Mercantile Bank mortgage approval rate & lending review
Mercantile Bank decided 3,044 mortgage applications and funded 2,647 loans across the 616 counties Fat Boy Data covers, 2023–2025.
These are the decisions Mercantile Bank reported under the Home Mortgage Disclosure Act, not its advertised interest rates.
Mercantile Bank at a glance
Approval is 5.8 points above the 81.6% national rate for the same mix of loan types.
Approval rates by loan type
| Loan type | Approval | Approved | Taken up | Typical loan | Loans made |
|---|---|---|---|---|---|
| Mortgage lenders | 91% | 1,748 / 1,926 | 100% | $265K | 1,740 |
| Home improvement loans | 79% | 311 / 393 | 99% | $95K | 309 |
| Cash-out refinance | 73% | 141 / 194 | 99% | $235K | 140 |
| Refinance | 88% | 309 / 353 | 99% | $255K | 306 |
| Investment property purchase | 88% | 114 / 129 | 100% | $215K | 114 |
| Investment refinance | 88% | 22 / 25 | 100% | $205K | 22 |
Mercantile Bank lending by state
| State | Approval | Typical loan | Decided | Loans made |
|---|---|---|---|---|
| Michigan | 88% | $265K | 2,849 | 2,481 |
| Ohio | 86% | $215K | 142 | 122 |
| Florida | 79% | $435K | 29 | 23 |
Fat Boy Data covers 616 counties, 79.6% of the US population, not every county in every state. States with fewer than 20 decisions are not listed.Methodology.
Where Mercantile Bank lends most
| County | Loan type | Approval | Decided | Loans made |
|---|---|---|---|---|
| Kent County, MI | Mortgage lenders | 92% | 822 | 757 |
| Ottawa County, MI | Mortgage lenders | 91% | 327 | 296 |
| Kent County, MI | Home improvement loans | 81% | 188 | 153 |
| Kent County, MI | Refinance | 87% | 174 | 151 |
| Kalamazoo County, MI | Mortgage lenders | 93% | 139 | 127 |
| Allegan County, MI | Mortgage lenders | 91% | 142 | 126 |
| Ottawa County, MI | Refinance | 93% | 84 | 77 |
| Ottawa County, MI | Home improvement loans | 83% | 89 | 73 |
| Kent County, MI | Cash-out refinance | 69% | 89 | 61 |
| Saginaw County, MI | Mortgage lenders | 91% | 58 | 53 |
| Muskegon County, MI | Mortgage lenders | 93% | 42 | 39 |
| Kent County, MI | Investment property purchase | 85% | 41 | 35 |
The county markets where Mercantile Bank made the most loans. Each link opens that market with every lender ranked.
Questions about Mercantile Bank
What is Mercantile Bank's mortgage approval rate?
Mercantile Bank approved 87.4% of the 3,044 mortgage applications it decided across the 616 counties Fat Boy Data covers, 2023–2025, 5.8 points above the 81.6% national rate for the same mix of loan types.
How often do borrowers take the loan Mercantile Bank offers?
Borrowers accepted 99% of the loans Mercantile Bank approved, against 96% for all home purchase mortgage lenders nationally. A low take-up usually means the approved terms were not competitive.
What size loans does Mercantile Bank make?
The typical home purchase mortgage loan Mercantile Bank made was $265K; across all loan types its typical loan ran from $95K to $265K. HMDA reports amounts in $10,000 brackets, so these are midpoints.
Where does Mercantile Bank lend?
Mercantile Bank decided applications in 9 of the states Fat Boy Data covers, most of them in Michigan, Ohio and Florida.
Can I apply to Mercantile Bank directly?
Yes. Mercantile Bank is a bank or credit union with 40 branches in the FDIC and NCUA registries, and it takes mortgage applications directly.
Does this page show Mercantile Bank's interest rates?
No. HMDA filings record who applied, who was approved and how much was borrowed, not the rate offered. Use the approval rate and take-up here to judge how Mercantile Bank treats applications, then get a rate quote from the lender.