Top Mortgage Lenders in Rapid City, SD

Which mortgage lender in the Rapid City, SD area typically has the best rates? To help you narrow down where to shop for a mortgage, we provide a data driven ranking of mortgage lenders in the Rapid City, SD area by interest rate and market share. We use data on all fixed rate mortgages that were closed in the past year to generate our rankings. We do not receive any compensation from lenders and strive to provide the most objective and authoritative ranking possible.

Based on our data, the cheapest overall lender in the Rapid City, SD area is Gateway First Bank, with a “Rate Rank” of 1 and an average “Rate Difference” of -0.10%. This means that Gateway First Bank provided a -0.10% lower interest rate for its customers than other lenders in Rapid City, SD for a similar set of borrowers. Gateway First Bank has a market share of 15.9%. On the other hand, the most popular lender in the market is CMG Mortgage Inc, with a market share of 16.1%. CMG Mortgage Inc is an average rate lender in this area, with a “Rate Difference” of +0.09% relative to those of other lenders.

Our detailed rankings of the mortgage lenders for the Rapid City, SD 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, the cheapest lender for Conventional mortgages in Rapid City, SD is Dacotah Bank. If you want to take out a loan that is above conforming limits (for example, above $510,400 in 2020), 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 Open Mortgage. The cheapest VA mortgage provider is Black Hills Federal Credit Union. Nevertheless, to get the lowest rate for your mortgage, we would suggest shopping and negotiating among several of our top ranked lenders for your desired mortgage type and purpose.

Ranking of Mortgage Lenders in Rapid City, SD

Mortgage Type:
Purchase/Refinance:
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Gateway First Bank 1, -0.10% 15.86%
Dacotah Bank 2, -0.08% 1.87%
Black Hills Federal Credit Union 3, -0.07% 14.70%
Open Mortgage 4, -0.05% 11.35%
Us Bank 5, -0.02% 3.03%
BankWest Inc 6, 0.00% 2.07%
First Interstate Bank 7, 0.01% 6.77%
Wells Fargo Bank 8, 0.01% 6.02%
Usaa Federal Savings Bank 9, 0.01% 2.15%
LoanDepot 10, 0.06% 1.67%
CMG Mortgage Inc 11, 0.09% 16.10%
Lend Smart Mortgage 12, 0.09% 9.92%
Quicken Loans 13, 0.09% 8.49%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Gateway First Bank 1, -0.09% 18.26%
Dacotah Bank 2, -0.08% 1.94%
Black Hills Federal Credit Union 3, -0.07% 13.71%
Open Mortgage 4, -0.06% 13.29%
Us Bank 5, -0.05% 2.67%
Wells Fargo Bank 6, -0.04% 5.52%
BankWest Inc 7, -0.00% 2.43%
LoanDepot 8, 0.01% 0.18%
Usaa Federal Savings Bank 9, 0.02% 2.49%
First Interstate Bank 10, 0.02% 6.49%
Quicken Loans 11, 0.02% 2.43%
CMG Mortgage Inc 12, 0.11% 20.45%
Lend Smart Mortgage 13, 0.13% 10.13%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Gateway First Bank 1, -0.11% 11.25%
Dacotah Bank 2, -0.09% 1.74%
Black Hills Federal Credit Union 3, -0.07% 16.59%
CMG Mortgage Inc 4, -0.06% 7.77%
Open Mortgage 5, -0.03% 7.66%
First Interstate Bank 6, -0.01% 7.31%
Usaa Federal Savings Bank 7, -0.00% 1.51%
Lend Smart Mortgage 8, 0.00% 9.51%
BankWest Inc 9, 0.01% 1.39%
Us Bank 10, 0.02% 3.71%
LoanDepot 11, 0.08% 4.52%
Wells Fargo Bank 12, 0.08% 6.96%
Quicken Loans 13, 0.12% 20.07%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Dacotah Bank 1, -0.09% 2.62%
Gateway First Bank 2, -0.09% 13.36%
Black Hills Federal Credit Union 3, -0.06% 19.66%
Us Bank 4, -0.03% 3.75%
Usaa Federal Savings Bank 5, -0.01% 0.81%
BankWest Inc 6, 0.00% 2.37%
Wells Fargo Bank 7, 0.01% 8.30%
First Interstate Bank 8, 0.01% 8.80%
CMG Mortgage Inc 9, 0.01% 11.74%
LoanDepot 10, 0.02% 1.06%
Open Mortgage 11, 0.02% 7.49%
Quicken Loans 12, 0.11% 9.30%
Lend Smart Mortgage 13, 0.11% 10.74%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Dacotah Bank 1, -0.09% 2.69%
Gateway First Bank 2, -0.09% 15.92%
Us Bank 3, -0.07% 3.58%
Black Hills Federal Credit Union 4, -0.05% 18.91%
Wells Fargo Bank 5, -0.04% 7.46%
Usaa Federal Savings Bank 6, -0.01% 0.90%
BankWest Inc 7, 0.00% 2.99%
LoanDepot 8, 0.01% 0.20%
CMG Mortgage Inc 9, 0.02% 16.12%
Quicken Loans 10, 0.03% 2.59%
First Interstate Bank 11, 0.03% 8.96%
Open Mortgage 12, 0.04% 8.06%
Lend Smart Mortgage 13, 0.18% 11.64%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Gateway First Bank 1, -0.10% 9.05%
Dacotah Bank 2, -0.10% 2.51%
Black Hills Federal Credit Union 3, -0.07% 20.94%
CMG Mortgage Inc 4, -0.06% 4.36%
Lend Smart Mortgage 5, -0.04% 9.21%
Open Mortgage 6, -0.03% 6.53%
First Interstate Bank 7, -0.02% 8.54%
Usaa Federal Savings Bank 8, 0.01% 0.67%
BankWest Inc 9, 0.02% 1.34%
LoanDepot 10, 0.02% 2.51%
Us Bank 11, 0.02% 4.02%
Wells Fargo Bank 12, 0.08% 9.72%
Quicken Loans 13, 0.13% 20.60%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Open Mortgage 1, -0.11% 28.92%
Gateway First Bank 2, -0.07% 25.90%
Lend Smart Mortgage 3, -0.05% 8.43%
BankWest Inc 4, 0.01% 1.51%
First Interstate Bank 5, 0.02% 1.81%
Black Hills Federal Credit Union 6, 0.02% 0.60%
Quicken Loans 7, 0.03% 9.64%
LoanDepot 8, 0.03% 0.90%
Us Bank 9, 0.04% 0.60%
CMG Mortgage Inc 10, 0.24% 21.69%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Open Mortgage 1, -0.12% 31.67%
Gateway First Bank 2, -0.08% 27.76%
Lend Smart Mortgage 3, -0.05% 9.96%
BankWest Inc 4, 0.01% 1.42%
First Interstate Bank 5, 0.03% 1.78%
Black Hills Federal Credit Union 6, 0.03% 0.71%
Us Bank 7, 0.04% 0.71%
Quicken Loans 8, 0.07% 2.49%
CMG Mortgage Inc 9, 0.26% 23.49%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Gateway First Bank 1, -0.03% 15.69%
First Interstate Bank 2, -0.01% 1.96%
BankWest Inc 3, -0.01% 1.96%
Quicken Loans 4, -0.00% 49.02%
Open Mortgage 5, 0.01% 13.73%
LoanDepot 6, 0.01% 5.88%
CMG Mortgage Inc 7, 0.04% 11.76%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Wells Fargo Bank 1, -0.03% 20.00%
Black Hills Federal Credit Union 2, -0.00% 12.00%
Dacotah Bank 3, 0.00% 4.00%
Us Bank 4, 0.01% 48.00%
First Interstate Bank 5, 0.02% 16.00%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Wells Fargo Bank 1, -0.03% 33.33%
Black Hills Federal Credit Union 2, -0.00% 20.00%
Dacotah Bank 3, 0.00% 6.67%
First Interstate Bank 4, 0.02% 13.33%
Us Bank 5, 0.03% 26.67%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Us Bank 1, -0.00% 80.00%
First Interstate Bank 2, 0.02% 20.00%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Black Hills Federal Credit Union 1, -0.14% 8.89%
Gateway First Bank 2, -0.13% 17.79%
Open Mortgage 3, -0.07% 12.52%
First Interstate Bank 4, -0.03% 3.45%
BankWest Inc 5, -0.02% 1.63%
Dacotah Bank 6, -0.02% 0.73%
Wells Fargo Bank 7, -0.02% 2.36%
Us Bank 8, 0.01% 0.36%
Usaa Federal Savings Bank 9, 0.01% 7.44%
Lend Smart Mortgage 10, 0.09% 8.89%
CMG Mortgage Inc 11, 0.10% 26.13%
LoanDepot 12, 0.10% 3.99%
Quicken Loans 13, 0.10% 5.81%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Black Hills Federal Credit Union 1, -0.17% 8.93%
Gateway First Bank 2, -0.12% 18.16%
Open Mortgage 3, -0.09% 14.12%
Wells Fargo Bank 4, -0.04% 3.17%
BankWest Inc 5, -0.04% 1.73%
Dacotah Bank 6, -0.04% 1.15%
First Interstate Bank 7, -0.03% 2.88%
Quicken Loans 8, -0.03% 2.02%
LoanDepot 9, -0.01% 0.29%
Us Bank 10, -0.01% 0.58%
Usaa Federal Savings Bank 11, 0.00% 9.22%
Lend Smart Mortgage 12, 0.10% 6.34%
CMG Mortgage Inc 13, 0.15% 31.41%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Gateway First Bank 1, -0.14% 17.16%
Black Hills Federal Credit Union 2, -0.10% 8.82%
CMG Mortgage Inc 3, -0.07% 17.16%
Open Mortgage 4, -0.03% 9.80%
First Interstate Bank 5, -0.02% 4.41%
Usaa Federal Savings Bank 6, 0.01% 4.41%
BankWest Inc 7, 0.01% 1.47%
Wells Fargo Bank 8, 0.06% 0.98%
Lend Smart Mortgage 9, 0.10% 13.24%
LoanDepot 10, 0.14% 10.29%
Quicken Loans 11, 0.17% 12.25%

* Data is compiled for the Rapid City, SD commuting zone area, which comprises of counties of Butte County, SD, Custer County, SD, Fall River County, SD, Lawrence County, SD, Meade County, SD, and Pennington County, SD. This includes cities/towns/communities of Rapid City, SD as well as Rapid Valley, SD, Blackhawk, SD, Custer, SD, Box Elder, SD, Sturgis, SD, Blucksberg Mountain, SD, Deadwood, SD, Spearfish, SD, Lead, SD, Belle Fourche, SD, North Spearfish, SD, Hill City, SD, Box Elder, SD, Hot Springs, SD, Keystone, SD, Edgemont, SD, and Newell, SD. Lenders must have made at least 30 loans in the area to be included. Source for the data comes from 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 based on the MSA, 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 for Other Cities

This page ranks the top mortgage lenders in the Rapid City, SD area. For mortgage lender rankings of other cities, click here.