Merchants Bank Mortgage Rates, Fees & Info
Winona, MNLEI: 549300OZIFHR7THILC90
Tax ID: 41-0632402
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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, La Crosse, Rochester, and Red Wing among others. We have data for 58 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 about average 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 |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 4.26% | 12/4/23 |
| 30 Year Conventional Purchase | 6.41% | 12/4/23 |
| 30 Year Conventional Refi | 6.37% | 12/4/23 |
| 30 Year Cash-out Refi | 6.57% | 12/4/23 |
| 30 Year FHA Purchase | 7.29% | 12/4/23 |
| 30 Year FHA Refi | 6.27% | 12/4/23 |
| 30 Year VA Purchase | 5.87% | 12/4/23 |
| 30 Year USDA Purchase | 6.55% | 12/4/23 |
| 15 Year Conventional Purchase | 5.72% | 12/4/23 |
| 15 Year Conventional Refi | 5.86% | 12/4/23 |
| 15 Year Cash-out Refi | 5.86% | 12/4/23 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
2,248Origination Dollar Volume (All Markets)
$659,570,000Awards
Merchants Bank - 2022
Merchants Bank is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
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Relative Rate
Merchants Bank's average 30 year fixed mortgage rate was
4.06%.
The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.
This yields a difference of -0.7%.
Relative Fees (Closing Costs)
Merchants Bank's average total fees/closing costs for a 30 year fixed rate
mortgage were $3,965.
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 $4,750.
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) | 521 | $232,215,000 | $445,710 | $3,879 | 3.92% |
| Winona, MN (FHA|USDA|VA) | 487 | $69,905,000 | $143,542 | $3,601 | 3.92% |
| Outside of Metro Areas | 263 | $55,545,000 | $211,198 | $3,747 | 4.20% |
| LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA) | 237 | $52,815,000 | $222,848 | $2,297 | 4.04% |
| ROCHESTER, MN (FHA|USDA|VA) | 249 | $47,155,000 | $189,378 | $4,255 | 4.05% |
| Red Wing, MN (FHA|USDA|VA) | 153 | $44,085,000 | $288,137 | $3,232 | 4.05% |
| EAU CLAIRE, WI (FHA|USDA|VA) | 51 | $29,715,000 | $582,647 | $2,402 | 3.64% |
| Faribault-Northfield, MN (FHA|USDA|VA) | 56 | $28,650,000 | $511,607 | $3,616 | 3.65% |
| MADISON, WI (FHA|USDA|VA) | 2 | $24,230,000 | $12,115,000 | $0 | 5.13% |
| MANKATO, MN (FHA|USDA|VA) | 20 | $15,040,000 | $752,000 | $4,371 | 4.63% |
| Fergus Falls, MN (FHA|USDA|VA) | 34 | $10,800,000 | $317,647 | $4,545 | 4.34% |
| Brainerd, MN (FHA|USDA|VA) | 36 | $8,440,000 | $234,444 | $3,721 | 4.27% |
| DULUTH, MN-WI (FHA|USDA|VA) | 16 | $5,350,000 | $334,375 | $3,906 | 4.17% |
| Bozeman, MT (FHA|USDA|VA) | 1 | $3,355,000 | $3,355,000 | $0 | 4.50% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 6 | $2,760,000 | $460,000 | $9,759 | 3.58% |
| Alexandria, MN (FHA|USDA|VA) | 8 | $2,250,000 | $281,250 | $4,175 | 4.18% |
| Dickinson, ND (FHA|USDA|VA) | 2 | $2,180,000 | $1,090,000 | $13,358 | 4.89% |
| GRAND FORKS, ND-MN (FHA|USDA|VA) | 9 | $2,025,000 | $225,000 | $4,294 | 4.75% |
| FARGO, ND-MN (FHA|USDA|VA) | 7 | $1,945,000 | $277,857 | $5,401 | 4.04% |
| ST. CLOUD, MN (FHA|USDA|VA) | 6 | $1,820,000 | $303,333 | $2,584 | 4.05% |
| Marshall, MN (FHA|USDA|VA) | 11 | $1,565,000 | $142,273 | $3,603 | 5.14% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 3 | $1,535,000 | $511,667 | $7,427 | 4.28% |
| Austin, MN (FHA|USDA|VA) | 6 | $1,450,000 | $241,667 | $4,306 | 4.71% |
| Owatonna, MN (FHA|USDA|VA) | 7 | $1,395,000 | $199,286 | $4,383 | 3.86% |
| LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) | 3 | $1,145,000 | $381,667 | $6,331 | 4.52% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $875,000 | $875,000 | $0 | 3.25% |
| SAVANNAH, GA (FHA|USDA|VA) | 1 | $805,000 | $805,000 | $12,623 | 3.90% |
| LINCOLN, NE (FHA|USDA|VA) | 3 | $695,000 | $231,667 | $2,314 | 4.90% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 2 | $670,000 | $335,000 | $3,608 | 4.88% |
| Wahpeton, ND-MN (FHA|USDA|VA) | 1 | $645,000 | $645,000 | $10,380 | 4.90% |
| Willmar, MN (FHA|USDA|VA) | 3 | $605,000 | $201,667 | $4,415 | 4.36% |
| Grand Rapids, MN (FHA|USDA|VA) | 3 | $585,000 | $195,000 | $3,100 | 3.36% |
| Albert Lea, MN (FHA|USDA|VA) | 3 | $535,000 | $178,333 | $4,982 | 3.48% |
| BISMARCK, ND (FHA|USDA|VA) | 3 | $515,000 | $171,667 | $3,215 | 4.23% |
| PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) | 1 | $475,000 | $475,000 | $7,213 | 5.63% |
| Hutchinson, MN (FHA|USDA|VA) | 2 | $450,000 | $225,000 | $2,147 | 3.90% |
| Mason City, IA (FHA|USDA|VA) | 3 | $425,000 | $141,667 | $3,525 | 4.90% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $5,414 | 6.40% |
| OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) | 2 | $370,000 | $185,000 | $2,765 | 4.09% |
| JANESVILLE-BELOIT, WI (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $2,925 | 6.15% |
| MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) | 2 | $320,000 | $160,000 | $2,370 | 4.53% |
| CEDAR RAPIDS, IA (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $5,225 | 5.53% |
| RACINE, WI (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $0 | 2.90% |
| Beaver Dam, WI (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $2,328 | 5.90% |
| DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $5,019 | 6.28% |
| PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $0 | 4.50% |
| New Ulm, MN (FHA|USDA|VA) | 3 | $265,000 | $88,333 | $3,029 | 4.13% |
| DUBUQUE, IA (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $0 | 4.25% |
| DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) | 2 | $250,000 | $125,000 | $2,596 | 4.71% |
| Ottumwa, IA (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $1,628 | 4.90% |
| Alamogordo, NM (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $3,890 | 3.90% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $2,813 | 5.78% |
| Bemidji, MN (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $0 | 4.65% |
| Worthington, MN (FHA|USDA|VA) | 2 | $140,000 | $70,000 | $1,955 | 3.59% |
| Fairmont, MN (FHA|USDA|VA) | 2 | $110,000 | $55,000 | $2,772 | 3.90% |
| Fort Madison-Keokuk, IA-IL-MO (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $1,986 | 5.53% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 4.00% |
| FOND DU LAC, WI (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $1,996 | 2.78% |
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.
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Product Mix
For 2022, Merchants Bank's most frequently originated type of loan was Conventional, with 1,492 originations. Their 2nd most popular type was HELOC, with 725 originations.
Loan Reason
For 2022, Merchants Bank's most frequently cited loan purpose was Home Purchase, with 1,003 originations. The 2nd most popular reason was Refi, with 516 originations.
Loan Duration/Length
For 2022, Merchants Bank's most frequently cited loan duration was 30 Year, with 1,673 originations. The 2nd most popular length was 15 Year, with 240 originations.
Origination Fees/Closing Costs
Merchants Bank's average total fees were $3,965, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 428 originations.
Interest Rates
During 2022, Merchants Bank's average interest rate for loans was 4.06%, while their most frequently originated rate bucket for loans was 2.5-3%, with 649 originations.
Loan Sizing
2022 saw Merchants Bank place emphasis on $100,000 or less loans with 712 originations, totaling $34,820,000 in origination value.
Applicant Income
Merchants Bank lent most frequently to those with incomes in the $100k-150k range, with 511 originations. The second most popular income band? $50k-75k, with 463 originations.
Applicant Debt to Income Ratio
Merchants Bank lent most frequently to those with DTI ratios of 20-30%, with 523 originations. The next most common DTI ratio? 30-36%, with 411 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.89%
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 origination87.63%
Merchants Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 2,248 | $659,570,000 | $293,403 |