Gate City Bank Mortgage Interest Rate and Cost Review

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

Review ItemGate City Bank
Interest Ratelower than other lenders (-0.11%)
Loan Related Closing Costshigher than other lenders (+$359)
National Rate and Closing Cost Star Rating(4)

On average, Gate City Bank’s interest rates were lower than those of other lenders (-0.11%). On the other hand, its loan related closing costs were higher than those of other lenders, with a difference of +$359. Overall, combining interest rates and closing costs we estimate that Gate City Bank tends to be a cheap 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 Gate City Bank, check out its website at:

Gate City 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 Gate City Bank was most active in:

  1. Fargo, ND
  2. Bismarck, ND
  3. Grand Forks, ND
  4. Minot, ND
  5. Williston, ND

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

  1. Fargo, ND, overall
  2. Bismarck, ND, overall
  3. Grand Forks, ND, overall
  4. Minot, ND, for Conforming, and Jumbo mortgages
  5. Williston, ND, overall
  6. Fergus Falls, MN, for VA mortgages
  7. Jamestown, ND, for Jumbo, and VA mortgages
  8. Alexandria, MN, overall
  9. Detroit Lakes, MN, for Jumbo mortgages

Gate City 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, Gate City Bank originated Conforming, FHA, Jumbo, USDA and VA mortgages for new home purchases. It also originated Conforming, FHA, Jumbo and VA mortgages for refinances. Its average interest rate and total loan related closing cost difference relative to other lenders for comparable borrowers by mortgages type is as follows.

New Purchase MortgagesConformingFHAJumboUSDAVA
Interest Rate Difference-0.09%-0.03%-0.02%-0.01%-0.02%
Loan Related Closing Cost Difference+$497+$167+$114+$51+$266
Cost Adjusted Rate Difference-0.10%-0.02%-0.02%-0.00%-0.01%
National Star Rating(4)(3.5)(3.5)(3.5)(3.5)
Refinance MortgagesConformingFHAJumboVA
Interest Rate Difference-0.16%-0.00%-0.01%-0.01%
Loan Related Closing Cost Difference+$249+$16+$91+$66
Cost Adjusted Rate Difference-0.17%-0.00%-0.01%-0.01%
Average Star Rating(4.5)(3.5)(3.5)(3.5)

As a summary, Gate City Bank is cheap for Conforming purchase mortgages. It is similar to other lenders for FHA, Jumbo, USDA and VA purchase mortgages. For refinancing mortgages, Gate City Bank is cheap for Conforming mortgage refinance. It is similar to other lenders for FHA, Jumbo and VA 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 Gate City Bank:

Registered name: Gate City Bank
Registered city and state: Fargo, ND, 58102
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 Gate City 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.