Which mortgage lender in the Elk River, MN 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 Elk River, MN area by interest rate and market share. We maintain our independence by not accepting any compensation from the mortgage lenders we rank, and 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 Elk River, MN area in terms of interest rate is Liberty Bank Minnesota, with an average “Rate Difference” of -0.13%. This means that, comparing similar borrowers, Liberty Bank Minnesota provided a -0.13% lower interest rate for its customers than other lenders in the area. Liberty Bank Minnesota has a market share of 7.8%. It is the most popular lender in the Elk River, MN area.
Our detailed ranking of mortgage lenders in the Elk River, MN 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, going by historical data, the cheapest lender for Conventional mortgages in Elk River, MN is Prosperity Home Mortgage LLC. If you want to take out a loan that is above conforming limits (above $548,250 or $822,375 depending on the area in 2021), the cheapest Jumbo mortgage provider is Old National Bank. If on the other hand, you want lower down payment or credit score requirements, the cheapest FHA mortgage provider is Liberty Bank Minnesota. The cheapest VA mortgage provider is USAA. 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 Elk River, MN
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Old National Bank | -0.02% | 6.67% | |
| Bremer Bank | -0.01% | 36.67% | |
| US Bank | 0.00% | 20.00% | |
| Bell Bank | 0.00% | 3.33% | |
| Wells Fargo Bank | 0.01% | 10.00% | |
| Plaza Home Mortgage | 0.01% | 3.33% | |
| loanDepot | 0.01% | 3.33% | |
| Liberty Bank Minnesota | 0.01% | 10.00% | |
| PrimeLending | 0.02% | 3.33% | |
| Compeer Financial | 0.03% | 3.33% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| US Bank | -0.02% | 22.22% | |
| Bremer Bank | -0.00% | 11.11% | |
| Bell Bank | 0.00% | 11.11% | |
| Wells Fargo Bank | 0.00% | 33.33% | |
| Liberty Bank Minnesota | 0.01% | 22.22% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Old National Bank | -0.02% | 9.52% | |
| Bremer Bank | -0.01% | 47.62% | |
| Plaza Home Mortgage | 0.01% | 4.76% | |
| US Bank | 0.01% | 19.05% | |
| Liberty Bank Minnesota | 0.01% | 4.76% | |
| loanDepot | 0.01% | 4.76% | |
| PrimeLending | 0.02% | 4.76% | |
| Compeer Financial | 0.03% | 4.76% |
* Data is compiled for the Elk River, MN commuting zone area, which comprises of counties of Benton County, MN, Mille Lacs County, MN, Morrison County, MN, Sherburne County, MN, and Stearns County, MN. This includes cities/towns/communities of Elk River, MN as well as St. Cloud, MN, Big Lake, MN, Sauk Rapids, MN, Sartell, MN, Becker, MN, Princeton, MN, Milaca, MN, Princeton, MN, Little Falls, MN, Rockville, MN, Clear Lake, MN, Richmond, MN, Kimball, MN, Eden Valley, MN, St. Joseph, MN, Ronneby, MN, St. Stephen, MN, Waite Park, MN, St. Cloud, MN, Albany, MN, Royalton, MN, Paynesville, MN, Avon, MN, Sauk Centre, MN, Upsala, MN, Motley, MN, Genola, MN, St. Rosa, MN, St. Anthony, MN, Isle, MN, Randall, MN, Gilman, MN, Melrose, MN, Onamia, MN, Spring Hill, MN, Sartell, MN, and Hillman, MN. 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 Elk River, MN area. For mortgage lender rankings in other cities, click here.