Gate City Bank Mortgage Interest Rate and Cost Review

Is Gate City Bank a cheap or expensive mortgage lender? We compare the interest rates and closing costs charged by Gate City Bank with other lenders for comparable mortgages. Nationally, here is what we find:

Interest Ratelower than average (-0.11%)
Loan Related Closing Costshigher than average (+$359)
National Rate and Closing Cost Rating(4.0)

On average, Gate City Bank’s interest rates were lower than those of other lenders (-0.11%) for a comparable set of borrowers. Its average total loan related closing cost was 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 4.0 out of 5.0 stars.

Gate City Bank’s Rates by Area

Mortgage lenders often set different rates in different geographical markets. In particular, among the markets 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

Furthermore, Gate City Bank is our top ranked 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

You can click through to check out Gate City Bank’s mortgage rate competitiveness by area. Or, for our data driven ranking of all the top mortgage lenders by area, click here.

Gate City Bank’s Rates 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. We breakdown its interest rate and total loan related closing cost difference relative to other lenders for comparable mortgages by type in the table below.

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%
Star Rating(4.0)(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%
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, and we always recommend shopping among several 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.