Think Bank Mortgage Interest Rate and Cost Review

Is Think Bank a cheap or expensive mortgage lender? To help you shop for a mortgage, we compare the interest rates and closing costs charged by Think Bank to those of other lenders for a comparable set of borrowers. Here is our review of Think Bank nationally:

Review ItemThink Bank
Interest Ratesimilar to other lenders (-0.05%)
Loan Related Closing Costssimilar to other lenders (-$166)
National Rate and Closing Cost Star Rating(4)

On average, Think Bank’s interest rates were similar to those of other lenders (-0.05%). Its loan related closing costs were also similar to those of other lenders, with a difference of -$166. Overall, combining interest rates and closing costs we estimate that Think Bank tends to be an average cost lender, and give it a National Rate and Closing Costs Rating of 4 out of 5 stars.

We maintain our independence by not accepting any money from the mortgage lenders we review. To visit Think Bank, check out its website at:

Think Bank’s Rate Review by City

Mortgage lenders often set different rates in different geographical markets. For our list of the top mortgage lenders by city, click here. In particular, among the cities we track Think Bank was most active in:

  1. Rochester, MN
  2. Minneapolis, MN
  3. Chicago, IL
  4. Austin, MN
  5. Kansas City, MO

In addition, Think Bank is our top ranked/best mortgage lender in terms of interest rate and closing costs in:

Think Bank’s Rate Review by Mortgage Type

Mortgage lenders also tend to charge different interest rates and closing costs depending on the type of mortgage. In our data, Think Bank originated Conforming and Jumbo mortgages for new home purchases and refinances. Its average interest rate and total loan related closing cost difference relative to other lenders by mortgages type is as follows.

New Purchase MortgagesConformingJumbo
Interest Rate Difference-0.09%-0.03%
Loan Related Closing Cost Difference-$32-$181
Cost Adjusted Rate Difference-0.09%-0.03%
National Star Rating(4)(3.5)
Refinance MortgagesConformingJumbo
Interest Rate Difference-0.01%-0.07%
Loan Related Closing Cost Difference-$273-$317
Cost Adjusted Rate Difference-0.07%-0.07%
Average Star Rating(4)(4)

As a summary, Think Bank is cheap for Conforming purchase mortgages. It is similar to other lenders for Jumbo purchase mortgages. For refinancing, Think Bank is cheap for Conforming and Jumbo mortgage refinance. Nevertheless, individual circumstances can matter a lot for mortgage rates, and we always recommend shopping among several of our top mortgage lenders in your area before signing.

Other information about Think Bank:

Registered name: Think Mutual Bank
Registered city and state: Rochester, MN, 55901
Regulator: Office of the Comptroller of the Currency (OCC)

* Source of the data is Federal Financial Institutions Examination Council (FFIEC) and is for mortgages originated in the past year. Our comparable mortgages analysis controls for Think Bank’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and commuting zone. Cost adjusted rates were computed based on each percent of the loan amount in above average loan related closing costs being worth +0.15 of a percentage point in interest rate. Furthermore, the amounts are regularized using a Bayesian approach to control for small samples.