Which mortgage lender in the Detroit Lakes, 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 Detroit Lakes, 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 Detroit Lakes, MN area in terms of interest rate is Bell Bank, with an average “Rate Difference” of -0.04%. This means that, comparing similar borrowers, Bell Bank provided a -0.04% lower interest rate for its customers than other lenders in the area. Bell Bank has a market share of 35.4%. It is the most popular lender in the Detroit Lakes, MN area.
Our detailed ranking of mortgage lenders in the Detroit Lakes, 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 Detroit Lakes, MN is Bell 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 Gate City Bank. If on the other hand, you want lower down payment or credit score requirements, the cheapest FHA mortgage provider is Bell Bank. The cheapest VA mortgage provider is also Bell 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.
* Data is compiled for the Detroit Lakes, MN commuting zone area, which comprises of counties of Becker County, MN, and Mahnomen County, MN. This includes cities/towns/communities of Detroit Lakes, MN as well as Lake Park, MN, Audubon, MN, Wolf Lake, MN, Elbow Lake, MN, The Ranch, MN, and Bejou, 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.
