Mercantile Bank of Michigan Mortgage Interest Rate and Cost Review

Is Mercantile Bank of Michigan a cheap or expensive mortgage lender? We compare the interest rates and closing costs charged by Mercantile Bank of Michigan with other lenders for comparable mortgages. Nationally, here is what we find:

Interest Ratesimilar to average (-0.09%)
Loan Related Closing Costssimilar to average (-$83)
National Rate and Closing Cost Rating(4.0)

On average, Mercantile Bank of Michigan’s interest rates were similar to those of other lenders (-0.09%) for a comparable set of borrowers. Its average total loan related closing cost was similar to those of other lenders, with a difference of -$83. Overall, combining interest rates and closing costs we estimate that Mercantile Bank of Michigan tends to be an average cost lender, and give it a National Rate and Closing Costs Rating of 4.0 out of 5.0 stars.

Mercantile Bank of Michigan’s Rates by Area

Mortgage lenders often set different rates in different geographical markets. In particular, among the markets we track Mercantile Bank of Michigan was most active in:

  1. Grand Rapids, MI
  2. Midland, MI
  3. Sterling Heights, MI
  4. Prudenville, MI
  5. Portage, MI

You can click through to check out Mercantile Bank of Michigan’s mortgage rate competitiveness by area. Or, for our data driven ranking of all the top mortgage lenders by area, click here.

Mercantile Bank of Michigan’s Rates by Mortgage Type

Mortgage lenders also tend to charge different interest rates and closing costs depending on the type of mortgage. In our data, Mercantile Bank of Michigan originated Conforming, FHA, Jumbo and USDA mortgages for new home purchases. It also originated Conforming, FHA and Jumbo mortgages for refinances. We breakdown its interest rate and total loan related closing cost difference relative to other lenders for comparable mortgages by type in the table below.

New Purchase MortgagesConformingFHAJumboUSDA
Interest Rate Difference-0.08%-0.11%+0.01%-0.01%
Loan Related Closing Cost Difference+$304-$79+$9-$12
Cost Adjusted Rate Difference-0.03%-0.12%+0.01%-0.01%
Star Rating(3.5)(4.0)(3.5)(3.5)
Refinance MortgagesConformingFHAJumbo
Interest Rate Difference-0.10%-0.00%+0.00%
Loan Related Closing Cost Difference-$440-$82+$0
Cost Adjusted Rate Difference-0.14%-0.01%+0.00%
Star Rating(4.0)(3.5)(3.5)

As a summary, Mercantile Bank of Michigan is cheap for FHA purchase mortgages. It is similar to other lenders for Conforming, Jumbo and USDA purchase mortgages. For refinancing mortgages, Mercantile Bank of Michigan is cheap for Conforming mortgage refinance. It is similar to other lenders for FHA and Jumbo mortgage refinance. Nevertheless, individual circumstances can matter, and we always recommend shopping among several lenders in your area before signing.

Other information about Mercantile Bank of Michigan:

Registered name: Mercantile Bank Of Michigan
Registered city and state: GRAND RAPIDS, MI, 49504
Regulator: Federal Deposit Insurance Corporation (FDIC)

* Source of the data is Federal Financial Institutions Examination Council (FFIEC) and is for mortgages originated in the past year. Our comparable mortgages analysis controls for Mercantile Bank of Michigan’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and commuting zone. Cost adjusted rates were computed based on each percent of the loan amount in above average loan related closing costs being worth +0.15 of a percentage point in interest rate. Furthermore, the amounts are regularized using a Bayesian approach to control for small samples.