Top Mortgage Lenders in Spencer, IA

Which mortgage lender in the Spencer, IA 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 Spencer, IA 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 Spencer, IA area is Iowa Bankers Mortgage Corporation, with a “Rate Rank” of 1 and an average “Rate Difference” of -0.06%. This means that Iowa Bankers Mortgage Corporation provided a -0.06% lower interest rate for its customers than other lenders in Spencer, IA for a similar set of borrowers. Iowa Bankers Mortgage Corporation has a market share of 21.2%. On the other hand, the most popular lender in the market is Northwest Bank, with a market share of 53.5%. Northwest Bank is an average rate lender in this area, with a “Rate Difference” of +0.01% relative to those of other lenders.

Our detailed rankings of the mortgage lenders for the Spencer, IA 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 Spencer, IA is Iowa Bankers Mortgage Corporation. 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 Tradition Mortgage. If on the other hand, you want lower down payment or credit score requirements, the cheapest FHA mortgage provider is Northwest Bank. The cheapest VA mortgage provider is also Northwest Bank. Nevertheless, to get the lowest rate for your mortgage, we would suggest shopping and negotiating among several of our top ranked lenders for your desired mortgage type and purpose.

Ranking of Mortgage Lenders in Spencer, IA

Mortgage Type:
Purchase/Refinance:
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Iowa Bankers Mortgage Corporation 1, -0.06% 21.19%
Central Bank 2, -0.01% 9.14%
Fairway Independent Mort Corp 3, 0.00% 4.38%
Northwest Bank 4, 0.01% 53.47%
Tradition Mortgage 5, 0.02% 5.60%
Quicken Loans 6, 0.08% 6.21%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Iowa Bankers Mortgage Corporation 1, -0.05% 20.50%
Fairway Independent Mort Corp 2, 0.00% 6.31%
Northwest Bank 3, 0.01% 55.63%
Tradition Mortgage 4, 0.01% 5.63%
Central Bank 5, 0.01% 8.78%
Quicken Loans 6, 0.06% 3.15%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Iowa Bankers Mortgage Corporation 1, -0.06% 22.02%
Central Bank 2, -0.04% 9.55%
Fairway Independent Mort Corp 3, 0.01% 2.12%
Northwest Bank 4, 0.02% 50.93%
Tradition Mortgage 5, 0.02% 5.57%
Quicken Loans 6, 0.08% 9.81%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Iowa Bankers Mortgage Corporation 1, -0.06% 23.12%
Central Bank 2, -0.01% 10.26%
Northwest Bank 3, 0.01% 57.46%
Tradition Mortgage 4, 0.02% 4.24%
Fairway Independent Mort Corp 5, 0.03% 1.37%
Quicken Loans 6, 0.14% 3.56%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Iowa Bankers Mortgage Corporation 1, -0.05% 22.42%
Central Bank 2, 0.01% 10.05%
Northwest Bank 3, 0.01% 59.28%
Tradition Mortgage 4, 0.01% 4.12%
Fairway Independent Mort Corp 5, 0.02% 1.80%
Quicken Loans 6, 0.09% 2.32%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Iowa Bankers Mortgage Corporation 1, -0.06% 23.91%
Central Bank 2, -0.04% 10.50%
Northwest Bank 3, 0.02% 55.39%
Fairway Independent Mort Corp 4, 0.03% 0.87%
Tradition Mortgage 5, 0.04% 4.37%
Quicken Loans 6, 0.16% 4.96%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Northwest Bank 1, -0.03% 18.37%
Tradition Mortgage 2, -0.01% 6.12%
Fairway Independent Mort Corp 3, -0.01% 34.69%
Iowa Bankers Mortgage Corporation 4, -0.01% 2.04%
Quicken Loans 5, 0.02% 38.78%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Northwest Bank 1, -0.02% 28.12%
Tradition Mortgage 2, 0.00% 9.38%
Iowa Bankers Mortgage Corporation 3, 0.00% 3.12%
Fairway Independent Mort Corp 4, 0.00% 43.75%
Quicken Loans 5, 0.02% 15.62%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Fairway Independent Mort Corp 1, -0.03% 17.65%
Quicken Loans 2, 0.01% 82.35%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Tradition Mortgage 1, -0.01% 50.00%
Northwest Bank 2, 0.01% 33.33%
Quicken Loans 3, 0.02% 16.67%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Northwest Bank 1, 0.00% 100.00%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Tradition Mortgage 1, -0.01% 60.00%
Northwest Bank 2, 0.01% 20.00%
Quicken Loans 3, 0.02% 20.00%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Northwest Bank 1, -0.04% 22.86%
Iowa Bankers Mortgage Corporation 2, 0.01% 11.43%
Fairway Independent Mort Corp 3, 0.01% 25.71%
Tradition Mortgage 4, 0.01% 25.71%
Quicken Loans 5, 0.03% 14.29%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Northwest Bank 1, -0.04% 30.43%
Iowa Bankers Mortgage Corporation 2, 0.02% 13.04%
Fairway Independent Mort Corp 3, 0.02% 30.43%
Tradition Mortgage 4, 0.02% 26.09%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Iowa Bankers Mortgage Corporation 1, -0.01% 8.33%
Fairway Independent Mort Corp 2, -0.01% 16.67%
Tradition Mortgage 3, -0.01% 25.00%
Northwest Bank 4, -0.01% 8.33%
Quicken Loans 5, 0.01% 41.67%

* Data is compiled for the Spencer, IA commuting zone area, which comprises of counties of Clay County, IA, Dickinson County, IA, Emmet County, IA, Kossuth County, IA, and Palo Alto County, IA. This includes cities/towns/communities of Spencer, IA as well as Arnolds Park, IA, Spirit Lake, IA, Orleans, IA, Algona, IA, Estherville, IA, Terril, IA, Emmetsburg, IA, West Okoboji, IA, Greenville, IA, Rossie, IA, St. Joseph, IA, Bancroft, IA, Titonka, IA, Cylinder, IA, Gruver, IA, Graettinger, IA, Ruthven, IA, Armstrong, IA, and Swea City, IA. 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.

Mortgage Lender Rankings for Other Cities

This page ranks the top mortgage lenders in the Spencer, IA area. For mortgage lender rankings of other cities, click here.