Which mortgage lender in the Fergus Falls, 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 Fergus Falls, 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 Fergus Falls, MN area in terms of interest rate is Merchants Bank, with an average “Rate Difference” of -0.14%. This means that, comparing similar borrowers, Merchants Bank provided a -0.14% lower interest rate for its customers than other lenders in the area. Merchants Bank has a market share of 18.2%. It is the most popular lender in the Fergus Falls, MN area.
Our detailed ranking of mortgage lenders in the Fergus Falls, 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 Fergus Falls, 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 Bell Bank. If on the other hand, you want lower down payment or credit score requirements, the cheapest FHA mortgage provider is Tradition Mortgage. The cheapest VA mortgage provider is Gate City 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 Fergus Falls, MN
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Merchants Bank | -0.14% | 18.24% | |
| Affinity Plus Federal Credit Union | -0.06% | 5.26% | |
| Bell Bank | -0.05% | 12.34% | |
| Gate City Bank | -0.04% | 9.12% | |
| Central Minnesota Credit Union | 0.03% | 11.59% | |
| Tradition Mortgage | 0.05% | 7.19% | |
| US Bank | 0.05% | 5.58% | |
| Bremer Bank | 0.06% | 13.09% | |
| Wells Fargo Bank | 0.09% | 8.48% | |
| Quicken Loans | 0.15% | 9.12% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Bell Bank | -0.08% | 18.54% | |
| Merchants Bank | -0.07% | 14.79% | |
| Gate City Bank | -0.04% | 11.46% | |
| Affinity Plus Federal Credit Union | -0.01% | 2.92% | |
| Tradition Mortgage | 0.00% | 9.17% | |
| US Bank | 0.03% | 5.00% | |
| Central Minnesota Credit Union | 0.04% | 10.42% | |
| Wells Fargo Bank | 0.05% | 9.79% | |
| Bremer Bank | 0.10% | 13.33% | |
| Quicken Loans | 0.11% | 4.58% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Merchants Bank | -0.19% | 21.90% | |
| Affinity Plus Federal Credit Union | -0.08% | 7.74% | |
| Gate City Bank | -0.06% | 6.64% | |
| Bremer Bank | 0.02% | 12.83% | |
| Central Minnesota Credit Union | 0.02% | 12.83% | |
| Bell Bank | 0.03% | 5.75% | |
| US Bank | 0.07% | 6.19% | |
| Tradition Mortgage | 0.13% | 5.09% | |
| Wells Fargo Bank | 0.14% | 7.08% | |
| Quicken Loans | 0.17% | 13.94% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Merchants Bank | -0.14% | 20.09% | |
| Affinity Plus Federal Credit Union | -0.06% | 5.79% | |
| Bell Bank | -0.05% | 12.88% | |
| Gate City Bank | -0.05% | 8.98% | |
| Central Minnesota Credit Union | 0.03% | 12.77% | |
| US Bank | 0.06% | 5.44% | |
| Tradition Mortgage | 0.06% | 6.50% | |
| Bremer Bank | 0.07% | 12.17% | |
| Wells Fargo Bank | 0.10% | 8.63% | |
| Quicken Loans | 0.20% | 6.74% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Bell Bank | -0.08% | 19.62% | |
| Merchants Bank | -0.07% | 16.78% | |
| Gate City Bank | -0.04% | 11.35% | |
| Affinity Plus Federal Credit Union | -0.01% | 3.31% | |
| Tradition Mortgage | 0.00% | 7.57% | |
| US Bank | 0.04% | 4.96% | |
| Central Minnesota Credit Union | 0.04% | 11.82% | |
| Wells Fargo Bank | 0.06% | 9.93% | |
| Bremer Bank | 0.13% | 11.35% | |
| Quicken Loans | 0.14% | 3.31% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Merchants Bank | -0.19% | 23.40% | |
| Affinity Plus Federal Credit Union | -0.07% | 8.27% | |
| Gate City Bank | -0.07% | 6.62% | |
| Bremer Bank | 0.02% | 13.00% | |
| Central Minnesota Credit Union | 0.03% | 13.71% | |
| Bell Bank | 0.03% | 6.15% | |
| US Bank | 0.08% | 5.91% | |
| Tradition Mortgage | 0.13% | 5.44% | |
| Wells Fargo Bank | 0.15% | 7.33% | |
| Quicken Loans | 0.23% | 10.17% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Tradition Mortgage | -0.03% | 23.26% | |
| Bremer Bank | -0.01% | 25.58% | |
| Gate City Bank | -0.01% | 6.98% | |
| Bell Bank | -0.00% | 9.30% | |
| US Bank | -0.00% | 2.33% | |
| Quicken Loans | 0.04% | 32.56% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Tradition Mortgage | -0.02% | 28.57% | |
| Bremer Bank | -0.01% | 31.43% | |
| Gate City Bank | -0.00% | 8.57% | |
| Bell Bank | 0.00% | 11.43% | |
| US Bank | 0.00% | 2.86% | |
| Quicken Loans | 0.05% | 17.14% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Quicken Loans | 0.00% | 100.00% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Bell Bank | -0.00% | 11.76% | |
| Gate City Bank | -0.00% | 17.65% | |
| US Bank | -0.00% | 17.65% | |
| Wells Fargo Bank | 0.00% | 23.53% | |
| Bremer Bank | 0.00% | 29.41% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Bell Bank | -0.00% | 18.18% | |
| US Bank | -0.00% | 9.09% | |
| Gate City Bank | -0.00% | 9.09% | |
| Wells Fargo Bank | -0.00% | 36.36% | |
| Bremer Bank | 0.01% | 27.27% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Bremer Bank | -0.00% | 33.33% | |
| Gate City Bank | -0.00% | 33.33% | |
| US Bank | 0.00% | 33.33% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Gate City Bank | -0.02% | 11.54% | |
| Bremer Bank | -0.01% | 11.54% | |
| US Bank | -0.01% | 7.69% | |
| Tradition Mortgage | -0.01% | 7.69% | |
| Wells Fargo Bank | -0.01% | 7.69% | |
| Quicken Loans | 0.01% | 53.85% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Gate City Bank | -0.01% | 27.27% | |
| Wells Fargo Bank | -0.00% | 9.09% | |
| Bremer Bank | 0.00% | 18.18% | |
| Tradition Mortgage | 0.00% | 18.18% | |
| US Bank | 0.01% | 9.09% | |
| Quicken Loans | 0.01% | 18.18% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Bremer Bank | -0.03% | 6.67% | |
| US Bank | -0.02% | 6.67% | |
| Wells Fargo Bank | -0.00% | 6.67% | |
| Quicken Loans | 0.00% | 80.00% |
* Data is compiled for the Fergus Falls, MN commuting zone area, which comprises of counties of Otter Tail County, MN, Todd County, MN, and Wadena County, MN. This includes cities/towns/communities of Fergus Falls, MN as well as Vergas, MN, Long Prairie, MN, Perham, MN, Dent, MN, Elizabeth, MN, Richville, MN, Osakis, MN, Ottertail, MN, Vining, MN, Battle Lake, MN, Henning, MN, Rothsay, MN, Staples, MN, Staples, MN, Urbank, MN, Browerville, MN, Wadena, MN, Nimrod, MN, Grey Eagle, MN, Pelican Rapids, MN, Clarissa, MN, and Bertha, 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 Fergus Falls, MN area. For mortgage lender rankings in other cities, click here.