*Intro rate will be set at the time of note rate lock (60 day lock max no extension, subject to repricing after that date). Intro rate is only good for 12 months, regardless if construction exceeds the allowed time. Note rate will be locked like normal during loan process (60 day lock max no extension, subject to repricing after that date). Can be used for a 5/1, 7/1, 10/1 Adjustable Rate Mortgage (ARM) or 10 or 15 year fixed. Maximum loan amount $750,000. No self builds. Program to run through 12/31/2022 (application date). Cannot be used in combination with any other specials or discounts. Subject to normal credit approval process. Promo and promo rate are subject to change or be discontinued without notice. Sample promo rate: 4.99% promo rate, Annual Percentage Rates (APR) 6.975%. Payment is interest only based off outstanding balance. The sample promo rate APR is based on the current promo rate and subject to change. The sample Promo Rate assumes the following: 1-unit owner occupied primary residence, Loan term of 30 years ( 5/1, 7/1, 10/1 ARMs), Loan amount of $200,000, Loan to Value of 75%, FICO score of 740. After 12 months the rate will adjust to the Note Rate.
Sample note rate: 10/1 CMT ARM, 6.75% APR 6.975%, monthly payment $1,297.20. 10/1 CMT ARM Assumptions: Adjustable-rate mortgage (ARM) rates assume no increase in the financial index after the initial fixed period. ARM rates and monthly payments are subject to increase after the fixed period: ARMs assume 30-year term. FICO score of 740. The purchase of a 1-unit owner occupied primary residence. Average fees of $1,989. Other fees not affecting the APR may apply. A 60-day rate lock-in period.
Disclosures and borrower information
Macatawa Bank's primary lending area is West Michigan. Online applications will be considered received on today’s business day if submitted during the course of the bank’s normal business hours;
9am EST – 5pm EST Monday – Friday, excluding Federal Holidays
9am EST – 12pm EST on Saturdays
Applications received outside of this timeframe, including Federal Holidays and Sundays will be considered received the next business day.