Choiceone Bank Mortgage Rates, Fees & Info

Sparta, MI

LEI: 549300U7ERLWHOGWFM48

Tax ID: 38-1054890

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

    Choiceone Bank is a smaller bank specializing in Home Purchase 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: Detroit, Grand Rapids, Muskegon, Flint, and Naples among others. We have data for 26 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 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
    30 Year Conventional Purchase 6.83% 12/16/24
    30 Year Conventional Refi 6.88% 12/16/24
    30 Year Cash-out Refi 7.05% 12/16/24
    30 Year FHA Purchase 7.22% 12/16/24
    30 Year FHA Refi 6.27% 12/16/24
    30 Year VA Purchase 6.79% 12/16/24
    30 Year USDA Purchase 7.00% 12/16/24
    30 Year USDA Refi 6.27% 12/16/24
    15 Year Conventional Purchase 6.23% 12/16/24
    15 Year Conventional Refi 6.32% 12/16/24
    15 Year Cash-out Refi 6.32% 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.

    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

    805

    Origination Dollar Volume (All Markets)

    $156,295,000
    Show all (6) 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
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 247 $49,155,000 $199,008 $2,640 4.99%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 241 $45,735,000 $189,772 $1,995 5.10%
    Outside of Metro Areas 139 $24,635,000 $177,230 $2,275 5.09%
    MUSKEGON, MI (FHA|USDA|VA) 118 $20,140,000 $170,678 $1,999 5.20%
    FLINT, MI (FHA|USDA|VA) 19 $3,775,000 $198,684 $3,644 5.25%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 3 $3,685,000 $1,228,333 $10,813 4.71%
    Holland, MI (FHA|USDA|VA) 8 $1,620,000 $202,500 $1,726 5.23%
    SAGINAW, MI (FHA|USDA|VA) 6 $1,610,000 $268,333 $5,467 5.25%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $805,000 $805,000 $6,826 3.88%
    Big Rapids, MI (FHA|USDA|VA) 4 $680,000 $170,000 $2,432 5.16%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $605,000 $605,000 $5,919 5.25%
    MIDLAND, MI (FHA|USDA|VA) 2 $470,000 $235,000 $1,425 4.56%
    KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 1 $395,000 $395,000 $2,726 4.25%
    BAY CITY, MI (FHA|USDA|VA) 2 $370,000 $185,000 $2,742 4.50%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 2 $300,000 $150,000 $2,551 5.56%
    NILES, MI (FHA|USDA|VA) 1 $295,000 $295,000 $3,488 5.38%
    Sturgis, MI (FHA|USDA|VA) 1 $275,000 $275,000 $2,495 4.75%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $255,000 $255,000 $2,695 3.75%
    JACKSON, MI (FHA|USDA|VA) 1 $255,000 $255,000 $4,615 4.38%
    Ludington, MI (FHA|USDA|VA) 1 $225,000 $225,000 $2,274 7.38%
    Traverse City, MI (FHA|USDA|VA) 1 $225,000 $225,000 $2,875 4.00%
    ANN ARBOR, MI (FHA|USDA|VA) 1 $215,000 $215,000 $2,423 4.38%
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $175,000 $175,000 $5,619 3.75%
    TALLAHASSEE, FL (FHA|USDA|VA) 1 $145,000 $145,000 $3,069 4.00%
    BATTLE CREEK, MI (FHA|USDA|VA) 1 $135,000 $135,000 $5,465 6.75%
    Sault Ste. Marie, MI (FHA|USDA|VA) 1 $115,000 $115,000 $2,481 2.75%
    Choiceone Bank's top markets include Detroit, Grand Rapids, Muskegon, Flint, and Naples among others.

    Their top states include:
  • Michigan (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • South Carolina (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.

    Polish-American Federal Credit Union
    Similarity Rank: 57
    St James Mortgage Corporation
    Similarity Rank: 93
    Zeal Credit Union
    Similarity Rank: 108
    Macatawa Bank
    Similarity Rank: 286
    RIVER VALLEY CREDIT UNION
    Similarity Rank: 318
    NEW ENGLAND FEDERAL CREDIT UNION
    Similarity Rank: 340
    Total Community Credit Union
    Similarity Rank: 340
    Dearborn Federal Savings Bank
    Similarity Rank: 413
    Extra
    Similarity Rank: 528
    Adventure Credit Union
    Similarity Rank: 560

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 795 $154,005,000 $193,717 $2,320 5.08%
    FHA 4 $670,000 $167,500 $4,619 4.41%
    VA 4 $1,250,000 $312,500 $7,995 5.13%
    USDA 2 $370,000 $185,000 $4,001 4.63%

    For 2022, Choiceone Bank's most frequently originated type of loan was Conventional, with 795 originations. Their 2nd most popular type was FHA, with 4 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 424 $103,350,000 $243,750 $2,934 5.18%
    Cash Out Refi 148 $25,660,000 $173,378 $2,345 4.68%
    Home Improvement 84 $7,130,000 $84,881 $952 5.37%
    Other 77 $6,305,000 $81,883 $908 5.64%
    Refi 72 $13,850,000 $192,361 $2,427 4.33%

    For 2022, Choiceone Bank's most frequently cited loan purpose was Home Purchase, with 424 originations. The 2nd most popular reason was Cash Out Refi, with 148 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 455 $106,915,000 $234,978 $3,007 5.16%
    15 Year 267 $28,355,000 $106,199 $1,272 5.03%
    5 Year 42 $13,720,000 $326,667 $356 5.21%
    20 Year 17 $2,205,000 $129,706 $2,614 5.13%
    10 Year 13 $2,825,000 $217,308 $2,439 3.20%
    Other 10 $2,140,000 $214,000 $0 4.58%
    3 Year 1 $135,000 $135,000 $0 4.25%

    For 2022, Choiceone Bank's most frequently cited loan duration was 30 Year, with 455 originations. The 2nd most popular length was 15 Year, with 267 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 576 $101,490,000 $176,198
    $1k-2k 107 $20,295,000 $189,673
    $2k-3k 35 $7,255,000 $207,286
    $3k-4k 14 $4,360,000 $311,429
    $5k+ 12 $3,800,000 $316,667
    $4k-5k 10 $3,130,000 $313,000

    Choiceone Bank's average total fees were $3,007, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 576 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 230 $45,830,000 $199,261
    4-5% 222 $42,450,000 $191,216
    3-4% 155 $35,045,000 $226,097
    6-7% 117 $19,585,000 $167,393
    7-8% 44 $5,840,000 $132,727
    2.5-3% 33 $6,645,000 $201,364
    <2.5% 3 $745,000 $248,333
    Over 8% 1 $155,000 $155,000

    During 2022, Choiceone Bank's average interest rate for loans was 5.16%, while their most frequently originated rate bucket for loans was 5-6%, with 230 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 303 $43,625,000 $143,977 $2,483 5.00%
    $100,000 or less 239 $13,755,000 $57,552 $1,041 5.27%
    $200k-400k 197 $52,275,000 $265,355 $3,197 5.10%
    $400k-600k 42 $20,110,000 $478,810 $3,576 4.47%
    $600k-1MM 16 $12,060,000 $753,750 $5,288 4.89%
    $1MM+ 8 $14,470,000 $1,808,750 $7,167 4.84%

    2022 saw Choiceone Bank place emphasis on $100k-200k loans with 303 originations, totaling $43,625,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 179 $24,015,000 $134,162 $2,102 5.15%
    $50k or less 177 $20,545,000 $116,073 $2,171 5.18%
    $75k-100k 128 $20,810,000 $162,578 $2,337 5.04%
    $100k-150k 124 $23,010,000 $185,565 $2,256 5.05%
    $150k-250k 84 $20,870,000 $248,452 $2,422 5.05%
    $250k+ 56 $28,990,000 $517,679 $4,059 4.79%

    Choiceone Bank lent most frequently to those with incomes in the $50k-75k range, with 179 originations. The second most popular income band? $50k or less, with 177 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 193 $32,795,000 $169,922 $2,166 4.89%
    30-36% 160 $24,220,000 $151,375 $2,196 5.10%
    <20% 105 $24,415,000 $232,524 $2,640 4.55%
    39% 43 $7,945,000 $184,767 $2,207 5.48%
    42% 33 $7,475,000 $226,515 $2,590 5.33%
    43% 31 $5,395,000 $174,032 $2,519 5.49%
    40% 29 $7,015,000 $241,897 $2,757 5.22%
    41% 29 $5,215,000 $179,828 $2,436 5.25%
    36% 29 $5,475,000 $188,793 $2,803 5.70%
    37% 26 $4,190,000 $161,154 $1,966 5.08%
    38% 22 $3,390,000 $154,091 $1,915 5.63%
    44% 15 $3,395,000 $226,333 $2,691 5.29%
    45% 11 $2,845,000 $258,636 $3,525 5.40%
    47% 6 $1,670,000 $278,333 $3,825 4.58%
    46% 5 $1,075,000 $215,000 $2,505 5.25%
    50-60% 5 $875,000 $175,000 $2,427 5.23%
    >60% 5 $1,645,000 $329,000 $1,930 4.73%
    48% 4 $930,000 $232,500 $2,823 5.59%
    49% 3 $365,000 $121,667 $2,303 6.04%

    Choiceone Bank lent most frequently to those with DTI ratios of 20-30%, with 193 originations. The next most common DTI ratio? 30-36%, with 160 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 708 $131,370,000 $185,551 $2,345 5.06%
    Not applicable 42 $14,570,000 $346,905 $0 5.12%
    Not provided 20 $4,750,000 $237,500 $2,784 4.75%
    Black 23 $4,055,000 $176,304 $2,958 5.49%
    American Indian 6 $610,000 $101,667 $1,272 5.54%
    Asian 4 $510,000 $127,500 $2,599 5.16%
    Asian Indian 2 $430,000 $215,000 $2,380 5.25%

    Approval Rates

    Total approvals of all applications
    88.01%

    Choiceone Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    87.70%

    Choiceone Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 805 $156,295,000 $194,155

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    805 $156,295,000 $194,155

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 121 $13,265,000 $109,628 $1,390 4.87%
    40-60% 128 $23,590,000 $184,297 $2,373 4.79%
    60-80% 204 $54,060,000 $265,000 $3,281 4.86%
    80-100% 242 $60,660,000 $250,661 $2,955 5.30%
    Over 100% 1 $305,000 $305,000 $12,786 5.25%
    Under 20% 108 $4,280,000 $39,630 $474 5.55%