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, Cincinnati, Traverse City, Detroit, and Kalamazoo among others. We have data for 67 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.09% | 5/4/24 |
| 30 Year Conventional Purchase | 6.31% | 5/4/24 |
| 30 Year Conventional Refi | 6.24% | 5/4/24 |
| 30 Year Cash-out Refi | 6.50% | 5/4/24 |
| 30 Year FHA Purchase | 7.27% | 5/4/24 |
| 30 Year USDA Purchase | 6.84% | 5/4/24 |
| 15 Year Conventional Purchase | 6.23% | 5/4/24 |
| 15 Year Conventional Refi | 5.93% | 5/4/24 |
| 15 Year Cash-out Refi | 5.93% | 5/4/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
2,340Origination Dollar Volume (All Markets)
$678,710,000Awards
Mercantile Bank of Michigan - 2022
Mercantile Bank of Michigan is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
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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) | 789 | $222,855,000 | $282,452 | $3,147 | 4.75% |
| Outside of Metro Areas | 530 | $134,310,000 | $253,415 | $3,602 | 4.99% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 120 | $51,680,000 | $430,667 | $5,087 | 4.70% |
| Traverse City, MI (FHA|USDA|VA) | 59 | $28,625,000 | $485,169 | $3,986 | 5.12% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 61 | $27,605,000 | $452,541 | $3,851 | 4.17% |
| KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) | 76 | $27,240,000 | $358,421 | $3,270 | 4.96% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 62 | $25,370,000 | $409,194 | $3,419 | 4.70% |
| Holland, MI (FHA|USDA|VA) | 72 | $24,940,000 | $346,389 | $3,712 | 4.90% |
| Mount Pleasant, MI (FHA|USDA|VA) | 124 | $17,580,000 | $141,774 | $2,473 | 5.02% |
| MIDLAND, MI (FHA|USDA|VA) | 48 | $16,650,000 | $346,875 | $3,960 | 4.80% |
| ANN ARBOR, MI (FHA|USDA|VA) | 2 | $13,910,000 | $6,955,000 | $6,037 | 3.38% |
| Alma, MI (FHA|USDA|VA) | 108 | $9,400,000 | $87,037 | $2,396 | 5.43% |
| COLUMBUS, OH (FHA|USDA|VA) | 13 | $9,175,000 | $705,769 | $5,688 | 4.73% |
| DAYTON-KETTERING, OH (FHA|USDA|VA) | 24 | $7,180,000 | $299,167 | $4,291 | 4.76% |
| Cadillac, MI (FHA|USDA|VA) | 49 | $6,475,000 | $132,143 | $3,121 | 5.10% |
| SAGINAW, MI (FHA|USDA|VA) | 33 | $5,085,000 | $154,091 | $3,910 | 5.46% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 8 | $4,440,000 | $555,000 | $3,244 | 4.38% |
| CLEVELAND-ELYRIA, OH (FHA|USDA|VA) | 8 | $3,910,000 | $488,750 | $4,980 | 4.44% |
| MUSKEGON, MI (FHA|USDA|VA) | 15 | $3,475,000 | $231,667 | $3,302 | 5.32% |
| Big Rapids, MI (FHA|USDA|VA) | 32 | $3,220,000 | $100,625 | $2,358 | 5.08% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 5 | $3,005,000 | $601,000 | $6,409 | 3.85% |
| Key West, FL (FHA|USDA|VA) | 3 | $2,485,000 | $828,333 | $7,167 | 3.83% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 5 | $2,485,000 | $497,000 | $4,764 | 3.95% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 5 | $2,365,000 | $473,000 | $4,873 | 4.50% |
| LOUISVILLE, KY (FHA|USDA|VA) | 5 | $2,345,000 | $469,000 | $3,541 | 3.55% |
| Ludington, MI (FHA|USDA|VA) | 6 | $2,240,000 | $373,333 | $3,490 | 4.92% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 2 | $2,050,000 | $1,025,000 | $5,787 | 2.81% |
| LEXINGTON-FAYETTE, KY (FHA|USDA|VA) | 3 | $1,735,000 | $578,333 | $5,096 | 4.75% |
| JACKSON, MI (FHA|USDA|VA) | 6 | $1,440,000 | $240,000 | $3,766 | 4.83% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $1,375,000 | $1,375,000 | $10,640 | 5.75% |
| BAY CITY, MI (FHA|USDA|VA) | 10 | $1,330,000 | $133,000 | $3,218 | 4.91% |
| NILES, MI (FHA|USDA|VA) | 4 | $1,310,000 | $327,500 | $3,691 | 5.22% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 3 | $1,005,000 | $335,000 | $4,390 | 3.88% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 1 | $905,000 | $905,000 | $2,473 | 3.25% |
| BATTLE CREEK, MI (FHA|USDA|VA) | 4 | $730,000 | $182,500 | $3,673 | 4.97% |
| CANTON-MASSILLON, OH (FHA|USDA|VA) | 3 | $725,000 | $241,667 | $5,568 | 5.08% |
| SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) | 2 | $630,000 | $315,000 | $5,473 | 4.63% |
| Wilmington, OH (FHA|USDA|VA) | 1 | $535,000 | $535,000 | $5,069 | 3.75% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 1 | $485,000 | $485,000 | $5,902 | 5.75% |
| YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) | 2 | $470,000 | $235,000 | $2,514 | 4.06% |
| AKRON, OH (FHA|USDA|VA) | 2 | $440,000 | $220,000 | $4,388 | 6.31% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 2 | $430,000 | $215,000 | $4,286 | 3.88% |
| Urbana, OH (FHA|USDA|VA) | 2 | $420,000 | $210,000 | $5,419 | 4.88% |
| Sturgis, MI (FHA|USDA|VA) | 2 | $360,000 | $180,000 | $2,669 | 5.50% |
| FLINT, MI (FHA|USDA|VA) | 2 | $360,000 | $180,000 | $2,726 | 5.50% |
| TOLEDO, OH (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $4,098 | 3.50% |
| SPRINGFIELD, OH (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $3,416 | 6.25% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $4,955 | 5.88% |
| Athens, OH (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $3,485 | 5.25% |
| KNOXVILLE, TN (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $2,696 | 3.63% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $4,239 | 2.50% |
| Richmond, IN (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $2,260 | 3.88% |
| Houghton, MI (FHA|USDA|VA) | 2 | $230,000 | $115,000 | $2,469 | 4.88% |
| OCALA, FL (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $3,678 | 7.38% |
| Wapakoneta, OH (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $3,465 | 3.75% |
| Mount Vernon, OH (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $5,689 | 7.13% |
| MONROE, MI (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $2,792 | 3.38% |
| Alpena, MI (FHA|USDA|VA) | 2 | $150,000 | $75,000 | $3,467 | 5.44% |
| Washington Court House, OH (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $2,568 | 4.00% |
| Sidney, OH (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $3,647 | 5.88% |
| Sault Ste. Marie, MI (FHA|USDA|VA) | 2 | $120,000 | $60,000 | $4,314 | 6.13% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $2,574 | 3.00% |
| Fremont, OH (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $3,005 | 5.88% |
| Hillsdale, MI (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $2,834 | 5.63% |
| Richmond-Berea, KY (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $3,003 | 5.50% |
| Greenville, OH (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 4.50% |
| Coldwater, MI (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $741 | 6.75% |
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Product Mix
For 2022, Mercantile Bank Of Michigan's most frequently originated type of loan was Conventional, with 1,976 originations. Their 2nd most popular type was HELOC, with 282 originations.
Loan Reason
For 2022, Mercantile Bank Of Michigan's most frequently cited loan purpose was Home Purchase, with 1,493 originations. The 2nd most popular reason was Home Improvement, with 306 originations.
Loan Duration/Length
For 2022, Mercantile Bank Of Michigan's most frequently cited loan duration was 30 Year, with 1,582 originations. The 2nd most popular length was Other, with 336 originations.
Origination Fees/Closing Costs
Mercantile Bank Of Michigan's average total fees were $3,822, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,247 originations.
Interest Rates
During 2022, Mercantile Bank Of Michigan's average interest rate for loans was 4.82%, while their most frequently originated rate bucket for loans was 3-4%, with 618 originations.
Loan Sizing
2022 saw Mercantile Bank Of Michigan place emphasis on $200k-400k loans with 678 originations, totaling $189,350,000 in origination value.
Applicant Income
Mercantile Bank Of Michigan lent most frequently to those with incomes in the $50k-75k range, with 448 originations. The second most popular income band? $100k-150k, with 444 originations.
Applicant Debt to Income Ratio
Mercantile Bank Of Michigan lent most frequently to those with DTI ratios of 20-30%, with 509 originations. The next most common DTI ratio? 30-36%, with 467 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications86.48%
Mercantile Bank Of Michigan has an average approval rate.
Pick Rate
Approvals leading to origination79.06%
Mercantile Bank Of Michigan has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 2,340 | $678,710,000 | $290,047 |