Mercantile Bank closing costs and rates (2024)
In 2024, Mercantile Bank originated 1,114 purchase mortgages at a median interest rate of 6.75% and median total closing costs of $3,546. That ranks #346 nationally by origination volume. For total closing costs among lenders with 500+ originations, Mercantile Bank ranks #76. That is $3,195 below the national median of $6,741. Mercantile Bank is most active in Michigan with 1,094 originations there.
Purchase Originations
1,114
Ranked #346 nationally
Median Total Costs
$3,546
−47.4% vs national ($6,741)
Median Rate
6.750%
+2.0% vs national (6.620%)
Median Origination
$1,190
Median Lender Credits
$664
Cost Rank (500+ vol.)
#76
among lenders with 500+ originations
Breakdown by loan type
| Loan type | Volume | Median Rate | Median Total Costs | Median Origination |
|---|---|---|---|---|
| conventional | 1,036 | 6.750% | $3,499 | $1,190 |
| fha | 75 | 6.625% | $7,305 | $1,474 |
Active states
Top counties by origination volume
| Rank | Lender | Median Total Costs ↑ | Median Rate ↕ | Median Origination ↕ | Volume ↕ | vs. Median |
|---|---|---|---|---|---|---|
| 1 | $3,117 | 6.812% | — | 34 | −$429 | |
| 2 | $3,298 | 6.875% | — | 51 | −$248 | |
| 3 | $3,337 | 6.625% | — | 48 | −$209 | |
| 4 | $3,419 | 6.625% | — | 29 | −$127 | |
| 5 | $3,440 | 6.750% | — | 16 | −$106 | |
| 6 | $3,442 | 6.625% | — | 256 | −$104 | |
| 7 | $3,469 | 6.625% | — | 15 | −$77 | |
| 8 | $3,492 | 6.562% | — | 16 | −$54 | |
| 9 | $3,507 | 6.625% | — | 28 | −$39 | |
| 10 | $3,529 | 6.375% | — | 17 | −$17 | |
| 11 | $3,530 | 6.750% | — | 107 | −$16 | |
| 12 | $3,586 | 6.625% | — | 15 | +$40 | |
| 13 | $3,627 | 6.750% | — | 53 | +$81 | |
| 14 | $3,678 | 6.625% | — | 15 | +$132 | |
| 15 | $3,804 | 6.812% | — | 20 | +$258 | |
| 16 | $4,009 | 6.750% | — | 14 | +$463 | |
| 17 | $4,095 | 6.562% | — | 18 | +$549 | |
| 18 | $4,117 | 6.750% | — | 76 | +$571 | |
| 19 | $4,129 | 6.750% | — | 23 | +$583 | |
| 20 | $4,153 | 6.812% | — | 14 | +$607 |
Includes lenders with 1+ purchase originations in top counties. Source: HMDA 2024. Sorted by median total loan costs.
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Data source: HMDA Modified Loan Application Register 2024, published by the Consumer Financial Protection Bureau (CFPB).
Statistics reflect originated first-lien purchase mortgages on owner-occupied principal residences. Medians exclude loans with exempt or unreported fee disclosures. Learn more at ffiec.cfpb.gov.