Merchants Bank Mortgage Rates, Fees & Info

Winona, MN

LEI: 549300OZIFHR7THILC90

Tax ID: 41-0632402

5 stars - Updated: 5/26/24 - out of 5 stars, based on 38 reviews

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

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Mortgage Data

Review & Overview

Merchants Bank is a smaller bank specializing in Home Purchase loans. Merchants Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets by origination volume include: Minneapolis, Winona, Rochester, La Crosse, and Eau Claire among others. We have data for 51 markets. (Some data included below & more in-depth data is available with an active subscription.)

Merchants Bank has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Merchants 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) 4.26% 5/26/24
30 Year Conventional Purchase 6.41% 5/26/24
30 Year Conventional Refi 6.37% 5/26/24
30 Year Cash-out Refi 6.57% 5/26/24
30 Year FHA Purchase 7.29% 5/26/24
30 Year FHA Refi 6.27% 5/26/24
30 Year VA Purchase 5.87% 5/26/24
30 Year USDA Purchase 6.55% 5/26/24
15 Year Conventional Purchase 5.72% 5/26/24
15 Year Conventional Refi 5.86% 5/26/24
15 Year Cash-out Refi 5.86% 5/26/24
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.

Merchants Bank Mortgage Calculator






Your Estimates

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

This is not an official calculator from Merchants 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

1,456

Origination Dollar Volume (All Markets)

$397,570,000
Show all (10) awards

Relative Rate

Merchants Bank's average 30 year fixed mortgage rate was 5.31%.

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

This yields a difference of -1.17%.

Relative Fees (Closing Costs)

Merchants Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $4,148.

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
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 316 $158,730,000 $502,310 $3,528 5.45%
Winona, MN (FHA|USDA|VA) 364 $50,220,000 $137,967 $3,597 5.19%
ROCHESTER, MN (FHA|USDA|VA) 189 $32,875,000 $173,942 $3,963 5.23%
LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA) 158 $32,780,000 $207,468 $2,936 6.05%
Outside of Metro Areas 133 $28,155,000 $211,692 $3,982 5.96%
EAU CLAIRE, WI (FHA|USDA|VA) 24 $22,890,000 $953,750 $2,355 5.00%
Red Wing, MN (FHA|USDA|VA) 98 $15,700,000 $160,204 $3,800 5.42%
Faribault-Northfield, MN (FHA|USDA|VA) 49 $10,725,000 $218,878 $3,339 5.17%
Brainerd, MN (FHA|USDA|VA) 36 $10,590,000 $294,167 $4,719 6.88%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $4,905,000 $4,905,000 $0 6.50%
Baraboo, WI (FHA|USDA|VA) 3 $4,135,000 $1,378,333 $5,718 6.30%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 3 $3,195,000 $1,065,000 $19,939 6.82%
GREAT FALLS, MT (FHA|USDA|VA) 2 $2,170,000 $1,085,000 $4,300 6.89%
Fergus Falls, MN (FHA|USDA|VA) 7 $1,645,000 $235,000 $4,919 6.76%
Marshall, MN (FHA|USDA|VA) 9 $1,595,000 $177,222 $3,989 6.86%
WAUSAU-WESTON, WI (FHA|USDA|VA) 1 $1,215,000 $1,215,000 $0 6.00%
Alexandria, MN (FHA|USDA|VA) 4 $1,200,000 $300,000 $4,393 6.55%
Austin, MN (FHA|USDA|VA) 4 $1,170,000 $292,500 $2,909 6.61%
FARGO, ND-MN (FHA|USDA|VA) 3 $1,075,000 $358,333 $5,853 6.86%
Albert Lea, MN (FHA|USDA|VA) 6 $970,000 $161,667 $2,757 5.70%
DULUTH, MN-WI (FHA|USDA|VA) 5 $885,000 $177,000 $4,688 7.10%
ST. CLOUD, MN (FHA|USDA|VA) 3 $745,000 $248,333 $4,229 6.65%
MADISON, WI (FHA|USDA|VA) 3 $735,000 $245,000 $5,578 5.86%
Show Low, AZ (FHA|USDA|VA) 1 $725,000 $725,000 $3,153 6.65%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $715,000 $715,000 $7,062 6.15%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 2 $710,000 $355,000 $5,399 5.51%
Owatonna, MN (FHA|USDA|VA) 3 $685,000 $228,333 $4,465 6.32%
GRAND FORKS, ND-MN (FHA|USDA|VA) 2 $530,000 $265,000 $7,968 6.40%
MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 2 $520,000 $260,000 $3,393 5.96%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $445,000 $445,000 $11,691 6.53%
MANKATO, MN (FHA|USDA|VA) 3 $445,000 $148,333 $3,252 6.81%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $435,000 $435,000 $6,505 6.03%
BISMARCK, ND (FHA|USDA|VA) 1 $405,000 $405,000 $3,959 6.53%
RACINE, WI (FHA|USDA|VA) 1 $385,000 $385,000 $3,707 5.90%
Marquette, MI (FHA|USDA|VA) 1 $355,000 $355,000 $5,871 5.38%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $325,000 $325,000 $5,686 6.00%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $305,000 $305,000 $6,254 5.65%
Georgetown, SC (FHA|USDA|VA) 1 $275,000 $275,000 $0 5.99%
FAIRBANKS, AK (FHA|USDA|VA) 1 $255,000 $255,000 $4,847 6.28%
SIOUX FALLS, SD (FHA|USDA|VA) 1 $255,000 $255,000 $2,351 6.53%
Wisconsin Rapids-Marshfield, WI (FHA|USDA|VA) 1 $245,000 $245,000 $3,708 6.53%
LINCOLN, NE (FHA|USDA|VA) 1 $245,000 $245,000 $3,397 6.40%
BILLINGS, MT (FHA|USDA|VA) 1 $185,000 $185,000 $3,380 6.90%
New Ulm, MN (FHA|USDA|VA) 1 $185,000 $185,000 $2,770 7.40%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $165,000 $165,000 $4,381 5.65%
OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 1 $135,000 $135,000 $2,826 6.40%
Jamestown, ND (FHA|USDA|VA) 1 $115,000 $115,000 $3,608 7.15%
Clinton, IA (FHA|USDA|VA) 1 $75,000 $75,000 $0 7.40%
DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 1 $55,000 $55,000 $2,854 5.78%
Fairfield, IA (FHA|USDA|VA) 1 $55,000 $55,000 $0 3.90%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $35,000 $35,000 $0 4.99%
Merchants Bank's top markets include Minneapolis, Winona, Rochester, La Crosse, and Eau Claire among others.

Their top states include:
  • Minnesota (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • North Dakota (FHA|USDA|VA)
  • Montana (FHA|USDA|VA)
  • Similar Lenders

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

    North Shore Federal Credit Union
    Similarity Rank: 28
    South Metro Federal Credit Union
    Similarity Rank: 55
    Security Financial Bank
    Similarity Rank: 56
    CO-OP Credit Union
    Similarity Rank: 56
    Prevail Bank
    Similarity Rank: 96
    Dakota Community Bank & Trust
    Similarity Rank: 160
    National Bank of Commerce
    Similarity Rank: 192
    Northview Bank
    Similarity Rank: 195
    American Bank Center
    Similarity Rank: 210
    MY Credit Union
    Similarity Rank: 225

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 861 $339,535,000 $394,350 $3,673 6.47%
    HELOC 566 $50,070,000 $88,463 n/a 4.11%
    FHA 13 $3,095,000 $238,077 $8,619 6.26%
    VA 13 $4,225,000 $325,000 $6,156 6.32%
    USDA 3 $645,000 $215,000 $7,089 5.86%

    For 2023, Merchants Bank's most frequently originated type of loan was Conventional, with 861 originations. Their 2nd most popular type was HELOC, with 566 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 756 $305,680,000 $404,339 $4,212 6.25%
    Refi 279 $56,615,000 $202,921 $1,992 5.72%
    Other 210 $16,210,000 $77,190 $1,899 3.86%
    Home Improvement 160 $10,920,000 $68,250 $359 3.86%
    Cash Out Refi 51 $8,145,000 $159,706 $3,325 6.44%

    For 2023, Merchants Bank's most frequently cited loan purpose was Home Purchase, with 756 originations. The 2nd most popular reason was Refi, with 279 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,201 $231,905,000 $193,093 $4,148 5.31%
    5 Year 64 $27,950,000 $436,719 $354 6.82%
    10 Year 61 $71,125,000 $1,165,984 $1,050 6.52%
    20 Year 48 $10,170,000 $211,875 $1,031 6.78%
    15 Year 42 $8,460,000 $201,429 $3,485 6.02%
    Other 24 $42,450,000 $1,768,750 $618 7.15%
    1 Year 12 $4,410,000 $367,500 $0 7.30%
    3 Year 4 $1,100,000 $275,000 $0 7.63%

    For 2023, Merchants Bank's most frequently cited loan duration was 30 Year, with 1,201 originations. The 2nd most popular length was 5 Year, with 64 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 276 $77,190,000 $279,674
    $2k-3k 173 $38,195,000 $220,780
    $1k-2k 130 $21,590,000 $166,077
    $3k-4k 91 $31,385,000 $344,890
    $4k-5k 29 $11,205,000 $386,379
    $5k+ 28 $17,230,000 $615,357

    Merchants Bank's average total fees were $4,148, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 276 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 438 $122,450,000 $279,566
    2.5-3% 346 $30,810,000 $89,046
    7-8% 264 $61,010,000 $231,098
    5-6% 220 $126,230,000 $573,773
    4-5% 80 $47,090,000 $588,625
    3-4% 51 $3,125,000 $61,275
    Over 8% 46 $6,690,000 $145,435
    <2.5% 11 $165,000 $15,000

    During 2023, Merchants Bank's average interest rate for loans was 5.31%, while their most frequently originated rate bucket for loans was 6-7%, with 438 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 543 $25,715,000 $47,357 $1,281 4.64%
    $200k-400k 390 $109,060,000 $279,641 $4,389 6.29%
    $100k-200k 366 $53,100,000 $145,082 $3,367 5.76%
    $400k-600k 89 $42,505,000 $477,584 $5,094 6.32%
    $600k-1MM 37 $26,965,000 $728,784 $4,039 6.37%
    $1MM+ 31 $140,225,000 $4,523,387 $9,150 6.27%

    2023 saw Merchants Bank place emphasis on $100,000 or less loans with 543 originations, totaling $25,715,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 330 $60,130,000 $182,212 $4,026 5.55%
    $50k-75k 270 $34,980,000 $129,556 $3,409 5.54%
    $150k-250k 234 $54,570,000 $233,205 $3,997 5.48%
    $75k-100k 234 $33,600,000 $143,590 $3,755 5.21%
    $50k or less 136 $12,650,000 $93,015 $3,032 5.55%
    $250k+ 124 $54,580,000 $440,161 $5,098 5.61%

    Merchants Bank lent most frequently to those with incomes in the $100k-150k range, with 330 originations. The second most popular income band? $50k-75k, with 270 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 294 $44,960,000 $152,925 $3,304 5.35%
    30-36% 263 $49,765,000 $189,221 $3,894 5.38%
    <20% 111 $16,235,000 $146,261 $3,630 5.23%
    39% 61 $12,285,000 $201,393 $5,801 5.25%
    41% 60 $10,480,000 $174,667 $3,633 5.23%
    37% 57 $10,725,000 $188,158 $3,842 5.57%
    40% 56 $13,760,000 $245,714 $4,349 5.22%
    50-60% 49 $12,165,000 $248,265 $4,485 5.55%
    38% 49 $8,005,000 $163,367 $3,820 5.34%
    36% 48 $10,830,000 $225,625 $3,539 5.56%
    43% 40 $8,470,000 $211,750 $3,716 5.43%
    >60% 31 $6,625,000 $213,710 $824 4.40%
    42% 30 $5,440,000 $181,333 $3,797 5.64%
    45% 30 $7,060,000 $235,333 $4,472 5.87%
    44% 29 $7,575,000 $261,207 $5,179 6.50%
    49% 25 $6,825,000 $273,000 $4,140 6.68%
    46% 23 $5,085,000 $221,087 $3,897 6.12%
    47% 20 $5,110,000 $255,500 $4,031 6.79%
    48% 18 $5,130,000 $285,000 $4,150 6.29%

    Merchants Bank lent most frequently to those with DTI ratios of 20-30%, with 294 originations. The next most common DTI ratio? 30-36%, with 263 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,232 $229,840,000 $186,558 $3,782 5.43%
    Not applicable 103 $142,835,000 $1,386,748 $0 6.61%
    Not provided 98 $20,400,000 $208,163 $4,605 6.00%
    Asian 14 $2,640,000 $188,571 $3,323 4.88%
    American Indian 3 $1,035,000 $345,000 $4,659 5.57%
    Black 4 $390,000 $97,500 $4,516 4.42%
    Native Hawaiian 1 $265,000 $265,000 $4,719 6.28%
    Other Asian 1 $165,000 $165,000 $0 6.40%

    Approval Rates

    Total approvals of all applications
    95.96%

    Merchants Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    89.15%

    Merchants Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,456 $397,570,000 $273,056

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,456 $397,570,000 $273,056

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 217 $26,715,000 $123,111 $2,092 4.64%
    40-60% 141 $70,855,000 $502,518 $3,152 5.65%
    60-80% 295 $157,625,000 $534,322 $3,971 6.32%
    80-100% 407 $121,805,000 $299,275 $4,614 6.43%
    Over 100% 2 $2,700,000 $1,350,000 $10,620 6.70%
    Under 20% 394 $17,870,000 $45,355 $747 4.51%