Which mortgage lender in the Watertown, 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 Watertown, SD 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 Watertown, SD area in terms of interest rate is First Bank & Trust, with an average “Rate Difference” of -0.05%. This means that, comparing similar borrowers, First Bank & Trust provided a -0.05% lower interest rate for its customers than other lenders in the area. First Bank & Trust has a market share of 11.0%. On the other hand, the most popular lender in the Watertown, SD area is First PREMIER Bank, with a larger market share of 20.4%. First PREMIER Bank is also a relatively cheap lender, with a “Rate Difference” of -0.02% compared to those of other lenders in this area.
Our detailed ranking of mortgage lenders in the Watertown, 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, going by historical data, the cheapest lender for Conventional mortgages in Watertown, SD is First Bank & Trust. 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 Quicken Loans. If on the other hand, you want lower down payment or credit score requirements, the cheapest FHA mortgage provider is First PREMIER Bank. The cheapest VA mortgage provider is Great Western 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 Watertown, SD
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| First Bank & Trust | -0.05% | 10.97% | |
| First PREMIER Bank | -0.02% | 20.35% | |
| Dacotah Bank | -0.02% | 6.02% | |
| Great Western Bank | -0.01% | 19.12% | |
| Fairway Independent Mortgage Corporation | 0.00% | 8.50% | |
| CU Mortgage Direct | 0.01% | 6.90% | |
| Reliabank Dakota | 0.02% | 6.73% | |
| Plains Commerce Bank | 0.05% | 15.58% | |
| Quicken Loans | 0.06% | 5.84% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Dacotah Bank | -0.04% | 6.31% | |
| Great Western Bank | -0.04% | 23.26% | |
| First Bank & Trust | -0.03% | 12.96% | |
| First PREMIER Bank | -0.02% | 13.62% | |
| Fairway Independent Mortgage Corporation | 0.01% | 12.29% | |
| Reliabank Dakota | 0.03% | 7.64% | |
| CU Mortgage Direct | 0.04% | 7.64% | |
| Quicken Loans | 0.04% | 1.66% | |
| Plains Commerce Bank | 0.07% | 14.62% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| First Bank & Trust | -0.07% | 8.71% | |
| First PREMIER Bank | -0.03% | 28.03% | |
| CU Mortgage Direct | -0.02% | 6.06% | |
| Reliabank Dakota | -0.01% | 5.68% | |
| Dacotah Bank | 0.01% | 5.68% | |
| Fairway Independent Mortgage Corporation | 0.03% | 4.17% | |
| Plains Commerce Bank | 0.03% | 16.67% | |
| Great Western Bank | 0.03% | 14.39% | |
| Quicken Loans | 0.05% | 10.61% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| First Bank & Trust | -0.06% | 12.00% | |
| Dacotah Bank | -0.02% | 7.76% | |
| First PREMIER Bank | -0.02% | 19.76% | |
| Great Western Bank | -0.02% | 20.71% | |
| Reliabank Dakota | 0.01% | 7.76% | |
| CU Mortgage Direct | 0.01% | 6.12% | |
| Fairway Independent Mortgage Corporation | 0.02% | 5.88% | |
| Plains Commerce Bank | 0.06% | 15.53% | |
| Quicken Loans | 0.09% | 4.47% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Great Western Bank | -0.04% | 25.63% | |
| First Bank & Trust | -0.04% | 16.08% | |
| Dacotah Bank | -0.04% | 9.05% | |
| First PREMIER Bank | -0.01% | 11.06% | |
| Fairway Independent Mortgage Corporation | 0.02% | 8.54% | |
| Reliabank Dakota | 0.03% | 9.55% | |
| Quicken Loans | 0.05% | 1.51% | |
| CU Mortgage Direct | 0.07% | 5.53% | |
| Plains Commerce Bank | 0.10% | 13.07% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| First Bank & Trust | -0.08% | 8.41% | |
| CU Mortgage Direct | -0.03% | 6.64% | |
| First PREMIER Bank | -0.03% | 27.43% | |
| Reliabank Dakota | -0.01% | 6.19% | |
| Dacotah Bank | 0.01% | 6.64% | |
| Plains Commerce Bank | 0.03% | 17.70% | |
| Fairway Independent Mortgage Corporation | 0.03% | 3.54% | |
| Great Western Bank | 0.03% | 16.37% | |
| Quicken Loans | 0.08% | 7.08% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| First PREMIER Bank | -0.05% | 25.77% | |
| Fairway Independent Mortgage Corporation | -0.02% | 17.53% | |
| Great Western Bank | 0.01% | 11.34% | |
| CU Mortgage Direct | 0.02% | 11.34% | |
| First Bank & Trust | 0.03% | 6.19% | |
| Quicken Loans | 0.03% | 6.19% | |
| Reliabank Dakota | 0.04% | 3.09% | |
| Plains Commerce Bank | 0.04% | 18.56% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| First PREMIER Bank | -0.04% | 20.78% | |
| Fairway Independent Mortgage Corporation | -0.02% | 20.78% | |
| Great Western Bank | 0.00% | 14.29% | |
| CU Mortgage Direct | 0.01% | 12.99% | |
| First Bank & Trust | 0.03% | 5.19% | |
| Quicken Loans | 0.03% | 2.60% | |
| Plains Commerce Bank | 0.04% | 20.78% | |
| Reliabank Dakota | 0.05% | 2.60% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| First PREMIER Bank | -0.04% | 45.00% | |
| Reliabank Dakota | 0.02% | 5.00% | |
| First Bank & Trust | 0.03% | 10.00% | |
| CU Mortgage Direct | 0.03% | 5.00% | |
| Fairway Independent Mortgage Corporation | 0.04% | 5.00% | |
| Quicken Loans | 0.04% | 20.00% | |
| Plains Commerce Bank | 0.04% | 10.00% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Quicken Loans | 0.00% | 100.00% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Quicken Loans | 0.00% | 100.00% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Great Western Bank | -0.04% | 21.43% | |
| First PREMIER Bank | -0.00% | 14.29% | |
| CU Mortgage Direct | 0.00% | 4.76% | |
| First Bank & Trust | 0.00% | 11.90% | |
| Plains Commerce Bank | 0.00% | 9.52% | |
| Dacotah Bank | 0.01% | 2.38% | |
| Fairway Independent Mortgage Corporation | 0.02% | 14.29% | |
| Quicken Loans | 0.02% | 16.67% | |
| Reliabank Dakota | 0.03% | 4.76% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Great Western Bank | -0.04% | 32.00% | |
| First PREMIER Bank | -0.00% | 12.00% | |
| CU Mortgage Direct | 0.01% | 8.00% | |
| First Bank & Trust | 0.01% | 12.00% | |
| Dacotah Bank | 0.02% | 4.00% | |
| Fairway Independent Mortgage Corporation | 0.03% | 16.00% | |
| Plains Commerce Bank | 0.03% | 8.00% | |
| Reliabank Dakota | 0.04% | 8.00% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Plains Commerce Bank | -0.02% | 11.76% | |
| First Bank & Trust | -0.01% | 11.76% | |
| First PREMIER Bank | -0.00% | 17.65% | |
| Great Western Bank | 0.00% | 5.88% | |
| Fairway Independent Mortgage Corporation | 0.00% | 11.76% | |
| Quicken Loans | 0.01% | 41.18% |
* Data is compiled for the Watertown, SD commuting zone area, which comprises of counties of Clark County, SD, Codington County, SD, Deuel County, SD, and Hamlin County, SD. This includes cities/towns/communities of Watertown, SD as well as Estelline, SD, Lake Norden, SD, Florence, SD, Gary, SD, Clark, SD, and Clear Lake, 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 Watertown, SD area. For mortgage lender rankings in other cities, click here.