Top Mortgage Lenders in the Hutchinson, MN area

Which mortgage lender in the Hutchinson, 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 Hutchinson, 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 Hutchinson, MN area is Us Bank, with a “Rate Rank” of 1 and an average “Rate Difference” of -0.11%. This means that Us Bank provided a -0.11% lower interest rate for its customers than other lenders in Hutchinson, MN for a similar set of borrowers. Us Bank has a market share of 6.4%. On the other hand, the most popular lender in the market is Fairway Independent Mort Corp, with a market share of 29.6%. Fairway Independent Mort Corp is an average rate lender in this area, with a “Rate Difference” of +0.04% relative to those of other lenders.

Our detailed rankings of the mortgage lenders for the Hutchinson, 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 Hutchinson, MN is Us 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 American Mortgage & Equity Consultants Inc. If on the other hand, you want lower down payment or credit score requirements, the cheapest FHA mortgage provider is Quicken Loans. 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
Us Bank 1, -0.11% 6.36%
American Mortgage & Equity Consultants Inc 2, -0.03% 9.94%
Wells Fargo Bank 3, -0.02% 22.47%
Quicken Loans 4, -0.01% 17.89%
New American Funding 5, 0.02% 13.72%
Fairway Independent Mort Corp 6, 0.04% 29.62%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Us Bank 1, -0.13% 6.38%
Wells Fargo Bank 2, -0.10% 18.84%
American Mortgage & Equity Consultants Inc 3, -0.03% 10.64%
Quicken Loans 4, -0.01% 8.21%
New American Funding 5, 0.05% 14.89%
Fairway Independent Mort Corp 6, 0.06% 41.03%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Us Bank 1, -0.07% 6.32%
New American Funding 2, -0.06% 11.49%
American Mortgage & Equity Consultants Inc 3, -0.05% 8.62%
Fairway Independent Mort Corp 4, -0.03% 8.05%
Quicken Loans 5, -0.01% 36.21%
Wells Fargo Bank 6, 0.08% 29.31%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Us Bank 1, -0.12% 7.82%
American Mortgage & Equity Consultants Inc 2, -0.05% 8.09%
Wells Fargo Bank 3, -0.03% 29.92%
Quicken Loans 4, 0.01% 15.09%
Fairway Independent Mort Corp 5, 0.05% 30.73%
New American Funding 6, 0.05% 8.36%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Us Bank 1, -0.13% 8.10%
Wells Fargo Bank 2, -0.10% 24.29%
American Mortgage & Equity Consultants Inc 3, -0.03% 8.10%
Quicken Loans 4, 0.01% 8.10%
Fairway Independent Mort Corp 5, 0.07% 41.70%
New American Funding 6, 0.09% 9.72%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Us Bank 1, -0.10% 7.26%
American Mortgage & Equity Consultants Inc 2, -0.08% 8.06%
New American Funding 3, -0.06% 5.65%
Fairway Independent Mort Corp 4, -0.05% 8.87%
Quicken Loans 5, -0.00% 29.03%
Wells Fargo Bank 6, 0.05% 41.13%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Quicken Loans 1, -0.03% 24.47%
American Mortgage & Equity Consultants Inc 2, -0.01% 13.83%
Fairway Independent Mort Corp 3, 0.01% 25.53%
Wells Fargo Bank 4, 0.02% 1.06%
New American Funding 5, 0.02% 35.11%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Quicken Loans 1, -0.05% 9.84%
American Mortgage & Equity Consultants Inc 2, -0.03% 19.67%
Fairway Independent Mort Corp 3, -0.00% 36.07%
Wells Fargo Bank 4, 0.00% 1.64%
New American Funding 5, 0.04% 32.79%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
New American Funding 1, -0.00% 39.39%
Quicken Loans 2, 0.00% 51.52%
Fairway Independent Mort Corp 3, 0.01% 6.06%
American Mortgage & Equity Consultants Inc 4, 0.02% 3.03%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
American Mortgage & Equity Consultants Inc 1, 0.00% 100.00%
Insufficient data available.
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
American Mortgage & Equity Consultants Inc 1, 0.00% 100.00%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Wells Fargo Bank 1, -0.04% 2.78%
Quicken Loans 2, -0.02% 30.56%
New American Funding 3, -0.02% 13.89%
American Mortgage & Equity Consultants Inc 4, -0.01% 13.89%
Us Bank 5, -0.01% 8.33%
Fairway Independent Mort Corp 6, 0.05% 30.56%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Wells Fargo Bank 1, -0.06% 4.76%
New American Funding 2, -0.04% 23.81%
Quicken Loans 3, -0.04% 4.76%
Us Bank 4, -0.03% 4.76%
American Mortgage & Equity Consultants Inc 5, -0.02% 14.29%
Fairway Independent Mort Corp 6, 0.04% 47.62%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
American Mortgage & Equity Consultants Inc 1, -0.01% 13.33%
Quicken Loans 2, -0.00% 66.67%
Fairway Independent Mort Corp 3, -0.00% 6.67%
Us Bank 4, 0.02% 13.33%

* Data is compiled for the Hutchinson, MN commuting zone area, which comprises of counties of McLeod County, MN, Meeker County, MN, and Sibley County, MN. This includes cities/towns/communities of Hutchinson, MN as well as Glencoe, MN, Litchfield, MN, Silver Lake, MN, Kingston, MN, Watkins, MN, Henderson, MN, Arlington, MN, Gaylord, MN, Gibbon, MN, Brownton, MN, and Grove City, 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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