Which mortgage lender in the Hutchinson, 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 Hutchinson, 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 Hutchinson, MN area in terms of interest rate is US Bank, with an average “Rate Difference” of -0.11%. This means that, comparing similar borrowers, US Bank provided a -0.11% lower interest rate for its customers than other lenders in the area. US Bank has a market share of 6.4%. On the other hand, the most popular lender in the Hutchinson, MN area is Fairway Independent Mortgage Corporation, with a larger market share of 29.6%. Fairway Independent Mortgage Corporation is an average lender in terms of the interest rate it offers, with a “Rate Difference” of +0.04% compared to those of other lenders in this area.
Our detailed ranking of mortgage lenders in the Hutchinson, 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 Hutchinson, MN is US 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 AMEC Home Loans. 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 Wells Fargo 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 Hutchinson, MN commuting zone area, which comprises of counties of McLeod County, MN, Meeker County, MN, and Sibley County, MN. This includes cities/towns/communities of Hutchinson, MN as well as Glencoe, MN, Litchfield, MN, Silver Lake, MN, Kingston, MN, Watkins, MN, Henderson, MN, Arlington, MN, Gaylord, MN, Gibbon, MN, Brownton, MN, and Grove City, 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.