Mortgages - Available Loan Programs

Helping You Plan Your Dream Home!

Macatawa Bank Offers Mortgage Plans Designed for Flexibility and Convenience

All loans subject to credit approval.

Conventional Fixed Rate Mortgages

Traditional fixed-rate mortgage with the security of a set interest rate for the life of loan. Loan Features:

  • Security in knowing the payment will not change.
  • Lower monthly payments to build equity faster.
  • Convenient terms and repayment options available.

Conventional Adjustable Rate Mortgages (ARM) *

*ARMs offer lower initial interest rates that adjust periodically based on indices such as US Treasury Securities or LIBOR plus a margin. Loan Features:

  • Lower initial payment than most fixed-rate plans.
  • Initial rate fixed for a minimum of 36 months and up to 84 months.
  • Rate caps offer protection from extreme rate and payment increases.

Eligible Properties for Conventional Mortgages:
1-4 Unit Primary Residences, Second Homes, Investment Properties, Condos, Modular and Affixed Manufactured.

S.A.I.L. Program

Now 1st time homebuyers can SAIL into a new home, with an innovative new program from Macatawa Bank that offers alternative, credit-friendly features, including:

  • Up to 100% financing for a home in any location for any qualified amount.
  • No mortgage insurance required = savings in the monthly payment.
  • Low secondary market level interest rates.
  • 5/1 ARM (Adjustable Rate Mortgages) with a lower initial interest rate that adjusts periodically based on an index such as US Treasury Securities plus a margin.
  • Consider the SAIL program if your household income is 100% of the median for your area or less, OR if you are purchasing a home in a low-to-moderate income census tract area.

Eligible Properties for SAIL program:
Primary Residences and First-time homebuyers only.

Bi-Weekly Fixed Rate Mortgages

  • Significant interest savings compared to traditional monthly payments over the life of the loan.
  • Payments are made every two weeks.
  • Fixed interest rate for the life of the loan.
  • Serviced by Macatawa Bank.
  • More effective than most third party payment plans.

Interest Only Mortgages

Interest Only 1-Year LIBOR ARM (Adjustable Rate Mortgages with a lower initial interest rate that adjusts periodically based on an index such as LIBOR plus a margin) loan programs are available. These programs are for borrowers who desire financing for a higher loan amount while making interest-only payments during a defined initial period of the loan. Since payments are based on interest-only, borrowers will still owe the original amount borrowed during the interest only period if borrowers only pay the amount of interest that is due each month.

Loan Features:

  • No negative amortization.
  • Interest-only payment for a defined initial period.

Jumbo Mortgages

Our jumbo mortgages are designed for those who wish to finance an amount higher than conventional dollar amounts. You can choose from a variety of home financing options.

Construction Mortgages

Macatawa Bank is dedicated to helping West Michigan grow. We know that building a new home can be a challenge. As a leader in construction lending, we will work with you every step of the way.

H.O.M.E. 1 Construction Loan

  • One-time closing.
  • Fixed interest rate during interest - only construction period and during principal/interest payback period.
  • Draws based on work completed.
  • Reduced overall closing costs.

Traditional Draw Loan

  • Available for self-builds and sweat equity.
  • Ideal for builders.
  • Choose from a variety of financing options upon home completion.

Lot and Land Loans

  • Convenient terms and repayment options available.

Check our list of Mortgage Contacts or call (877) 852-4765 for the lender nearest you.