Which mortgage lender in the Alexandria, 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 Alexandria, 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 Alexandria, MN area in terms of interest rate is Gate City Bank, with an average “Rate Difference” of -0.08%. This means that, comparing similar borrowers, Gate City Bank provided a -0.08% lower interest rate for its customers than other lenders in the area. Gate City Bank has a market share of 8.6%. On the other hand, the most popular lender in the Alexandria, MN area is Bremer Bank, with a larger market share of 24.2%. Bremer Bank is an average lender in terms of the interest rate it offers, with a “Rate Difference” of +0.01% compared to those of other lenders in this area.
Our detailed ranking of mortgage lenders in the Alexandria, 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, Gate City Bank is the cheapest mortgage provider for Conventional and Jumbo mortgages in Alexandria, MN. If on the other hand, you want lower down payment or credit score requirements, the cheapest FHA mortgage provider is Quicken Loans. The cheapest VA mortgage provider is BlackRidgeBANK. 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 Alexandria, MN commuting zone area, which comprises of counties of Douglas County, MN, Grant County, MN, Pope County, MN, and Stevens County, MN. This includes cities/towns/communities of Alexandria, MN as well as Garfield, MN, Carlos, MN, Miltona, MN, Evansville, MN, Long Beach, MN, Nelson, MN, Lowry, MN, Ashby, MN, Farwell, MN, Morris, MN, Westport, MN, Hancock, MN, Norcross, MN, and Chokio, 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.
