Merchants & Marine Bank Mortgage Rates, Fees & Info

Pascagoula, MS

LEI: 549300ZMSSTP768USP32

Tax ID: 64-6016232

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Merchants & Marine Bank is a smaller bank specializing in Home Purchase and Refi loans. Merchants & Marine Bank has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Hattiesburg, Gulfport, Daphne, Mobile, and Montgomery among others. We have data for 11 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Merchants & Marine 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 & Marine Bank is typically an average 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
    30 Year Conventional Purchase 6.78% 4/28/24
    30 Year Conventional Refi 6.66% 4/28/24
    30 Year FHA Purchase 7.07% 4/28/24
    30 Year FHA Refi 6.63% 4/28/24
    30 Year VA Purchase 6.53% 4/28/24
    30 Year USDA Purchase 6.75% 4/28/24
    30 Year USDA Refi 6.27% 4/28/24
    15 Year Conventional Purchase 6.57% 4/28/24
    15 Year Conventional Refi 6.65% 4/28/24
    15 Year Cash-out Refi 6.65% 4/28/24
    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 & Marine Bank Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Merchants & Marine 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

    243

    Origination Dollar Volume (All Markets)

    $43,665,000

    Awards

    Merchants & Marine Bank FHA Loans bronze Merchants & Marine Bank 30 Year Conventional Loans silver
    Show all (2) awards

    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
    HATTIESBURG, MS (FHA|USDA|VA) 67 $16,805,000 $250,821 $5,278 4.93%
    GULFPORT-BILOXI, MS (FHA|USDA|VA) 74 $9,970,000 $134,730 $2,717 5.87%
    DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 40 $9,100,000 $227,500 $4,573 5.40%
    Outside of Metro Areas 28 $3,200,000 $114,286 $2,670 5.08%
    MOBILE, AL (FHA|USDA|VA) 19 $1,805,000 $95,000 $2,542 6.27%
    MONTGOMERY, AL (FHA|USDA|VA) 2 $750,000 $375,000 $8,108 6.36%
    JACKSON, MS (FHA|USDA|VA) 3 $605,000 $201,667 $3,294 4.71%
    Laurel, MS (FHA|USDA|VA) 6 $590,000 $98,333 $3,856 4.71%
    Meridian, MS (FHA|USDA|VA) 2 $400,000 $200,000 $6,989 5.75%
    KNOXVILLE, TN (FHA|USDA|VA) 1 $315,000 $315,000 $4,080 6.63%
    Picayune, MS (FHA|USDA|VA) 1 $125,000 $125,000 $0 5.75%
    Merchants & Marine Bank's top markets include Hattiesburg, Gulfport, Daphne, Mobile, and Montgomery among others.

    Their top states include:
  • Mississippi (FHA|USDA|VA)
  • Alabama (FHA|USDA|VA)
  • Tennessee (FHA|USDA|VA)

    • Similar Lenders

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

    Gulf Coast Community Federal Credit Union
    Similarity Rank: 42
    Pen Air Federal Credit Union
    Similarity Rank: 144
    The Citizens National Bank of Meridian
    Similarity Rank: 273
    Merchants & Marine Bank
    Similarity Rank: 275
    New Horizons Credit Union
    Similarity Rank: 315
    Hamilton Mortgage Corporation
    Similarity Rank: 580
    ALABAMA CREDIT UNION
    Similarity Rank: 589
    KEESLER
    Similarity Rank: 1722
    Stifel Bank and Trust
    Similarity Rank: 2060
    BankPlus
    Similarity Rank: 2100

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 215 $37,905,000 $176,302 $3,228 5.42%
    FHA 18 $3,550,000 $197,222 $7,387 5.47%
    USDA 7 $1,115,000 $159,286 $5,403 5.52%
    VA 3 $1,095,000 $365,000 $12,725 6.25%

    For 2022, Merchants & Marine Bank's most frequently originated type of loan was Conventional, with 215 originations. Their 2nd most popular type was FHA, with 18 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 130 $26,750,000 $205,769 $4,875 5.45%
    Refi 106 $16,610,000 $156,698 $2,986 5.32%
    Other 4 $180,000 $45,000 $672 7.10%
    Home Improvement 3 $125,000 $41,667 $832 6.74%

    For 2022, Merchants & Marine Bank's most frequently cited loan purpose was Home Purchase, with 130 originations. The 2nd most popular reason was Refi, with 106 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 100 $23,610,000 $236,100 $5,503 5.10%
    5 Year 77 $10,575,000 $137,338 $666 6.09%
    15 Year 27 $4,055,000 $150,185 $2,125 4.63%
    20 Year 11 $1,875,000 $170,455 $2,330 5.15%
    10 Year 9 $885,000 $98,333 $1,081 5.14%
    Other 8 $820,000 $102,500 $449 5.97%
    3 Year 6 $690,000 $115,000 $0 6.24%
    1 Year 5 $1,155,000 $231,000 $0 5.90%

    For 2022, Merchants & Marine Bank's most frequently cited loan duration was 30 Year, with 100 originations. The 2nd most popular length was 5 Year, with 77 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 76 $15,560,000 $204,737
    $<1k 42 $4,270,000 $101,667
    $2k-3k 22 $3,990,000 $181,364
    $5k+ 8 $2,920,000 $365,000
    $4k-5k 7 $2,425,000 $346,429
    $3k-4k 6 $1,340,000 $223,333

    Merchants & Marine Bank's average total fees were $5,503, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 76 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 85 $16,175,000 $190,294
    4-5% 58 $12,460,000 $214,828
    6-7% 48 $6,930,000 $144,375
    3-4% 28 $5,360,000 $191,429
    7-8% 13 $1,395,000 $107,308
    Over 8% 6 $460,000 $76,667
    2.5-3% 5 $885,000 $177,000

    During 2022, Merchants & Marine Bank's average interest rate for loans was 5.10%, while their most frequently originated rate bucket for loans was 5-6%, with 85 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 88 $12,750,000 $144,886 $4,048 5.36%
    $100,000 or less 73 $3,795,000 $51,986 $1,374 5.88%
    $200k-400k 64 $17,460,000 $272,813 $5,162 5.16%
    $400k-600k 14 $6,840,000 $488,571 $9,386 5.03%
    $600k-1MM 4 $2,820,000 $705,000 $4,784 4.94%

    2022 saw Merchants & Marine Bank place emphasis on $100k-200k loans with 88 originations, totaling $12,750,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 45 $6,845,000 $152,111 $3,939 5.48%
    $100k-150k 42 $8,340,000 $198,571 $3,996 5.46%
    $50k or less 42 $3,750,000 $89,286 $2,571 5.35%
    $75k-100k 33 $6,185,000 $187,424 $4,399 4.98%
    $150k-250k 16 $4,400,000 $275,000 $5,179 5.37%
    $250k+ 14 $5,650,000 $403,571 $6,414 5.03%

    Merchants & Marine Bank lent most frequently to those with incomes in the $50k-75k range, with 45 originations. The second most popular income band? $100k-150k, with 42 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 43 $6,225,000 $144,767 $3,528 5.09%
    30-36% 33 $7,155,000 $216,818 $4,140 4.86%
    <20% 15 $2,885,000 $192,333 $3,072 5.05%
    37% 9 $2,125,000 $236,111 $4,049 5.49%
    47% 8 $1,580,000 $197,500 $4,848 5.25%
    50-60% 7 $1,825,000 $260,714 $8,266 5.25%
    39% 7 $995,000 $142,143 $2,006 5.40%
    45% 6 $1,020,000 $170,000 $3,029 4.53%
    38% 6 $580,000 $96,667 $2,765 5.56%
    44% 5 $635,000 $127,000 $3,825 6.10%
    49% 5 $1,155,000 $231,000 $2,297 5.58%
    43% 4 $1,100,000 $275,000 $7,636 5.37%
    36% 4 $1,040,000 $260,000 $3,927 4.86%
    46% 4 $910,000 $227,500 $3,210 5.70%
    42% 3 $605,000 $201,667 $10,113 6.83%
    48% 3 $415,000 $138,333 $5,044 5.38%
    41% 2 $430,000 $215,000 $6,156 5.31%
    40% 2 $220,000 $110,000 $2,802 5.90%
    >60% 2 $40,000 $20,000 $89 5.47%

    Merchants & Marine Bank lent most frequently to those with DTI ratios of 20-30%, with 43 originations. The next most common DTI ratio? 30-36%, with 33 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 176 $33,450,000 $190,057 $4,106 5.36%
    Not applicable 48 $7,780,000 $162,083 $0 5.90%
    Not provided 6 $1,200,000 $200,000 $3,875 5.06%
    Black 10 $1,040,000 $104,000 $1,929 4.59%
    Asian 2 $180,000 $90,000 $0 6.05%
    Other Pacific Islander 1 $15,000 $15,000 $89 5.80%

    Approval Rates

    Total approvals of all applications
    91.89%

    Merchants & Marine Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    76.13%

    Merchants & Marine Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 243 $43,665,000 $179,691

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    243 $43,665,000 $179,691

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 35 $2,335,000 $66,714 $1,321 5.81%
    40-60% 31 $4,785,000 $154,355 $2,327 5.21%
    60-80% 87 $18,615,000 $213,966 $3,879 5.21%
    80-100% 77 $16,935,000 $219,935 $5,797 5.39%
    Over 100% 2 $470,000 $235,000 $9,363 5.50%
    Under 20% 11 $525,000 $47,727 $239 7.05%