Patrick Ervin

Executive Vice President of Mortgage Banking, Independent Bank Mi

Search every verified Patrick Ervin interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. Patrick Ervin, Executive Vice President of Mortgage Banking at Independent Bank, appeared on the "Hire it Done Radio" program in September 2019 to discuss home-improvement financing. He stated that Independent Bank is headquartered in Grand Rapids, has operated in Michigan for over 150 years, and is tied for the third largest bank headquartered in the state with approximately $3.2 billion in assets. Ervin noted that rising interest rates have discouraged homeowners with low mortgage rates from moving, leading many to remodel instead. He described the worst financing method as using a credit card due to high interest rates, and the best as paying with saved cash, with bank loans as a middle option depending on equity and credit. Ervin said that loans secured by a primary home offer lower interest rates, while unsecured loans require good credit and ability to repay. He added that Independent Bank assesses the future value of a home after remodeling through appraisals to determine appropriate loan-to-value ratios. Ervin cited that 80% of home renovation projects have a positive return on investment, with kitchen renovations providing the highest ROI, while projects like HVAC and landscaping often leave homeowners feeling they did not recoup costs.