The Farmers & Merchants State Bank Mortgage Rates, Fees & Info

Archbold, OH

LEI: 254900LDNBFL67R4FW27

Tax ID: 34-4230390

5 stars - Updated: 5/19/24 - out of 5 stars, based on 31 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

The Farmers & Merchants State Bank is a smaller bank specializing in Cash Out Refi and Home Purchase loans. The Farmers & Merchants State Bank has a high proportion of conventional loans. Their top markets by origination volume include: Toledo, Decatur, North Port, Detroit, and Fort Wayne among others. We have data for 54 markets. (Some data included below & more in-depth data is available with an active subscription.)

The Farmers & Merchants State Bank has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. The Farmers & Merchants State Bank is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have relatively high rates.

We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
Home Equity Line of Credit (HELOC) 6.27% 5/19/24
30 Year Conventional Purchase 7.16% 5/19/24
30 Year Conventional Refi 6.90% 5/19/24
30 Year Cash-out Refi 7.06% 5/19/24
15 Year Conventional Purchase 6.38% 5/19/24
15 Year Conventional Refi 6.15% 5/19/24
15 Year Cash-out Refi 6.15% 5/19/24
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

The Farmers & Merchants State Bank Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from The Farmers & Merchants State Bank. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

990

Origination Dollar Volume (All Markets)

$185,350,000

Awards

The Farmers & Merchants State Bank 30 Year Conventional Loans gold The Farmers & Merchants State Bank 30 Year Conventional Loans gold The Farmers & Merchants State Bank 30 Year Conventional Loans bronze The Farmers & Merchants State Bank 30 Year Conventional Loans gold
Show all (4) awards

Relative Rate

The Farmers & Merchants State Bank's average 30 year fixed mortgage rate was 6.8%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 0.32%.

Relative Fees (Closing Costs)

The Farmers & Merchants State Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $3,576.

The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

Top Markets

Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

Market Originations Total Value Average Loan Average Fees Average Rate
TOLEDO, OH (FHA|USDA|VA) 251 $35,815,000 $142,689 $2,812 7.71%
Decatur, IN (FHA|USDA|VA) 162 $21,140,000 $130,494 $3,105 7.55%
Outside of Metro Areas 188 $19,300,000 $102,660 $3,040 7.68%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 3 $18,925,000 $6,308,333 $7,195 6.46%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 4 $15,210,000 $3,802,500 $14,414 6.78%
FORT WAYNE, IN (FHA|USDA|VA) 41 $11,945,000 $291,341 $2,185 7.27%
COLUMBUS, OH (FHA|USDA|VA) 9 $6,765,000 $751,667 $3,163 6.66%
Defiance, OH (FHA|USDA|VA) 57 $6,295,000 $110,439 $2,928 7.68%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 3 $6,015,000 $2,005,000 $0 7.50%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 11 $4,675,000 $425,000 $4,524 7.69%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 12 $4,310,000 $359,167 $3,314 7.48%
MUNCIE, IN (FHA|USDA|VA) 23 $3,935,000 $171,087 $2,507 7.45%
Sidney, OH (FHA|USDA|VA) 36 $3,890,000 $108,056 $2,638 7.26%
Bluffton, IN (FHA|USDA|VA) 26 $3,350,000 $128,846 $2,541 7.19%
DAYTON-KETTERING, OH (FHA|USDA|VA) 17 $3,175,000 $186,765 $2,756 7.24%
Auburn, IN (FHA|USDA|VA) 28 $2,760,000 $98,571 $2,363 7.73%
Richmond, IN (FHA|USDA|VA) 14 $2,120,000 $151,429 $4,901 7.75%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 3 $1,185,000 $395,000 $8,429 7.46%
Angola, IN (FHA|USDA|VA) 12 $1,160,000 $96,667 $1,894 7.70%
Urbana, OH (FHA|USDA|VA) 10 $1,020,000 $102,000 $3,045 7.84%
Sturgis, MI (FHA|USDA|VA) 2 $870,000 $435,000 $6,174 6.50%
Van Wert, OH (FHA|USDA|VA) 5 $855,000 $171,000 $4,645 7.24%
New Castle, IN (FHA|USDA|VA) 6 $850,000 $141,667 $4,716 7.80%
Kendallville, IN (FHA|USDA|VA) 4 $800,000 $200,000 $3,283 7.84%
Adrian, MI (FHA|USDA|VA) 5 $725,000 $145,000 $2,704 7.40%
ELKHART-GOSHEN, IN (FHA|USDA|VA) 3 $675,000 $225,000 $3,642 7.50%
Findlay, OH (FHA|USDA|VA) 5 $665,000 $133,000 $4,021 7.49%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $625,000 $625,000 $4,604 7.13%
BATTLE CREEK, MI (FHA|USDA|VA) 4 $600,000 $150,000 $3,098 8.13%
SPRINGFIELD, OH (FHA|USDA|VA) 5 $545,000 $109,000 $1,920 7.38%
Peru, IN (FHA|USDA|VA) 3 $535,000 $178,333 $3,089 7.29%
Hillsdale, MI (FHA|USDA|VA) 2 $450,000 $225,000 $6,019 7.31%
MONROE, MI (FHA|USDA|VA) 3 $425,000 $141,667 $0 8.96%
THE VILLAGES, FL (FHA|USDA|VA) 1 $415,000 $415,000 $4,554 5.88%
Connersville, IN (FHA|USDA|VA) 7 $395,000 $56,429 $0 7.99%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $295,000 $295,000 $4,347 6.63%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 1 $275,000 $275,000 $7,586 5.95%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $255,000 $255,000 $0 6.75%
BLOOMINGTON, IN (FHA|USDA|VA) 1 $255,000 $255,000 $0 8.50%
Point Pleasant, WV-OH (FHA|USDA|VA) 1 $235,000 $235,000 $3,965 6.13%
Celina, OH (FHA|USDA|VA) 3 $215,000 $71,667 $7,612 7.98%
Sandusky, OH (FHA|USDA|VA) 1 $215,000 $215,000 $3,048 6.25%
LOUISVILLE, KY (FHA|USDA|VA) 2 $210,000 $105,000 $0 7.88%
Seneca, SC (FHA|USDA|VA) 1 $155,000 $155,000 $3,280 6.50%
KNOXVILLE, TN (FHA|USDA|VA) 1 $155,000 $155,000 $0 7.13%
North Vernon, IN (FHA|USDA|VA) 1 $145,000 $145,000 $5,024 6.63%
Bellefontaine, OH (FHA|USDA|VA) 2 $130,000 $65,000 $1,184 7.13%
Wapakoneta, OH (FHA|USDA|VA) 2 $80,000 $40,000 $996 6.94%
Newport, TN (FHA|USDA|VA) 1 $75,000 $75,000 $0 8.25%
Wilmington, OH (FHA|USDA|VA) 1 $65,000 $65,000 $0 8.00%
Fremont, OH (FHA|USDA|VA) 1 $55,000 $55,000 $2,231 7.88%
Warsaw, IN (FHA|USDA|VA) 1 $45,000 $45,000 $0 8.88%
Bedford, IN (FHA|USDA|VA) 1 $45,000 $45,000 $0 8.25%
Coldwater, MI (FHA|USDA|VA) 1 $25,000 $25,000 $0 9.00%
The Farmers & Merchants State Bank's top markets include Toledo, Decatur, North Port, Detroit, and Fort Wayne among others.

Their top states include:
  • Ohio (FHA|USDA|VA)
  • Indiana (FHA|USDA|VA)
  • Michigan (FHA|USDA|VA)
  • (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against The Farmers & Merchants State Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Minster Bank
    Similarity Rank: 72
    Crossroads Bank
    Similarity Rank: 85
    GLASS CITY Federal Credit Union
    Similarity Rank: 123
    First Bank Richmond
    Similarity Rank: 150
    SUN Federal Credit Union
    Similarity Rank: 246
    ProFed Federal Credit Union
    Similarity Rank: 285
    WRIGHT-PATT CREDIT UNION, INC.
    Similarity Rank: 304
    The Croghan Colonial Bank
    Similarity Rank: 336

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 578 $153,760,000 $266,021 $3,042 6.87%
    HELOC 412 $31,590,000 $76,675 n/a 8.58%

    For 2023, The Farmers & Merchants State Bank's most frequently originated type of loan was Conventional, with 578 originations. Their 2nd most popular type was HELOC, with 412 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 368 $40,050,000 $108,832 $2,667 7.96%
    Home Purchase 353 $119,135,000 $337,493 $3,564 7.02%
    Other 160 $11,660,000 $72,875 $1,571 8.13%
    Home Improvement 65 $5,185,000 $79,769 $946 7.73%
    Refi 44 $9,320,000 $211,818 $2,945 6.73%

    For 2023, The Farmers & Merchants State Bank's most frequently cited loan purpose was Cash Out Refi, with 368 originations. The 2nd most popular reason was Home Purchase, with 353 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 513 $42,465,000 $82,778 $1,106 8.20%
    30 Year 333 $70,655,000 $212,177 $3,576 6.80%
    20 Year 66 $14,190,000 $215,000 $3,824 7.28%
    15 Year 36 $4,680,000 $130,000 $3,077 6.85%
    5 Year 19 $40,975,000 $2,156,579 $1,174 6.79%
    Other 13 $11,045,000 $849,615 $0 7.16%
    1 Year 9 $1,225,000 $136,111 $0 8.44%
    3 Year 1 $115,000 $115,000 $0 9.00%

    For 2023, The Farmers & Merchants State Bank's most frequently cited loan duration was 10 Year, with 513 originations. The 2nd most popular length was 30 Year, with 333 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 296 $46,830,000 $158,209
    $1k-2k 64 $9,620,000 $150,313
    $2k-3k 33 $5,425,000 $164,394
    $3k-4k 29 $7,365,000 $253,966
    $5k+ 17 $6,655,000 $391,471
    $4k-5k 10 $2,850,000 $285,000

    The Farmers & Merchants State Bank's average total fees were $3,576, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 296 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 393 $32,675,000 $83,142
    6-7% 289 $84,565,000 $292,612
    7-8% 217 $46,925,000 $216,244
    5-6% 89 $21,095,000 $237,022
    2.5-3% 1 $15,000 $15,000
    4-5% 1 $75,000 $75,000

    During 2023, The Farmers & Merchants State Bank's average interest rate for loans was 6.80%, while their most frequently originated rate bucket for loans was Over 8%, with 393 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 501 $25,065,000 $50,030 $1,686 7.94%
    $100k-200k 276 $38,240,000 $138,551 $3,024 7.47%
    $200k-400k 161 $43,275,000 $268,789 $4,183 6.93%
    $400k-600k 29 $14,135,000 $487,414 $5,031 6.83%
    $1MM+ 16 $59,900,000 $3,743,750 $9,419 6.78%
    $600k-1MM 7 $4,735,000 $676,429 $4,962 6.57%

    2023 saw The Farmers & Merchants State Bank place emphasis on $100,000 or less loans with 501 originations, totaling $25,065,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 247 $22,065,000 $89,332 $2,864 7.59%
    $50k-75k 204 $22,890,000 $112,206 $2,938 7.47%
    $100k-150k 153 $21,635,000 $141,405 $3,155 7.63%
    $75k-100k 128 $15,390,000 $120,234 $2,881 7.77%
    $150k-250k 72 $11,940,000 $165,833 $3,691 7.74%
    $250k+ 35 $12,915,000 $369,000 $3,952 7.30%

    The Farmers & Merchants State Bank lent most frequently to those with incomes in the $50k or less range, with 247 originations. The second most popular income band? $50k-75k, with 204 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 211 $23,735,000 $112,488 $2,743 7.50%
    30-36% 155 $20,865,000 $134,613 $3,127 7.65%
    <20% 101 $11,235,000 $111,238 $2,693 7.57%
    50-60% 54 $8,960,000 $165,926 $3,103 7.70%
    >60% 53 $9,785,000 $184,623 $4,824 7.42%
    38% 32 $3,670,000 $114,688 $3,005 7.60%
    37% 28 $3,510,000 $125,357 $3,041 7.56%
    42% 28 $3,280,000 $117,143 $3,876 7.87%
    40% 27 $3,745,000 $138,704 $3,207 7.63%
    39% 23 $2,165,000 $94,130 $2,468 7.61%
    44% 22 $2,770,000 $125,909 $2,478 7.28%
    41% 20 $2,990,000 $149,500 $3,011 7.80%
    47% 20 $2,130,000 $106,500 $3,098 8.06%
    43% 18 $2,560,000 $142,222 $2,701 7.88%
    36% 17 $1,625,000 $95,588 $2,047 7.85%
    45% 17 $1,225,000 $72,059 $2,362 7.89%
    49% 16 $2,890,000 $180,625 $4,155 7.36%
    46% 12 $1,280,000 $106,667 $3,255 7.58%
    48% 8 $860,000 $107,500 $1,619 7.80%

    The Farmers & Merchants State Bank lent most frequently to those with DTI ratios of 20-30%, with 211 originations. The next most common DTI ratio? 30-36%, with 155 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 877 $107,795,000 $122,913 $3,010 7.61%
    Not applicable 101 $73,295,000 $725,693 $0 7.33%
    Asian 5 $2,065,000 $413,000 $4,272 7.63%
    Black 4 $1,080,000 $270,000 $3,276 7.28%
    Not provided 1 $1,005,000 $1,005,000 $14,414 6.63%
    American Indian 2 $110,000 $55,000 $2,482 8.13%

    Approval Rates

    Total approvals of all applications
    88.88%

    The Farmers & Merchants State Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    88.18%

    The Farmers & Merchants State Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 990 $185,350,000 $187,222

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    990 $185,350,000 $187,222

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 240 $19,190,000 $79,958 $1,896 7.91%
    40-60% 108 $17,650,000 $163,426 $3,099 7.53%
    60-80% 221 $97,225,000 $439,932 $3,546 7.13%
    80-100% 193 $41,495,000 $215,000 $3,765 7.02%
    Under 20% 228 $9,790,000 $42,939 $1,157 8.18%