Which mortgage lender in the Owatonna, 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 Owatonna, 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 Owatonna, MN area in terms of interest rate is Affinity Plus Federal Credit Union, with an average “Rate Difference” of -0.17%. This means that, comparing similar borrowers, Affinity Plus Federal Credit Union provided a -0.17% lower interest rate for its customers than other lenders in the area. Affinity Plus Federal Credit Union has a market share of 6.3%. On the other hand, the most popular lender in the Owatonna, MN area is Wells Fargo Bank, with a larger market share of 17.1%. Wells Fargo Bank 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 Owatonna, 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 Owatonna, MN is Affinity Plus Federal Credit Union. 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 US Bank. If on the other hand, you want lower down payment or credit score requirements, the cheapest FHA mortgage provider is Guaranteed Rate. The cheapest VA mortgage provider is also Guaranteed Rate. 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 Owatonna, MN
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Affinity Plus Federal Credit Union | -0.17% | 6.33% | |
| Frandsen Bank & Trust | -0.05% | 3.01% | |
| Wells Fargo Bank | -0.04% | 17.13% | |
| Bremer Bank | -0.04% | 3.86% | |
| Prosperity Home Mortgage LLC | -0.04% | 3.47% | |
| US Bank | -0.03% | 5.63% | |
| Bell Bank | -0.00% | 5.09% | |
| Bay Equity Home Loans | 0.00% | 2.70% | |
| loanDepot | 0.02% | 2.85% | |
| Towne Mortgage Company | 0.03% | 3.78% | |
| AMEC Home Loans | 0.03% | 16.74% | |
| Guaranteed Rate | 0.04% | 8.26% | |
| Barrington Bank & Trust | 0.05% | 2.55% | |
| Plains Commerce Bank | 0.05% | 4.94% | |
| Compeer Financial | 0.06% | 2.47% | |
| Quicken Loans | 0.08% | 11.19% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Wells Fargo Bank | -0.12% | 17.51% | |
| US Bank | -0.07% | 4.66% | |
| Bremer Bank | -0.03% | 4.28% | |
| Prosperity Home Mortgage LLC | -0.03% | 5.04% | |
| Affinity Plus Federal Credit Union | -0.03% | 2.52% | |
| Bell Bank | 0.01% | 7.30% | |
| Bay Equity Home Loans | 0.01% | 2.77% | |
| Frandsen Bank & Trust | 0.03% | 1.89% | |
| Towne Mortgage Company | 0.03% | 4.91% | |
| AMEC Home Loans | 0.04% | 20.53% | |
| Guaranteed Rate | 0.04% | 11.21% | |
| loanDepot | 0.06% | 1.64% | |
| Barrington Bank & Trust | 0.06% | 3.78% | |
| Quicken Loans | 0.06% | 4.91% | |
| Plains Commerce Bank | 0.06% | 5.42% | |
| Compeer Financial | 0.08% | 1.64% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Affinity Plus Federal Credit Union | -0.22% | 12.35% | |
| Frandsen Bank & Trust | -0.10% | 4.78% | |
| Bremer Bank | -0.06% | 3.19% | |
| Prosperity Home Mortgage LLC | -0.05% | 1.00% | |
| Bell Bank | -0.04% | 1.59% | |
| Bay Equity Home Loans | -0.01% | 2.59% | |
| Barrington Bank & Trust | -0.01% | 0.60% | |
| loanDepot | 0.00% | 4.78% | |
| AMEC Home Loans | 0.00% | 10.76% | |
| Towne Mortgage Company | 0.01% | 1.99% | |
| Guaranteed Rate | 0.01% | 3.59% | |
| US Bank | 0.01% | 7.17% | |
| Plains Commerce Bank | 0.02% | 4.18% | |
| Compeer Financial | 0.05% | 3.78% | |
| Quicken Loans | 0.08% | 21.12% | |
| Wells Fargo Bank | 0.08% | 16.53% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Affinity Plus Federal Credit Union | -0.17% | 7.87% | |
| Bremer Bank | -0.05% | 4.33% | |
| Frandsen Bank & Trust | -0.05% | 3.83% | |
| Wells Fargo Bank | -0.04% | 21.04% | |
| Prosperity Home Mortgage LLC | -0.04% | 3.44% | |
| US Bank | -0.03% | 6.39% | |
| Bell Bank | -0.01% | 5.01% | |
| Bay Equity Home Loans | 0.00% | 2.56% | |
| loanDepot | 0.01% | 1.77% | |
| AMEC Home Loans | 0.04% | 14.26% | |
| Plains Commerce Bank | 0.05% | 4.23% | |
| Towne Mortgage Company | 0.05% | 3.24% | |
| Compeer Financial | 0.06% | 3.15% | |
| Barrington Bank & Trust | 0.07% | 1.87% | |
| Guaranteed Rate | 0.07% | 6.78% | |
| Quicken Loans | 0.11% | 10.23% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Wells Fargo Bank | -0.12% | 22.24% | |
| US Bank | -0.08% | 5.02% | |
| Bremer Bank | -0.04% | 4.85% | |
| Prosperity Home Mortgage LLC | -0.03% | 5.02% | |
| Affinity Plus Federal Credit Union | -0.02% | 3.18% | |
| Bell Bank | 0.01% | 7.36% | |
| Bay Equity Home Loans | 0.02% | 2.34% | |
| Frandsen Bank & Trust | 0.03% | 2.51% | |
| loanDepot | 0.04% | 1.17% | |
| AMEC Home Loans | 0.05% | 18.56% | |
| Towne Mortgage Company | 0.06% | 4.68% | |
| Plains Commerce Bank | 0.06% | 4.01% | |
| Compeer Financial | 0.08% | 2.17% | |
| Barrington Bank & Trust | 0.08% | 2.84% | |
| Guaranteed Rate | 0.09% | 9.70% | |
| Quicken Loans | 0.09% | 4.35% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Affinity Plus Federal Credit Union | -0.22% | 14.56% | |
| Frandsen Bank & Trust | -0.11% | 5.73% | |
| Bremer Bank | -0.07% | 3.58% | |
| Bell Bank | -0.05% | 1.67% | |
| Prosperity Home Mortgage LLC | -0.05% | 1.19% | |
| loanDepot | -0.02% | 2.63% | |
| Bay Equity Home Loans | -0.02% | 2.86% | |
| Barrington Bank & Trust | -0.01% | 0.48% | |
| US Bank | 0.01% | 8.35% | |
| Towne Mortgage Company | 0.02% | 1.19% | |
| AMEC Home Loans | 0.02% | 8.11% | |
| Plains Commerce Bank | 0.02% | 4.53% | |
| Guaranteed Rate | 0.04% | 2.63% | |
| Compeer Financial | 0.04% | 4.53% | |
| Wells Fargo Bank | 0.08% | 19.33% | |
| Quicken Loans | 0.11% | 18.62% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Guaranteed Rate | -0.05% | 12.94% | |
| Prosperity Home Mortgage LLC | -0.04% | 3.98% | |
| Towne Mortgage Company | -0.04% | 4.48% | |
| Quicken Loans | -0.02% | 15.42% | |
| US Bank | -0.01% | 1.99% | |
| AMEC Home Loans | 0.00% | 30.85% | |
| Bay Equity Home Loans | 0.00% | 3.48% | |
| Wells Fargo Bank | 0.01% | 1.00% | |
| Bell Bank | 0.01% | 3.98% | |
| Bremer Bank | 0.01% | 1.99% | |
| Barrington Bank & Trust | 0.03% | 4.98% | |
| loanDepot | 0.05% | 5.97% | |
| Plains Commerce Bank | 0.07% | 8.96% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Guaranteed Rate | -0.06% | 15.92% | |
| Towne Mortgage Company | -0.05% | 4.46% | |
| Prosperity Home Mortgage LLC | -0.05% | 5.10% | |
| US Bank | -0.02% | 2.55% | |
| Quicken Loans | -0.01% | 7.01% | |
| Bay Equity Home Loans | -0.00% | 4.46% | |
| Wells Fargo Bank | -0.00% | 1.27% | |
| Bell Bank | 0.00% | 5.10% | |
| AMEC Home Loans | 0.01% | 31.21% | |
| Bremer Bank | 0.01% | 1.91% | |
| Barrington Bank & Trust | 0.02% | 6.37% | |
| Plains Commerce Bank | 0.06% | 11.46% | |
| loanDepot | 0.07% | 3.18% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| AMEC Home Loans | -0.04% | 29.55% | |
| Quicken Loans | -0.01% | 45.45% | |
| Bremer Bank | 0.01% | 2.27% | |
| Guaranteed Rate | 0.02% | 2.27% | |
| Towne Mortgage Company | 0.03% | 4.55% | |
| loanDepot | 0.07% | 15.91% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| US Bank | -0.00% | 11.11% | |
| Bremer Bank | -0.00% | 11.11% | |
| Guaranteed Rate | -0.00% | 11.11% | |
| Wells Fargo Bank | 0.00% | 33.33% | |
| Quicken Loans | 0.00% | 11.11% | |
| Affinity Plus Federal Credit Union | 0.00% | 22.22% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| US Bank | -0.00% | 16.67% | |
| Bremer Bank | -0.00% | 16.67% | |
| Wells Fargo Bank | -0.00% | 50.00% | |
| Affinity Plus Federal Credit Union | 0.01% | 16.67% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Affinity Plus Federal Credit Union | -0.00% | 33.33% | |
| Guaranteed Rate | -0.00% | 33.33% | |
| Quicken Loans | 0.00% | 33.33% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Guaranteed Rate | -0.02% | 15.94% | |
| Plains Commerce Bank | -0.01% | 4.35% | |
| Prosperity Home Mortgage LLC | -0.01% | 2.90% | |
| loanDepot | -0.00% | 10.14% | |
| Quicken Loans | -0.00% | 13.04% | |
| Bremer Bank | -0.00% | 1.45% | |
| US Bank | -0.00% | 4.35% | |
| Bay Equity Home Loans | 0.00% | 2.90% | |
| Towne Mortgage Company | 0.00% | 10.14% | |
| AMEC Home Loans | 0.00% | 14.49% | |
| Barrington Bank & Trust | 0.01% | 5.80% | |
| Bell Bank | 0.02% | 10.14% | |
| Wells Fargo Bank | 0.03% | 4.35% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Plains Commerce Bank | -0.02% | 3.03% | |
| Guaranteed Rate | -0.02% | 18.18% | |
| Prosperity Home Mortgage LLC | -0.01% | 6.06% | |
| US Bank | -0.01% | 6.06% | |
| AMEC Home Loans | -0.01% | 9.09% | |
| Bremer Bank | -0.01% | 3.03% | |
| Wells Fargo Bank | -0.00% | 3.03% | |
| Bay Equity Home Loans | -0.00% | 3.03% | |
| Towne Mortgage Company | 0.00% | 12.12% | |
| Barrington Bank & Trust | 0.01% | 9.09% | |
| Bell Bank | 0.01% | 18.18% | |
| Quicken Loans | 0.02% | 6.06% | |
| loanDepot | 0.02% | 3.03% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Guaranteed Rate | -0.02% | 13.89% | |
| Quicken Loans | -0.01% | 19.44% | |
| Plains Commerce Bank | -0.01% | 5.56% | |
| loanDepot | -0.00% | 16.67% | |
| Bell Bank | -0.00% | 2.78% | |
| Towne Mortgage Company | 0.00% | 8.33% | |
| Barrington Bank & Trust | 0.00% | 2.78% | |
| Bay Equity Home Loans | 0.01% | 2.78% | |
| AMEC Home Loans | 0.01% | 19.44% | |
| US Bank | 0.02% | 2.78% | |
| Wells Fargo Bank | 0.04% | 5.56% |
* Data is compiled for the Owatonna, MN commuting zone area, which comprises of counties of Rice County, MN, Steele County, MN, and Waseca County, MN. This includes cities/towns/communities of Owatonna, MN as well as Faribault, MN, Northfield, MN, Lonsdale, MN, Waseca, MN, Morristown, MN, Dundas, MN, Janesville, MN, Ellendale, MN, and Waldorf, 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 Owatonna, MN area. For mortgage lender rankings in other cities, click here.