First Merchants Bank closing costs and rates (2024)
In 2024, First Merchants Bank originated 1,797 purchase mortgages at a median interest rate of 6.62% and median total closing costs of $3,751. That ranks #243 nationally by origination volume. For total closing costs among lenders with 500+ originations, First Merchants Bank ranks #94. That is $2,990 below the national median of $6,741. First Merchants Bank is most active in Michigan with 858 originations there.
Purchase Originations
1,797
Ranked #243 nationally
Median Total Costs
$3,751
−44.4% vs national ($6,741)
Median Rate
6.625%
+0.1% vs national (6.620%)
Median Origination
$1,200
Median Lender Credits
$270
Cost Rank (500+ vol.)
#94
among lenders with 500+ originations
Breakdown by loan type
| Loan type | Volume | Median Rate | Median Total Costs | Median Origination |
|---|---|---|---|---|
| conventional | 1,654 | 6.625% | $3,676 | $1,200 |
| fha | 118 | 6.625% | $7,148 | $1,415 |
Active states
| State | Volume | Median Rate | Median Total Costs | State Rank |
|---|---|---|---|---|
| Michigan | 858 | 6.625% | $3,936 | #21 |
| Indiana | 767 | 6.625% | $2,985 | #21 |
| Ohio | 114 | 6.625% | $4,520 | #129 |
| Illinois | 9 | 6.875% | $7,074 | — |
| Florida | 8 | 6.688% | $5,256 | — |
| Kentucky | 5 | 6.750% | $4,123 | — |
| North Carolina | 4 | 6.688% | $3,909 | — |
| South Carolina | 4 | 6.500% | $3,965 | — |
| Colorado | 3 | 6.750% | $5,222 | — |
| Georgia | 3 | 7.000% | $5,756 | — |
| Pennsylvania | 2 | 6.438% | $4,926 | — |
| Tennessee | 2 | 6.625% | $3,319 | — |
| Virginia | 2 | 7.062% | $8,663 | — |
| Alabama | 1 | 5.625% | $3,193 | — |
| Arkansas | 1 | 6.625% | $2,076 | — |
| Arizona | 1 | 5.125% | $3,931 | — |
| California | 1 | 7.000% | $7,979 | — |
| District of Columbia | 1 | 6.625% | $5,568 | — |
| Louisiana | 1 | 6.125% | $5,635 | — |
| Massachusetts | 1 | 6.500% | $8,660 | — |
| Minnesota | 1 | 7.250% | $4,188 | — |
| Missouri | 1 | 6.875% | $5,311 | — |
| Mississippi | 1 | 6.625% | $6,711 | — |
| Nevada | 1 | 6.625% | $5,830 | — |
| Texas | 1 | 6.875% | $10,873 | — |
| Washington | 1 | 6.500% | $4,142 | — |
| Wisconsin | 1 | 6.875% | $2,669 | — |
| West Virginia | 1 | 6.000% | $3,319 | — |
| Wyoming | 1 | 6.750% | $4,707 | — |
Top counties by origination volume
| Rank | Lender | Median Total Costs ↑ | Median Rate ↕ | Median Origination ↕ | Volume ↕ | vs. Median |
|---|---|---|---|---|---|---|
| 1 | $2,666 | 6.875% | — | 28 | −$1,085 | |
| 2 | $2,716 | 6.750% | — | 47 | −$1,035 | |
| 3 | $2,879 | 6.625% | — | 191 | −$872 | |
| 4 | $3,000 | 6.625% | — | 47 | −$751 | |
| 5 | $3,054 | 6.500% | — | 27 | −$697 | |
| 6 | $3,185 | 6.625% | — | 36 | −$566 | |
| 7 | $3,286 | 6.750% | — | 42 | −$465 | |
| 8 | $3,400 | 6.625% | — | 71 | −$351 | |
| 9 | $3,674 | 6.625% | — | 18 | −$77 | |
| 10 | $3,698 | 6.625% | — | 17 | −$53 | |
| 11 | $3,727 | 6.625% | — | 26 | −$24 | |
| 12 | $3,887 | 6.625% | — | 71 | +$136 | |
| 13 | $3,890 | 6.750% | — | 37 | +$139 | |
| 14 | $3,946 | 6.625% | — | 344 | +$195 | |
| 15 | $3,983 | 6.500% | — | 191 | +$232 | |
| 16 | $4,021 | 6.562% | — | 74 | +$270 | |
| 17 | $4,110 | 6.750% | — | 92 | +$359 | |
| 18 | $4,416 | 6.625% | — | 49 | +$665 | |
| 19 | $4,504 | 6.500% | — | 17 | +$753 | |
| 20 | $5,825 | 6.625% | — | 22 | +$2,074 |
Includes lenders with 1+ purchase originations in top counties. Source: HMDA 2024. Sorted by median total loan costs.
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Data source: HMDA Modified Loan Application Register 2024, published by the Consumer Financial Protection Bureau (CFPB).
Statistics reflect originated first-lien purchase mortgages on owner-occupied principal residences. Medians exclude loans with exempt or unreported fee disclosures. Learn more at ffiec.cfpb.gov.