Top Mortgage Lenders in the Detroit Lakes, MN area

Which mortgage lender in the Detroit Lakes, 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 Detroit Lakes, 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 Detroit Lakes, MN area is Bell Bank, with a “Rate Rank” of 1 and an average “Rate Difference” of -0.04%. This means that Bell Bank provided a -0.04% lower interest rate for its customers than other lenders in Detroit Lakes, MN for a similar set of borrowers. Bell Bank has a market share of 35.1%. It is also the most popular lender in the area.

Our detailed rankings of the mortgage lenders for the Detroit Lakes, 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 Detroit Lakes, MN is Bell 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 Gate City Bank. If on the other hand, you want lower down payment or credit score requirements, the cheapest FHA mortgage provider is Bell Bank. The cheapest VA mortgage provider is Bell 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
Bell Bank 1, -0.04% 35.09%
Gate City Bank 2, -0.02% 13.04%
Bremer Bank 3, -0.00% 24.84%
Wells Fargo Bank 4, 0.04% 11.80%
Quicken Loans 5, 0.07% 15.22%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Bell Bank 1, -0.03% 37.84%
Quicken Loans 2, 0.00% 7.43%
Gate City Bank 3, 0.01% 17.57%
Wells Fargo Bank 4, 0.02% 13.51%
Bremer Bank 5, 0.02% 23.65%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Gate City Bank 1, -0.06% 9.20%
Bell Bank 2, -0.04% 32.76%
Bremer Bank 3, -0.02% 25.86%
Wells Fargo Bank 4, 0.06% 10.34%
Quicken Loans 5, 0.09% 21.84%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Bell Bank 1, -0.04% 36.96%
Gate City Bank 2, -0.02% 13.04%
Bremer Bank 3, -0.00% 24.28%
Wells Fargo Bank 4, 0.04% 12.68%
Quicken Loans 5, 0.10% 13.04%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Bell Bank 1, -0.03% 37.90%
Quicken Loans 2, -0.00% 7.26%
Gate City Bank 3, 0.01% 18.55%
Wells Fargo Bank 4, 0.03% 13.71%
Bremer Bank 5, 0.03% 22.58%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Gate City Bank 1, -0.07% 8.55%
Bell Bank 2, -0.05% 36.18%
Bremer Bank 3, -0.03% 25.66%
Wells Fargo Bank 4, 0.06% 11.84%
Quicken Loans 5, 0.13% 17.76%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Bell Bank 1, -0.02% 27.78%
Quicken Loans 2, 0.01% 55.56%
Gate City Bank 3, 0.01% 5.56%
Bremer Bank 4, 0.01% 11.11%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Bell Bank 1, -0.02% 50.00%
Gate City Bank 2, 0.01% 10.00%
Bremer Bank 3, 0.02% 20.00%
Quicken Loans 4, 0.02% 20.00%
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
Gate City Bank 1, -0.01% 23.81%
Wells Fargo Bank 2, -0.00% 14.29%
Bremer Bank 3, -0.00% 42.86%
Bell Bank 4, 0.01% 19.05%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Gate City Bank 1, -0.01% 16.67%
Bremer Bank 2, -0.00% 33.33%
Wells Fargo Bank 3, -0.00% 25.00%
Bell Bank 4, 0.02% 25.00%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Bell Bank 1, -0.00% 11.11%
Gate City Bank 2, -0.00% 33.33%
Bremer Bank 3, 0.00% 55.56%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Bell Bank 1, -0.01% 28.57%
Bremer Bank 2, -0.00% 28.57%
Quicken Loans 3, 0.01% 42.86%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Bell Bank 1, -0.01% 50.00%
Bremer Bank 2, 0.01% 50.00%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Bremer Bank 1, -0.01% 20.00%
Bell Bank 2, -0.00% 20.00%
Quicken Loans 3, 0.00% 60.00%

* Data is compiled for the Detroit Lakes, MN commuting zone area, which comprises of counties of Becker County, MN, and Mahnomen County, MN. This includes cities/towns/communities of Detroit Lakes, MN as well as Lake Park, MN, Audubon, MN, Wolf Lake, MN, Elbow Lake, MN, The Ranch, MN, and Bejou, 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.

FB Comments