceone Bank's most frequently cited loan duration was Other, with 570 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 236 $12,320,000 $52,203 $0 0.00%
    $100k-200k 219 $31,735,000 $144,909 $0 0.00%
    $200k-400k 87 $23,095,000 $265,460 $0 0.00%
    $400k-600k 24 $11,250,000 $468,750 $0 0.00%
    $1MM+ 2 $5,240,000 $2,620,000 $0 0.00%
    $600k-1MM 2 $1,620,000 $810,000 $0 0.00%

    2019 saw Choiceone Bank place emphasis on $100,000 or less loans with 236 originations, totaling $12,320,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 171 $18,965,000 $110,906 $0 0.00%
    $50k or less 121 $9,685,000 $80,041 $0 0.00%
    $75k-100k 95 $13,025,000 $137,105 $0 0.00%
    $100k-150k 86 $14,550,000 $169,186 $0 0.00%
    $150k-250k 52 $12,030,000 $231,346 $0 0.00%
    $250k+ 29 $8,785,000 $302,931 $0 0.00%

    Choiceone Bank lent most frequently to those with incomes in the $50k-75k range, with 171 originations. The second most popular income band? $50k or less, with 121 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 570 $85,260,000 $149,579 $0 0.00%

    Choiceone Bank lent most frequently to those with DTI ratios of Exempt%, with 570 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 556 $77,390,000 $139,191 $0 0.00%
    Not applicable 6 $7,140,000 $1,190,000 $0 0.00%
    Black 6 $420,000 $70,000 $0 0.00%
    American Indian 1 $275,000 $275,000 $0 0.00%
    Asian 1 $35,000 $35,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    89.79%

    Choiceone Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    91.75%

    Choiceone Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 570 $85,260,000 $149,579

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 5 $6,915,000 $1,383,000
    Single Family (1-4 Units):Manufactured 47 $3,355,000 $71,383
    Single Family (1-4 Units):Site-Built 518 $74,990,000 $144,768

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    ChoiceOne Bank 1423 West Main Street Fremont, MI 49412 Full Service B&M $30,581
    ChoiceOne Bank 246 W River Valley Drive Newaygo, MI 49337 Full Service B&M $25,190
    ChoiceOne Bank 10 West Main Street Grant, MI 49327 Full Service B&M $35,380
    ChoiceOne Bank 109 East Division Sparta, MI 49345 Full Service B&M $171,354
    ChoiceOne Bank 3069 Slocum Road Ravenna, MI 49451 Full Service B&M $23,334
    ChoiceOne Bank 330 Market Avenue Sw Grand Rapids, MI 49503 Full Service B&M $9,880
    ChoiceOne Bank 416 West Division Street Sparta, MI 49345 Full Service B&M $20,618
    ChoiceOne Bank 4170 17 Mile Road Cedar Springs, MI 49319 Full Service B&M $27,941
    ChoiceOne Bank 450 West Muskegon Street Kent City, MI 49330 Full Service B&M $50,630
    ChoiceOne Bank 5050 Alpine Ave.N.W. Comstock Park, MI 49321 Full Service B&M $47,651
    ChoiceOne Bank 5475 E Apple Avenue Muskegon, MI 49442 Full Service B&M $27,366
    ChoiceOne Bank 590 East Division Street Ne Rockford, MI 49341 Full Service B&M $14,593
    ChoiceOne Bank 661 West Randall Road Coopersville, MI 49404 Full Service B&M $44,478
    ChoiceOne Bank 6795 Courtland Drive Ne Rockford, MI 49341 Full Service B&M $34,870

    For 2019, Choiceone Bank had 14 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $25,996
    Net interest income $22,045
    Total noninterest income $7,543
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $2,758
    Trading account gains and fees $0
    Additional Noninterest Income $4,785
    Pre-tax net operating income $7,990
    Securities gains (or losses, -) $128
    Income before extraordinary items $7,051
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $7,051
    Minority interest net income $0
    Net income $7,051
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $6,939

    Choiceone Bank's gross interest income from loans was $25,996,000.
    Choiceone Bank's net interest income from loans was $22,045,000.
    Choiceone Bank's fee based income from loans was $2,758,000.
    Choiceone Bank's net income from loans was $7,051,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $3,951
    Provision for credit losses $0
    Total noninterest expense $21,598
    Salaries and employee benefits $11,885
    Premises and equipment expense $3,017
    Additional noninterest expense $6,696
    Applicable income taxes $1,067
    Net charge-offs $616
    Cash dividends $4,011

    Choiceone Bank's interest expense for loans was $3,951,000.
    Choiceone Bank's payroll and benefits expense were $11,885,000.
    Choiceone Bank's property, plant and equipment expenses $3,017,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 1.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 1.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 1.0%
    HELOC loans 0.0%
    All other family 1.0%
    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 $578,649
    Deposits held in domestic offices $578,649
    Deposits by Individuals, partnerships, and corporations $475,884
    Deposits by U.S. Government $14,018
    Deposits by States and political subdivisions in the U.S. $88,521
    Deposits by Commercial banks and other depository institutions in U.S. $227
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $57,224
    Demand deposits $35,935
    Nontransaction accounts $521,426
    Money market deposit accounts (MMDAs) $87,838
    Other savings deposits (excluding MMDAs) $321,557
    Total time deposits $112,031
    Total time and savings deposits $542,715
    Noninterest-bearing deposits $164,283
    Interest-bearing deposits $414,366
    Retail deposits $519,592
    IRAs and Keogh plan accounts $10,671
    Brokered deposits $2,287
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $673,946
    Cash & Balances due from depository institutions $33,579
    Interest-bearing balances $19,902
    Total securities $155,123
    Federal funds sold & reverse repurchase $0
    Net loans and leases $430,326
    Loan and leases loss allowance $4,057
    Trading account assets $0
    Bank premises and fixed assets $15,209
    Other real estate owned $175
    Goodwill and other intangibles $15,186
    All other assets $24,348

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $673,946
    Total Liabilities $592,306
    Total deposits $578,649
    Interest-bearing deposits $414,366
    Deposits held in domestic offices $578,649
    % insured (estimated) $68
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $10,198
    Subordinated debt $0
    All other liabilities $3,459

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $430,326
    Loan and leases loss allowance $4,057
    Total loans and leases (domestic) $434,383
    All real estate loans $288,731
    Real estate loans in domestic offices $288,731
    Construction and development loans $28,773
    Residential 1-4 family construction $14,280
    Other construction, all land development and other land $14,493
    Loans secured by nonfarm nonresidential properties $109,968
    Nonfarm nonresidential secured by owner-occupied properties $69,269
    Commercial real estate & other non-farm, non-residential $40,699
    Multifamily residential real estate $22,096
    1-4 family residential loans $102,372
    Farmland loans $25,522
    Loans held in foreign offices $0
    Farm loans $17,471
    Commercial and industrial loans $79,885
    To non-U.S. addressees $0
    Loans to individuals $23,737
    Credit card loans $0
    Related Plans $553
    Consumer Auto Loans $16,291
    Other loans to individuals $6,893
    All other loans & leases $24,558
    Loans to foreign governments and official institutions $0
    Other loans $23,686
    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 $1,629
    Non 1-4 family restructured loans & leases $391
    Total loans and leases (foreign) $0

    ChoiceOne Bank had $430,326,000 of loans outstanding in 2019. $288,731,000 of loans were in real estate loans. $28,773,000 of loans were in development loans. $22,096,000 of loans were in multifamily mortgage loans. $102,372,000 of loans were in 1-4 family mortgage loans. $17,471,000 of loans were in farm loans. $0 of loans were in credit card loans. $16,291,000 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 228 $47,990 $210,482
    Nonfarm, nonresidential loans - <$100k 41 $1,765 $43,049
    Nonfarm, nonresidential loans - $100-250k 73 $8,741 $119,740
    Nonfarm, nonresidential loans - $250k-1MM 114 $37,484 $328,807
    Commercial & Industrial, US addressed loans - <$1MM 375 $35,316 $94,176
    Commercial & Industrial, US addressed loans - <$100k 196 $4,721 $24,087
    Commercial & Industrial, US addressed loans - $100-250k 83 $7,904 $95,229
    Commercial & Industrial, US addressed loans - $250k-1MM 96 $22,691 $236,365
    Farmland loans - <$1MM 36 $6,014 $167,056
    Farmland loans - <$100k 7 $276 $39,429
    Farmland loans - $100-250k 18 $2,531 $140,611
    Farmland loans - $250k-1MM 11 $3,207 $291,545
    Agriculture operations loans - <$1MM 73 $4,228 $57,918
    Agriculture operations loans - <$100k 40 $836 $20,900
    Agriculture operations loans - $100-250k 24 $2,061 $85,875
    Agriculture operations loans - $250k-1MM 9 $1,331 $147,889