First Merchants Bank Mortgage Rates, Fees & Info
Muncie, INLEI: S0Q3AHZRL5K6VQE35M07
Tax ID: 35-0508403
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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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.27% | 4/21/24 |
| 30 Year Conventional Purchase | 6.27% | 4/21/24 |
| 30 Year Conventional Refi | 6.47% | 4/21/24 |
| 30 Year Cash-out Refi | 6.65% | 4/21/24 |
| 30 Year FHA Purchase | 7.47% | 4/21/24 |
| 30 Year FHA Refi | 7.19% | 4/21/24 |
| 30 Year VA Purchase | 6.38% | 4/21/24 |
| 30 Year USDA Purchase | 6.59% | 4/21/24 |
| 15 Year Conventional Purchase | 5.90% | 4/21/24 |
| 15 Year Conventional Refi | 6.53% | 4/21/24 |
| 15 Year Cash-out Refi | 6.53% | 4/21/24 |
| 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
5,739Origination Dollar Volume (All Markets)
$1,244,965,000Awards
First Merchants Bank - 2023
First Merchants Bank is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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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% |
Similar Lenders
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Product Mix
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
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
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
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
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
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
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
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
Approval Rates
Total approvals of all applications84.50%
First Merchants Bank has a below average approval rate.
Pick Rate
Approvals leading to origination78.65%
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 |