First Merchants Bank Mortgage Reviews

Formerly FSB Mortgage

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Updated May 08, 2026

By: Ashley Eneriz

+1 more

Edited by: Liz Bingler

About First Merchants Bank Mortgage

First Merchants Bank (NLMS #454552) completed its acquisition of First Savings Bank (FSB) in early 2026, so all FSB mortgages are now through First Merchants Bank. First Merchants offers home purchase loans, refinancing loans, home equity loans and home equity lines of credit (HELOCs).

Pros

Wide range of home loans
Home equity loans and lines of credit
Online application
Helpful calculators and resources

Cons

Not transparent about rates or fees
Prequalification requires a hard credit check

Rates

First Merchants Bank doesn’t disclose its mortgage rates online, so you’ll have to apply for a loan with First Merchants Bank to see your rate.

» MORE: Current mortgage rates — check today’s rates

Loan types

First Merchants Bank offers a wide range of home loans, refinance loans, home equity loans and HELOCs.

Purchase loans

First Merchants Bank offers conventional loans (with adjustable or fixed rates), jumbo loans, construction loans and specialty home loans, such as loans for select professions like first responders, teachers, government employees and doctors. It also offers government-backed loans, including Federal Housing Administration (FHA), U.S. Department of Veterans Affairs (VA) and U.S. Department of Agriculture (USDA) loans.

Refinance loans

If you already have a mortgage, you might consider refinancing with First Merchants Bank to access your home equity or lock in a better rate or term.

Home equity loans and HELOCs

First Merchants Bank offers home equity loans and HELOCs. Borrowers with FICO scores of 700 or higher will qualify for the best HELOC offers and rates.

Application process

To start the application process with First Merchants Bank, you’ll need to create an online account. This step requires you to provide your email address and a password. From there, you can choose to apply for a home purchase loan or a refinance. You’ll then be asked to input personal and financial information, including details about your income and assets.

You can also apply for a loan in person with a First Merchants loan officer. To do so, you can start by scheduling an appointment online.

Requirements

First Merchants Bank doesn’t publish many details about its lending criteria. Before filling out an online application, you might want to contact a First Merchants Bank expert to understand its specific requirements.

Typical mortgage requirements by loan type

The table below shows some general guidelines to help you understand what’s commonly required for different types of mortgages.

Loan type	Minimum credit score	Minimum down payment	Compare with other lenders
Conventional	Typically 620	Typically 3%	Mortgage lenders
FHA	500 or 580	3.5% or 10%	FHA lenders
VA	Set by lender, typically 580 or 620	0%	VA lenders
USDA	Set by lender, typically 620	0%	USDA lenders

» RELATED: Best jumbo loan lenders

Costs and fees

First Merchants doesn’t disclose its fees online, such as whether it charges an origination fee. Closing costs and fees are a part of almost every mortgage process. Some lenders might provide additional discounts based on your loan type, but plan to spend an additional 2% to 5% of your home purchase price to cover closing costs.

FAQ

Is First Merchants Bank legit?

First Merchants Bank is a legitimate lender. It’s been around since 1893 and it’s licensed with the Nationwide Multistate Licensing System (NMLS). It’s also a member of the Federal Deposit Insurance Corp. (FDIC), which protects deposit accounts for up to $250,000 per depositor and per account category type.

What bank did the First Merchants Bank merge with?

First Savings Bank has merged with First Merchants Bank. First Merchants Bank completed its acquisition of First Savings Bank in February 2026.

Where is First Merchants Bank available?

First Merchants Bank has physical branch locations in Indiana, Michigan, Illinois and Ohio. It’s best to call First Merchants Bank to learn more about its different home loan programs and where they’re available.