Merchants Bank of Indiana closing costs and rates (2024)
In 2024, Merchants Bank of Indiana originated 673 purchase mortgages at a median interest rate of 6.62% and median total closing costs of $4,660. That ranks #524 nationally by origination volume. For total closing costs among lenders with 500+ originations, Merchants Bank of Indiana ranks #167. That is $2,081 below the national median of $6,741. Merchants Bank of Indiana is most active in Indiana with 214 originations there.
Purchase Originations
673
Ranked #524 nationally
Median Total Costs
$4,660
−30.9% vs national ($6,741)
Median Rate
6.625%
+0.1% vs national (6.620%)
Median Origination
$1,495
Median Lender Credits
$165
Cost Rank (500+ vol.)
#167
among lenders with 500+ originations
Breakdown by loan type
| Loan type | Volume | Median Rate | Median Total Costs | Median Origination |
|---|---|---|---|---|
| conventional | 611 | 6.625% | $4,448 | $1,495 |
| fha | 55 | 6.500% | $6,505 | $1,005 |
Active states
| State | Volume | Median Rate | Median Total Costs | State Rank |
|---|---|---|---|---|
| Indiana | 214 | 6.625% | $3,012 | #80 |
| Massachusetts | 126 | 6.625% | $5,497 | #79 |
| Ohio | 90 | 6.625% | $3,716 | #144 |
| Maryland | 36 | 6.562% | $9,553 | — |
| Missouri | 31 | 6.875% | $2,808 | — |
| Louisiana | 27 | 6.625% | $5,207 | — |
| Illinois | 26 | 6.625% | $5,728 | — |
| Texas | 18 | 6.750% | $11,485 | — |
| Wisconsin | 16 | 6.625% | $3,909 | — |
| Alabama | 15 | 6.625% | $5,656 | — |
| Virginia | 15 | 6.500% | $5,517 | — |
| Florida | 14 | 6.750% | $7,222 | — |
| Kentucky | 13 | 6.750% | $3,078 | — |
| Pennsylvania | 6 | 6.812% | $5,743 | — |
| North Carolina | 5 | 6.500% | $3,550 | — |
| New Jersey | 5 | 6.625% | $4,858 | — |
| Arkansas | 3 | 6.625% | $2,667 | — |
| Georgia | 3 | 6.875% | $3,322 | — |
| Connecticut | 2 | 6.433% | $7,204 | — |
| Mississippi | 2 | 7.812% | $4,542 | — |
| Nebraska | 2 | 6.375% | $3,889 | — |
| Oklahoma | 2 | 5.938% | $7,952 | — |
| Michigan | 1 | 6.500% | $4,587 | — |
| West Virginia | 1 | 7.490% | $5,237 | — |
Top counties by origination volume
| Rank | Lender | Median Total Costs ↑ | Median Rate ↕ | Median Origination ↕ | Volume ↕ | vs. Median |
|---|---|---|---|---|---|---|
| 1 | $2,356 | 6.625% | — | 7 | −$2,304 | |
| 2 | $2,619 | 6.625% | — | 31 | −$2,041 | |
| 3 | $2,792 | 6.875% | — | 19 | −$1,868 | |
| 4 | $2,855 | 6.375% | — | 9 | −$1,805 | |
| 5 | $3,131 | 6.750% | — | 8 | −$1,529 | |
| 6 | $3,345 | 6.625% | — | 119 | −$1,315 | |
| 7 | $3,351 | 6.625% | — | 7 | −$1,309 | |
| 8 | $3,548 | 6.625% | — | 18 | −$1,112 | |
| 9 | $3,825 | 6.500% | — | 9 | −$835 | |
| 10 | $3,993 | 6.625% | — | 11 | −$667 | |
| 11 | $4,447 | 6.250% | — | 10 | −$213 | |
| 12 | $5,189 | 6.495% | — | 8 | +$529 | |
| 13 | $5,417 | 6.625% | — | 21 | +$757 | |
| 14 | $5,425 | 6.688% | — | 8 | +$765 | |
| 15 | $5,446 | 6.625% | — | 80 | +$786 | |
| 16 | $5,877 | 6.750% | — | 10 | +$1,217 | |
| 17 | $9,842 | 6.500% | — | 8 | +$5,182 | |
| 18 | $10,145 | 6.500% | — | 7 | +$5,485 | |
| 19 | $10,343 | 6.562% | — | 20 | +$5,683 | |
| 20 | $10,345 | 6.125% | — | 8 | +$5,685 |
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.