Mercantile Bank Of Michigan Mortgage Rates, Fees & Info
Grand Rapids, MILEI: RM2F4G3WBQ8R9OKYRH19
Tax ID: 38-3360868
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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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.09% | 11/11/24 |
| 30 Year Conventional Purchase | 6.31% | 11/11/24 |
| 30 Year Conventional Refi | 6.24% | 11/11/24 |
| 30 Year Cash-out Refi | 6.50% | 11/11/24 |
| 30 Year FHA Purchase | 7.27% | 11/11/24 |
| 30 Year USDA Purchase | 6.84% | 11/11/24 |
| 15 Year Conventional Purchase | 6.23% | 11/11/24 |
| 15 Year Conventional Refi | 5.93% | 11/11/24 |
| 15 Year Cash-out Refi | 5.93% | 11/11/24 |
| 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
1,674Origination Dollar Volume (All Markets)
$576,760,000Awards
Mercantile Bank of Michigan - 2023
Mercantile Bank of Michigan is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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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% |
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Product Mix
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
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
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
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
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
2023 saw Mercantile Bank Of Michigan place emphasis on $200k-400k loans with 520 originations, totaling $142,060,000 in origination value.
Applicant Income
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
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
Approval Rates
Total approvals of all applications83.86%
Mercantile Bank Of Michigan has a below average approval rate.
Pick Rate
Approvals leading to origination76.88%
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 |