The Merchants National Bank Mortgage Rates, Fees & Info

Hillsboro, OH

LEI: 254900PJ63T7KFSHAV90

Tax ID: 31-0373340

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • 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 and Cash Out Refi loans. The Merchants National Bank has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Columbus, Washington Court House, Cincinnati, Wilmington, and Toledo among others. We have data for 14 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.

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    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

    367

    Origination Dollar Volume (All Markets)

    $75,675,000
    Show all (6) awards

    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) 73 $17,375,000 $238,014 $1,775 5.21%
    Outside of Metro Areas 103 $14,155,000 $137,427 $1,331 5.15%
    Washington Court House, OH (FHA|USDA|VA) 64 $11,070,000 $172,969 $1,245 4.98%
    CINCINNATI, OH-KY-IN (FHA|USDA|VA) 43 $8,745,000 $203,372 $1,860 5.02%
    Wilmington, OH (FHA|USDA|VA) 34 $8,700,000 $255,882 $1,872 5.25%
    TOLEDO, OH (FHA|USDA|VA) 1 $5,255,000 $5,255,000 $0 5.00%
    DAYTON-KETTERING, OH (FHA|USDA|VA) 13 $3,625,000 $278,846 $2,271 4.58%
    SPRINGFIELD, OH (FHA|USDA|VA) 13 $2,005,000 $154,231 $1,317 5.31%
    Chillicothe, OH (FHA|USDA|VA) 11 $1,865,000 $169,545 $1,461 5.42%
    Athens, OH (FHA|USDA|VA) 8 $1,700,000 $212,500 $777 4.95%
    Cambridge, OH (FHA|USDA|VA) 1 $405,000 $405,000 $2,833 3.50%
    Sidney, OH (FHA|USDA|VA) 1 $295,000 $295,000 $3,113 6.75%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $275,000 $275,000 $2,812 3.50%
    LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 1 $205,000 $205,000 $2,758 5.75%
    The Merchants National Bank's top markets include Columbus, Washington Court House, Cincinnati, Wilmington, and Toledo among others.

    Their top states include:
  • Ohio (FHA|USDA|VA)
  • West Virginia (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Nevada (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.

    HOMELAND CREDIT UNION, INC.
    Similarity Rank: 49
    Sharefax Credit Union
    Similarity Rank: 170
    CINFED Federal Credit Union
    Similarity Rank: 210
    First Federal Savings and Loan Association
    Similarity Rank: 366
    The Community Bank
    Similarity Rank: 406
    Greenville Federal
    Similarity Rank: 420
    The North Side Bank & Trust Company
    Similarity Rank: 450
    Firefighters & Company FCU
    Similarity Rank: 480
    Eagle Savings Bank
    Similarity Rank: 546
    The Friendship State Bank
    Similarity Rank: 623

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 366 $75,550,000 $206,421 $1,544 5.11%
    USDA 1 $125,000 $125,000 $3,929 6.38%

    For 2022, The Merchants National Bank's most frequently originated type of loan was Conventional, with 366 originations. Their 2nd most popular type was USDA, with 1 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 206 $46,840,000 $227,379 $2,075 5.20%
    Cash Out Refi 74 $19,640,000 $265,405 $1,117 4.94%
    Refi 39 $4,295,000 $110,128 $887 4.64%
    Other 26 $2,850,000 $109,615 $950 5.28%
    Home Improvement 22 $2,050,000 $93,182 $800 5.50%

    For 2022, The Merchants National Bank's most frequently cited loan purpose was Home Purchase, with 206 originations. The 2nd most popular reason was Cash Out Refi, with 74 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 187 $43,765,000 $234,037 $1,927 5.19%
    15 Year 71 $8,075,000 $113,732 $937 4.86%
    20 Year 65 $16,595,000 $255,308 $1,015 5.12%
    10 Year 25 $1,555,000 $62,200 $764 5.20%
    Other 15 $4,925,000 $328,333 $1,313 5.07%
    1 Year 2 $500,000 $250,000 $1,856 4.13%
    3 Year 1 $155,000 $155,000 $0 5.95%
    5 Year 1 $105,000 $105,000 $795 7.13%

    For 2022, The Merchants National Bank's most frequently cited loan duration was 30 Year, with 187 originations. The 2nd most popular length was 15 Year, with 71 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 256 $39,090,000 $152,695
    $1k-2k 40 $15,420,000 $385,500

    The Merchants National Bank's average total fees were $1,927, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 256 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 96 $22,340,000 $232,708
    5-6% 94 $20,160,000 $214,468
    3-4% 77 $18,755,000 $243,571
    6-7% 71 $10,025,000 $141,197
    7-8% 16 $1,980,000 $123,750
    2.5-3% 12 $2,400,000 $200,000
    Over 8% 1 $15,000 $15,000

    During 2022, The Merchants National Bank's average interest rate for loans was 5.19%, while their most frequently originated rate bucket for loans was 4-5%, with 96 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 128 $7,710,000 $60,234 $997 5.34%
    $100k-200k 114 $16,330,000 $143,246 $1,406 5.18%
    $200k-400k 90 $25,010,000 $277,889 $1,975 4.89%
    $400k-600k 19 $9,025,000 $475,000 $2,712 4.71%
    $600k-1MM 12 $8,940,000 $745,000 $3,955 4.58%
    $1MM+ 4 $8,660,000 $2,165,000 $3,465 4.36%

    2022 saw The Merchants National Bank place emphasis on $100,000 or less loans with 128 originations, totaling $7,710,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 72 $16,210,000 $225,139 $1,787 5.03%
    $50k-75k 68 $8,240,000 $121,176 $1,379 5.20%
    $50k or less 63 $5,255,000 $83,413 $1,168 5.12%
    $150k-250k 52 $12,850,000 $247,115 $1,836 4.97%
    $75k-100k 50 $9,530,000 $190,600 $1,590 5.41%
    $250k+ 18 $8,070,000 $448,333 $2,315 4.42%

    The Merchants National Bank lent most frequently to those with incomes in the $100k-150k range, with 72 originations. The second most popular income band? $50k-75k, with 68 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 85 $14,035,000 $165,118 $1,432 5.09%
    30-36% 80 $15,980,000 $199,750 $1,604 5.02%
    <20% 33 $4,195,000 $127,121 $1,476 4.87%
    36% 22 $4,080,000 $185,455 $1,327 4.88%
    38% 18 $3,750,000 $208,333 $1,783 5.39%
    39% 17 $3,615,000 $212,647 $1,799 5.52%
    37% 14 $2,620,000 $187,143 $1,674 5.48%
    40% 12 $2,290,000 $190,833 $1,617 4.70%
    50-60% 12 $2,110,000 $175,833 $1,732 5.09%
    43% 7 $1,835,000 $262,143 $1,625 4.80%
    41% 6 $1,000,000 $166,667 $1,641 5.58%
    42% 6 $1,630,000 $271,667 $2,184 5.18%
    >60% 5 $905,000 $181,000 $1,289 5.61%
    44% 4 $480,000 $120,000 $1,761 4.97%
    46% 1 $415,000 $415,000 $2,867 5.75%
    47% 1 $1,265,000 $1,265,000 $0 3.75%
    49% 1 $15,000 $15,000 $500 7.00%

    The Merchants National Bank lent most frequently to those with DTI ratios of 20-30%, with 85 originations. The next most common DTI ratio? 30-36%, with 80 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 317 $58,285,000 $183,864 $1,528 5.07%
    Not applicable 32 $12,800,000 $400,000 $0 5.40%
    Not provided 10 $3,150,000 $315,000 $2,115 5.24%
    Asian 2 $1,000,000 $500,000 $4,137 6.44%
    Black 5 $365,000 $73,000 $1,468 4.85%
    Native Hawaiian or Islander 1 $75,000 $75,000 $750 5.50%

    Approval Rates

    Total approvals of all applications
    87.93%

    The Merchants National Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    77.38%

    The Merchants National Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 367 $75,675,000 $206,199

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    367 $75,675,000 $206,199

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 57 $6,565,000 $115,175 $984 4.75%
    40-60% 72 $14,620,000 $203,056 $1,345 5.01%
    60-80% 144 $41,840,000 $290,556 $1,933 5.11%
    80-100% 63 $11,185,000 $177,540 $2,007 5.16%
    Under 20% 31 $1,465,000 $47,258 $861 5.92%