Which mortgage lender in the Mankato, 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 Mankato, 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 Mankato, MN area in terms of interest rate is Affinity Plus Federal Credit Union, with an average “Rate Difference” of -0.14%. This means that, comparing similar borrowers, Affinity Plus Federal Credit Union provided a -0.14% lower interest rate for its customers than other lenders in the area. Affinity Plus Federal Credit Union has a market share of 7.4%. On the other hand, the most popular lender in the Mankato, MN area is Wells Fargo Bank, with a larger market share of 24.6%. Wells Fargo 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 Mankato, 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 Mankato, 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 Wells Fargo Bank. If on the other hand, you want lower down payment or credit score requirements, the cheapest FHA mortgage provider is AMEC Home Loans. The cheapest VA mortgage provider is Plains Commerce 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 Mankato, MN
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Affinity Plus Federal Credit Union | -0.14% | 7.43% | |
| Frandsen Bank & Trust | -0.10% | 8.91% | |
| Iowa Bankers Mortgage Corporation | -0.09% | 3.60% | |
| Citizens Community Federal | -0.06% | 4.61% | |
| HomeTown Bank | -0.05% | 3.21% | |
| Merchants Bank | -0.02% | 3.60% | |
| Bell Bank | 0.01% | 2.42% | |
| Wells Fargo Bank | 0.01% | 24.55% | |
| Carrington Mortgage Services | 0.01% | 2.42% | |
| AMEC Home Loans | 0.02% | 3.52% | |
| US Bank | 0.02% | 7.97% | |
| Bremer Bank | 0.04% | 6.25% | |
| Plains Commerce Bank | 0.04% | 4.77% | |
| Quicken Loans | 0.09% | 11.57% | |
| Compeer Financial | 0.13% | 5.16% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Iowa Bankers Mortgage Corporation | -0.08% | 4.20% | |
| Frandsen Bank & Trust | -0.05% | 9.95% | |
| Affinity Plus Federal Credit Union | -0.04% | 4.04% | |
| Wells Fargo Bank | -0.03% | 29.08% | |
| HomeTown Bank | -0.02% | 3.42% | |
| US Bank | -0.01% | 7.62% | |
| Citizens Community Federal | 0.01% | 2.49% | |
| Merchants Bank | 0.01% | 4.04% | |
| Bell Bank | 0.02% | 3.73% | |
| Carrington Mortgage Services | 0.04% | 1.87% | |
| Quicken Loans | 0.04% | 6.53% | |
| AMEC Home Loans | 0.05% | 4.67% | |
| Plains Commerce Bank | 0.07% | 7.00% | |
| Compeer Financial | 0.07% | 2.33% | |
| Bremer Bank | 0.08% | 9.02% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Affinity Plus Federal Credit Union | -0.18% | 10.85% | |
| Frandsen Bank & Trust | -0.15% | 7.86% | |
| Iowa Bankers Mortgage Corporation | -0.11% | 2.99% | |
| Citizens Community Federal | -0.09% | 6.76% | |
| HomeTown Bank | -0.08% | 2.99% | |
| Merchants Bank | -0.06% | 3.14% | |
| Bremer Bank | -0.05% | 3.46% | |
| AMEC Home Loans | -0.03% | 2.36% | |
| Plains Commerce Bank | -0.03% | 2.52% | |
| Bell Bank | -0.01% | 1.10% | |
| Carrington Mortgage Services | -0.01% | 2.99% | |
| US Bank | 0.05% | 8.33% | |
| Wells Fargo Bank | 0.08% | 19.97% | |
| Quicken Loans | 0.10% | 16.67% | |
| Compeer Financial | 0.14% | 8.02% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Affinity Plus Federal Credit Union | -0.13% | 8.70% | |
| Iowa Bankers Mortgage Corporation | -0.10% | 3.85% | |
| Frandsen Bank & Trust | -0.09% | 10.44% | |
| Citizens Community Federal | -0.06% | 5.40% | |
| HomeTown Bank | -0.05% | 3.75% | |
| Merchants Bank | -0.02% | 4.21% | |
| Bell Bank | 0.01% | 2.20% | |
| Wells Fargo Bank | 0.01% | 27.11% | |
| US Bank | 0.03% | 7.42% | |
| AMEC Home Loans | 0.04% | 2.66% | |
| Carrington Mortgage Services | 0.04% | 0.09% | |
| Bremer Bank | 0.05% | 5.31% | |
| Plains Commerce Bank | 0.05% | 4.58% | |
| Compeer Financial | 0.13% | 5.95% | |
| Quicken Loans | 0.14% | 8.33% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Iowa Bankers Mortgage Corporation | -0.09% | 4.58% | |
| Frandsen Bank & Trust | -0.05% | 11.72% | |
| Affinity Plus Federal Credit Union | -0.04% | 4.76% | |
| Wells Fargo Bank | -0.03% | 31.32% | |
| US Bank | -0.02% | 6.96% | |
| HomeTown Bank | -0.02% | 4.03% | |
| Citizens Community Federal | 0.01% | 2.93% | |
| Merchants Bank | 0.01% | 4.76% | |
| Bell Bank | 0.03% | 3.11% | |
| Carrington Mortgage Services | 0.05% | 0.18% | |
| Quicken Loans | 0.06% | 5.13% | |
| Compeer Financial | 0.07% | 2.75% | |
| AMEC Home Loans | 0.08% | 3.48% | |
| Plains Commerce Bank | 0.08% | 6.78% | |
| Bremer Bank | 0.10% | 7.51% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Affinity Plus Federal Credit Union | -0.18% | 12.64% | |
| Frandsen Bank & Trust | -0.15% | 9.16% | |
| Iowa Bankers Mortgage Corporation | -0.12% | 3.11% | |
| Citizens Community Federal | -0.09% | 7.88% | |
| HomeTown Bank | -0.08% | 3.48% | |
| Bremer Bank | -0.07% | 3.11% | |
| Merchants Bank | -0.06% | 3.66% | |
| AMEC Home Loans | -0.04% | 1.83% | |
| Plains Commerce Bank | -0.03% | 2.38% | |
| Bell Bank | -0.01% | 1.28% | |
| US Bank | 0.07% | 7.88% | |
| Wells Fargo Bank | 0.08% | 22.89% | |
| Compeer Financial | 0.14% | 9.16% | |
| Quicken Loans | 0.16% | 11.54% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| AMEC Home Loans | -0.04% | 8.70% | |
| Wells Fargo Bank | -0.03% | 2.61% | |
| Iowa Bankers Mortgage Corporation | -0.03% | 0.87% | |
| Bell Bank | -0.01% | 4.35% | |
| Carrington Mortgage Services | 0.00% | 24.35% | |
| Plains Commerce Bank | 0.00% | 6.96% | |
| Quicken Loans | 0.01% | 38.26% | |
| Bremer Bank | 0.01% | 7.83% | |
| US Bank | 0.01% | 6.09% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| AMEC Home Loans | -0.04% | 14.04% | |
| Wells Fargo Bank | -0.03% | 5.26% | |
| Quicken Loans | -0.01% | 17.54% | |
| Bell Bank | -0.00% | 8.77% | |
| Plains Commerce Bank | 0.01% | 12.28% | |
| Bremer Bank | 0.02% | 14.04% | |
| Carrington Mortgage Services | 0.02% | 17.54% | |
| US Bank | 0.02% | 10.53% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Iowa Bankers Mortgage Corporation | -0.03% | 1.72% | |
| AMEC Home Loans | -0.03% | 3.45% | |
| Plains Commerce Bank | -0.02% | 1.72% | |
| Carrington Mortgage Services | -0.01% | 31.03% | |
| US Bank | 0.00% | 1.72% | |
| Bremer Bank | 0.00% | 1.72% | |
| Quicken Loans | 0.01% | 58.62% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Wells Fargo Bank | -0.01% | 10.00% | |
| US Bank | -0.01% | 40.00% | |
| Bremer Bank | 0.01% | 40.00% | |
| Compeer Financial | 0.01% | 5.00% | |
| Plains Commerce Bank | 0.02% | 5.00% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Wells Fargo Bank | -0.02% | 22.22% | |
| Bremer Bank | 0.00% | 66.67% | |
| Plains Commerce Bank | 0.02% | 11.11% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| US Bank | -0.00% | 72.73% | |
| Bremer Bank | 0.01% | 18.18% | |
| Compeer Financial | 0.01% | 9.09% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Plains Commerce Bank | -0.02% | 3.85% | |
| Wells Fargo Bank | -0.02% | 25.00% | |
| AMEC Home Loans | -0.01% | 11.54% | |
| Iowa Bankers Mortgage Corporation | -0.01% | 5.77% | |
| Bremer Bank | 0.00% | 9.62% | |
| US Bank | 0.01% | 11.54% | |
| Bell Bank | 0.01% | 3.85% | |
| Carrington Mortgage Services | 0.01% | 3.85% | |
| Quicken Loans | 0.02% | 25.00% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Wells Fargo Bank | -0.02% | 35.48% | |
| Iowa Bankers Mortgage Corporation | -0.00% | 6.45% | |
| AMEC Home Loans | 0.00% | 9.68% | |
| Quicken Loans | 0.01% | 12.90% | |
| Bremer Bank | 0.02% | 9.68% | |
| US Bank | 0.02% | 16.13% | |
| Bell Bank | 0.02% | 6.45% | |
| Carrington Mortgage Services | 0.02% | 3.23% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| AMEC Home Loans | -0.04% | 14.29% | |
| Plains Commerce Bank | -0.03% | 9.52% | |
| Iowa Bankers Mortgage Corporation | -0.02% | 4.76% | |
| US Bank | -0.01% | 4.76% | |
| Bremer Bank | -0.01% | 9.52% | |
| Carrington Mortgage Services | -0.00% | 4.76% | |
| Wells Fargo Bank | 0.02% | 9.52% | |
| Quicken Loans | 0.02% | 42.86% |
* Data is compiled for the Mankato, MN commuting zone area, which comprises of counties of Blue Earth County, MN, Brown County, MN, Le Sueur County, MN, Nicollet County, MN, and Watonwan County, MN. This includes cities/towns/communities of Mankato, MN as well as North Mankato, MN, St. Peter, MN, New Prague, MN, New Ulm, MN, Eagle Lake, MN, Montgomery, MN, Le Sueur, MN, Cleveland, MN, Le Center, MN, Elysian, MN, St. Clair, MN, Minnesota Lake, MN, Garden City, MN, St. James, MN, Courtland, MN, Good Thunder, MN, Evan, MN, Sleepy Eye, MN, La Salle, MN, Ormsby, MN, and Comfrey, 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
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