Top Mortgage Lenders in Rapid City, SD

Which mortgage lender in the Rapid City, SD area typically has the best rates? To help you narrow down where to shop for a mortgage, MortgageWaldo.com provides an objective and data driven ranking of mortgage lenders operating in the Rapid City, SD area by interest rate and market share. Unlike our competitors, we maintain independence by not accepting any compensation from the mortgage lenders we rank. We use data on all fixed rate mortgages that were closed in the past year to generate our rankings.

Going by historical data, the best mortgage lender in the Rapid City, SD area in terms of interest rate is Gateway First Bank, with an average “Rate Difference” of -0.10%. This means that, comparing similar borrowers, Gateway First Bank provided a -0.10% lower interest rate for its customers than other lenders in the area. Gateway First Bank has a market share of 15.9%. On the other hand, the most popular lender in the Rapid City, SD area is CMG Financial, with a larger market share of 16.1%. CMG Financial is an average lender in terms of the interest rate it offers, with a “Rate Difference” of +0.09% compared to those of other lenders in this area.

Our detailed ranking of mortgage lenders in the Rapid City, SD area is shown in the table below. In the table, we also give our assessment of whether they are, on average, a cheap/expensive lender through a star rating system. You can choose to tailor our ranking table to a specific mortgage type (Conventional/Jumbo/FHA/VA) and purpose (purchase/refinance) through the drop-down menu. For example, the cheapest lender for Conventional mortgages in Rapid City, SD is Dacotah Bank. If you want to take out a loan that is above conforming limits (for example, above $548,250 in 2021), the cheapest Jumbo mortgage provider is Wells Fargo Bank. If on the other hand, you want lower down payment or credit score requirements, the cheapest FHA mortgage provider is Open Mortgage. The cheapest VA mortgage provider is Black Hills Federal Credit Union. Note that as a consumer advocate we always recommend shopping among several of our top ranked lenders in order to get the best rates and fees.

Ranking of Mortgage Lenders in Rapid City, SD

Mortgage Type:
Purchase/Refinance:
Lender NameRate DifferenceRate RatingMarket Share
Gateway First Bank-0.10%(4.0)15.88%
Dacotah Bank-0.08%(4.0)1.88%
Black Hills Federal Credit Union-0.07%(4.0)14.72%
Open Mortgage-0.05%(3.5)11.37%
US Bank-0.02%(3.5)3.03%
BankWest0.00%(3.5)2.08%
First Interstate Bank0.01%(3.5)6.78%
Wells Fargo Bank0.01%(3.5)6.03%
USAA0.01%(3.5)2.15%
loanDepot0.07%(3.0)1.68%
CMG Financial0.09%(3.0)16.12%
Lend Smart Mortgage0.09%(3.0)9.94%
Quicken Loans0.10%(3.0)8.34%
Lender NameRate DifferenceRate RatingMarket Share
Gateway First Bank-0.09%(4.0)18.26%
Dacotah Bank-0.08%(4.0)1.94%
Black Hills Federal Credit Union-0.07%(4.0)13.71%
Open Mortgage-0.06%(4.0)13.29%
US Bank-0.05%(4.0)2.67%
Wells Fargo Bank-0.04%(3.5)5.52%
BankWest-0.00%(3.5)2.43%
loanDepot0.01%(3.5)0.18%
USAA0.02%(3.5)2.49%
First Interstate Bank0.02%(3.5)6.49%
Quicken Loans0.02%(3.5)2.43%
CMG Financial0.11%(3.0)20.45%
Lend Smart Mortgage0.13%(3.0)10.13%
Lender NameRate DifferenceRate RatingMarket Share
Gateway First Bank-0.11%(4.0)11.31%
Dacotah Bank-0.09%(4.0)1.75%
Black Hills Federal Credit Union-0.07%(4.0)16.67%
CMG Financial-0.06%(4.0)7.81%
Open Mortgage-0.03%(3.5)7.69%
First Interstate Bank-0.01%(3.5)7.34%
USAA-0.00%(3.5)1.52%
Lend Smart Mortgage0.00%(3.5)9.56%
BankWest0.01%(3.5)1.40%
US Bank0.02%(3.5)3.73%
loanDepot0.08%(3.0)4.55%
Wells Fargo Bank0.08%(3.0)6.99%
Quicken Loans0.12%(3.0)19.70%
Lender NameRate DifferenceRate RatingMarket Share
Dacotah Bank-0.09%(4.0)2.63%
Gateway First Bank-0.09%(4.0)13.38%
Black Hills Federal Credit Union-0.06%(4.0)19.70%
US Bank-0.03%(3.5)3.75%
USAA-0.01%(3.5)0.81%
BankWest0.00%(3.5)2.38%
Wells Fargo Bank0.01%(3.5)8.32%
First Interstate Bank0.01%(3.5)8.82%
CMG Financial0.01%(3.5)11.76%
loanDepot0.02%(3.5)1.06%
Open Mortgage0.02%(3.5)7.50%
Quicken Loans0.11%(3.0)9.13%
Lend Smart Mortgage0.11%(3.0)10.76%
Lender NameRate DifferenceRate RatingMarket Share
Dacotah Bank-0.09%(4.0)2.69%
Gateway First Bank-0.09%(4.0)15.92%
US Bank-0.07%(4.0)3.58%
Black Hills Federal Credit Union-0.05%(4.0)18.91%
Wells Fargo Bank-0.04%(3.5)7.46%
USAA-0.01%(3.5)0.90%
BankWest0.00%(3.5)2.99%
loanDepot0.01%(3.5)0.20%
CMG Financial0.02%(3.5)16.12%
Quicken Loans0.03%(3.5)2.59%
First Interstate Bank0.03%(3.5)8.96%
Open Mortgage0.04%(3.5)8.06%
Lend Smart Mortgage0.18%(2.5)11.64%
Lender NameRate DifferenceRate RatingMarket Share
Gateway First Bank-0.09%(4.0)9.09%
Dacotah Bank-0.09%(4.0)2.53%
Black Hills Federal Credit Union-0.07%(4.0)21.04%
CMG Financial-0.06%(4.0)4.38%
Lend Smart Mortgage-0.04%(3.5)9.26%
Open Mortgage-0.02%(3.5)6.57%
First Interstate Bank-0.02%(3.5)8.59%
USAA0.01%(3.5)0.67%
BankWest0.02%(3.5)1.35%
loanDepot0.02%(3.5)2.53%
US Bank0.02%(3.5)4.04%
Wells Fargo Bank0.08%(3.0)9.76%
Quicken Loans0.13%(3.0)20.20%
Lender NameRate DifferenceRate RatingMarket Share
Open Mortgage-0.11%(4.0)28.92%
Gateway First Bank-0.07%(4.0)25.90%
Lend Smart Mortgage-0.05%(4.0)8.43%
BankWest0.01%(3.5)1.51%
First Interstate Bank0.02%(3.5)1.81%
Black Hills Federal Credit Union0.02%(3.5)0.60%
Quicken Loans0.03%(3.5)9.64%
loanDepot0.03%(3.5)0.90%
US Bank0.04%(3.5)0.60%
CMG Financial0.24%(2.5)21.69%
Lender NameRate DifferenceRate RatingMarket Share
Open Mortgage-0.12%(4.0)31.67%
Gateway First Bank-0.08%(4.0)27.76%
Lend Smart Mortgage-0.05%(3.5)9.96%
BankWest0.01%(3.5)1.42%
First Interstate Bank0.03%(3.5)1.78%
Black Hills Federal Credit Union0.03%(3.5)0.71%
US Bank0.04%(3.5)0.71%
Quicken Loans0.07%(3.0)2.49%
CMG Financial0.26%(2.0)23.49%
Lender NameRate DifferenceRate RatingMarket Share
Gateway First Bank-0.03%(3.5)15.69%
First Interstate Bank-0.01%(3.5)1.96%
BankWest-0.01%(3.5)1.96%
Quicken Loans-0.00%(3.5)49.02%
Open Mortgage0.01%(3.5)13.73%
loanDepot0.01%(3.5)5.88%
CMG Financial0.04%(3.5)11.76%
Lender NameRate DifferenceRate RatingMarket Share
Wells Fargo Bank-0.03%(3.5)20.00%
Black Hills Federal Credit Union-0.00%(3.5)12.00%
Dacotah Bank0.00%(3.5)4.00%
US Bank0.01%(3.5)48.00%
First Interstate Bank0.02%(3.5)16.00%
Lender NameRate DifferenceRate RatingMarket Share
Wells Fargo Bank-0.03%(3.5)33.33%
Black Hills Federal Credit Union-0.00%(3.5)20.00%
Dacotah Bank0.00%(3.5)6.67%
First Interstate Bank0.02%(3.5)13.33%
US Bank0.03%(3.5)26.67%
Lender NameRate DifferenceRate RatingMarket Share
US Bank-0.00%(3.5)80.00%
First Interstate Bank0.02%(3.5)20.00%
Lender NameRate DifferenceRate RatingMarket Share
Black Hills Federal Credit Union-0.14%(4.0)8.91%
Gateway First Bank-0.13%(4.0)17.82%
Open Mortgage-0.07%(4.0)12.55%
First Interstate Bank-0.03%(3.5)3.45%
BankWest-0.02%(3.5)1.64%
Dacotah Bank-0.02%(3.5)0.73%
Wells Fargo Bank-0.02%(3.5)2.36%
US Bank0.01%(3.5)0.36%
USAA0.01%(3.5)7.45%
Lend Smart Mortgage0.09%(3.0)8.91%
CMG Financial0.10%(3.0)26.18%
loanDepot0.10%(3.0)4.00%
Quicken Loans0.11%(3.0)5.64%
Lender NameRate DifferenceRate RatingMarket Share
Black Hills Federal Credit Union-0.17%(4.5)8.93%
Gateway First Bank-0.12%(4.0)18.16%
Open Mortgage-0.09%(4.0)14.12%
Wells Fargo Bank-0.04%(3.5)3.17%
BankWest-0.04%(3.5)1.73%
Dacotah Bank-0.04%(3.5)1.15%
First Interstate Bank-0.03%(3.5)2.88%
Quicken Loans-0.03%(3.5)2.02%
loanDepot-0.01%(3.5)0.29%
US Bank-0.01%(3.5)0.58%
USAA0.00%(3.5)9.22%
Lend Smart Mortgage0.10%(3.0)6.34%
CMG Financial0.15%(3.0)31.41%
Lender NameRate DifferenceRate RatingMarket Share
Gateway First Bank-0.14%(4.0)17.24%
Black Hills Federal Credit Union-0.10%(4.0)8.87%
CMG Financial-0.07%(4.0)17.24%
Open Mortgage-0.03%(3.5)9.85%
First Interstate Bank-0.02%(3.5)4.43%
USAA0.01%(3.5)4.43%
BankWest0.01%(3.5)1.48%
Wells Fargo Bank0.06%(3.0)0.99%
Lend Smart Mortgage0.10%(3.0)13.30%
loanDepot0.14%(3.0)10.34%
Quicken Loans0.18%(2.5)11.82%

* Data is compiled for the Rapid City, SD commuting zone area, which comprises of counties of Butte County, SD, Custer County, SD, Fall River County, SD, Lawrence County, SD, Meade County, SD, and Pennington County, SD. This includes cities/towns/communities of Rapid City, SD as well as Rapid Valley, SD, Blackhawk, SD, Custer, SD, Box Elder, SD, Sturgis, SD, Blucksberg Mountain, SD, Deadwood, SD, Spearfish, SD, Lead, SD, Belle Fourche, SD, North Spearfish, SD, Hill City, SD, Box Elder, SD, Hot Springs, SD, Keystone, SD, Edgemont, SD, and Newell, SD. Lenders must have made at least 30 loans in the area to be included. Source of the data is Federal Financial Institutions Examination Council (FFIEC). Rate Difference (the average difference of interest rates relative to those of other lenders) were computed by subtracting the rate at origination from the average predicted rate conditional on the commuting zone, borrower LTV, DTI, Loan Amount, Loan Type, and Loan Purpose, and then regularized based on a Bayesian approach to account for smaller sample sizes. Above-average mortgage closing costs were then added to the rate difference at a rate of +0.15/point. Star ratings were determined in intervals of 0.10% in rate difference per half star.

Mortgage Lender Rankings in Other Cities

This page contains information about the top mortgage lenders in the Rapid City, SD area. For mortgage lender rankings in other cities, click here.