Top Mortgage Lenders in the Rochester, MN area

Which mortgage lender in the Rochester, MN 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 Rochester, MN 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 Rochester, MN area is Merchants Bank, with a “Rate Rank” of 1 and an average “Rate Difference” of -0.21%. This means that Merchants Bank provided a -0.21% lower interest rate for its customers than other lenders in Rochester, MN for a similar set of borrowers. Merchants Bank has a market share of 5.9%. On the other hand, the most popular lender in the market is Think Mutual Bank, with a market share of 14.2%. Think Mutual Bank is an average rate lender in this area, with a “Rate Difference” of -0.07% relative to those of other lenders.

Our detailed rankings of the mortgage lenders for the Rochester, 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, the cheapest lender for Conventional mortgages in Rochester, MN is Merchants 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 Think Mutual Bank. If on the other hand, you want lower down payment or credit score requirements, the cheapest FHA mortgage provider is Home Federal Savings Bank. The cheapest VA mortgage provider is Wells Fargo Bank. To get the lowest rate for your mortgage, we would suggest shopping and negotiating among several of our top ranked lenders by “Rate Rank” for your desired mortgage type and purpose.

Mortgage Type:
Purchase/Refinance:
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Merchants Bank 1, -0.21% 5.89%
First Federal Bank 2, -0.16% 5.42%
Altra Federal Credit Union 3, -0.13% 2.91%
Affinity Plus Federal Credit Union 4, -0.08% 2.71%
Think Mutual Bank 5, -0.07% 14.23%
Associated Bank 6, -0.06% 1.43%
Prosperity Home Mortgage 7, -0.05% 2.11%
Home Federal Savings Bank 8, -0.03% 6.77%
Us Bank 9, -0.00% 5.06%
LoanDepot 10, -0.00% 2.25%
Provident Funding Associates 11, 0.00% 0.62%
Mayo Employees Federal Credit Union 12, 0.00% 1.71%
Usaa Federal Savings Bank 13, 0.02% 0.76%
Caliber Home Loans Inc 14, 0.03% 1.67%
Bremer Bank 15, 0.04% 5.24%
Results Mortgage 16, 0.04% 1.65%
Bell Bank 17, 0.05% 5.12%
Guaranteed Rate Affinity 18, 0.05% 2.47%
Guaranteed Rate Inc 19, 0.05% 3.52%
Servion, Inc 20, 0.06% 2.77%
Fairway Independent Mort Corp 21, 0.06% 1.13%
Wells Fargo Bank 22, 0.07% 8.32%
American Mortgage & Equity Consultants Inc 23, 0.08% 1.89%
Bay Equity 24, 0.09% 1.00%
Primelending 25, 0.10% 1.19%
Barrington Bank & Trust 26, 0.11% 2.79%
Freedom Mortgage Corporation 27, 0.12% 1.75%
Nationstar Mortgage 28, 0.14% 0.70%
Compeer Financial ACA 29, 0.17% 1.11%
Quicken Loans 30, 0.20% 5.81%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Merchants Bank 1, -0.17% 5.55%
First Federal Bank 2, -0.13% 6.47%
Altra Federal Credit Union 3, -0.10% 2.54%
Think Mutual Bank 4, -0.08% 12.09%
Affinity Plus Federal Credit Union 5, -0.06% 1.35%
Prosperity Home Mortgage 6, -0.05% 3.08%
Associated Bank 7, -0.02% 0.95%
Us Bank 8, -0.02% 5.05%
Wells Fargo Bank 9, -0.01% 8.91%
Mayo Employees Federal Credit Union 10, -0.00% 1.76%
Home Federal Savings Bank 11, 0.01% 5.99%
LoanDepot 12, 0.02% 1.22%
Nationstar Mortgage 13, 0.02% 0.10%
Servion, Inc 14, 0.03% 2.61%
Provident Funding Associates 15, 0.03% 0.34%
Usaa Federal Savings Bank 16, 0.03% 0.88%
Caliber Home Loans Inc 17, 0.04% 1.73%
Freedom Mortgage Corporation 18, 0.04% 1.15%
Results Mortgage 19, 0.05% 2.54%
Bell Bank 20, 0.05% 7.59%
Guaranteed Rate Affinity 21, 0.05% 3.89%
Fairway Independent Mort Corp 22, 0.06% 1.66%
Guaranteed Rate Inc 23, 0.06% 5.11%
American Mortgage & Equity Consultants Inc 24, 0.09% 2.54%
Bremer Bank 25, 0.10% 4.77%
Primelending 26, 0.12% 1.56%
Barrington Bank & Trust 27, 0.12% 4.06%
Bay Equity 28, 0.12% 1.22%
Compeer Financial ACA 29, 0.16% 0.85%
Quicken Loans 30, 0.17% 2.44%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Merchants Bank 1, -0.26% 6.37%
First Federal Bank 2, -0.23% 3.90%
Altra Federal Credit Union 3, -0.17% 3.46%
Affinity Plus Federal Credit Union 4, -0.09% 4.69%
Associated Bank 5, -0.09% 2.12%
Home Federal Savings Bank 6, -0.07% 7.91%
Think Mutual Bank 7, -0.06% 17.34%
Bremer Bank 8, -0.03% 5.93%
Provident Funding Associates 9, -0.01% 1.04%
LoanDepot 10, -0.01% 3.75%
Prosperity Home Mortgage 11, -0.01% 0.69%
Guaranteed Rate Inc 12, 0.00% 1.19%
Bell Bank 13, 0.01% 1.53%
Usaa Federal Savings Bank 14, 0.01% 0.59%
Results Mortgage 15, 0.01% 0.35%
Mayo Employees Federal Credit Union 16, 0.01% 1.63%
Guaranteed Rate Affinity 17, 0.02% 0.40%
Us Bank 18, 0.02% 5.09%
Bay Equity 19, 0.02% 0.69%
Caliber Home Loans Inc 20, 0.02% 1.58%
Fairway Independent Mort Corp 21, 0.04% 0.35%
Primelending 22, 0.04% 0.64%
American Mortgage & Equity Consultants Inc 23, 0.04% 0.94%
Barrington Bank & Trust 24, 0.05% 0.94%
Servion, Inc 25, 0.09% 3.01%
Nationstar Mortgage 26, 0.15% 1.58%
Freedom Mortgage Corporation 27, 0.17% 2.62%
Compeer Financial ACA 28, 0.18% 1.48%
Quicken Loans 29, 0.21% 10.72%
Wells Fargo Bank 30, 0.23% 7.46%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Merchants Bank 1, -0.22% 6.68%
First Federal Bank 2, -0.16% 6.32%
Altra Federal Credit Union 3, -0.14% 3.34%
Affinity Plus Federal Credit Union 4, -0.08% 3.27%
Think Mutual Bank 5, -0.07% 15.73%
Associated Bank 6, -0.06% 1.57%
Prosperity Home Mortgage 7, -0.05% 2.06%
Home Federal Savings Bank 8, -0.02% 7.38%
Us Bank 9, -0.00% 5.23%
Provident Funding Associates 10, 0.00% 0.75%
Mayo Employees Federal Credit Union 11, 0.01% 1.65%
Usaa Federal Savings Bank 12, 0.03% 0.27%
Caliber Home Loans Inc 13, 0.04% 1.55%
Bremer Bank 14, 0.04% 5.27%
LoanDepot 15, 0.04% 1.45%
Bell Bank 16, 0.06% 4.77%
Guaranteed Rate Affinity 17, 0.06% 2.11%
Servion, Inc 18, 0.06% 3.15%
Fairway Independent Mort Corp 19, 0.06% 0.53%
Results Mortgage 20, 0.07% 1.40%
Guaranteed Rate Inc 21, 0.08% 2.64%
Wells Fargo Bank 22, 0.08% 9.44%
American Mortgage & Equity Consultants Inc 23, 0.09% 1.65%
Bay Equity 24, 0.11% 0.58%
Primelending 25, 0.13% 1.06%
Barrington Bank & Trust 26, 0.14% 2.25%
Compeer Financial ACA 27, 0.18% 1.23%
Freedom Mortgage Corporation 28, 0.18% 1.23%
Nationstar Mortgage 29, 0.19% 0.53%
Quicken Loans 30, 0.28% 4.94%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Merchants Bank 1, -0.19% 6.29%
First Federal Bank 2, -0.13% 7.77%
Altra Federal Credit Union 3, -0.10% 2.87%
Think Mutual Bank 4, -0.08% 13.68%
Prosperity Home Mortgage 5, -0.06% 3.00%
Affinity Plus Federal Credit Union 6, -0.05% 1.69%
Associated Bank 7, -0.02% 1.01%
Us Bank 8, -0.02% 5.40%
Wells Fargo Bank 9, -0.01% 10.26%
Mayo Employees Federal Credit Union 10, 0.00% 1.60%
Nationstar Mortgage 11, 0.02% 0.08%
Home Federal Savings Bank 12, 0.03% 6.42%
Provident Funding Associates 13, 0.03% 0.42%
Servion, Inc 14, 0.03% 2.91%
Usaa Federal Savings Bank 15, 0.04% 0.34%
Caliber Home Loans Inc 16, 0.04% 1.69%
LoanDepot 17, 0.06% 0.76%
Guaranteed Rate Affinity 18, 0.07% 3.46%
Bell Bank 19, 0.07% 7.22%
Fairway Independent Mort Corp 20, 0.07% 0.84%
Results Mortgage 21, 0.08% 2.15%
Guaranteed Rate Inc 22, 0.10% 3.80%
American Mortgage & Equity Consultants Inc 23, 0.11% 2.24%
Bremer Bank 24, 0.11% 4.81%
Freedom Mortgage Corporation 25, 0.12% 0.68%
Bay Equity 26, 0.14% 0.76%
Primelending 27, 0.15% 1.44%
Barrington Bank & Trust 28, 0.16% 3.25%
Compeer Financial ACA 29, 0.17% 1.01%
Quicken Loans 30, 0.20% 2.15%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Merchants Bank 1, -0.26% 7.20%
First Federal Bank 2, -0.23% 4.37%
Altra Federal Credit Union 3, -0.17% 3.97%
Associated Bank 4, -0.09% 2.32%
Affinity Plus Federal Credit Union 5, -0.09% 5.39%
Home Federal Savings Bank 6, -0.08% 8.67%
Think Mutual Bank 7, -0.05% 18.48%
Bremer Bank 8, -0.04% 5.90%
Provident Funding Associates 9, -0.01% 1.19%
Prosperity Home Mortgage 10, -0.01% 0.79%
Guaranteed Rate Inc 11, 0.00% 1.08%
Bell Bank 12, 0.01% 1.47%
Results Mortgage 13, 0.01% 0.40%
Mayo Employees Federal Credit Union 14, 0.01% 1.70%
Us Bank 15, 0.02% 4.99%
Usaa Federal Savings Bank 16, 0.02% 0.17%
Guaranteed Rate Affinity 17, 0.02% 0.28%
Bay Equity 18, 0.02% 0.34%
Caliber Home Loans Inc 19, 0.03% 1.36%
Fairway Independent Mort Corp 20, 0.03% 0.11%
LoanDepot 21, 0.03% 2.38%
Primelending 22, 0.04% 0.57%
American Mortgage & Equity Consultants Inc 23, 0.05% 0.85%
Barrington Bank & Trust 24, 0.06% 0.91%
Servion, Inc 25, 0.09% 3.46%
Compeer Financial ACA 26, 0.19% 1.53%
Nationstar Mortgage 27, 0.20% 1.13%
Freedom Mortgage Corporation 28, 0.21% 1.98%
Wells Fargo Bank 29, 0.24% 8.33%
Quicken Loans 30, 0.30% 8.67%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Home Federal Savings Bank 1, -0.11% 4.65%
LoanDepot 2, -0.09% 7.74%
Results Mortgage 3, -0.03% 3.54%
Bremer Bank 4, -0.03% 1.99%
Prosperity Home Mortgage 5, -0.02% 1.55%
First Federal Bank 6, -0.02% 0.88%
Wells Fargo Bank 7, -0.01% 0.44%
Bell Bank 8, -0.01% 9.29%
Altra Federal Credit Union 9, -0.01% 1.11%
Servion, Inc 10, -0.01% 1.11%
Guaranteed Rate Inc 11, -0.01% 11.73%
Us Bank 12, 0.00% 1.11%
Quicken Loans 13, 0.00% 13.27%
Associated Bank 14, 0.00% 0.22%
Merchants Bank 15, 0.01% 1.55%
Guaranteed Rate Affinity 16, 0.02% 6.19%
Barrington Bank & Trust 17, 0.02% 7.74%
Primelending 18, 0.03% 2.43%
Caliber Home Loans Inc 19, 0.03% 2.65%
Fairway Independent Mort Corp 20, 0.04% 6.42%
Freedom Mortgage Corporation 21, 0.05% 4.87%
American Mortgage & Equity Consultants Inc 22, 0.05% 3.10%
Nationstar Mortgage 23, 0.06% 2.43%
Bay Equity 24, 0.08% 3.98%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Home Federal Savings Bank 1, -0.12% 5.93%
LoanDepot 2, -0.07% 3.86%
Freedom Mortgage Corporation 3, -0.04% 2.97%
Results Mortgage 4, -0.04% 4.75%
Bremer Bank 5, -0.03% 2.67%
First Federal Bank 6, -0.03% 0.89%
Prosperity Home Mortgage 7, -0.02% 2.08%
Wells Fargo Bank 8, -0.02% 0.59%
Bell Bank 9, -0.02% 12.17%
Altra Federal Credit Union 10, -0.01% 1.48%
Servion, Inc 11, -0.01% 1.48%
Us Bank 12, -0.01% 0.89%
Guaranteed Rate Inc 13, -0.01% 14.54%
Associated Bank 14, 0.00% 0.30%
Merchants Bank 15, 0.01% 2.08%
Guaranteed Rate Affinity 16, 0.02% 7.72%
Barrington Bank & Trust 17, 0.02% 9.79%
Primelending 18, 0.02% 2.37%
Caliber Home Loans Inc 19, 0.03% 2.67%
Fairway Independent Mort Corp 20, 0.04% 7.42%
American Mortgage & Equity Consultants Inc 21, 0.05% 4.15%
Bay Equity 22, 0.09% 4.45%
Quicken Loans 23, 0.10% 4.75%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
LoanDepot 1, -0.10% 19.13%
Quicken Loans 2, -0.02% 38.26%
Bell Bank 3, 0.00% 0.87%
Guaranteed Rate Affinity 4, 0.01% 1.74%
Home Federal Savings Bank 5, 0.02% 0.87%
First Federal Bank 6, 0.02% 0.87%
Guaranteed Rate Inc 7, 0.02% 3.48%
Bay Equity 8, 0.02% 2.61%
Caliber Home Loans Inc 9, 0.02% 2.61%
Barrington Bank & Trust 10, 0.03% 1.74%
Us Bank 11, 0.03% 1.74%
Fairway Independent Mort Corp 12, 0.04% 3.48%
Primelending 13, 0.04% 2.61%
Nationstar Mortgage 14, 0.07% 9.57%
Freedom Mortgage Corporation 15, 0.13% 10.43%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Think Mutual Bank 1, -0.05% 37.66%
Home Federal Savings Bank 2, -0.01% 6.49%
Wells Fargo Bank 3, 0.00% 3.90%
Mayo Employees Federal Credit Union 4, 0.00% 11.04%
Guaranteed Rate Affinity 5, 0.01% 0.65%
Altra Federal Credit Union 6, 0.02% 0.65%
LoanDepot 7, 0.02% 0.65%
Us Bank 8, 0.02% 12.34%
Associated Bank 9, 0.02% 3.25%
Prosperity Home Mortgage 10, 0.02% 0.65%
Caliber Home Loans Inc 11, 0.03% 0.65%
Compeer Financial ACA 12, 0.06% 2.60%
Bremer Bank 13, 0.07% 19.48%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Home Federal Savings Bank 1, -0.04% 4.71%
Think Mutual Bank 2, -0.03% 38.82%
Wells Fargo Bank 3, -0.01% 4.71%
Mayo Employees Federal Credit Union 4, -0.00% 16.47%
Guaranteed Rate Affinity 5, 0.00% 1.18%
Associated Bank 6, 0.01% 3.53%
Altra Federal Credit Union 7, 0.01% 1.18%
LoanDepot 8, 0.01% 1.18%
Prosperity Home Mortgage 9, 0.01% 1.18%
Us Bank 10, 0.02% 9.41%
Compeer Financial ACA 11, 0.04% 1.18%
Bremer Bank 12, 0.08% 16.47%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Think Mutual Bank 1, -0.08% 36.23%
Home Federal Savings Bank 2, 0.02% 8.70%
Mayo Employees Federal Credit Union 3, 0.02% 4.35%
Wells Fargo Bank 4, 0.02% 2.90%
Us Bank 5, 0.02% 15.94%
Associated Bank 6, 0.04% 2.90%
Caliber Home Loans Inc 7, 0.04% 1.45%
Bremer Bank 8, 0.07% 23.19%
Compeer Financial ACA 9, 0.07% 4.35%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Wells Fargo Bank 1, -0.09% 6.72%
Freedom Mortgage Corporation 2, -0.03% 5.88%
Us Bank 3, -0.02% 5.04%
Bremer Bank 4, -0.02% 1.68%
Prosperity Home Mortgage 5, -0.02% 5.04%
LoanDepot 6, -0.02% 6.72%
First Federal Bank 7, -0.02% 2.10%
Caliber Home Loans Inc 8, -0.01% 2.52%
Servion, Inc 9, -0.00% 1.26%
Results Mortgage 10, -0.00% 3.36%
American Mortgage & Equity Consultants Inc 11, -0.00% 5.04%
Usaa Federal Savings Bank 12, -0.00% 11.34%
Primelending 13, 0.00% 1.68%
Altra Federal Credit Union 14, 0.00% 0.42%
Home Federal Savings Bank 15, 0.00% 0.42%
Nationstar Mortgage 16, 0.01% 0.84%
Guaranteed Rate Inc 17, 0.01% 5.46%
Bay Equity 18, 0.01% 3.36%
Quicken Loans 19, 0.02% 10.50%
Guaranteed Rate Affinity 20, 0.02% 2.94%
Fairway Independent Mort Corp 21, 0.03% 2.10%
Merchants Bank 22, 0.04% 4.20%
Bell Bank 23, 0.05% 6.72%
Barrington Bank & Trust 24, 0.06% 4.62%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Wells Fargo Bank 1, -0.11% 8.64%
Freedom Mortgage Corporation 2, -0.05% 4.94%
Us Bank 3, -0.03% 6.17%
First Federal Bank 4, -0.02% 2.47%
Bremer Bank 5, -0.02% 2.47%
Prosperity Home Mortgage 6, -0.02% 7.41%
Caliber Home Loans Inc 7, -0.01% 1.23%
Nationstar Mortgage 8, -0.00% 0.62%
Servion, Inc 9, -0.00% 1.85%
Results Mortgage 10, -0.00% 4.94%
Primelending 11, 0.00% 2.47%
Altra Federal Credit Union 12, 0.00% 0.62%
Home Federal Savings Bank 13, 0.00% 0.62%
Usaa Federal Savings Bank 14, 0.00% 11.11%
American Mortgage & Equity Consultants Inc 15, 0.01% 4.94%
Quicken Loans 16, 0.01% 3.09%
LoanDepot 17, 0.01% 2.47%
Guaranteed Rate Inc 18, 0.01% 7.41%
Guaranteed Rate Affinity 19, 0.03% 3.70%
Fairway Independent Mort Corp 20, 0.04% 2.47%
Merchants Bank 21, 0.05% 4.94%
Bay Equity 22, 0.05% 1.85%
Barrington Bank & Trust 23, 0.06% 6.17%
Bell Bank 24, 0.07% 7.41%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
LoanDepot 1, -0.03% 15.79%
American Mortgage & Equity Consultants Inc 2, -0.02% 5.26%
Freedom Mortgage Corporation 3, -0.01% 7.89%
Usaa Federal Savings Bank 4, -0.01% 11.84%
Bell Bank 5, -0.01% 5.26%
Bay Equity 6, -0.01% 6.58%
Caliber Home Loans Inc 7, -0.00% 5.26%
Guaranteed Rate Inc 8, -0.00% 1.32%
First Federal Bank 9, 0.00% 1.32%
Guaranteed Rate Affinity 10, 0.00% 1.32%
Fairway Independent Mort Corp 11, 0.00% 1.32%
Barrington Bank & Trust 12, 0.00% 1.32%
Merchants Bank 13, 0.02% 2.63%
Us Bank 14, 0.02% 2.63%
Quicken Loans 15, 0.02% 26.32%
Wells Fargo Bank 16, 0.03% 2.63%
Nationstar Mortgage 17, 0.03% 1.32%

* Data is compiled for the Rochester, MN commuting zone area, which comprises of counties of Dodge County, MN, Fillmore County, MN, Goodhue County, MN, Olmsted County, MN, and Wabasha County, MN. This includes cities/towns/communities of Rochester, MN as well as Red Wing, MN, Byron, MN, Kasson, MN, Stewartville, MN, Dover, MN, Rushford Village, MN, Cannon Falls, MN, Lake City, MN, Zumbrota, MN, Pine Island, MN, Dodge Center, MN, Wykoff, MN, Hayfield, MN, Ostrander, MN, Mazeppa, MN, Kenyon, MN, Lake City, MN, Dennison, MN, Plainview, MN, West Concord, MN, Minneiska, MN, Wabasha, MN, Canton, MN, and Preston, MN. 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.

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