Merchants Bank Of Indiana Mortgage Rates, Fees & Info
Carmel, INLEI: 549300WRDGBHKR1BXL98
Tax ID: 35-0352710
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Mortgage Data
Review & Overview
Merchants Bank Of Indiana is a mid-sized bank specializing in Home Purchase and Refi loans. Merchants Bank Of Indiana 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: Indianapolis, New York, Miami, Dallas, and Cleveland among others. We have data for 172 markets. (Some data included below & more in-depth data is available with an active subscription.)Merchants Bank Of Indiana 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 Of Indiana 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.50% | 3/23/23 |
| 30 Year Conventional Purchase | 6.55% | 3/23/23 |
| 30 Year Conventional Refi | 6.21% | 3/23/23 |
| 30 Year Cash-out Refi | 6.72% | 3/23/23 |
| 30 Year FHA Purchase | 7.13% | 3/23/23 |
| 30 Year FHA Refi | 6.88% | 3/23/23 |
| 30 Year USDA Purchase | 6.82% | 3/23/23 |
| 15 Year Conventional Purchase | 6.08% | 3/23/23 |
| 15 Year Conventional Refi | 5.83% | 3/23/23 |
| 15 Year Cash-out Refi | 5.83% | 3/23/23 |
| 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. | ||
Originations
1,306Origination Dollar Volume (All Markets)
$4,622,930,000Awards
Merchants Bank of Indiana - 2022
Merchants Bank of Indiana 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 Of Indiana's average 30 year fixed mortgage rate was
4.9%.
The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.
This yields a difference of 0.14%.
Relative Fees (Closing Costs)
Merchants Bank Of Indiana's average total fees/closing costs for a 30 year fixed rate
mortgage were $4,076.
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 |
|---|---|---|---|---|---|
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 296 | $800,220,000 | $2,703,446 | $2,611 | 4.84% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 15 | $329,145,000 | $21,943,000 | $4,978 | 4.13% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 9 | $194,045,000 | $21,560,556 | $6,281 | 4.75% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 10 | $179,600,000 | $17,960,000 | $0 | 4.87% |
| CLEVELAND-ELYRIA, OH (FHA|USDA|VA) | 11 | $136,335,000 | $12,394,091 | $4,076 | 5.17% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 16 | $130,410,000 | $8,150,625 | $4,704 | 5.56% |
| KANSAS CITY, MO-KS (FHA|USDA|VA) | 7 | $106,885,000 | $15,269,286 | $0 | 4.25% |
| GREENVILLE-ANDERSON, SC (FHA|USDA|VA) | 2 | $106,590,000 | $53,295,000 | $0 | 4.53% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 41 | $99,415,000 | $2,424,756 | $5,206 | 4.83% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 6 | $93,700,000 | $15,616,667 | $0 | 4.45% |
| DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) | 3 | $83,385,000 | $27,795,000 | $0 | 4.66% |
| ST. LOUIS, MO-IL (FHA|USDA|VA) | 76 | $73,070,000 | $961,447 | $2,064 | 4.57% |
| GAINESVILLE, FL (FHA|USDA|VA) | 2 | $71,500,000 | $35,750,000 | $0 | 4.79% |
| COLUMBUS, OH (FHA|USDA|VA) | 41 | $68,415,000 | $1,668,659 | $2,896 | 4.57% |
| LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) | 3 | $65,675,000 | $21,891,667 | $0 | 5.00% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 16 | $65,400,000 | $4,087,500 | $0 | 5.21% |
| COLUMBIA, SC (FHA|USDA|VA) | 4 | $65,280,000 | $16,320,000 | $0 | 7.39% |
| MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) | 2 | $64,000,000 | $32,000,000 | $0 | 4.70% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 5 | $62,705,000 | $12,541,000 | $0 | 4.74% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 6 | $61,270,000 | $10,211,667 | $3,365 | 3.94% |
| MONTGOMERY, AL (FHA|USDA|VA) | 4 | $57,630,000 | $14,407,500 | $0 | 3.78% |
| JACKSON, MS (FHA|USDA|VA) | 8 | $56,060,000 | $7,007,500 | $0 | 4.37% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 2 | $53,360,000 | $26,680,000 | $0 | 5.46% |
| TOLEDO, OH (FHA|USDA|VA) | 1 | $51,405,000 | $51,405,000 | $0 | 6.09% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 144 | $50,560,000 | $351,111 | $3,620 | 4.34% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 6 | $50,120,000 | $8,353,333 | $5,915 | 4.80% |
| Glenwood Springs, CO (FHA|USDA|VA) | 3 | $47,355,000 | $15,785,000 | $0 | 4.42% |
| HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) | 2 | $44,120,000 | $22,060,000 | $0 | 4.81% |
| LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) | 4 | $43,780,000 | $10,945,000 | $0 | 4.57% |
| SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) | 5 | $43,485,000 | $8,697,000 | $0 | 4.97% |
| OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) | 5 | $42,045,000 | $8,409,000 | $0 | 3.61% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 12 | $40,900,000 | $3,408,333 | $3,673 | 5.08% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 4 | $40,500,000 | $10,125,000 | $0 | 5.61% |
| AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) | 4 | $37,740,000 | $9,435,000 | $0 | 4.36% |
| GULFPORT-BILOXI, MS (FHA|USDA|VA) | 4 | $37,700,000 | $9,425,000 | $0 | 3.88% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 80 | $34,030,000 | $425,375 | $6,956 | 4.92% |
| EVANSVILLE, IN-KY (FHA|USDA|VA) | 6 | $32,930,000 | $5,488,333 | $2,587 | 5.12% |
| BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) | 3 | $32,665,000 | $10,888,333 | $6,172 | 4.51% |
| SAGINAW, MI (FHA|USDA|VA) | 1 | $31,745,000 | $31,745,000 | $0 | 4.25% |
| TUSCALOOSA, AL (FHA|USDA|VA) | 2 | $31,200,000 | $15,600,000 | $0 | 3.63% |
| BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) | 1 | $29,605,000 | $29,605,000 | $0 | 4.00% |
| JACKSONVILLE, NC (FHA|USDA|VA) | 2 | $29,330,000 | $14,665,000 | $0 | 5.88% |
| CORPUS CHRISTI, TX (FHA|USDA|VA) | 2 | $27,150,000 | $13,575,000 | $0 | 3.66% |
| GADSDEN, AL (FHA|USDA|VA) | 2 | $26,980,000 | $13,490,000 | $0 | 4.42% |
| PITTSBURGH, PA (FHA|USDA|VA) | 1 | $26,275,000 | $26,275,000 | $0 | 9.23% |
| RACINE, WI (FHA|USDA|VA) | 2 | $25,250,000 | $12,625,000 | $0 | 3.03% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 2 | $23,610,000 | $11,805,000 | $0 | 4.38% |
| Tifton, GA (FHA|USDA|VA) | 1 | $23,045,000 | $23,045,000 | $0 | 3.63% |
| LUBBOCK, TX (FHA|USDA|VA) | 2 | $22,840,000 | $11,420,000 | $0 | 4.27% |
| COLUMBUS, IN (FHA|USDA|VA) | 2 | $20,400,000 | $10,200,000 | $0 | 4.58% |
| AMES, IA (FHA|USDA|VA) | 2 | $20,060,000 | $10,030,000 | $0 | 4.23% |
| FORT WAYNE, IN (FHA|USDA|VA) | 7 | $18,305,000 | $2,615,000 | $3,814 | 5.10% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 3 | $18,155,000 | $6,051,667 | $0 | 5.29% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 2 | $17,260,000 | $8,630,000 | $0 | 3.03% |
| DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) | 1 | $17,025,000 | $17,025,000 | $0 | 4.56% |
| HUNTSVILLE, AL (FHA|USDA|VA) | 1 | $16,805,000 | $16,805,000 | $0 | 4.93% |
| SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) | 1 | $16,805,000 | $16,805,000 | $0 | 3.53% |
| Steamboat Springs, CO (FHA|USDA|VA) | 2 | $16,320,000 | $8,160,000 | $0 | 3.50% |
| BLOOMINGTON, IN (FHA|USDA|VA) | 5 | $16,095,000 | $3,219,000 | $1,730 | 5.30% |
| PINE BLUFF, AR (FHA|USDA|VA) | 3 | $15,975,000 | $5,325,000 | $0 | 3.88% |
| Marion, IN (FHA|USDA|VA) | 2 | $15,840,000 | $7,920,000 | $0 | 5.56% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 7 | $15,155,000 | $2,165,000 | $8,611 | 4.01% |
| LOUISVILLE/JEFFERSON COUNTY, KY-IN (FHA|USDA|VA) | 4 | $14,530,000 | $3,632,500 | $0 | 5.46% |
| SIOUX FALLS, SD (FHA|USDA|VA) | 2 | $14,150,000 | $7,075,000 | $0 | 3.75% |
| BEAUMONT-PORT ARTHUR, TX (FHA|USDA|VA) | 1 | $13,725,000 | $13,725,000 | $0 | 4.93% |
| Warsaw, IN (FHA|USDA|VA) | 5 | $13,315,000 | $2,663,000 | $2,868 | 4.54% |
| Milledgeville, GA (FHA|USDA|VA) | 2 | $13,190,000 | $6,595,000 | $0 | 4.83% |
| KINGSTON, NY (FHA|USDA|VA) | 1 | $13,145,000 | $13,145,000 | $0 | 3.75% |
| DAYTON-KETTERING, OH (FHA|USDA|VA) | 27 | $12,685,000 | $469,815 | $3,895 | 5.02% |
| ERIE, PA (FHA|USDA|VA) | 2 | $12,500,000 | $6,250,000 | $0 | 6.01% |
| MONROE, LA (FHA|USDA|VA) | 13 | $12,365,000 | $951,154 | $5,599 | 5.13% |
| KILLEEN-TEMPLE, TX (FHA|USDA|VA) | 1 | $12,305,000 | $12,305,000 | $0 | 6.12% |
| GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) | 2 | $12,150,000 | $6,075,000 | $3,868 | 5.83% |
| BRUNSWICK, GA (FHA|USDA|VA) | 2 | $11,440,000 | $5,720,000 | $0 | 3.48% |
| BAKERSFIELD, CA (FHA|USDA|VA) | 1 | $11,275,000 | $11,275,000 | $0 | 3.63% |
| MOBILE, AL (FHA|USDA|VA) | 2 | $11,070,000 | $5,535,000 | $0 | 3.55% |
| Danville, VA (FHA|USDA|VA) | 2 | $11,070,000 | $5,535,000 | $0 | 3.66% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 2 | $10,790,000 | $5,395,000 | $0 | 5.83% |
| ANCHORAGE, AK (FHA|USDA|VA) | 2 | $10,780,000 | $5,390,000 | $0 | 6.29% |
| Greenwood, SC (FHA|USDA|VA) | 2 | $10,510,000 | $5,255,000 | $0 | 3.95% |
| CHARLESTON, WV (FHA|USDA|VA) | 1 | $10,455,000 | $10,455,000 | $0 | 6.43% |
| Outside of Metro Areas | 29 | $10,265,000 | $353,966 | $3,087 | 5.08% |
| ALBANY, GA (FHA|USDA|VA) | 2 | $10,220,000 | $5,110,000 | $0 | 4.41% |
| WILMINGTON, NC (FHA|USDA|VA) | 1 | $10,005,000 | $10,005,000 | $0 | 6.79% |
| AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) | 2 | $9,960,000 | $4,980,000 | $0 | 5.40% |
| ASHEVILLE, NC (FHA|USDA|VA) | 27 | $9,805,000 | $363,148 | $5,655 | 5.03% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 4 | $9,740,000 | $2,435,000 | $2,924 | 4.00% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 14 | $9,730,000 | $695,000 | $2,719 | 5.33% |
| GREEN BAY, WI (FHA|USDA|VA) | 1 | $9,305,000 | $9,305,000 | $0 | 3.53% |
| CANTON-MASSILLON, OH (FHA|USDA|VA) | 46 | $8,320,000 | $180,870 | $4,294 | 4.64% |
| FLINT, MI (FHA|USDA|VA) | 2 | $7,670,000 | $3,835,000 | $0 | 3.38% |
| Palestine, TX (FHA|USDA|VA) | 1 | $7,605,000 | $7,605,000 | $0 | 5.79% |
| AKRON, OH (FHA|USDA|VA) | 16 | $7,080,000 | $442,500 | $3,372 | 4.69% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 1 | $7,005,000 | $7,005,000 | $0 | 3.53% |
| Lumberton, NC (FHA|USDA|VA) | 1 | $5,905,000 | $5,905,000 | $0 | 6.74% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 3 | $5,885,000 | $1,961,667 | $4,502 | 4.39% |
| Thomasville, GA (FHA|USDA|VA) | 1 | $5,685,000 | $5,685,000 | $0 | 3.40% |
| EL PASO, TX (FHA|USDA|VA) | 1 | $5,355,000 | $5,355,000 | $0 | 3.25% |
| New Castle, IN (FHA|USDA|VA) | 2 | $4,230,000 | $2,115,000 | $0 | 3.63% |
| Seymour, IN (FHA|USDA|VA) | 1 | $4,165,000 | $4,165,000 | $0 | 4.50% |
| BECKLEY, WV (FHA|USDA|VA) | 1 | $3,915,000 | $3,915,000 | $0 | 5.50% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 2 | $3,470,000 | $1,735,000 | $0 | 5.04% |
| ALEXANDRIA, LA (FHA|USDA|VA) | 11 | $3,355,000 | $305,000 | $4,684 | 4.58% |
| NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) | 3 | $3,235,000 | $1,078,333 | $4,855 | 5.18% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 8 | $3,170,000 | $396,250 | $4,610 | 3.91% |
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 3 | $3,085,000 | $1,028,333 | $0 | 5.12% |
| Chillicothe, OH (FHA|USDA|VA) | 2 | $2,880,000 | $1,440,000 | $0 | 3.41% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 6 | $2,420,000 | $403,333 | $6,098 | 5.12% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 2 | $2,200,000 | $1,100,000 | $0 | 5.90% |
| MADISON, WI (FHA|USDA|VA) | 6 | $2,080,000 | $346,667 | $3,261 | 5.79% |
| COLORADO SPRINGS, CO (FHA|USDA|VA) | 4 | $2,000,000 | $500,000 | $2,310 | 4.22% |
| ROCHESTER, NY (FHA|USDA|VA) | 1 | $1,925,000 | $1,925,000 | $0 | 3.50% |
| SAVANNAH, GA (FHA|USDA|VA) | 1 | $1,755,000 | $1,755,000 | $0 | 6.27% |
| FLAGSTAFF, AZ (FHA|USDA|VA) | 1 | $1,575,000 | $1,575,000 | $0 | 4.38% |
| Richmond, IN (FHA|USDA|VA) | 13 | $1,445,000 | $111,154 | $2,805 | 5.44% |
| BOISE CITY, ID (FHA|USDA|VA) | 2 | $1,430,000 | $715,000 | $0 | 4.45% |
| Salem, OH (FHA|USDA|VA) | 8 | $1,340,000 | $167,500 | $3,383 | 4.11% |
| KAHULUI-WAILUKU-LAHAINA, HI (FHA|USDA|VA) | 1 | $1,315,000 | $1,315,000 | $0 | 4.00% |
| URBAN HONOLULU, HI (FHA|USDA|VA) | 1 | $1,305,000 | $1,305,000 | $0 | 5.29% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 4 | $1,240,000 | $310,000 | $6,202 | 5.28% |
| Heber, UT (FHA|USDA|VA) | 1 | $1,215,000 | $1,215,000 | $3,562 | 3.75% |
| Outside of Metro Areas | 1 | $1,085,000 | $1,085,000 | $0 | 5.89% |
| Huntington, IN (FHA|USDA|VA) | 1 | $1,005,000 | $1,005,000 | $0 | 3.75% |
| Edwards, CO (FHA|USDA|VA) | 1 | $965,000 | $965,000 | $0 | 3.49% |
| Durango, CO (FHA|USDA|VA) | 1 | $955,000 | $955,000 | $0 | 7.80% |
| NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) | 2 | $860,000 | $430,000 | $6,606 | 5.24% |
| KNOXVILLE, TN (FHA|USDA|VA) | 1 | $825,000 | $825,000 | $4,596 | 3.25% |
| LAKE CHARLES, LA (FHA|USDA|VA) | 3 | $755,000 | $251,667 | $9,578 | 4.96% |
| YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) | 5 | $735,000 | $147,000 | $3,570 | 4.80% |
| WEIRTON-STEUBENVILLE, WV-OH (FHA|USDA|VA) | 6 | $720,000 | $120,000 | $3,832 | 4.13% |
| LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) | 2 | $690,000 | $345,000 | $0 | 6.70% |
| SALT LAKE CITY, UT (FHA|USDA|VA) | 1 | $645,000 | $645,000 | $0 | 4.89% |
| SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) | 1 | $615,000 | $615,000 | $0 | 4.13% |
| FRESNO, CA (FHA|USDA|VA) | 1 | $605,000 | $605,000 | $0 | 6.73% |
| MUNCIE, IN (FHA|USDA|VA) | 2 | $590,000 | $295,000 | $1,905 | 4.50% |
| Truckee-Grass Valley, CA (FHA|USDA|VA) | 1 | $575,000 | $575,000 | $0 | 3.49% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $535,000 | $535,000 | $5,440 | 3.50% |
| STOCKTON, CA (FHA|USDA|VA) | 1 | $525,000 | $525,000 | $0 | 3.64% |
| PROVO-OREM, UT (FHA|USDA|VA) | 1 | $525,000 | $525,000 | $0 | 5.26% |
| Washington Court House, OH (FHA|USDA|VA) | 1 | $475,000 | $475,000 | $4,547 | 5.25% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $465,000 | $465,000 | $4,595 | 4.75% |
| NORWICH-NEW LONDON, CT (FHA|USDA|VA) | 2 | $430,000 | $215,000 | $1,747 | 3.75% |
| MANKATO, MN (FHA|USDA|VA) | 1 | $425,000 | $425,000 | $7,312 | 2.63% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $6,063 | 6.38% |
| NEW HAVEN-MILFORD, CT (FHA|USDA|VA) | 1 | $395,000 | $395,000 | $4,682 | 4.75% |
| FORT COLLINS, CO (FHA|USDA|VA) | 1 | $395,000 | $395,000 | $2,165 | 7.13% |
| MUSKEGON, MI (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $2,695 | 3.63% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 2 | $370,000 | $185,000 | $4,567 | 5.38% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 2 | $340,000 | $170,000 | $3,771 | 5.63% |
| TUCSON, AZ (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $4,449 | 5.63% |
| Effingham, IL (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $2,483 | 5.99% |
| Meadville, PA (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $5,811 | 5.88% |
| Brevard, NC (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $5,170 | 5.13% |
| Baraboo, WI (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $2,073 | 6.00% |
| Cullowhee, NC (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $3,999 | 5.50% |
| Auburn, IN (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $1,158 | 7.00% |
| Beaver Dam, WI (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $0 | 6.00% |
| Greenville, OH (FHA|USDA|VA) | 3 | $275,000 | $91,667 | $0 | 5.21% |
| WICHITA, KS (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $0 | 5.29% |
| Bedford, IN (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $0 | 4.00% |
| SPRINGFIELD, OH (FHA|USDA|VA) | 2 | $230,000 | $115,000 | $3,331 | 5.81% |
| Forest City, NC (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $0 | 5.88% |
| Zanesville, OH (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $5,382 | 3.25% |
| Bluffton, IN (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $1,841 | 6.63% |
| JANESVILLE-BELOIT, WI (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $1,111 | 4.00% |
| AUBURN-OPELIKA, AL (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $0 | 4.00% |
| LEXINGTON-FAYETTE, KY (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $6,497 | 5.13% |
| BOWLING GREEN, KY (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $4,020 | 2.88% |
| TERRE HAUTE, IN (FHA|USDA|VA) | 2 | $140,000 | $70,000 | $2,402 | 4.06% |
| COLUMBIA, MO (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 6.00% |
| Peru, IN (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $1,412 | 3.38% |
| Wilmington, OH (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $4,182 | 5.63% |
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We use machine learning to identify the top lenders compared against Merchants Bank of Indiana 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 Of Indiana's most frequently originated type of loan was Conventional, with 1,044 originations. Their 2nd most popular type was HELOC, with 237 originations.
Loan Reason
For 2022, Merchants Bank Of Indiana's most frequently cited loan purpose was Home Purchase, with 787 originations. The 2nd most popular reason was Cash Out Refi, with 322 originations.
Loan Duration/Length
For 2022, Merchants Bank Of Indiana's most frequently cited loan duration was 30 Year, with 791 originations. The 2nd most popular length was Other, with 269 originations.
Origination Fees/Closing Costs
Merchants Bank Of Indiana's average total fees were $4,076, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 295 originations.
Interest Rates
During 2022, Merchants Bank Of Indiana's average interest rate for loans was 4.90%, while their most frequently originated rate bucket for loans was 3-4%, with 392 originations.
Loan Sizing
2022 saw Merchants Bank Of Indiana place emphasis on $200k-400k loans with 413 originations, totaling $119,375,000 in origination value.
Applicant Income
Merchants Bank Of Indiana lent most frequently to those with incomes in the $100k-150k range, with 247 originations. The second most popular income band? $150k-250k, with 208 originations.
Applicant Debt to Income Ratio
Merchants Bank Of Indiana lent most frequently to those with DTI ratios of 20-30%, with 212 originations. The next most common DTI ratio? 30-36%, with 178 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.19%
Merchants Bank Of Indiana has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination88.90%
Merchants Bank Of Indiana has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 1,306 | $4,622,930,000 | $3,539,763 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| 1,306 | $4,622,930,000 | $3,539,763 |