First Merchants Bank Mortgage Rates, Fees & Info

Muncie, IN

LEI: S0Q3AHZRL5K6VQE35M07

Tax ID: 35-0508403

5 stars - Updated: 5/26/24 - out of 5 stars, based on 76 reviews

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

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Mortgage Data

Review & Overview

First Merchants Bank is a small bank specializing in Home Purchase loans. First 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: Detroit, Indianapolis, Chicago, Columbus, and Ann Arbor among others. We have data for 130 markets. (Some data included below & more in-depth data is available with an active subscription.)

First Merchants Bank has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. First 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) 6.27% 5/26/24
30 Year Conventional Purchase 6.27% 5/26/24
30 Year Conventional Refi 6.47% 5/26/24
30 Year Cash-out Refi 6.65% 5/26/24
30 Year FHA Purchase 7.47% 5/26/24
30 Year FHA Refi 7.19% 5/26/24
30 Year VA Purchase 6.38% 5/26/24
30 Year USDA Purchase 6.59% 5/26/24
15 Year Conventional Purchase 5.90% 5/26/24
15 Year Conventional Refi 6.53% 5/26/24
15 Year Cash-out Refi 6.53% 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.

First Merchants Bank Mortgage Calculator






Your Estimates

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

This is not an official calculator from First 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

5,739

Origination Dollar Volume (All Markets)

$1,244,965,000
Show all (15) awards

Relative Rate

First Merchants Bank's average 30 year fixed mortgage rate was 7.07%.

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

This yields a difference of 0.59%.

Relative Fees (Closing Costs)

First Merchants Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $3,961.

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
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 1,122 $325,250,000 $289,884 $3,756 6.10%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 1,166 $216,110,000 $185,343 $2,690 6.49%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 456 $132,140,000 $289,781 $3,738 6.84%
COLUMBUS, OH (FHA|USDA|VA) 293 $85,645,000 $292,304 $3,984 6.05%
ANN ARBOR, MI (FHA|USDA|VA) 201 $67,765,000 $337,139 $4,177 6.44%
LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 401 $65,435,000 $163,180 $2,785 6.99%
FORT WAYNE, IN (FHA|USDA|VA) 373 $52,205,000 $139,960 $2,308 5.66%
Outside of Metro Areas 299 $41,335,000 $138,244 $2,882 7.09%
MUNCIE, IN (FHA|USDA|VA) 323 $33,205,000 $102,802 $2,113 6.94%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 4 $20,230,000 $5,057,500 $6,659 6.72%
MONROE, MI (FHA|USDA|VA) 187 $18,815,000 $100,615 $3,162 7.42%
New Castle, IN (FHA|USDA|VA) 141 $15,985,000 $113,369 $2,690 7.55%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 41 $10,845,000 $264,512 $4,063 6.49%
Charleston-Mattoon, IL (FHA|USDA|VA) 1 $7,495,000 $7,495,000 $0 8.08%
Bluffton, IN (FHA|USDA|VA) 58 $6,930,000 $119,483 $2,853 7.31%
TOLEDO, OH (FHA|USDA|VA) 36 $6,670,000 $185,278 $4,878 7.34%
Decatur, IN (FHA|USDA|VA) 47 $6,035,000 $128,404 $2,966 7.13%
FLINT, MI (FHA|USDA|VA) 27 $5,685,000 $210,556 $4,222 6.86%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 9 $5,545,000 $616,111 $4,455 6.37%
Huntington, IN (FHA|USDA|VA) 41 $5,075,000 $123,780 $2,547 6.50%
Frankfort, IN (FHA|USDA|VA) 54 $4,950,000 $91,667 $1,402 6.36%
Crawfordsville, IN (FHA|USDA|VA) 48 $4,930,000 $102,708 $1,916 7.27%
Wabash, IN (FHA|USDA|VA) 48 $4,510,000 $93,958 $2,341 7.02%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 8 $4,100,000 $512,500 $5,752 7.22%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 24 $3,980,000 $165,833 $3,130 7.54%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 15 $3,865,000 $257,667 $5,176 7.08%
Plymouth, IN (FHA|USDA|VA) 16 $3,840,000 $240,000 $3,906 7.50%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 4 $3,770,000 $942,500 $8,096 5.97%
Jackson, WY-ID (FHA|USDA|VA) 1 $3,005,000 $3,005,000 $6,957 7.50%
Ludington, MI (FHA|USDA|VA) 1 $2,885,000 $2,885,000 $10,144 7.63%
Warsaw, IN (FHA|USDA|VA) 11 $2,735,000 $248,636 $7,030 7.22%
JACKSON, MI (FHA|USDA|VA) 16 $2,630,000 $164,375 $3,657 7.03%
MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 6 $2,230,000 $371,667 $3,326 7.38%
SUMTER, SC (FHA|USDA|VA) 1 $2,205,000 $2,205,000 $0 8.25%
Adrian, MI (FHA|USDA|VA) 12 $2,190,000 $182,500 $4,867 7.23%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 4 $2,170,000 $542,500 $6,755 6.16%
Traverse City, MI (FHA|USDA|VA) 6 $2,100,000 $350,000 $4,400 6.81%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 3 $2,065,000 $688,333 $7,107 5.67%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 2 $2,010,000 $1,005,000 $8,123 5.63%
Wooster, OH (FHA|USDA|VA) 2 $1,830,000 $915,000 $12,068 6.06%
KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 3 $1,725,000 $575,000 $6,494 7.13%
Angola, IN (FHA|USDA|VA) 6 $1,710,000 $285,000 $2,844 7.64%
Peru, IN (FHA|USDA|VA) 21 $1,705,000 $81,190 $2,189 7.27%
LOUISVILLE, KY (FHA|USDA|VA) 3 $1,565,000 $521,667 $4,802 7.25%
Connersville, IN (FHA|USDA|VA) 19 $1,545,000 $81,316 $3,638 7.01%
SAGINAW, MI (FHA|USDA|VA) 6 $1,500,000 $250,000 $4,579 7.35%
JACKSONVILLE, FL (FHA|USDA|VA) 3 $1,485,000 $495,000 $4,635 6.50%
SPRINGFIELD, OH (FHA|USDA|VA) 1 $1,425,000 $1,425,000 $13,689 7.13%
Auburn, IN (FHA|USDA|VA) 8 $1,420,000 $177,500 $4,172 7.05%
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 1 $1,395,000 $1,395,000 $0 5.49%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 4 $1,350,000 $337,500 $4,239 6.94%
KOKOMO, IN (FHA|USDA|VA) 12 $1,310,000 $109,167 $2,873 7.19%
MUSKEGON, MI (FHA|USDA|VA) 5 $1,295,000 $259,000 $6,109 7.68%
Richmond, IN (FHA|USDA|VA) 15 $1,285,000 $85,667 $1,946 7.00%
DAYTON-KETTERING, OH (FHA|USDA|VA) 3 $1,255,000 $418,333 $3,672 6.16%
AKRON, OH (FHA|USDA|VA) 2 $1,220,000 $610,000 $4,034 6.46%
Marion, IN (FHA|USDA|VA) 6 $1,210,000 $201,667 $2,454 7.35%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 4 $1,040,000 $260,000 $6,453 6.66%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 3 $1,005,000 $335,000 $5,908 7.21%
Kendallville, IN (FHA|USDA|VA) 4 $980,000 $245,000 $3,359 7.94%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 2 $950,000 $475,000 $3,035 6.31%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 4 $920,000 $230,000 $4,310 7.72%
Sebastian-Vero Beach, FL (FHA|USDA|VA) 1 $905,000 $905,000 $0 7.88%
Pinehurst-Southern Pines, NC (FHA|USDA|VA) 1 $895,000 $895,000 $4,073 6.00%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 1 $805,000 $805,000 $5,904 5.38%
Mount Vernon, OH (FHA|USDA|VA) 3 $805,000 $268,333 $3,519 6.79%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 2 $790,000 $395,000 $5,091 6.06%
Holland, MI (FHA|USDA|VA) 3 $755,000 $251,667 $3,401 7.42%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $745,000 $745,000 $7,514 5.38%
Marquette, MI (FHA|USDA|VA) 2 $700,000 $350,000 $4,545 7.13%
Logansport, IN (FHA|USDA|VA) 5 $695,000 $139,000 $3,932 6.77%
Cadillac, MI (FHA|USDA|VA) 2 $680,000 $340,000 $3,545 6.44%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 2 $650,000 $325,000 $2,995 7.50%
BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) 1 $605,000 $605,000 $4,492 6.38%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 2 $600,000 $300,000 $5,587 6.63%
KANKAKEE, IL (FHA|USDA|VA) 2 $550,000 $275,000 $5,395 7.88%
BAY CITY, MI (FHA|USDA|VA) 1 $545,000 $545,000 $6,031 7.88%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 3 $545,000 $181,667 $4,063 6.92%
Breckenridge, CO (FHA|USDA|VA) 1 $505,000 $505,000 $8,565 5.88%
CHARLOTTESVILLE, VA (FHA|USDA|VA) 1 $505,000 $505,000 $3,272 6.75%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $505,000 $505,000 $3,348 6.63%
LEXINGTON-FAYETTE, KY (FHA|USDA|VA) 2 $500,000 $250,000 $3,408 6.75%
OCALA, FL (FHA|USDA|VA) 1 $495,000 $495,000 $5,321 6.25%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 2 $480,000 $240,000 $5,534 6.81%
RALEIGH-CARY, NC (FHA|USDA|VA) 1 $475,000 $475,000 $5,260 6.50%
Morehead City, NC (FHA|USDA|VA) 1 $445,000 $445,000 $7,964 7.25%
TERRE HAUTE, IN (FHA|USDA|VA) 2 $430,000 $215,000 $4,073 9.25%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 1 $425,000 $425,000 $7,996 5.88%
Big Rapids, MI (FHA|USDA|VA) 2 $400,000 $200,000 $4,340 5.56%
Marion, OH (FHA|USDA|VA) 1 $395,000 $395,000 $6,547 5.63%
BLOOMINGTON, IN (FHA|USDA|VA) 2 $380,000 $190,000 $2,782 9.19%
ELKHART-GOSHEN, IN (FHA|USDA|VA) 2 $370,000 $185,000 $2,480 7.63%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1 $355,000 $355,000 $3,754 7.25%
PEORIA, IL (FHA|USDA|VA) 1 $345,000 $345,000 $2,650 5.88%
Defiance, OH (FHA|USDA|VA) 1 $345,000 $345,000 $3,707 6.75%
LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) 1 $325,000 $325,000 $3,831 4.88%
PANAMA CITY, FL (FHA|USDA|VA) 1 $325,000 $325,000 $5,056 6.88%
Urbana, OH (FHA|USDA|VA) 1 $325,000 $325,000 $5,686 7.13%
HUNTINGTON-ASHLAND, WV-KY-OH (FHA|USDA|VA) 1 $315,000 $315,000 $4,201 5.75%
Crossville, TN (FHA|USDA|VA) 1 $305,000 $305,000 $0 7.11%
Hilo, HI (FHA|USDA|VA) 1 $285,000 $285,000 $5,105 6.25%
DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 1 $285,000 $285,000 $3,714 8.13%
Boone, NC (FHA|USDA|VA) 1 $275,000 $275,000 $0 5.49%
AUBURN-OPELIKA, AL (FHA|USDA|VA) 1 $245,000 $245,000 $3,642 5.50%
THE VILLAGES, FL (FHA|USDA|VA) 1 $235,000 $235,000 $4,400 8.25%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 1 $235,000 $235,000 $3,330 6.38%
ROANOKE, VA (FHA|USDA|VA) 1 $235,000 $235,000 $5,122 8.50%
BLOOMINGTON, IL (FHA|USDA|VA) 1 $225,000 $225,000 $8,811 7.38%
Wapakoneta, OH (FHA|USDA|VA) 1 $215,000 $215,000 $3,807 6.75%
COLUMBUS, IN (FHA|USDA|VA) 3 $215,000 $71,667 $3,170 7.75%
LYNCHBURG, VA (FHA|USDA|VA) 1 $215,000 $215,000 $4,192 7.25%
UTICA-ROME, NY (FHA|USDA|VA) 1 $205,000 $205,000 $6,097 7.00%
Madisonville, KY (FHA|USDA|VA) 1 $195,000 $195,000 $3,111 6.25%
LIMA, OH (FHA|USDA|VA) 1 $175,000 $175,000 $6,378 7.00%
DECATUR, IL (FHA|USDA|VA) 1 $175,000 $175,000 $6,897 6.25%
Van Wert, OH (FHA|USDA|VA) 2 $170,000 $85,000 $3,307 6.18%
MANHATTAN, KS (FHA|USDA|VA) 1 $165,000 $165,000 $2,613 5.63%
BATTLE CREEK, MI (FHA|USDA|VA) 1 $155,000 $155,000 $3,956 6.88%
Mount Pleasant, MI (FHA|USDA|VA) 1 $145,000 $145,000 $3,624 6.63%
Seymour, IN (FHA|USDA|VA) 1 $145,000 $145,000 $2,506 6.63%
Hillsdale, MI (FHA|USDA|VA) 2 $130,000 $65,000 $3,002 7.75%
EVANSVILLE, IN-KY (FHA|USDA|VA) 1 $125,000 $125,000 $2,426 7.13%
Vincennes, IN (FHA|USDA|VA) 2 $120,000 $60,000 $0 8.25%
STOCKTON, CA (FHA|USDA|VA) 1 $105,000 $105,000 $6,058 6.75%
MANSFIELD, OH (FHA|USDA|VA) 1 $85,000 $85,000 $0 8.25%
BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 1 $75,000 $75,000 $3,844 6.25%
KINGSPORT-BRISTOL, TN-VA (FHA|USDA|VA) 1 $75,000 $75,000 $3,422 6.75%
Greenville, OH (FHA|USDA|VA) 2 $60,000 $30,000 $0 9.62%
Ottawa, IL (FHA|USDA|VA) 1 $55,000 $55,000 $0 7.50%
North Vernon, IN (FHA|USDA|VA) 1 $25,000 $25,000 $0 8.00%
First Merchants Bank's top markets include Detroit, Indianapolis, Chicago, Columbus, and Ann Arbor among others.

Their top states include:
  • Indiana (FHA|USDA|VA)
  • Michigan (FHA|USDA|VA)
  • Ohio (FHA|USDA|VA)
  • Illinois (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 3,116 $902,090,000 $289,503 $3,125 5.89%
    HELOC 2,447 $307,335,000 $125,597 n/a 7.44%
    FHA 147 $28,715,000 $195,340 $7,049 6.95%
    VA 19 $5,305,000 $279,211 $6,834 6.74%
    USDA 10 $1,520,000 $152,000 $4,254 6.68%

    For 2023, First Merchants Bank's most frequently originated type of loan was Conventional, with 3,116 originations. Their 2nd most popular type was HELOC, with 2,447 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 2,819 $812,355,000 $288,171 $3,451 5.66%
    Refi 1,296 $220,870,000 $170,424 $2,550 7.12%
    Other 1,034 $118,860,000 $114,952 $1,863 7.81%
    Home Improvement 449 $56,265,000 $125,312 $794 7.88%
    Cash Out Refi 141 $36,615,000 $259,681 $3,802 6.81%

    For 2023, First Merchants Bank's most frequently cited loan purpose was Home Purchase, with 2,819 originations. The 2nd most popular reason was Refi, with 1,296 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 4,583 $874,275,000 $190,765 $3,961 7.07%
    5 Year 596 $87,330,000 $146,527 $2 1.96%
    30+ year 144 $120,190,000 $834,653 $6,976 6.50%
    Other 124 $98,910,000 $797,661 $102 7.69%
    15 Year 115 $19,115,000 $166,217 $2,365 7.62%
    10 Year 82 $20,880,000 $254,634 $607 8.40%
    20 Year 58 $10,760,000 $185,517 $2,588 7.28%
    1 Year 28 $6,480,000 $231,429 $0 8.52%
    3 Year 9 $7,025,000 $780,556 $0 8.56%

    For 2023, First Merchants Bank's most frequently cited loan duration was 30 Year, with 4,583 originations. The 2nd most popular length was 5 Year, with 596 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 1,893 $525,005,000 $277,340
    $<1k 690 $36,150,000 $52,391
    $2k-3k 291 $100,165,000 $344,210
    $3k-4k 115 $75,995,000 $660,826
    $4k-5k 45 $15,955,000 $354,556
    $5k+ 41 $21,765,000 $530,854

    First Merchants Bank's average total fees were $3,961, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 1,893 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 1,893 $469,985,000 $248,275
    Over 8% 1,178 $156,150,000 $132,555
    5-6% 1,100 $256,580,000 $233,255
    7-8% 1,094 $338,590,000 $309,497
    <2.5% 448 $2,270,000 $5,067
    4-5% 23 $17,985,000 $781,957
    3-4% 2 $3,300,000 $1,650,000

    During 2023, First Merchants Bank's average interest rate for loans was 7.07%, while their most frequently originated rate bucket for loans was 6-7%, with 1,893 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 2,267 $106,555,000 $47,003 $820 6.15%
    $100k-200k 1,589 $228,525,000 $143,817 $3,494 6.97%
    $200k-400k 1,279 $359,495,000 $281,075 $4,185 6.82%
    $400k-600k 303 $145,795,000 $481,172 $4,685 6.73%
    $600k-1MM 193 $142,475,000 $738,212 $5,573 6.58%
    $1MM+ 108 $262,120,000 $2,427,037 $8,314 6.65%

    2023 saw First Merchants Bank place emphasis on $100,000 or less loans with 2,267 originations, totaling $106,555,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 1,235 $133,535,000 $108,126 $2,747 6.35%
    $50k or less 1,087 $82,595,000 $75,984 $2,066 5.76%
    $100k-150k 984 $183,120,000 $186,098 $3,874 6.89%
    $75k-100k 768 $105,830,000 $137,799 $3,204 6.75%
    $150k-250k 748 $210,690,000 $281,671 $4,222 6.91%
    $250k+ 602 $336,480,000 $558,937 $5,454 6.92%

    First Merchants Bank lent most frequently to those with incomes in the $50k-75k range, with 1,235 originations. The second most popular income band? $50k or less, with 1,087 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 1,203 $210,615,000 $175,075 $3,290 6.87%
    30-36% 1,093 $213,505,000 $195,339 $3,344 6.64%
    <20% 478 $101,220,000 $211,757 $3,277 6.99%
    42% 440 $76,750,000 $174,432 $3,229 6.58%
    40% 328 $51,190,000 $156,067 $3,138 6.80%
    41% 261 $59,255,000 $227,031 $3,446 6.25%
    39% 259 $55,645,000 $214,846 $3,343 6.66%
    38% 231 $46,935,000 $203,182 $3,271 6.21%
    37% 220 $36,770,000 $167,136 $3,235 6.43%
    36% 210 $42,820,000 $203,905 $3,480 6.40%
    43% 150 $33,150,000 $221,000 $3,200 5.54%
    46% 150 $25,630,000 $170,867 $2,733 4.80%
    44% 132 $38,620,000 $292,576 $3,552 5.63%
    45% 110 $17,320,000 $157,455 $2,776 5.17%
    49% 67 $13,015,000 $194,254 $4,210 6.28%
    50-60% 60 $13,870,000 $231,167 $5,507 6.90%
    47% 51 $10,465,000 $205,196 $3,982 6.49%
    48% 49 $11,795,000 $240,714 $4,099 6.69%
    >60% 15 $2,525,000 $168,333 $1,712 8.09%

    First Merchants Bank lent most frequently to those with DTI ratios of 20-30%, with 1,203 originations. The next most common DTI ratio? 30-36%, with 1,093 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 4,282 $837,670,000 $195,626 $3,445 6.73%
    Not applicable 205 $174,885,000 $853,098 $0 7.52%
    Not provided 558 $115,300,000 $206,631 $3,514 6.99%
    Black 398 $54,500,000 $136,935 $2,769 4.79%
    Asian 238 $44,760,000 $188,067 $2,845 5.23%
    Asian Indian 22 $10,900,000 $495,455 $5,507 6.60%
    American Indian 21 $3,055,000 $145,476 $2,563 5.64%
    Other Asian 6 $2,490,000 $415,000 $4,804 6.75%
    Korean 2 $820,000 $410,000 $2,952 5.94%
    Filipino 3 $245,000 $81,667 $1,979 4.83%
    Native Hawaiian or Islander 3 $235,000 $78,333 $2,512 8.13%
    Vietnamese 1 $105,000 $105,000 $0 5.49%

    Approval Rates

    Total approvals of all applications
    84.50%

    First Merchants Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    78.65%

    First Merchants Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 5,739 $1,244,965,000 $216,931

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    5,739 $1,244,965,000 $216,931

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 1,173 $136,005,000 $115,946 $2,142 7.52%
    40-60% 689 $185,405,000 $269,093 $3,619 7.11%
    60-80% 999 $351,915,000 $352,267 $4,275 6.94%
    80-100% 1,687 $491,555,000 $291,378 $4,070 6.68%
    Over 100% 14 $9,580,000 $684,286 $11,662 7.15%
    Under 20% 1,162 $67,080,000 $57,728 $81 4.84%