Mercantile Bank Of Michigan Mortgage Rates, Fees & Info

Grand Rapids, MI

LEI: RM2F4G3WBQ8R9OKYRH19

Tax ID: 38-3360868

5 stars - Updated: 5/19/24 - out of 5 stars, based on 41 reviews

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

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Mortgage Data

Review & Overview

Mercantile Bank Of Michigan is a smaller bank specializing in Home Purchase loans. Mercantile Bank Of Michigan 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, Detroit, Traverse City, Saginaw, and Mount Pleasant among others. We have data for 50 markets. (Some data included below & more in-depth data is available with an active subscription.)

Mercantile Bank Of Michigan 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. Mercantile Bank Of Michigan 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
Home Equity Line of Credit (HELOC) 6.09% 5/19/24
30 Year Conventional Purchase 6.31% 5/19/24
30 Year Conventional Refi 6.24% 5/19/24
30 Year Cash-out Refi 6.50% 5/19/24
30 Year FHA Purchase 7.27% 5/19/24
30 Year USDA Purchase 6.84% 5/19/24
15 Year Conventional Purchase 6.23% 5/19/24
15 Year Conventional Refi 5.93% 5/19/24
15 Year Cash-out Refi 5.93% 5/19/24
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.

Mercantile Bank Of Michigan Mortgage Calculator






Your Estimates

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

This is not an official calculator from Mercantile Bank Of Michigan. 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

1,674

Origination Dollar Volume (All Markets)

$576,760,000
Show all (10) awards

Relative Rate

Mercantile Bank Of Michigan's average 30 year fixed mortgage rate was 6.81%.

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

This yields a difference of 0.33%.

Relative Fees (Closing Costs)

Mercantile Bank Of Michigan's average total fees/closing costs for a 30 year fixed rate mortgage were $4,389.

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) 548 $234,650,000 $428,193 $3,700 7.20%
Outside of Metro Areas 430 $103,130,000 $239,837 $3,911 7.19%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 37 $68,785,000 $1,859,054 $3,565 7.16%
Traverse City, MI (FHA|USDA|VA) 43 $22,745,000 $528,953 $4,751 6.94%
SAGINAW, MI (FHA|USDA|VA) 28 $21,780,000 $777,857 $3,400 7.05%
Mount Pleasant, MI (FHA|USDA|VA) 102 $14,940,000 $146,471 $2,884 7.33%
Holland, MI (FHA|USDA|VA) 42 $13,610,000 $324,048 $4,603 7.01%
KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 55 $12,295,000 $223,545 $3,577 7.09%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 48 $11,880,000 $247,500 $4,602 6.90%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 51 $10,235,000 $200,686 $3,612 6.93%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 25 $7,245,000 $289,800 $4,248 6.46%
MUSKEGON, MI (FHA|USDA|VA) 14 $6,340,000 $452,857 $4,348 6.90%
Alma, MI (FHA|USDA|VA) 80 $6,240,000 $78,000 $2,187 7.43%
AKRON, OH (FHA|USDA|VA) 20 $4,840,000 $242,000 $6,004 6.84%
MIDLAND, MI (FHA|USDA|VA) 21 $4,555,000 $216,905 $3,414 7.04%
NILES, MI (FHA|USDA|VA) 3 $4,085,000 $1,361,667 $1,097 8.22%
Cadillac, MI (FHA|USDA|VA) 22 $3,810,000 $173,182 $3,116 7.26%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 3 $3,275,000 $1,091,667 $0 7.62%
Big Rapids, MI (FHA|USDA|VA) 24 $3,150,000 $131,250 $3,549 7.45%
DAYTON-KETTERING, OH (FHA|USDA|VA) 12 $2,680,000 $223,333 $5,367 6.65%
COLUMBUS, OH (FHA|USDA|VA) 7 $2,365,000 $337,857 $4,205 6.84%
ANN ARBOR, MI (FHA|USDA|VA) 4 $1,600,000 $400,000 $4,713 7.31%
FLINT, MI (FHA|USDA|VA) 7 $1,265,000 $180,714 $4,036 7.16%
CANTON-MASSILLON, OH (FHA|USDA|VA) 4 $1,040,000 $260,000 $6,191 6.09%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 2 $870,000 $435,000 $6,754 7.19%
JACKSON, MI (FHA|USDA|VA) 4 $780,000 $195,000 $3,183 6.84%
BAY CITY, MI (FHA|USDA|VA) 3 $775,000 $258,333 $3,907 6.38%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $705,000 $705,000 $8,844 7.75%
BATTLE CREEK, MI (FHA|USDA|VA) 5 $685,000 $137,000 $4,009 6.73%
MONROE, MI (FHA|USDA|VA) 2 $610,000 $305,000 $8,513 6.88%
TOLEDO, OH (FHA|USDA|VA) 2 $590,000 $295,000 $6,328 7.63%
Sturgis, MI (FHA|USDA|VA) 3 $515,000 $171,667 $3,875 7.21%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $435,000 $435,000 $6,236 7.88%
Mount Vernon, OH (FHA|USDA|VA) 2 $430,000 $215,000 $3,586 7.44%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $425,000 $425,000 $5,773 8.25%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 3 $415,000 $138,333 $2,337 6.63%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $405,000 $405,000 $2,887 6.88%
Sault Ste. Marie, MI (FHA|USDA|VA) 2 $300,000 $150,000 $8,615 7.75%
Adrian, MI (FHA|USDA|VA) 1 $295,000 $295,000 $3,369 6.38%
Ludington, MI (FHA|USDA|VA) 1 $275,000 $275,000 $4,914 5.50%
THE VILLAGES, FL (FHA|USDA|VA) 1 $255,000 $255,000 $4,115 7.63%
Ashtabula, OH (FHA|USDA|VA) 1 $225,000 $225,000 $9,073 6.25%
Wilmington, OH (FHA|USDA|VA) 1 $215,000 $215,000 $3,335 6.25%
Greenville, OH (FHA|USDA|VA) 1 $205,000 $205,000 $3,891 5.38%
Alpena, MI (FHA|USDA|VA) 1 $165,000 $165,000 $0 7.88%
Ashland, OH (FHA|USDA|VA) 1 $165,000 $165,000 $7,877 7.50%
Marquette, MI (FHA|USDA|VA) 1 $135,000 $135,000 $3,219 7.13%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $125,000 $125,000 $5,919 7.13%
Wapakoneta, OH (FHA|USDA|VA) 1 $115,000 $115,000 $3,900 7.38%
OCALA, FL (FHA|USDA|VA) 1 $105,000 $105,000 $3,653 7.50%
Mercantile Bank Of Michigan's top markets include Grand Rapids, Detroit, Traverse City, Saginaw, and Mount Pleasant among others.

Their top states include:
  • Michigan (FHA|USDA|VA)
  • Ohio (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Kentucky (FHA|USDA|VA)
  • Indiana (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against Mercantile Bank of Michigan 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
    FIRST CHOICE MH LLC
    Similarity Rank: 72
    Wildfire Credit Union
    Similarity Rank: 78
    Total Community Credit Union
    Similarity Rank: 94
    St James Mortgage Corporation
    Similarity Rank: 104
    1st State Financial, Ltd.
    Similarity Rank: 119
    Adventure Credit Union
    Similarity Rank: 130
    United Bank of Michigan
    Similarity Rank: 154

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,395 $537,815,000 $385,530 $3,497 7.03%
    HELOC 170 $17,180,000 $101,059 n/a 8.49%
    FHA 105 $21,055,000 $200,524 $7,499 6.69%
    USDA 4 $710,000 $177,500 $5,472 6.50%

    For 2023, Mercantile Bank Of Michigan's most frequently originated type of loan was Conventional, with 1,395 originations. Their 2nd most popular type was HELOC, with 170 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 1,118 $509,210,000 $455,465 $4,352 6.85%
    Home Improvement 246 $21,960,000 $89,268 $1,689 8.06%
    Other 148 $13,870,000 $93,716 $1,768 8.04%
    Cash Out Refi 119 $22,925,000 $192,647 $3,130 7.18%
    Refi 43 $8,795,000 $204,535 $2,871 6.86%

    For 2023, Mercantile Bank Of Michigan's most frequently cited loan purpose was Home Purchase, with 1,118 originations. The 2nd most popular reason was Home Improvement, with 246 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,126 $338,850,000 $300,933 $4,389 6.81%
    Other 222 $123,240,000 $555,135 $1,732 8.34%
    10 Year 139 $69,415,000 $499,388 $1,026 8.09%
    15 Year 118 $14,970,000 $126,864 $2,593 7.13%
    20 Year 34 $8,320,000 $244,706 $3,830 7.08%
    5 Year 33 $21,695,000 $657,424 $842 7.11%
    1 Year 1 $105,000 $105,000 $0 8.25%
    3 Year 1 $165,000 $165,000 $0 8.00%

    For 2023, Mercantile Bank Of Michigan's most frequently cited loan duration was 30 Year, with 1,126 originations. The 2nd most popular length was Other, with 222 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 938 $273,320,000 $291,386
    $<1k 289 $37,475,000 $129,671
    $2k-3k 119 $28,425,000 $238,866
    $3k-4k 56 $14,590,000 $260,536
    $5k+ 27 $8,835,000 $327,222
    $4k-5k 13 $4,855,000 $373,462

    Mercantile Bank Of Michigan's average total fees were $4,389, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 938 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 684 $176,290,000 $257,734
    7-8% 513 $276,165,000 $538,333
    Over 8% 305 $59,665,000 $195,623
    5-6% 167 $63,325,000 $379,192
    4-5% 4 $1,280,000 $320,000
    3-4% 1 $35,000 $35,000

    During 2023, Mercantile Bank Of Michigan's average interest rate for loans was 6.81%, while their most frequently originated rate bucket for loans was 6-7%, with 684 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 520 $142,060,000 $273,192 $4,393 6.90%
    $100k-200k 462 $68,040,000 $147,273 $3,778 7.06%
    $100,000 or less 443 $22,435,000 $50,643 $1,690 7.73%
    $400k-600k 149 $70,325,000 $471,980 $4,886 6.81%
    $600k-1MM 57 $41,195,000 $722,719 $5,609 6.86%
    $1MM+ 43 $232,705,000 $5,411,744 $7,831 6.92%

    2023 saw Mercantile Bank Of Michigan place emphasis on $200k-400k loans with 520 originations, totaling $142,060,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 349 $75,055,000 $215,057 $3,686 7.24%
    $50k-75k 320 $47,390,000 $148,094 $3,562 7.05%
    $150k-250k 268 $80,480,000 $300,299 $3,940 7.19%
    $75k-100k 259 $42,395,000 $163,687 $3,718 7.20%
    $50k or less 212 $19,640,000 $92,642 $3,313 6.98%
    $250k+ 210 $120,600,000 $574,286 $4,870 7.10%

    Mercantile Bank Of Michigan lent most frequently to those with incomes in the $100k-150k range, with 349 originations. The second most popular income band? $50k-75k, with 320 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 337 $82,855,000 $245,861 $3,628 7.15%
    20-30% 312 $71,160,000 $228,077 $3,476 7.14%
    <20% 112 $26,720,000 $238,571 $3,473 7.14%
    42% 111 $23,705,000 $213,559 $3,527 7.30%
    44% 77 $17,895,000 $232,403 $3,962 7.04%
    41% 75 $21,715,000 $289,533 $3,871 7.26%
    40% 74 $15,750,000 $212,838 $3,231 7.45%
    43% 73 $14,825,000 $203,082 $3,929 7.24%
    39% 71 $17,555,000 $247,254 $3,648 7.29%
    38% 69 $15,605,000 $226,159 $3,780 7.05%
    36% 62 $11,300,000 $182,258 $3,724 7.03%
    37% 57 $16,075,000 $282,018 $3,805 7.06%
    45% 48 $12,820,000 $267,083 $4,062 7.02%
    46% 46 $12,680,000 $275,652 $5,075 7.00%
    47% 37 $8,885,000 $240,135 $4,120 7.03%
    50-60% 32 $7,920,000 $247,500 $7,274 6.59%
    48% 29 $7,175,000 $247,414 $3,973 7.18%
    49% 28 $6,470,000 $231,071 $4,363 6.99%
    >60% 1 $125,000 $125,000 $0 7.80%

    Mercantile Bank Of Michigan lent most frequently to those with DTI ratios of 30-36%, with 337 originations. The next most common DTI ratio? 20-30%, with 312 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,331 $315,775,000 $237,246 $3,731 7.06%
    Not applicable 23 $185,525,000 $8,066,304 $0 7.76%
    Not provided 240 $55,660,000 $231,917 $4,031 7.68%
    Asian 25 $8,885,000 $355,400 $4,056 7.06%
    Black 40 $6,910,000 $172,750 $4,582 6.94%
    American Indian 14 $3,720,000 $265,714 $4,543 7.09%
    Korean 1 $285,000 $285,000 $6,519 6.00%

    Approval Rates

    Total approvals of all applications
    83.86%

    Mercantile Bank Of Michigan has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    76.88%

    Mercantile Bank Of Michigan has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,674 $576,760,000 $344,540

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,674 $576,760,000 $344,540

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 198 $23,180,000 $117,071 $2,380 7.54%
    40-60% 162 $71,020,000 $438,395 $3,556 6.84%
    60-80% 386 $256,150,000 $663,601 $4,317 7.09%
    80-100% 662 $202,200,000 $305,438 $4,576 6.78%
    Over 100% 2 $1,670,000 $835,000 $6,198 6.68%
    Under 20% 264 $22,540,000 $85,379 $1,028 8.10%