Merchants Bank Of Indiana Mortgage Rates, Fees & Info

Carmel, IN

LEI: 549300WRDGBHKR1BXL98

Tax ID: 35-0352710

5 stars - Updated: 3/17/24 - out of 5 stars, based on 36 reviews

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

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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.

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) 6.50% 3/17/24
30 Year Conventional Purchase 6.55% 3/17/24
30 Year Conventional Refi 6.21% 3/17/24
30 Year Cash-out Refi 6.72% 3/17/24
30 Year FHA Purchase 7.13% 3/17/24
30 Year FHA Refi 6.88% 3/17/24
30 Year USDA Purchase 6.82% 3/17/24
15 Year Conventional Purchase 6.08% 3/17/24
15 Year Conventional Refi 5.83% 3/17/24
15 Year Cash-out Refi 5.83% 3/17/24
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 Of Indiana Mortgage Calculator






Your Estimates

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

This is not an official calculator from Merchants Bank Of Indiana. 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

1,306

Origination Dollar Volume (All Markets)

$4,622,930,000
Show all (32) awards

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, KY (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%
Merchants Bank Of Indiana's top markets include Indianapolis, New York, Miami, Dallas, and Cleveland among others.

Their top states include:
  • Indiana (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)
  • Ohio (FHA|USDA|VA)
  • New York (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,044 $4,326,100,000 $4,143,774 $3,753 4.63%
    HELOC 237 $290,355,000 $1,225,127 n/a 5.26%
    FHA 24 $6,280,000 $261,667 $9,300 5.18%
    USDA 1 $195,000 $195,000 $3,572 5.38%

    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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 787 $2,793,525,000 $3,549,587 $4,016 4.89%
    Cash Out Refi 322 $113,430,000 $352,267 $3,993 4.84%
    Refi 138 $1,422,440,000 $10,307,536 $3,245 4.03%
    Home Improvement 59 $293,535,000 $4,975,169 $0 4.19%

    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

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 791 $290,085,000 $366,732 $4,076 4.90%
    Other 269 $2,608,595,000 $9,697,379 $2,526 4.72%
    3 Year 109 $1,528,025,000 $14,018,578 $0 4.49%
    15 Year 87 $28,055,000 $322,471 $3,091 3.66%
    20 Year 19 $4,445,000 $233,947 $3,076 4.60%
    10 Year 15 $62,935,000 $4,195,667 $2,634 4.71%
    1 Year 10 $3,300,000 $330,000 $0 5.93%
    5 Year 6 $97,490,000 $16,248,333 $0 5.66%

    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

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 295 $83,465,000 $282,932
    $1k-2k 256 $85,200,000 $332,813
    $2k-3k 73 $21,765,000 $298,151
    $5k+ 42 $16,520,000 $393,333
    $3k-4k 33 $10,685,000 $323,788
    $4k-5k 22 $8,260,000 $375,455

    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

    Loan Rate Originations Total Value Average Loan
    3-4% 392 $1,777,670,000 $4,534,872
    5-6% 368 $992,810,000 $2,697,853
    4-5% 277 $946,675,000 $3,417,599
    6-7% 134 $548,730,000 $4,095,000
    2.5-3% 58 $176,740,000 $3,047,241
    7-8% 47 $137,755,000 $2,930,957
    <2.5% 24 $5,510,000 $229,583
    Over 8% 6 $37,040,000 $6,173,333

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 413 $119,375,000 $289,044 $3,927 4.79%
    $1MM+ 312 $4,319,070,000 $13,843,173 $3,586 4.62%
    $100k-200k 225 $33,425,000 $148,556 $3,221 4.73%
    $400k-600k 185 $88,355,000 $477,595 $4,751 4.76%
    $100,000 or less 91 $6,035,000 $66,319 $2,484 5.14%
    $600k-1MM 80 $56,670,000 $708,375 $5,152 4.68%

    2022 saw Merchants Bank Of Indiana place emphasis on $200k-400k loans with 413 originations, totaling $119,375,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 247 $80,275,000 $325,000 $4,408 4.82%
    $150k-250k 208 $83,360,000 $400,769 $4,241 4.97%
    $50k-75k 160 $33,550,000 $209,688 $3,501 4.69%
    $75k-100k 159 $41,615,000 $261,730 $3,982 4.72%
    $250k+ 124 $80,030,000 $645,403 $4,199 4.86%
    $50k or less 106 $14,270,000 $134,623 $3,029 4.72%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 212 $73,580,000 $347,075 $3,435 4.63%
    30-36% 178 $60,980,000 $342,584 $3,910 4.79%
    <20% 80 $26,540,000 $331,750 $2,993 4.66%
    41% 57 $19,805,000 $347,456 $4,628 4.97%
    39% 51 $18,705,000 $366,765 $3,838 5.04%
    37% 45 $12,195,000 $271,000 $3,931 4.96%
    43% 44 $13,340,000 $303,182 $4,218 4.88%
    42% 41 $13,545,000 $330,366 $3,577 4.57%
    49% 41 $13,735,000 $335,000 $5,042 4.90%
    36% 40 $12,870,000 $321,750 $3,994 4.96%
    40% 37 $11,985,000 $323,919 $3,734 5.29%
    44% 36 $11,280,000 $313,333 $3,400 5.23%
    38% 33 $10,715,000 $324,697 $2,952 4.72%
    46% 27 $7,705,000 $285,370 $3,859 4.86%
    45% 25 $6,995,000 $279,800 $4,295 4.23%
    47% 23 $7,085,000 $308,043 $4,187 4.54%
    48% 23 $7,365,000 $320,217 $5,100 4.97%
    50-60% 11 $3,405,000 $309,545 $10,340 5.45%
    >60% 1 $1,215,000 $1,215,000 $0 3.63%

    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

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 295 $4,286,645,000 $14,531,000 $0 4.56%
    White 784 $258,310,000 $329,477 $3,895 4.83%
    Not provided 98 $39,300,000 $401,020 $4,442 5.00%
    Asian 82 $27,120,000 $330,732 $4,167 4.56%
    Black 41 $10,155,000 $247,683 $3,548 4.44%
    Native Hawaiian or Islander 4 $1,040,000 $260,000 $2,633 5.19%
    American Indian 1 $245,000 $245,000 $0 5.29%
    Other Asian 1 $115,000 $115,000 $3,029 6.13%

    Approval Rates

    Total approvals of all applications
    97.19%

    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 origination
    88.90%

    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

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 91 $236,795,000 $2,602,143 $3,157 4.68%
    40-60% 165 $994,585,000 $6,027,788 $3,568 4.44%
    60-80% 498 $2,504,160,000 $5,028,434 $3,992 4.67%
    80-100% 431 $371,235,000 $861,334 $4,033 4.88%
    Over 100% 22 $288,290,000 $13,104,091 $0 5.67%
    Under 20% 99 $227,865,000 $2,301,667 $2,953 5.01%