Mercantile Bank Of Michigan Mortgage Rates, Fees & Info
Grand Rapids, MILEI: RM2F4G3WBQ8R9OKYRH19
Tax ID: 38-3360868
Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Jump to:
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, Traverse City, Holland, Detroit, and Kalamazoo among others. We have data for 47 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 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) | 7.20% | 4/5/25 |
| 30 Year Conventional Purchase | 7.04% | 4/5/25 |
| 30 Year Conventional Refi | 6.78% | 4/5/25 |
| 30 Year Cash-out Refi | 7.02% | 4/5/25 |
| 30 Year FHA Purchase | 7.35% | 4/5/25 |
| 30 Year FHA Refi | 6.94% | 4/5/25 |
| 30 Year VA Purchase | 6.72% | 4/5/25 |
| 30 Year USDA Purchase | 7.03% | 4/5/25 |
| 15 Year Conventional Purchase | 6.49% | 4/5/25 |
| 15 Year Conventional Refi | 6.23% | 4/5/25 |
| 15 Year Cash-out Refi | 6.23% | 4/5/25 |
| 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
2,135Origination Dollar Volume (All Markets)
$529,005,000Awards
Mercantile Bank of Michigan - 2024
Mercantile Bank of Michigan is a 2024 , due to their low .
For 2024, less than of lenders were eligible for this award.
Work for Mercantile Bank of Michigan?
Use this award on your own site. Either save and use the images below, or pass the provided image embed code to your development team.
Relative Rate
Mercantile Bank Of Michigan's average 30 year fixed mortgage rate was
6.74%.
The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.
This yields a difference of 0.19%.
Relative Fees (Closing Costs)
Mercantile Bank Of Michigan's average total fees/closing costs for a 30 year fixed rate
mortgage were $4,120.
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 $8,356.
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) | 766 | $198,710,000 | $259,413 | $3,782 | 7.10% |
| Outside of Metro Areas | 573 | $137,775,000 | $240,445 | $4,037 | 7.25% |
| Traverse City, MI (FHA|USDA|VA) | 69 | $33,335,000 | $483,116 | $4,511 | 7.00% |
| Holland, MI (FHA|USDA|VA) | 91 | $30,145,000 | $331,264 | $3,866 | 6.96% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 37 | $18,845,000 | $509,324 | $4,211 | 6.78% |
| KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) | 76 | $17,620,000 | $231,842 | $3,486 | 7.05% |
| Mount Pleasant, MI (FHA|USDA|VA) | 108 | $16,030,000 | $148,426 | $2,822 | 7.34% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 60 | $10,150,000 | $169,167 | $3,730 | 7.20% |
| Alma, MI (FHA|USDA|VA) | 80 | $8,440,000 | $105,500 | $2,482 | 7.65% |
| Cadillac, MI (FHA|USDA|VA) | 42 | $8,160,000 | $194,286 | $3,443 | 7.40% |
| Big Rapids, MI (FHA|USDA|VA) | 40 | $7,120,000 | $178,000 | $3,374 | 7.24% |
| SAGINAW, MI (FHA|USDA|VA) | 42 | $6,190,000 | $147,381 | $3,195 | 6.83% |
| MUSKEGON, MI (FHA|USDA|VA) | 21 | $5,955,000 | $283,571 | $3,825 | 6.85% |
| MIDLAND, MI (FHA|USDA|VA) | 34 | $5,070,000 | $149,118 | $3,533 | 7.01% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 2 | $2,590,000 | $1,295,000 | $5,260 | 7.31% |
| BAY CITY, MI (FHA|USDA|VA) | 16 | $2,210,000 | $138,125 | $3,420 | 6.98% |
| ANN ARBOR, MI (FHA|USDA|VA) | 6 | $1,670,000 | $278,333 | $4,888 | 6.29% |
| CLEVELAND-ELYRIA, OH (FHA|USDA|VA) | 6 | $1,470,000 | $245,000 | $4,423 | 6.88% |
| FLINT, MI (FHA|USDA|VA) | 7 | $1,355,000 | $193,571 | $4,617 | 6.70% |
| Key West, FL (FHA|USDA|VA) | 1 | $1,205,000 | $1,205,000 | $0 | 8.00% |
| BATTLE CREEK, MI (FHA|USDA|VA) | 5 | $1,195,000 | $239,000 | $4,773 | 6.88% |
| Sturgis, MI (FHA|USDA|VA) | 5 | $1,195,000 | $239,000 | $3,388 | 7.03% |
| JACKSON, MI (FHA|USDA|VA) | 6 | $1,140,000 | $190,000 | $4,922 | 6.63% |
| MONROE, MI (FHA|USDA|VA) | 4 | $1,100,000 | $275,000 | $4,212 | 7.41% |
| COLUMBUS, OH (FHA|USDA|VA) | 3 | $1,005,000 | $335,000 | $4,551 | 6.92% |
| NILES, MI (FHA|USDA|VA) | 4 | $940,000 | $235,000 | $3,215 | 6.94% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 2 | $880,000 | $440,000 | $8,271 | 6.69% |
| Marquette, MI (FHA|USDA|VA) | 2 | $690,000 | $345,000 | $10,525 | 6.50% |
| SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) | 3 | $655,000 | $218,333 | $4,654 | 6.75% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 2 | $570,000 | $285,000 | $5,123 | 6.94% |
| Hillsdale, MI (FHA|USDA|VA) | 2 | $560,000 | $280,000 | $3,479 | 7.06% |
| DAYTON-KETTERING, OH (FHA|USDA|VA) | 2 | $500,000 | $250,000 | $3,801 | 6.75% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $495,000 | $495,000 | $6,309 | 6.63% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 2 | $470,000 | $235,000 | $4,283 | 6.75% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 1 | $435,000 | $435,000 | $5,013 | 6.75% |
| AKRON, OH (FHA|USDA|VA) | 2 | $390,000 | $195,000 | $3,874 | 6.31% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $7,417 | 6.13% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $2,944 | 7.63% |
| Ludington, MI (FHA|USDA|VA) | 2 | $320,000 | $160,000 | $5,326 | 6.88% |
| Sault Ste. Marie, MI (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $3,272 | 7.00% |
| Zanesville, OH (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $3,623 | 6.50% |
| Adrian, MI (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $8,149 | 6.13% |
| LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $2,868 | 6.50% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $2,700 | 6.63% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $3,995 | 7.88% |
| Greenville, OH (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $3,956 | 7.00% |
| Alpena, MI (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $2,511 | 7.00% |
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.
Similarity Rank: 39
Similarity Rank: 77
Similarity Rank: 90
Similarity Rank: 90
Similarity Rank: 100
Similarity Rank: 120
Similarity Rank: 136
Similarity Rank: 138
Similarity Rank: 189
Similarity Rank: 210
Product Mix
For 2024, Mercantile Bank Of Michigan's most frequently originated type of loan was Conventional, with 1,718 originations. Their 2nd most popular type was HELOC, with 326 originations.
Loan Reason
For 2024, Mercantile Bank Of Michigan's most frequently cited loan purpose was Home Purchase, with 1,321 originations. The 2nd most popular reason was Home Improvement, with 282 originations.
Loan Duration/Length
For 2024, Mercantile Bank Of Michigan's most frequently cited loan duration was 30 Year, with 1,495 originations. The 2nd most popular length was Other, with 386 originations.
Origination Fees/Closing Costs
Mercantile Bank Of Michigan's average total fees were $4,120, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 1,311 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 1,190 | $323,470,000 | $271,824 |
| Over 8% | 407 | $49,715,000 | $122,150 |
| 7-8% | 401 | $122,735,000 | $306,072 |
| 5-6% | 134 | $32,790,000 | $244,701 |
| 4-5% | 3 | $295,000 | $98,333 |
During 2024, Mercantile Bank Of Michigan's average interest rate for loans was 6.74%, while their most frequently originated rate bucket for loans was 6-7%, with 1,190 originations.
Loan Sizing
2024 saw Mercantile Bank Of Michigan place emphasis on $200k-400k loans with 775 originations, totaling $217,645,000 in origination value.
Applicant Income
Mercantile Bank Of Michigan lent most frequently to those with incomes in the $100k-150k range, with 454 originations. The second most popular income band? $50k-75k, with 411 originations.
Applicant Debt to Income Ratio
Mercantile Bank Of Michigan lent most frequently to those with DTI ratios of 20-30%, with 427 originations. The next most common DTI ratio? 30-36%, with 386 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications87.47%
Mercantile Bank Of Michigan has an average approval rate.
Pick Rate
Approvals leading to origination74.89%
Mercantile Bank Of Michigan has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 2,135 | $529,005,000 | $247,778 |