The Merchants National Bank Mortgage Rates, Fees & Info
Hillsboro, OHLEI: 254900PJ63T7KFSHAV90
Tax ID: 31-0373340
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Mortgage Data
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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.91% | 4/21/24 |
| 30 Year Conventional Refi | 6.99% | 4/21/24 |
| 30 Year Cash-out Refi | 7.24% | 4/21/24 |
| 30 Year USDA Purchase | 7.62% | 4/21/24 |
| 15 Year Conventional Purchase | 6.49% | 4/21/24 |
| 15 Year Conventional Refi | 6.78% | 4/21/24 |
| 15 Year Cash-out Refi | 6.78% | 4/21/24 |
| 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
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This is not an official calculator from The Merchants National Bank. It uses our SimulatedRate™
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
367Origination Dollar Volume (All Markets)
$75,675,000Awards
The Merchants National Bank - 2022
The Merchants National Bank is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
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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% |
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.
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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
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
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
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
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
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
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
Approval Rates
Total approvals of all applications87.93%
The Merchants National Bank has an average approval rate.
Pick Rate
Approvals leading to origination77.38%
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 |