Top Mortgage Lenders in the Fergus Falls, MN area

Which mortgage lender in the Fergus Falls, 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 Fergus Falls, 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 Fergus Falls, MN area is Merchants Bank, with a “Rate Rank” of 1 and an average “Rate Difference” of -0.14%. This means that Merchants Bank provided a -0.14% lower interest rate for its customers than other lenders in Fergus Falls, MN for a similar set of borrowers. Merchants Bank has a market share of 18.2%. It is also the most popular lender in the area.

Our detailed rankings of the mortgage lenders for the Fergus Falls, 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 Fergus Falls, 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 Gate City Bank. If on the other hand, you want lower down payment or credit score requirements, the cheapest FHA mortgage provider is Tradition Mortgage. The cheapest VA mortgage provider is Gate City 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, -0.14% 18.18%
Affinity Plus Federal Credit Union 2, -0.06% 5.24%
Bell Bank 3, -0.05% 12.30%
Gate City Bank 4, -0.04% 9.20%
Central Minnesota Credit Union 5, 0.03% 11.55%
Tradition Mortgage 6, 0.05% 7.17%
Us Bank 7, 0.05% 5.56%
Bremer Bank 8, 0.06% 13.05%
Wells Fargo Bank 9, 0.09% 8.45%
Quicken Loans 10, 0.15% 9.30%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Bell Bank 1, -0.08% 18.50%
Merchants Bank 2, -0.07% 14.76%
Gate City Bank 3, -0.04% 11.64%
Affinity Plus Federal Credit Union 4, -0.01% 2.91%
Tradition Mortgage 5, 0.00% 9.15%
Us Bank 6, 0.03% 4.99%
Central Minnesota Credit Union 7, 0.04% 10.40%
Wells Fargo Bank 8, 0.05% 9.77%
Bremer Bank 9, 0.10% 13.31%
Quicken Loans 10, 0.11% 4.57%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Merchants Bank 1, -0.19% 21.81%
Affinity Plus Federal Credit Union 2, -0.08% 7.71%
Gate City Bank 3, -0.06% 6.61%
Bremer Bank 4, 0.02% 12.78%
Central Minnesota Credit Union 5, 0.02% 12.78%
Bell Bank 6, 0.03% 5.73%
Us Bank 7, 0.07% 6.17%
Tradition Mortgage 8, 0.13% 5.07%
Wells Fargo Bank 9, 0.14% 7.05%
Quicken Loans 10, 0.17% 14.32%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Merchants Bank 1, -0.14% 20.09%
Affinity Plus Federal Credit Union 2, -0.06% 5.79%
Bell Bank 3, -0.05% 12.88%
Gate City Bank 4, -0.05% 8.98%
Central Minnesota Credit Union 5, 0.03% 12.77%
Us Bank 6, 0.06% 5.44%
Tradition Mortgage 7, 0.06% 6.50%
Bremer Bank 8, 0.07% 12.17%
Wells Fargo Bank 9, 0.10% 8.63%
Quicken Loans 10, 0.20% 6.74%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Bell Bank 1, -0.08% 19.62%
Merchants Bank 2, -0.07% 16.78%
Gate City Bank 3, -0.04% 11.35%
Affinity Plus Federal Credit Union 4, -0.01% 3.31%
Tradition Mortgage 5, 0.00% 7.57%
Us Bank 6, 0.04% 4.96%
Central Minnesota Credit Union 7, 0.04% 11.82%
Wells Fargo Bank 8, 0.06% 9.93%
Bremer Bank 9, 0.13% 11.35%
Quicken Loans 10, 0.14% 3.31%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Merchants Bank 1, -0.19% 23.40%
Affinity Plus Federal Credit Union 2, -0.07% 8.27%
Gate City Bank 3, -0.07% 6.62%
Bremer Bank 4, 0.02% 13.00%
Central Minnesota Credit Union 5, 0.03% 13.71%
Bell Bank 6, 0.03% 6.15%
Us Bank 7, 0.08% 5.91%
Tradition Mortgage 8, 0.13% 5.44%
Wells Fargo Bank 9, 0.15% 7.33%
Quicken Loans 10, 0.23% 10.17%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Tradition Mortgage 1, -0.03% 23.26%
Bremer Bank 2, -0.01% 25.58%
Gate City Bank 3, -0.01% 6.98%
Bell Bank 4, -0.00% 9.30%
Us Bank 5, -0.00% 2.33%
Quicken Loans 6, 0.04% 32.56%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Tradition Mortgage 1, -0.02% 28.57%
Bremer Bank 2, -0.01% 31.43%
Gate City Bank 3, -0.00% 8.57%
Bell Bank 4, 0.00% 11.43%
Us Bank 5, 0.00% 2.86%
Quicken Loans 6, 0.05% 17.14%
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% 22.22%
Bell Bank 2, 0.00% 11.11%
Us Bank 3, 0.00% 16.67%
Wells Fargo Bank 4, 0.00% 22.22%
Bremer Bank 5, 0.00% 27.78%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Gate City Bank 1, -0.01% 16.67%
Us Bank 2, -0.00% 8.33%
Bell Bank 3, -0.00% 16.67%
Wells Fargo Bank 4, 0.00% 33.33%
Bremer Bank 5, 0.01% 25.00%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Bremer Bank 1, -0.00% 33.33%
Gate City Bank 2, -0.00% 33.33%
Us Bank 3, 0.00% 33.33%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Gate City Bank 1, -0.02% 10.71%
Bremer Bank 2, -0.01% 10.71%
Us Bank 3, -0.00% 7.14%
Tradition Mortgage 4, -0.00% 7.14%
Wells Fargo Bank 5, -0.00% 7.14%
Quicken Loans 6, 0.01% 57.14%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Gate City Bank 1, -0.01% 27.27%
Wells Fargo Bank 2, -0.00% 9.09%
Bremer Bank 3, 0.00% 18.18%
Tradition Mortgage 4, 0.00% 18.18%
Us Bank 5, 0.01% 9.09%
Quicken Loans 6, 0.01% 18.18%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Bremer Bank 1, -0.03% 5.88%
Us Bank 2, -0.02% 5.88%
Wells Fargo Bank 3, 0.00% 5.88%
Quicken Loans 4, 0.00% 82.35%

* Data is compiled for the Fergus Falls, MN commuting zone area, which comprises of counties of Otter Tail County, MN, Todd County, MN, and Wadena County, MN. This includes cities/towns/communities of Fergus Falls, MN as well as Vergas, MN, Long Prairie, MN, Perham, MN, Dent, MN, Elizabeth, MN, Richville, MN, Osakis, MN, Ottertail, MN, Vining, MN, Battle Lake, MN, Henning, MN, Rothsay, MN, Staples, MN, Staples, MN, Urbank, MN, Browerville, MN, Wadena, MN, Nimrod, MN, Grey Eagle, MN, Pelican Rapids, MN, Clarissa, MN, and Bertha, 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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