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, Columbus, Chicago, and Fort Wayne among others. We have data for 147 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) | 6.72% | 4/16/25 |
| 30 Year Conventional Purchase | 6.96% | 4/16/25 |
| 30 Year Conventional Refi | 6.62% | 4/16/25 |
| 30 Year Cash-out Refi | 6.94% | 4/16/25 |
| 30 Year FHA Purchase | 7.48% | 4/16/25 |
| 30 Year FHA Refi | 7.26% | 4/16/25 |
| 30 Year VA Purchase | 6.87% | 4/16/25 |
| 30 Year VA Refi | 6.72% | 4/16/25 |
| 30 Year USDA Purchase | 7.20% | 4/16/25 |
| 15 Year Conventional Purchase | 6.51% | 4/16/25 |
| 15 Year Conventional Refi | 9.08% | 4/16/25 |
| 15 Year Cash-out Refi | 9.08% | 4/16/25 |
| 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
5,503Origination Dollar Volume (All Markets)
$1,586,025,000Awards
First Merchants Bank - 2024
First Merchants Bank is a 2024 , due to their low .
For 2024, 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
7.31%.
The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.
This yields a difference of 0.76%.
Relative Fees (Closing Costs)
First Merchants Bank's average total fees/closing costs for a 30 year fixed rate
mortgage were $4,013.
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 $8,356.
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) | 1,148 | $407,700,000 | $355,139 | $3,864 | 6.29% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 1,039 | $195,775,000 | $188,426 | $2,659 | 6.99% |
| COLUMBUS, OH (FHA|USDA|VA) | 223 | $95,225,000 | $427,018 | $4,954 | 7.15% |
| Outside of Metro Areas | 261 | $81,335,000 | $311,628 | $3,033 | 7.17% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 391 | $72,485,000 | $185,384 | $3,350 | 7.26% |
| FORT WAYNE, IN (FHA|USDA|VA) | 425 | $65,055,000 | $153,071 | $2,142 | 5.54% |
| LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) | 349 | $62,905,000 | $180,244 | $3,717 | 7.38% |
| ANN ARBOR, MI (FHA|USDA|VA) | 196 | $60,790,000 | $310,153 | $4,287 | 6.91% |
| TOLEDO, OH (FHA|USDA|VA) | 25 | $51,715,000 | $2,068,600 | $4,928 | 7.47% |
| Sebastian-Vero Beach, FL (FHA|USDA|VA) | 1 | $50,875,000 | $50,875,000 | $0 | 8.57% |
| PITTSBURGH, PA (FHA|USDA|VA) | 1 | $40,105,000 | $40,105,000 | $0 | 8.48% |
| ASHEVILLE, NC (FHA|USDA|VA) | 3 | $40,085,000 | $13,361,667 | $6,718 | 7.08% |
| DAYTON-KETTERING, OH (FHA|USDA|VA) | 4 | $39,980,000 | $9,995,000 | $5,296 | 6.66% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 11 | $37,045,000 | $3,367,727 | $6,977 | 7.39% |
| MUNCIE, IN (FHA|USDA|VA) | 313 | $32,395,000 | $103,498 | $2,227 | 7.41% |
| COLORADO SPRINGS, CO (FHA|USDA|VA) | 1 | $31,395,000 | $31,395,000 | $0 | 8.44% |
| MONROE, MI (FHA|USDA|VA) | 199 | $23,595,000 | $118,568 | $3,060 | 7.57% |
| New Castle, IN (FHA|USDA|VA) | 170 | $17,020,000 | $100,118 | $1,888 | 7.18% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 38 | $15,180,000 | $399,474 | $3,475 | 6.42% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 40 | $8,380,000 | $209,500 | $3,848 | 7.36% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 6 | $7,640,000 | $1,273,333 | $9,142 | 7.15% |
| Traverse City, MI (FHA|USDA|VA) | 9 | $7,555,000 | $839,444 | $4,738 | 6.81% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 5 | $7,375,000 | $1,475,000 | $10,186 | 6.90% |
| Key West, FL (FHA|USDA|VA) | 3 | $7,305,000 | $2,435,000 | $14,230 | 7.46% |
| Huntington, IN (FHA|USDA|VA) | 40 | $6,550,000 | $163,750 | $2,322 | 6.78% |
| Decatur, IN (FHA|USDA|VA) | 47 | $6,095,000 | $129,681 | $2,775 | 7.19% |
| JACKSON, MI (FHA|USDA|VA) | 24 | $6,010,000 | $250,417 | $4,059 | 6.91% |
| Crawfordsville, IN (FHA|USDA|VA) | 43 | $5,685,000 | $132,209 | $4,750 | 7.47% |
| Frankfort, IN (FHA|USDA|VA) | 51 | $5,485,000 | $107,549 | $3,230 | 7.36% |
| Bluffton, IN (FHA|USDA|VA) | 51 | $5,235,000 | $102,647 | $1,361 | 8.04% |
| FLINT, MI (FHA|USDA|VA) | 22 | $4,980,000 | $226,364 | $4,456 | 6.71% |
| Angola, IN (FHA|USDA|VA) | 6 | $3,550,000 | $591,667 | $4,425 | 6.88% |
| Auburn, IN (FHA|USDA|VA) | 15 | $3,445,000 | $229,667 | $3,373 | 7.40% |
| Madison, IN (FHA|USDA|VA) | 2 | $3,190,000 | $1,595,000 | $4,693 | 7.17% |
| Adrian, MI (FHA|USDA|VA) | 17 | $3,145,000 | $185,000 | $4,554 | 7.11% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 12 | $3,140,000 | $261,667 | $3,839 | 6.80% |
| Wabash, IN (FHA|USDA|VA) | 38 | $3,080,000 | $81,053 | $2,268 | 7.56% |
| Connersville, IN (FHA|USDA|VA) | 23 | $2,325,000 | $101,087 | $1,858 | 8.10% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 6 | $2,090,000 | $348,333 | $3,708 | 6.88% |
| LOUISVILLE, KY (FHA|USDA|VA) | 5 | $2,085,000 | $417,000 | $4,080 | 6.90% |
| Sturgis, MI (FHA|USDA|VA) | 2 | $1,950,000 | $975,000 | $3,473 | 6.19% |
| Plymouth, IN (FHA|USDA|VA) | 16 | $1,930,000 | $120,625 | $1,797 | 7.67% |
| AKRON, OH (FHA|USDA|VA) | 4 | $1,850,000 | $462,500 | $4,240 | 7.21% |
| MUSKEGON, MI (FHA|USDA|VA) | 3 | $1,765,000 | $588,333 | $3,891 | 6.46% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 2 | $1,690,000 | $845,000 | $8,048 | 7.25% |
| Wooster, OH (FHA|USDA|VA) | 5 | $1,605,000 | $321,000 | $5,454 | 6.76% |
| Peru, IN (FHA|USDA|VA) | 21 | $1,545,000 | $73,571 | $2,697 | 7.66% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 3 | $1,435,000 | $478,333 | $7,472 | 7.29% |
| Warsaw, IN (FHA|USDA|VA) | 7 | $1,425,000 | $203,571 | $2,942 | 7.79% |
| Richmond, IN (FHA|USDA|VA) | 11 | $1,275,000 | $115,909 | $3,029 | 7.59% |
| Mount Vernon, OH (FHA|USDA|VA) | 4 | $1,180,000 | $295,000 | $4,283 | 6.72% |
| TERRE HAUTE, IN (FHA|USDA|VA) | 5 | $1,085,000 | $217,000 | $4,348 | 7.06% |
| ST. LOUIS, MO-IL (FHA|USDA|VA) | 2 | $1,080,000 | $540,000 | $4,095 | 6.75% |
| ELKHART-GOSHEN, IN (FHA|USDA|VA) | 5 | $995,000 | $199,000 | $3,415 | 6.93% |
| THE VILLAGES, FL (FHA|USDA|VA) | 3 | $925,000 | $308,333 | $5,804 | 8.17% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 1 | $915,000 | $915,000 | $7,979 | 7.00% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 3 | $905,000 | $301,667 | $3,839 | 6.43% |
| Hillsdale, MI (FHA|USDA|VA) | 5 | $885,000 | $177,000 | $2,443 | 7.93% |
| MIDLAND, MI (FHA|USDA|VA) | 2 | $880,000 | $440,000 | $4,183 | 6.88% |
| Holland, MI (FHA|USDA|VA) | 3 | $855,000 | $285,000 | $3,276 | 7.00% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 3 | $835,000 | $278,333 | $5,085 | 7.26% |
| Logansport, IN (FHA|USDA|VA) | 5 | $815,000 | $163,000 | $3,899 | 6.78% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 3 | $805,000 | $268,333 | $5,058 | 6.63% |
| Big Rapids, MI (FHA|USDA|VA) | 2 | $800,000 | $400,000 | $3,597 | 6.88% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 1 | $775,000 | $775,000 | $0 | 7.75% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 1 | $765,000 | $765,000 | $8,660 | 6.50% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 1 | $765,000 | $765,000 | $2,954 | 6.38% |
| BEND, OR (FHA|USDA|VA) | 1 | $765,000 | $765,000 | $0 | 8.00% |
| Kendallville, IN (FHA|USDA|VA) | 3 | $755,000 | $251,667 | $4,730 | 7.88% |
| LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) | 2 | $720,000 | $360,000 | $4,899 | 6.69% |
| Escanaba, MI (FHA|USDA|VA) | 1 | $715,000 | $715,000 | $4,841 | 6.75% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 2 | $710,000 | $355,000 | $4,926 | 6.44% |
| BOULDER, CO (FHA|USDA|VA) | 1 | $705,000 | $705,000 | $5,222 | 6.75% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 2 | $690,000 | $345,000 | $5,054 | 6.81% |
| Richmond-Berea, KY (FHA|USDA|VA) | 1 | $665,000 | $665,000 | $5,313 | 7.00% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 2 | $630,000 | $315,000 | $7,049 | 6.50% |
| SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) | 1 | $625,000 | $625,000 | $0 | 6.80% |
| NILES, MI (FHA|USDA|VA) | 1 | $625,000 | $625,000 | $6,964 | 6.75% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 2 | $620,000 | $310,000 | $2,977 | 6.69% |
| KOKOMO, IN (FHA|USDA|VA) | 7 | $615,000 | $87,857 | $4,127 | 7.70% |
| BLOOMINGTON, IN (FHA|USDA|VA) | 3 | $605,000 | $201,667 | $3,337 | 8.67% |
| CORPUS CHRISTI, TX (FHA|USDA|VA) | 1 | $605,000 | $605,000 | $5,920 | 6.75% |
| Marion, IN (FHA|USDA|VA) | 7 | $605,000 | $86,429 | $3,272 | 8.46% |
| Sandusky, OH (FHA|USDA|VA) | 1 | $585,000 | $585,000 | $4,773 | 8.25% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 2 | $560,000 | $280,000 | $4,733 | 7.69% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 1 | $545,000 | $545,000 | $6,105 | 6.75% |
| Durango, CO (FHA|USDA|VA) | 1 | $545,000 | $545,000 | $5,566 | 6.75% |
| OCALA, FL (FHA|USDA|VA) | 1 | $535,000 | $535,000 | $9,145 | 6.50% |
| BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) | 1 | $535,000 | $535,000 | $3,193 | 5.63% |
| BAY CITY, MI (FHA|USDA|VA) | 1 | $525,000 | $525,000 | $3,739 | 6.75% |
| SAGINAW, MI (FHA|USDA|VA) | 2 | $510,000 | $255,000 | $5,459 | 6.50% |
| Marquette, MI (FHA|USDA|VA) | 1 | $495,000 | $495,000 | $2,589 | 6.63% |
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 1 | $495,000 | $495,000 | $4,142 | 6.50% |
| CLEVELAND-ELYRIA, OH (FHA|USDA|VA) | 2 | $450,000 | $225,000 | $4,636 | 7.53% |
| OKLAHOMA CITY, OK (FHA|USDA|VA) | 1 | $445,000 | $445,000 | $4,804 | 6.88% |
| RICHMOND, VA (FHA|USDA|VA) | 2 | $440,000 | $220,000 | $5,108 | 6.44% |
| SAVANNAH, GA (FHA|USDA|VA) | 1 | $435,000 | $435,000 | $5,756 | 7.63% |
| Sidney, OH (FHA|USDA|VA) | 1 | $415,000 | $415,000 | $3,732 | 6.75% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 1 | $415,000 | $415,000 | $12,785 | 7.13% |
| Montrose, CO (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $3,122 | 6.75% |
| Jackson, WY-ID (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $4,707 | 6.75% |
| Ashland, OH (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $7,439 | 7.25% |
| BOWLING GREEN, KY (FHA|USDA|VA) | 2 | $400,000 | $200,000 | $3,697 | 6.78% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 1 | $395,000 | $395,000 | $4,476 | 7.00% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $9,203 | 6.00% |
| Oxford, MS (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $6,711 | 6.63% |
| JOHNSON CITY, TN (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $3,684 | 6.88% |
| FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $2,076 | 6.63% |
| MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) | 6 | $320,000 | $53,333 | $0 | 8.40% |
| GRAND JUNCTION, CO (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $3,185 | 6.75% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 2 | $310,000 | $155,000 | $0 | 7.65% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $4,661 | 5.75% |
| Bellefontaine, OH (FHA|USDA|VA) | 2 | $300,000 | $150,000 | $3,990 | 6.69% |
| KANSAS CITY, MO-KS (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $11,799 | 6.13% |
| Orangeburg, SC (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $3,941 | 6.50% |
| Alpena, MI (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $4,169 | 7.50% |
| GREEN BAY, WI (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $2,669 | 6.88% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $4,739 | 6.63% |
| COLUMBUS, IN (FHA|USDA|VA) | 2 | $260,000 | $130,000 | $1,378 | 8.50% |
| KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $2,769 | 6.38% |
| CLEVELAND, TN (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $0 | 8.08% |
| New Philadelphia-Dover, OH (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $2,731 | 6.75% |
| Baraboo, WI (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $3,854 | 6.75% |
| WARNER ROBINS, GA (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $7,378 | 6.38% |
| Washington Court House, OH (FHA|USDA|VA) | 2 | $210,000 | $105,000 | $3,494 | 8.13% |
| CANTON-MASSILLON, OH (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $3,518 | 6.50% |
| PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $3,304 | 6.38% |
| Enterprise, AL (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $3,684 | 6.88% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $6,516 | 6.63% |
| Seymour, IN (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $4,284 | 6.13% |
| HUNTINGTON-ASHLAND, WV-KY-OH (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $3,319 | 6.00% |
| Portsmouth, OH (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $5,222 | 6.88% |
| Ludington, MI (FHA|USDA|VA) | 2 | $150,000 | $75,000 | $2,693 | 7.81% |
| Celina, OH (FHA|USDA|VA) | 2 | $130,000 | $65,000 | $0 | 7.28% |
| Crossville, TN (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 6.55% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $3,931 | 5.13% |
| EVANSVILLE, IN-KY (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $2,857 | 6.88% |
| HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $3,989 | 6.50% |
| Houghton, MI (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $3,022 | 6.63% |
| YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $0 | 9.70% |
| Coldwater, MI (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $3,409 | 6.25% |
| COLLEGE STATION-BRYAN, TX (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $3,824 | 6.75% |
| LAKE CHARLES, LA (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $5,635 | 6.13% |
| Mount Pleasant, MI (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 8.50% |
| Defiance, OH (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 6.80% |
| MANSFIELD, OH (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 8.00% |
| Van Wert, OH (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $769 | 14.00% |
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We use machine learning to identify the top lenders compared against First Merchants Bank 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 2024, First Merchants Bank's most frequently originated type of loan was Conventional, with 2,972 originations. Their 2nd most popular type was HELOC, with 2,374 originations.
Loan Reason
For 2024, First Merchants Bank's most frequently cited loan purpose was Home Purchase, with 2,416 originations. The 2nd most popular reason was Refi, with 1,313 originations.
Loan Duration/Length
For 2024, First Merchants Bank's most frequently cited loan duration was 30 Year, with 4,416 originations. The 2nd most popular length was 5 Year, with 466 originations.
Origination Fees/Closing Costs
First Merchants Bank's average total fees were $4,013, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 1,814 originations.
Interest Rates
During 2024, First Merchants Bank's average interest rate for loans was 7.31%, while their most frequently originated rate bucket for loans was 6-7%, with 2,689 originations.
Loan Sizing
2024 saw First Merchants Bank place emphasis on $100,000 or less loans with 2,074 originations, totaling $98,750,000 in origination value.
Applicant Income
First Merchants Bank lent most frequently to those with incomes in the $50k-75k range, with 1,084 originations. The second most popular income band? $100k-150k, with 981 originations.
Applicant Debt to Income Ratio
First Merchants Bank lent most frequently to those with DTI ratios of 20-30%, with 1,200 originations. The next most common DTI ratio? 30-36%, with 1,049 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications83.65%
First Merchants Bank has a below average approval rate.
Pick Rate
Approvals leading to origination79.72%
First Merchants Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 5,503 | $1,586,025,000 | $288,211 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5,503 | $1,586,025,000 | $288,211 |