Top Mortgage Lenders in the Watertown, SD area

Which mortgage lender in the Watertown, 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 Watertown, 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 Watertown, SD area is First Bank & Trust, with a “Rate Rank” of 1 and an average “Rate Difference” of -0.05%. This means that First Bank & Trust provided a -0.05% lower interest rate for its customers than other lenders in Watertown, SD for a similar set of borrowers. First Bank & Trust has a market share of 11.1%. On the other hand, the most popular lender in the market is First PREMIER Bank, with a market share of 20.3%. First PREMIER Bank is also a relatively cheap lender, with a “Rate Difference” of -0.02% relative to those of other lenders.

Our detailed rankings of the mortgage lenders for the Watertown, 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 Watertown, SD is First Bank & Trust. 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 Quicken Loans. If on the other hand, you want lower down payment or credit score requirements, the cheapest FHA mortgage provider is First PREMIER Bank. The cheapest VA mortgage provider is Great Western 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
First Bank & Trust 1, -0.05% 11.13%
First PREMIER Bank 2, -0.02% 20.32%
Dacotah Bank 3, -0.02% 6.01%
Great Western Bank 4, -0.01% 19.08%
Fairway Independent Mort Corp 5, 0.00% 8.48%
CU Mortgage Direct 6, 0.01% 6.89%
Reliabank Dakota 7, 0.02% 6.71%
Plains Commerce Bank 8, 0.05% 15.55%
Quicken Loans 9, 0.06% 5.83%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Dacotah Bank 1, -0.04% 6.31%
Great Western Bank 2, -0.04% 23.26%
First Bank & Trust 3, -0.03% 12.96%
First PREMIER Bank 4, -0.02% 13.62%
Fairway Independent Mort Corp 5, 0.01% 12.29%
Reliabank Dakota 6, 0.03% 7.64%
CU Mortgage Direct 7, 0.04% 7.64%
Quicken Loans 8, 0.04% 1.66%
Plains Commerce Bank 9, 0.07% 14.62%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
First Bank & Trust 1, -0.07% 9.06%
First PREMIER Bank 2, -0.03% 27.92%
CU Mortgage Direct 3, -0.02% 6.04%
Reliabank Dakota 4, -0.01% 5.66%
Dacotah Bank 5, 0.01% 5.66%
Fairway Independent Mort Corp 6, 0.03% 4.15%
Plains Commerce Bank 7, 0.03% 16.60%
Great Western Bank 8, 0.03% 14.34%
Quicken Loans 9, 0.06% 10.57%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
First Bank & Trust 1, -0.06% 12.21%
Dacotah Bank 2, -0.02% 7.75%
First PREMIER Bank 3, -0.02% 19.72%
Great Western Bank 4, -0.02% 20.66%
Reliabank Dakota 5, 0.01% 7.75%
CU Mortgage Direct 6, 0.01% 6.10%
Fairway Independent Mort Corp 7, 0.02% 5.87%
Plains Commerce Bank 8, 0.06% 15.49%
Quicken Loans 9, 0.09% 4.46%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Great Western Bank 1, -0.04% 25.63%
First Bank & Trust 2, -0.04% 16.08%
Dacotah Bank 3, -0.04% 9.05%
First PREMIER Bank 4, -0.01% 11.06%
Fairway Independent Mort Corp 5, 0.02% 8.54%
Reliabank Dakota 6, 0.03% 9.55%
Quicken Loans 7, 0.05% 1.51%
CU Mortgage Direct 8, 0.07% 5.53%
Plains Commerce Bank 9, 0.10% 13.07%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
First Bank & Trust 1, -0.09% 8.81%
CU Mortgage Direct 2, -0.03% 6.61%
First PREMIER Bank 3, -0.03% 27.31%
Reliabank Dakota 4, -0.01% 6.17%
Dacotah Bank 5, 0.01% 6.61%
Plains Commerce Bank 6, 0.03% 17.62%
Fairway Independent Mort Corp 7, 0.03% 3.52%
Great Western Bank 8, 0.03% 16.30%
Quicken Loans 9, 0.09% 7.05%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
First PREMIER Bank 1, -0.05% 25.77%
Fairway Independent Mort Corp 2, -0.02% 17.53%
Great Western Bank 3, 0.01% 11.34%
CU Mortgage Direct 4, 0.02% 11.34%
First Bank & Trust 5, 0.03% 6.19%
Quicken Loans 6, 0.03% 6.19%
Reliabank Dakota 7, 0.04% 3.09%
Plains Commerce Bank 8, 0.04% 18.56%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
First PREMIER Bank 1, -0.04% 20.78%
Fairway Independent Mort Corp 2, -0.02% 20.78%
Great Western Bank 3, 0.00% 14.29%
CU Mortgage Direct 4, 0.01% 12.99%
First Bank & Trust 5, 0.03% 5.19%
Quicken Loans 6, 0.03% 2.60%
Plains Commerce Bank 7, 0.04% 20.78%
Reliabank Dakota 8, 0.05% 2.60%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
First PREMIER Bank 1, -0.04% 45.00%
Reliabank Dakota 2, 0.02% 5.00%
First Bank & Trust 3, 0.03% 10.00%
CU Mortgage Direct 4, 0.03% 5.00%
Fairway Independent Mort Corp 5, 0.04% 5.00%
Quicken Loans 6, 0.04% 20.00%
Plains Commerce Bank 7, 0.04% 10.00%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Quicken Loans 1, 0.00% 100.00%
Insufficient data available.
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Quicken Loans 1, 0.00% 100.00%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Great Western Bank 1, -0.04% 21.43%
First PREMIER Bank 2, -0.00% 14.29%
CU Mortgage Direct 3, 0.00% 4.76%
First Bank & Trust 4, 0.00% 11.90%
Plains Commerce Bank 5, 0.00% 9.52%
Dacotah Bank 6, 0.01% 2.38%
Fairway Independent Mort Corp 7, 0.02% 14.29%
Quicken Loans 8, 0.02% 16.67%
Reliabank Dakota 9, 0.03% 4.76%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Great Western Bank 1, -0.04% 32.00%
First PREMIER Bank 2, -0.00% 12.00%
CU Mortgage Direct 3, 0.01% 8.00%
First Bank & Trust 4, 0.01% 12.00%
Dacotah Bank 5, 0.02% 4.00%
Fairway Independent Mort Corp 6, 0.03% 16.00%
Plains Commerce Bank 7, 0.03% 8.00%
Reliabank Dakota 8, 0.04% 8.00%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Plains Commerce Bank 1, -0.02% 11.76%
First Bank & Trust 2, -0.01% 11.76%
First PREMIER Bank 3, -0.00% 17.65%
Great Western Bank 4, 0.00% 5.88%
Fairway Independent Mort Corp 5, 0.00% 11.76%
Quicken Loans 6, 0.01% 41.18%

* Data is compiled for the Watertown, SD commuting zone area, which comprises of counties of Clark County, SD, Codington County, SD, Deuel County, SD, and Hamlin County, SD. This includes cities/towns/communities of Watertown, SD as well as Estelline, SD, Lake Norden, SD, Florence, SD, Gary, SD, Clark, SD, and Clear Lake, 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.

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