First Merchants Bank mortgage approval rate & lending review
First Merchants Bank decided 12,318 mortgage applications and funded 10,411 loans across the 616 counties Fat Boy Data covers, 2023–2025.
These are the decisions First Merchants Bank reported under the Home Mortgage Disclosure Act, not its advertised interest rates.
First Merchants Bank at a glance
Approval is 5.1 points above the 80.8% national rate for the same mix of loan types.
Approval rates by loan type
| Loan type | Approval | Approved | Taken up | Typical loan | Loans made |
|---|---|---|---|---|---|
| Mortgage lenders | 95% | 6,043 / 6,345 | 99% | $195K | 5,995 |
| Home improvement loans | 60% | 836 / 1,384 | 97% | $55K | 808 |
| Cash-out refinance | 80% | 301 / 375 | 97% | $165K | 291 |
| Refinance | 78% | 2,549 / 3,265 | 98% | $115K | 2,502 |
| Investment property purchase | 94% | 534 / 566 | 96% | $235K | 510 |
| Investment cash-out refinance | 82% | 59 / 72 | 98% | $165K | 58 |
| Investment refinance | 91% | 234 / 258 | 94% | $85K | 221 |
| Investment home improvement | 53% | 28 / 53 | 93% | $75K | 26 |
First Merchants Bank lending by state
| State | Approval | Typical loan | Decided | Loans made |
|---|---|---|---|---|
| Indiana | 83% | $135K | 5,981 | 4,858 |
| Michigan | 90% | $315K | 4,951 | 4,377 |
| Ohio | 86% | $205K | 865 | 728 |
| Illinois | 80% | $115K | 241 | 186 |
| Florida | 96% | $295K | 121 | 112 |
Fat Boy Data covers 616 counties, 79.6% of the US population, not every county in every state. States with fewer than 20 decisions are not listed.Methodology.
Where First Merchants Bank lends most
| County | Loan type | Approval | Decided | Loans made |
|---|---|---|---|---|
| Oakland County, MI | Mortgage lenders | 98% | 1,277 | 1,247 |
| Allen County, IN | Mortgage lenders | 94% | 906 | 844 |
| Wayne County, MI | Mortgage lenders | 95% | 766 | 717 |
| Marion County, IN | Mortgage lenders | 92% | 483 | 435 |
| Washtenaw County, MI | Mortgage lenders | 98% | 359 | 347 |
| Delaware County, IN | Refinance | 81% | 382 | 303 |
| Macomb County, MI | Mortgage lenders | 96% | 307 | 294 |
| Franklin County, OH | Mortgage lenders | 92% | 319 | 292 |
| Tippecanoe County, IN | Mortgage lenders | 96% | 296 | 284 |
| Tippecanoe County, IN | Refinance | 75% | 344 | 256 |
| Madison County, IN | Refinance | 79% | 304 | 234 |
| Oakland County, MI | Refinance | 82% | 288 | 233 |
The county markets where First Merchants Bank made the most loans. Each link opens that market with every lender ranked.
Questions about First Merchants Bank
What is First Merchants Bank's mortgage approval rate?
First Merchants Bank approved 85.9% of the 12,318 mortgage applications it decided across the 616 counties Fat Boy Data covers, 2023–2025, 5.1 points above the 80.8% national rate for the same mix of loan types.
How often do borrowers take the loan First Merchants Bank offers?
Borrowers accepted 98% of the loans First Merchants Bank approved, against 96% for all home purchase mortgage lenders nationally. A low take-up usually means the approved terms were not competitive.
What size loans does First Merchants Bank make?
The typical home purchase mortgage loan First Merchants Bank made was $195K; across all loan types its typical loan ran from $55K to $235K. HMDA reports amounts in $10,000 brackets, so these are midpoints.
Where does First Merchants Bank lend?
First Merchants Bank decided applications in 36 of the states Fat Boy Data covers, most of them in Indiana, Michigan and Ohio.
Can I apply to First Merchants Bank directly?
Yes. First Merchants Bank is a bank or credit union with 134 branches in the FDIC and NCUA registries, and it takes mortgage applications directly.
Does this page show First Merchants Bank's interest rates?
No. HMDA filings record who applied, who was approved and how much was borrowed, not the rate offered. Use the approval rate and take-up here to judge how First Merchants Bank treats applications, then get a rate quote from the lender.