The Merchants National Bank Mortgage Rates, Fees & Info

Hillsboro, OH

LEI: 254900PJ63T7KFSHAV90

Tax ID: 31-0373340

5 stars - Updated: 12/3/24 - out of 5 stars, based on 15 reviews

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    The Merchants National Bank is a smaller bank specializing in Home Purchase loans. The Merchants National Bank has a high proportion of conventional loans. Their top markets by origination volume include: Columbus, Wilmington, Washington Court House, Cincinnati, and Dayton among others. We have data for 15 markets. (Some data included below & more in-depth data is available with an active subscription.)

    The Merchants National 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 Merchants National 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
    30 Year Conventional Purchase 6.91% 12/3/24
    30 Year Conventional Refi 6.99% 12/3/24
    30 Year Cash-out Refi 7.24% 12/3/24
    30 Year USDA Purchase 7.62% 12/3/24
    15 Year Conventional Purchase 6.49% 12/3/24
    15 Year Conventional Refi 6.78% 12/3/24
    15 Year Cash-out Refi 6.78% 12/3/24
    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 Merchants National Bank Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from The Merchants National 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

    216

    Origination Dollar Volume (All Markets)

    $43,400,000
    Show all (7) awards

    Relative Rate

    The Merchants National Bank's average 30 year fixed mortgage rate was 6.95%.

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

    This yields a difference of 0.47%.

    Relative Fees (Closing Costs)

    The Merchants National Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $2,112.

    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
    COLUMBUS, OH (FHA|USDA|VA) 56 $13,880,000 $247,857 $1,861 7.04%
    Outside of Metro Areas 42 $6,500,000 $154,762 $1,390 7.37%
    Wilmington, OH (FHA|USDA|VA) 21 $5,345,000 $254,524 $1,966 6.83%
    Washington Court House, OH (FHA|USDA|VA) 32 $5,140,000 $160,625 $1,534 7.30%
    CINCINNATI, OH-KY-IN (FHA|USDA|VA) 27 $4,685,000 $173,519 $1,822 7.62%
    DAYTON-KETTERING, OH (FHA|USDA|VA) 9 $3,155,000 $350,556 $3,159 7.24%
    Chillicothe, OH (FHA|USDA|VA) 8 $1,920,000 $240,000 $1,404 7.14%
    Athens, OH (FHA|USDA|VA) 9 $1,305,000 $145,000 $1,731 7.41%
    SPRINGFIELD, OH (FHA|USDA|VA) 6 $630,000 $105,000 $1,847 7.10%
    Mount Vernon, OH (FHA|USDA|VA) 1 $395,000 $395,000 $3,361 5.75%
    Sandusky, OH (FHA|USDA|VA) 1 $185,000 $185,000 $835 5.95%
    Norwalk, OH (FHA|USDA|VA) 1 $75,000 $75,000 $0 7.00%
    Tiffin, OH (FHA|USDA|VA) 1 $65,000 $65,000 $1,949 7.00%
    HUNTINGTON-ASHLAND, WV-KY-OH (FHA|USDA|VA) 1 $65,000 $65,000 $2,016 6.88%
    CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 1 $55,000 $55,000 $0 7.25%
    The Merchants National Bank's top markets include Columbus, Wilmington, Washington Court House, Cincinnati, and Dayton among others.

    Their top states include:
  • Ohio (FHA|USDA|VA)
  • Kentucky (FHA|USDA|VA)

    • Similar Lenders

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

    The North Side Bank & Trust Company
    Similarity Rank: 168
    Fidelity Federal Savings and Loan Association
    Similarity Rank: 210
    The Community Bank
    Similarity Rank: 216
    Minster Bank
    Similarity Rank: 324
    Forcht Bank
    Similarity Rank: 380
    Day Air Credit Union, Inc
    Similarity Rank: 391
    Pathways Financial Credit Union, Inc.
    Similarity Rank: 440
    CINFED Federal Credit Union
    Similarity Rank: 483
    Eagle Savings Bank
    Similarity Rank: 484
    First Federal Savings and Loan Association
    Similarity Rank: 496

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 216 $43,400,000 $200,926 $1,736 7.21%

    For 2023, The Merchants National Bank's most frequently originated type of loan was Conventional, with 216 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 119 $31,245,000 $262,563 $2,347 7.09%
    Cash Out Refi 33 $4,095,000 $124,091 $1,268 7.31%
    Other 25 $2,555,000 $102,200 $808 7.45%
    Refi 20 $3,490,000 $174,500 $1,110 7.20%
    Home Improvement 19 $2,015,000 $106,053 $1,010 7.52%

    For 2023, The Merchants National Bank's most frequently cited loan purpose was Home Purchase, with 119 originations. The 2nd most popular reason was Cash Out Refi, with 33 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 112 $28,940,000 $258,393 $2,112 6.95%
    15 Year 42 $3,370,000 $80,238 $980 7.38%
    20 Year 38 $6,740,000 $177,368 $1,566 7.55%
    10 Year 11 $435,000 $39,545 $791 7.89%
    Other 8 $2,110,000 $263,750 $1,806 7.43%
    1 Year 3 $495,000 $165,000 $1,769 7.83%
    3 Year 1 $1,285,000 $1,285,000 $0 6.50%
    5 Year 1 $25,000 $25,000 $1,901 6.88%

    For 2023, The Merchants National Bank's most frequently cited loan duration was 30 Year, with 112 originations. The 2nd most popular length was 15 Year, with 42 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 156 $26,020,000 $166,795
    $1k-2k 27 $9,745,000 $360,926

    The Merchants National Bank's average total fees were $2,112, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 156 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    7-8% 86 $14,960,000 $173,953
    6-7% 84 $19,790,000 $235,595
    Over 8% 34 $4,050,000 $119,118
    5-6% 7 $1,645,000 $235,000
    4-5% 5 $2,955,000 $591,000

    During 2023, The Merchants National Bank's average interest rate for loans was 6.95%, while their most frequently originated rate bucket for loans was 7-8%, with 86 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 80 $4,760,000 $59,500 $1,062 7.54%
    $100k-200k 67 $9,775,000 $145,896 $1,488 7.35%
    $200k-400k 47 $13,345,000 $283,936 $2,385 6.78%
    $400k-600k 11 $5,325,000 $484,091 $2,850 6.42%
    $600k-1MM 7 $5,335,000 $762,143 $3,737 6.61%
    $1MM+ 4 $4,860,000 $1,215,000 $6,686 6.86%

    2023 saw The Merchants National Bank place emphasis on $100,000 or less loans with 80 originations, totaling $4,760,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 43 $4,515,000 $105,000 $1,311 7.51%
    $100k-150k 41 $8,265,000 $201,585 $1,919 7.17%
    $150k-250k 34 $11,220,000 $330,000 $2,114 6.83%
    $50k or less 34 $3,360,000 $98,824 $1,250 7.24%
    $75k-100k 28 $4,150,000 $148,214 $1,867 7.13%
    $250k+ 17 $5,875,000 $345,588 $2,643 7.10%

    The Merchants National Bank lent most frequently to those with incomes in the $50k-75k range, with 43 originations. The second most popular income band? $100k-150k, with 41 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 65 $11,685,000 $179,769 $1,625 7.31%
    20-30% 43 $7,845,000 $182,442 $1,491 6.99%
    <20% 17 $2,055,000 $120,882 $1,438 7.02%
    38% 12 $2,440,000 $203,333 $1,639 7.18%
    36% 11 $2,745,000 $249,545 $2,163 6.93%
    39% 11 $2,505,000 $227,727 $2,545 7.26%
    37% 10 $1,620,000 $162,000 $1,482 7.28%
    41% 9 $2,175,000 $241,667 $2,323 6.90%
    42% 6 $1,340,000 $223,333 $1,853 7.33%
    >60% 4 $1,650,000 $412,500 $3,066 7.47%
    40% 4 $450,000 $112,500 $2,089 7.74%
    50-60% 3 $465,000 $155,000 $795 7.71%
    48% 1 $215,000 $215,000 $2,773 7.25%
    44% 1 $195,000 $195,000 $0 8.50%

    The Merchants National Bank lent most frequently to those with DTI ratios of 30-36%, with 65 originations. The next most common DTI ratio? 20-30%, with 43 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 177 $33,005,000 $186,469 $1,773 7.18%
    Not applicable 19 $6,015,000 $316,579 $0 7.51%
    Not provided 16 $2,410,000 $150,625 $1,474 7.41%
    Asian 3 $1,795,000 $598,333 $1,370 6.17%
    Black 1 $175,000 $175,000 $795 7.38%

    Approval Rates

    Total approvals of all applications
    86.92%

    The Merchants National Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    73.61%

    The Merchants National Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 216 $43,400,000 $200,926

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    216 $43,400,000 $200,926

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 37 $3,275,000 $88,514 $936 7.44%
    40-60% 46 $9,540,000 $207,391 $2,094 7.18%
    60-80% 81 $20,765,000 $256,358 $2,040 7.17%
    80-100% 29 $8,505,000 $293,276 $2,173 6.88%
    Under 20% 23 $1,315,000 $57,174 $846 7.49%