Top Mortgage Lenders in Rochester, MN

Which mortgage lender in the Rochester, MN area typically has the best rates? To help you narrow down where to shop for a mortgage, provides an objective and data driven ranking of mortgage lenders operating in the Rochester, 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 Rochester, MN area in terms of interest rate is Merchants Bank, with an average “Rate Difference” of -0.21%. This means that, comparing similar borrowers, Merchants Bank provided a -0.21% lower interest rate for its customers than other lenders in the area. Merchants Bank has a market share of 5.9%. On the other hand, the most popular lender in the Rochester, MN area is Think Bank, with a larger market share of 14.2%. Think Bank is an average lender in terms of the interest rate it offers, with a “Rate Difference” of -0.07% compared to those of other lenders in this area.

Our detailed ranking of mortgage lenders in the Rochester, 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 Rochester, MN is Merchants Bank. 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 Think Bank. If on the other hand, you want lower down payment or credit score requirements, the cheapest FHA mortgage provider is Home Federal Savings Bank. The cheapest VA mortgage provider is Wells Fargo Bank. 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 Rochester, MN

Mortgage Type:
Lender NameRate DifferenceRate RatingMarket Share
Merchants Bank-0.21%(4.5)5.90%
First Federal Bank of Florida-0.16%(4.5)5.43%
Altra Federal Credit Union-0.13%(4.0)2.92%
Affinity Plus Federal Credit Union-0.08%(4.0)2.72%
Think Bank-0.07%(4.0)14.23%
Associated Bank-0.06%(4.0)1.43%
Prosperity Home Mortgage LLC-0.05%(3.5)2.11%
Home Federal Savings Bank-0.03%(3.5)6.78%
US Bank-0.00%(3.5)5.07%
Provident Funding0.00%(3.5)0.62%
Mayo Employees Federal Credit Union0.00%(3.5)1.71%
Caliber Home Loans0.03%(3.5)1.67%
Bremer Bank0.04%(3.5)5.25%
Results Mortgage0.04%(3.5)1.65%
Bell Bank0.05%(3.5)5.13%
Guaranteed Rate Affinity0.05%(3.0)2.47%
Guaranteed Rate0.05%(3.0)3.50%
Fairway Independent Mortgage Corporation0.06%(3.0)1.13%
Wells Fargo Bank0.07%(3.0)8.29%
AMEC Home Loans0.08%(3.0)1.89%
Bay Equity Home Loans0.09%(3.0)1.01%
Barrington Bank & Trust0.11%(3.0)2.80%
Freedom Mortgage Corporation0.12%(3.0)1.75%
Mr. Cooper0.14%(3.0)0.70%
Compeer Financial0.17%(2.5)1.11%
Quicken Loans0.20%(2.5)5.77%
Lender NameRate DifferenceRate RatingMarket Share
Merchants Bank-0.17%(4.5)5.56%
First Federal Bank of Florida-0.13%(4.0)6.47%
Altra Federal Credit Union-0.10%(4.0)2.54%
Think Bank-0.08%(4.0)12.10%
Affinity Plus Federal Credit Union-0.06%(4.0)1.36%
Prosperity Home Mortgage LLC-0.05%(4.0)3.08%
Associated Bank-0.02%(3.5)0.95%
US Bank-0.02%(3.5)5.05%
Wells Fargo Bank-0.01%(3.5)8.91%
Mayo Employees Federal Credit Union-0.00%(3.5)1.76%
Home Federal Savings Bank0.01%(3.5)6.00%
Mr. Cooper0.02%(3.5)0.10%
Provident Funding0.03%(3.5)0.34%
Caliber Home Loans0.04%(3.5)1.73%
Freedom Mortgage Corporation0.04%(3.5)1.15%
Results Mortgage0.05%(3.5)2.54%
Bell Bank0.05%(3.0)7.59%
Guaranteed Rate Affinity0.05%(3.0)3.90%
Guaranteed Rate0.06%(3.0)5.08%
Fairway Independent Mortgage Corporation0.06%(3.0)1.66%
AMEC Home Loans0.09%(3.0)2.54%
Bremer Bank0.10%(3.0)4.78%
Barrington Bank & Trust0.12%(3.0)4.07%
Bay Equity Home Loans0.12%(3.0)1.22%
Compeer Financial0.16%(2.5)0.85%
Quicken Loans0.17%(2.5)2.44%
Lender NameRate DifferenceRate RatingMarket Share
Merchants Bank-0.26%(5.0)6.39%
First Federal Bank of Florida-0.23%(4.5)3.91%
Altra Federal Credit Union-0.17%(4.5)3.47%
Affinity Plus Federal Credit Union-0.09%(4.0)4.71%
Associated Bank-0.09%(4.0)2.13%
Home Federal Savings Bank-0.07%(4.0)7.92%
Think Bank-0.05%(4.0)17.34%
Bremer Bank-0.03%(3.5)5.94%
Provident Funding-0.01%(3.5)1.04%
Prosperity Home Mortgage LLC-0.01%(3.5)0.69%
Guaranteed Rate0.00%(3.5)1.19%
Bell Bank0.01%(3.5)1.54%
Results Mortgage0.01%(3.5)0.35%
Mayo Employees Federal Credit Union0.01%(3.5)1.63%
Guaranteed Rate Affinity0.02%(3.5)0.40%
Bay Equity Home Loans0.02%(3.5)0.69%
US Bank0.02%(3.5)5.10%
Caliber Home Loans0.02%(3.5)1.58%
Fairway Independent Mortgage Corporation0.04%(3.5)0.35%
AMEC Home Loans0.04%(3.5)0.94%
Barrington Bank & Trust0.05%(3.0)0.94%
Mr. Cooper0.15%(3.0)1.58%
Freedom Mortgage Corporation0.17%(2.5)2.63%
Compeer Financial0.18%(2.5)1.49%
Quicken Loans0.21%(2.5)10.65%
Wells Fargo Bank0.23%(2.5)7.38%
Lender NameRate DifferenceRate RatingMarket Share
Merchants Bank-0.22%(4.5)6.68%
First Federal Bank of Florida-0.16%(4.5)6.32%
Altra Federal Credit Union-0.14%(4.0)3.34%
Affinity Plus Federal Credit Union-0.08%(4.0)3.27%
Think Bank-0.07%(4.0)15.74%
Associated Bank-0.06%(4.0)1.57%
Prosperity Home Mortgage LLC-0.05%(4.0)2.06%
Home Federal Savings Bank-0.02%(3.5)7.38%
US Bank-0.00%(3.5)5.23%
Provident Funding0.00%(3.5)0.75%
Mayo Employees Federal Credit Union0.01%(3.5)1.65%
Caliber Home Loans0.04%(3.5)1.55%
Bremer Bank0.04%(3.5)5.28%
Bell Bank0.06%(3.0)4.77%
Guaranteed Rate Affinity0.06%(3.0)2.11%
Fairway Independent Mortgage Corporation0.06%(3.0)0.53%
Results Mortgage0.07%(3.0)1.40%
Guaranteed Rate0.08%(3.0)2.62%
Wells Fargo Bank0.09%(3.0)9.44%
AMEC Home Loans0.09%(3.0)1.65%
Bay Equity Home Loans0.11%(3.0)0.58%
Barrington Bank & Trust0.14%(3.0)2.25%
Compeer Financial0.18%(2.5)1.23%
Freedom Mortgage Corporation0.18%(2.5)1.23%
Mr. Cooper0.19%(2.5)0.53%
Quicken Loans0.28%(2.0)4.89%
Lender NameRate DifferenceRate RatingMarket Share
Merchants Bank-0.19%(4.5)6.29%
First Federal Bank of Florida-0.13%(4.0)7.77%
Altra Federal Credit Union-0.10%(4.0)2.87%
Think Bank-0.08%(4.0)13.68%
Prosperity Home Mortgage LLC-0.06%(4.0)3.00%
Affinity Plus Federal Credit Union-0.05%(4.0)1.69%
Associated Bank-0.02%(3.5)1.01%
US Bank-0.02%(3.5)5.41%
Wells Fargo Bank-0.01%(3.5)10.26%
Mayo Employees Federal Credit Union0.00%(3.5)1.60%
Mr. Cooper0.02%(3.5)0.08%
Home Federal Savings Bank0.03%(3.5)6.42%
Provident Funding0.03%(3.5)0.42%
Caliber Home Loans0.04%(3.5)1.69%
Guaranteed Rate Affinity0.07%(3.0)3.46%
Bell Bank0.07%(3.0)7.22%
Fairway Independent Mortgage Corporation0.07%(3.0)0.84%
Results Mortgage0.08%(3.0)2.15%
Guaranteed Rate0.09%(3.0)3.76%
AMEC Home Loans0.11%(3.0)2.24%
Bremer Bank0.11%(3.0)4.81%
Freedom Mortgage Corporation0.12%(3.0)0.68%
Bay Equity Home Loans0.14%(3.0)0.76%
Barrington Bank & Trust0.16%(2.5)3.25%
Compeer Financial0.17%(2.5)1.01%
Quicken Loans0.20%(2.5)2.15%
Lender NameRate DifferenceRate RatingMarket Share
Merchants Bank-0.26%(5.0)7.21%
First Federal Bank of Florida-0.23%(4.5)4.37%
Altra Federal Credit Union-0.17%(4.5)3.97%
Associated Bank-0.09%(4.0)2.33%
Affinity Plus Federal Credit Union-0.09%(4.0)5.39%
Home Federal Savings Bank-0.08%(4.0)8.68%
Think Bank-0.05%(4.0)18.50%
Bremer Bank-0.04%(3.5)5.90%
Provident Funding-0.01%(3.5)1.19%
Prosperity Home Mortgage LLC-0.01%(3.5)0.79%
Guaranteed Rate0.00%(3.5)1.08%
Bell Bank0.01%(3.5)1.48%
Results Mortgage0.01%(3.5)0.40%
Mayo Employees Federal Credit Union0.01%(3.5)1.70%
US Bank0.02%(3.5)4.99%
Guaranteed Rate Affinity0.02%(3.5)0.28%
Bay Equity Home Loans0.02%(3.5)0.34%
Caliber Home Loans0.03%(3.5)1.36%
Fairway Independent Mortgage Corporation0.03%(3.5)0.11%
AMEC Home Loans0.05%(3.0)0.85%
Barrington Bank & Trust0.06%(3.0)0.91%
Compeer Financial0.19%(2.5)1.53%
Mr. Cooper0.20%(2.5)1.14%
Freedom Mortgage Corporation0.21%(2.5)1.99%
Wells Fargo Bank0.24%(2.5)8.34%
Quicken Loans0.31%(2.0)8.57%
Lender NameRate DifferenceRate RatingMarket Share
Home Federal Savings Bank-0.11%(4.0)4.65%
Results Mortgage-0.03%(3.5)3.54%
Bremer Bank-0.03%(3.5)1.99%
Prosperity Home Mortgage LLC-0.02%(3.5)1.55%
First Federal Bank of Florida-0.02%(3.5)0.88%
Wells Fargo Bank-0.01%(3.5)0.44%
Bell Bank-0.01%(3.5)9.29%
Altra Federal Credit Union-0.01%(3.5)1.11%
Guaranteed Rate-0.01%(3.5)11.73%
US Bank0.00%(3.5)1.11%
Quicken Loans0.00%(3.5)13.27%
Associated Bank0.00%(3.5)0.22%
Merchants Bank0.01%(3.5)1.55%
Guaranteed Rate Affinity0.02%(3.5)6.19%
Barrington Bank & Trust0.02%(3.5)7.74%
Caliber Home Loans0.03%(3.5)2.65%
Fairway Independent Mortgage Corporation0.04%(3.5)6.42%
Freedom Mortgage Corporation0.05%(3.5)4.87%
AMEC Home Loans0.05%(3.0)3.10%
Mr. Cooper0.06%(3.0)2.43%
Bay Equity Home Loans0.08%(3.0)3.98%
Lender NameRate DifferenceRate RatingMarket Share
Home Federal Savings Bank-0.12%(4.0)5.93%
Freedom Mortgage Corporation-0.04%(3.5)2.97%
Results Mortgage-0.04%(3.5)4.75%
Bremer Bank-0.03%(3.5)2.67%
First Federal Bank of Florida-0.03%(3.5)0.89%
Prosperity Home Mortgage LLC-0.02%(3.5)2.08%
Wells Fargo Bank-0.02%(3.5)0.59%
Bell Bank-0.02%(3.5)12.17%
Altra Federal Credit Union-0.01%(3.5)1.48%
US Bank-0.01%(3.5)0.89%
Guaranteed Rate-0.01%(3.5)14.54%
Associated Bank0.00%(3.5)0.30%
Merchants Bank0.01%(3.5)2.08%
Guaranteed Rate Affinity0.02%(3.5)7.72%
Barrington Bank & Trust0.02%(3.5)9.79%
Caliber Home Loans0.03%(3.5)2.67%
Fairway Independent Mortgage Corporation0.04%(3.5)7.42%
AMEC Home Loans0.05%(3.5)4.15%
Bay Equity Home Loans0.09%(3.0)4.45%
Quicken Loans0.10%(3.0)4.75%
Lender NameRate DifferenceRate RatingMarket Share
Quicken Loans-0.02%(3.5)38.26%
Bell Bank0.00%(3.5)0.87%
Guaranteed Rate Affinity0.01%(3.5)1.74%
Home Federal Savings Bank0.02%(3.5)0.87%
First Federal Bank of Florida0.02%(3.5)0.87%
Guaranteed Rate0.02%(3.5)3.48%
Bay Equity Home Loans0.02%(3.5)2.61%
Caliber Home Loans0.02%(3.5)2.61%
Barrington Bank & Trust0.03%(3.5)1.74%
US Bank0.03%(3.5)1.74%
Fairway Independent Mortgage Corporation0.04%(3.5)3.48%
Mr. Cooper0.07%(3.0)9.57%
Freedom Mortgage Corporation0.13%(3.0)10.43%
Lender NameRate DifferenceRate RatingMarket Share
Think Bank-0.05%(4.0)38.00%
Home Federal Savings Bank-0.01%(3.5)6.67%
Wells Fargo Bank0.00%(3.5)2.67%
Mayo Employees Federal Credit Union0.00%(3.5)11.33%
Guaranteed Rate Affinity0.01%(3.5)0.67%
Altra Federal Credit Union0.02%(3.5)0.67%
Associated Bank0.02%(3.5)3.33%
Prosperity Home Mortgage LLC0.02%(3.5)0.67%
US Bank0.02%(3.5)12.67%
Caliber Home Loans0.03%(3.5)0.67%
Compeer Financial0.06%(3.0)2.67%
Bremer Bank0.07%(3.0)20.00%
Lender NameRate DifferenceRate RatingMarket Share
Home Federal Savings Bank-0.04%(3.5)4.76%
Think Bank-0.03%(3.5)39.29%
Wells Fargo Bank-0.01%(3.5)4.76%
Mayo Employees Federal Credit Union-0.00%(3.5)16.67%
Guaranteed Rate Affinity0.00%(3.5)1.19%
Associated Bank0.01%(3.5)3.57%
Altra Federal Credit Union0.01%(3.5)1.19%
Prosperity Home Mortgage LLC0.01%(3.5)1.19%
US Bank0.02%(3.5)9.52%
Compeer Financial0.04%(3.5)1.19%
Bremer Bank0.08%(3.0)16.67%
Lender NameRate DifferenceRate RatingMarket Share
Think Bank-0.08%(4.0)36.36%
Home Federal Savings Bank0.01%(3.5)9.09%
Mayo Employees Federal Credit Union0.02%(3.5)4.55%
US Bank0.03%(3.5)16.67%
Associated Bank0.03%(3.5)3.03%
Caliber Home Loans0.04%(3.5)1.52%
Bremer Bank0.07%(3.0)24.24%
Compeer Financial0.07%(3.0)4.55%
Lender NameRate DifferenceRate RatingMarket Share
Wells Fargo Bank-0.09%(4.0)6.72%
Freedom Mortgage Corporation-0.03%(3.5)5.88%
US Bank-0.02%(3.5)5.04%
Bremer Bank-0.02%(3.5)1.68%
Prosperity Home Mortgage LLC-0.02%(3.5)5.04%
First Federal Bank of Florida-0.02%(3.5)2.10%
Caliber Home Loans-0.01%(3.5)2.52%
Results Mortgage-0.00%(3.5)3.36%
AMEC Home Loans-0.00%(3.5)5.04%
Altra Federal Credit Union0.00%(3.5)0.42%
Home Federal Savings Bank0.00%(3.5)0.42%
Mr. Cooper0.01%(3.5)0.84%
Guaranteed Rate0.01%(3.5)5.46%
Bay Equity Home Loans0.01%(3.5)3.36%
Quicken Loans0.02%(3.5)10.50%
Guaranteed Rate Affinity0.02%(3.5)2.94%
Fairway Independent Mortgage Corporation0.03%(3.5)2.10%
Merchants Bank0.04%(3.5)4.20%
Bell Bank0.05%(3.5)6.72%
Barrington Bank & Trust0.06%(3.0)4.62%
Lender NameRate DifferenceRate RatingMarket Share
Wells Fargo Bank-0.11%(4.0)8.64%
Freedom Mortgage Corporation-0.05%(3.5)4.94%
US Bank-0.03%(3.5)6.17%
First Federal Bank of Florida-0.02%(3.5)2.47%
Bremer Bank-0.02%(3.5)2.47%
Prosperity Home Mortgage LLC-0.02%(3.5)7.41%
Caliber Home Loans-0.01%(3.5)1.23%
Mr. Cooper-0.00%(3.5)0.62%
Results Mortgage-0.00%(3.5)4.94%
Altra Federal Credit Union0.00%(3.5)0.62%
Home Federal Savings Bank0.00%(3.5)0.62%
AMEC Home Loans0.01%(3.5)4.94%
Quicken Loans0.01%(3.5)3.09%
Guaranteed Rate0.01%(3.5)7.41%
Guaranteed Rate Affinity0.03%(3.5)3.70%
Fairway Independent Mortgage Corporation0.04%(3.5)2.47%
Merchants Bank0.05%(3.5)4.94%
Bay Equity Home Loans0.05%(3.0)1.85%
Barrington Bank & Trust0.06%(3.0)6.17%
Bell Bank0.07%(3.0)7.41%
Lender NameRate DifferenceRate RatingMarket Share
AMEC Home Loans-0.02%(3.5)5.26%
Freedom Mortgage Corporation-0.02%(3.5)7.89%
Bell Bank-0.01%(3.5)5.26%
Bay Equity Home Loans-0.01%(3.5)6.58%
Caliber Home Loans-0.01%(3.5)5.26%
Guaranteed Rate-0.00%(3.5)1.32%
First Federal Bank of Florida-0.00%(3.5)1.32%
Guaranteed Rate Affinity0.00%(3.5)1.32%
Fairway Independent Mortgage Corporation0.00%(3.5)1.32%
Barrington Bank & Trust0.00%(3.5)1.32%
Merchants Bank0.01%(3.5)2.63%
US Bank0.02%(3.5)2.63%
Quicken Loans0.02%(3.5)26.32%
Wells Fargo Bank0.03%(3.5)2.63%
Mr. Cooper0.03%(3.5)1.32%

* Data is compiled for the Rochester, MN commuting zone area, which comprises of counties of Dodge County, MN, Fillmore County, MN, Goodhue County, MN, Olmsted County, MN, and Wabasha County, MN. This includes cities/towns/communities of Rochester, MN as well as Red Wing, MN, Byron, MN, Kasson, MN, Stewartville, MN, Dover, MN, Rushford Village, MN, Cannon Falls, MN, Lake City, MN, Zumbrota, MN, Pine Island, MN, Dodge Center, MN, Wykoff, MN, Hayfield, MN, Ostrander, MN, Mazeppa, MN, Kenyon, MN, Lake City, MN, Dennison, MN, Plainview, MN, West Concord, MN, Minneiska, MN, Wabasha, MN, Canton, MN, and Preston, 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

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