Top Mortgage Lenders in Watertown, SD

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. 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 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, 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 (for example, above $548,250 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

Mortgage Type:
Purchase/Refinance:
Lender NameRate DifferenceRate RatingMarket Share
First Bank & Trust-0.05%(3.5)10.97%
First PREMIER Bank-0.02%(3.5)20.35%
Dacotah Bank-0.02%(3.5)6.02%
Great Western Bank-0.01%(3.5)19.12%
Fairway Independent Mortgage Corporation0.00%(3.5)8.50%
CU Mortgage Direct0.01%(3.5)6.90%
Reliabank Dakota0.02%(3.5)6.73%
Plains Commerce Bank0.05%(3.0)15.58%
Quicken Loans0.06%(3.0)5.84%
Lender NameRate DifferenceRate RatingMarket Share
Dacotah Bank-0.04%(3.5)6.31%
Great Western Bank-0.04%(3.5)23.26%
First Bank & Trust-0.03%(3.5)12.96%
First PREMIER Bank-0.02%(3.5)13.62%
Fairway Independent Mortgage Corporation0.01%(3.5)12.29%
Reliabank Dakota0.03%(3.5)7.64%
CU Mortgage Direct0.04%(3.5)7.64%
Quicken Loans0.04%(3.5)1.66%
Plains Commerce Bank0.07%(3.0)14.62%
Lender NameRate DifferenceRate RatingMarket Share
First Bank & Trust-0.07%(4.0)8.71%
First PREMIER Bank-0.03%(3.5)28.03%
CU Mortgage Direct-0.02%(3.5)6.06%
Reliabank Dakota-0.01%(3.5)5.68%
Dacotah Bank0.01%(3.5)5.68%
Fairway Independent Mortgage Corporation0.03%(3.5)4.17%
Plains Commerce Bank0.03%(3.5)16.67%
Great Western Bank0.03%(3.5)14.39%
Quicken Loans0.05%(3.0)10.61%
Lender NameRate DifferenceRate RatingMarket Share
First Bank & Trust-0.06%(4.0)12.00%
Dacotah Bank-0.02%(3.5)7.76%
First PREMIER Bank-0.02%(3.5)19.76%
Great Western Bank-0.02%(3.5)20.71%
Reliabank Dakota0.01%(3.5)7.76%
CU Mortgage Direct0.01%(3.5)6.12%
Fairway Independent Mortgage Corporation0.02%(3.5)5.88%
Plains Commerce Bank0.06%(3.0)15.53%
Quicken Loans0.09%(3.0)4.47%
Lender NameRate DifferenceRate RatingMarket Share
Great Western Bank-0.04%(3.5)25.63%
First Bank & Trust-0.04%(3.5)16.08%
Dacotah Bank-0.04%(3.5)9.05%
First PREMIER Bank-0.01%(3.5)11.06%
Fairway Independent Mortgage Corporation0.02%(3.5)8.54%
Reliabank Dakota0.03%(3.5)9.55%
Quicken Loans0.05%(3.0)1.51%
CU Mortgage Direct0.07%(3.0)5.53%
Plains Commerce Bank0.10%(3.0)13.07%
Lender NameRate DifferenceRate RatingMarket Share
First Bank & Trust-0.08%(4.0)8.41%
CU Mortgage Direct-0.03%(3.5)6.64%
First PREMIER Bank-0.03%(3.5)27.43%
Reliabank Dakota-0.01%(3.5)6.19%
Dacotah Bank0.01%(3.5)6.64%
Plains Commerce Bank0.03%(3.5)17.70%
Fairway Independent Mortgage Corporation0.03%(3.5)3.54%
Great Western Bank0.03%(3.5)16.37%
Quicken Loans0.08%(3.0)7.08%
Lender NameRate DifferenceRate RatingMarket Share
First PREMIER Bank-0.05%(3.5)25.77%
Fairway Independent Mortgage Corporation-0.02%(3.5)17.53%
Great Western Bank0.01%(3.5)11.34%
CU Mortgage Direct0.02%(3.5)11.34%
First Bank & Trust0.03%(3.5)6.19%
Quicken Loans0.03%(3.5)6.19%
Reliabank Dakota0.04%(3.5)3.09%
Plains Commerce Bank0.04%(3.5)18.56%
Lender NameRate DifferenceRate RatingMarket Share
First PREMIER Bank-0.04%(3.5)20.78%
Fairway Independent Mortgage Corporation-0.02%(3.5)20.78%
Great Western Bank0.00%(3.5)14.29%
CU Mortgage Direct0.01%(3.5)12.99%
First Bank & Trust0.03%(3.5)5.19%
Quicken Loans0.03%(3.5)2.60%
Plains Commerce Bank0.04%(3.5)20.78%
Reliabank Dakota0.05%(3.5)2.60%
Lender NameRate DifferenceRate RatingMarket Share
First PREMIER Bank-0.04%(3.5)45.00%
Reliabank Dakota0.02%(3.5)5.00%
First Bank & Trust0.03%(3.5)10.00%
CU Mortgage Direct0.03%(3.5)5.00%
Fairway Independent Mortgage Corporation0.04%(3.5)5.00%
Quicken Loans0.04%(3.5)20.00%
Plains Commerce Bank0.04%(3.5)10.00%
Lender NameRate DifferenceRate RatingMarket Share
Quicken Loans0.00%(3.5)100.00%
Insufficient data available.
Lender NameRate DifferenceRate RatingMarket Share
Quicken Loans0.00%(3.5)100.00%
Lender NameRate DifferenceRate RatingMarket Share
Great Western Bank-0.04%(3.5)21.43%
First PREMIER Bank-0.00%(3.5)14.29%
CU Mortgage Direct0.00%(3.5)4.76%
First Bank & Trust0.00%(3.5)11.90%
Plains Commerce Bank0.00%(3.5)9.52%
Dacotah Bank0.01%(3.5)2.38%
Fairway Independent Mortgage Corporation0.02%(3.5)14.29%
Quicken Loans0.02%(3.5)16.67%
Reliabank Dakota0.03%(3.5)4.76%
Lender NameRate DifferenceRate RatingMarket Share
Great Western Bank-0.04%(3.5)32.00%
First PREMIER Bank-0.00%(3.5)12.00%
CU Mortgage Direct0.01%(3.5)8.00%
First Bank & Trust0.01%(3.5)12.00%
Dacotah Bank0.02%(3.5)4.00%
Fairway Independent Mortgage Corporation0.03%(3.5)16.00%
Plains Commerce Bank0.03%(3.5)8.00%
Reliabank Dakota0.04%(3.5)8.00%
Lender NameRate DifferenceRate RatingMarket Share
Plains Commerce Bank-0.02%(3.5)11.76%
First Bank & Trust-0.01%(3.5)11.76%
First PREMIER Bank-0.00%(3.5)17.65%
Great Western Bank0.00%(3.5)5.88%
Fairway Independent Mortgage Corporation0.00%(3.5)11.76%
Quicken Loans0.01%(3.5)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.