Top Mortgage Lenders in the Owatonna, MN area

Which mortgage lender in the Owatonna, 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 Owatonna, 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 Owatonna, MN area is Affinity Plus Federal Credit Union, with a “Rate Rank” of 1 and an average “Rate Difference” of -0.17%. This means that Affinity Plus Federal Credit Union provided a -0.17% lower interest rate for its customers than other lenders in Owatonna, MN for a similar set of borrowers. Affinity Plus Federal Credit Union has a market share of 6.3%. On the other hand, the most popular lender in the market is Wells Fargo Bank, with a market share of 17.1%. Wells Fargo Bank 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 Owatonna, 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 Owatonna, MN is Affinity Plus Federal Credit Union. 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 Us Bank. If on the other hand, you want lower down payment or credit score requirements, the cheapest FHA mortgage provider is Guaranteed Rate Inc. The cheapest VA mortgage provider is Guaranteed Rate Inc. 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
Affinity Plus Federal Credit Union 1, -0.17% 6.31%
Frandsen Bank & Trust 2, -0.05% 3.00%
Wells Fargo Bank 3, -0.04% 17.08%
Bremer Bank 4, -0.04% 3.85%
Prosperity Home Mortgage 5, -0.04% 3.46%
Us Bank 6, -0.03% 5.62%
Bell Bank 7, -0.00% 5.08%
Bay Equity 8, 0.00% 2.69%
LoanDepot 9, 0.02% 2.85%
Towne Mortgage Company 10, 0.03% 3.77%
American Mortgage & Equity Consultants Inc 11, 0.03% 16.69%
Guaranteed Rate Inc 12, 0.04% 8.23%
Barrington Bank & Trust 13, 0.05% 2.54%
Plains Commerce Bank 14, 0.05% 4.92%
Compeer Financial ACA 15, 0.06% 2.46%
Quicken Loans 16, 0.08% 11.46%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Wells Fargo Bank 1, -0.12% 17.51%
Us Bank 2, -0.07% 4.66%
Bremer Bank 3, -0.03% 4.28%
Prosperity Home Mortgage 4, -0.03% 5.04%
Affinity Plus Federal Credit Union 5, -0.03% 2.52%
Bell Bank 6, 0.01% 7.30%
Bay Equity 7, 0.01% 2.77%
Frandsen Bank & Trust 8, 0.03% 1.89%
Towne Mortgage Company 9, 0.03% 4.91%
American Mortgage & Equity Consultants Inc 10, 0.04% 20.53%
Guaranteed Rate Inc 11, 0.04% 11.21%
LoanDepot 12, 0.06% 1.64%
Barrington Bank & Trust 13, 0.06% 3.78%
Quicken Loans 14, 0.06% 4.91%
Plains Commerce Bank 15, 0.06% 5.42%
Compeer Financial ACA 16, 0.08% 1.64%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Affinity Plus Federal Credit Union 1, -0.22% 12.25%
Frandsen Bank & Trust 2, -0.10% 4.74%
Bremer Bank 3, -0.06% 3.16%
Prosperity Home Mortgage 4, -0.05% 0.99%
Bell Bank 5, -0.04% 1.58%
Bay Equity 6, -0.01% 2.57%
Barrington Bank & Trust 7, -0.01% 0.59%
LoanDepot 8, -0.00% 4.74%
American Mortgage & Equity Consultants Inc 9, -0.00% 10.67%
Towne Mortgage Company 10, 0.01% 1.98%
Guaranteed Rate Inc 11, 0.01% 3.56%
Us Bank 12, 0.01% 7.11%
Plains Commerce Bank 13, 0.02% 4.15%
Compeer Financial ACA 14, 0.05% 3.75%
Wells Fargo Bank 15, 0.08% 16.40%
Quicken Loans 16, 0.08% 21.74%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Affinity Plus Federal Credit Union 1, -0.17% 7.84%
Frandsen Bank & Trust 2, -0.05% 3.82%
Bremer Bank 3, -0.05% 4.31%
Wells Fargo Bank 4, -0.05% 20.98%
Prosperity Home Mortgage 5, -0.04% 3.43%
Us Bank 6, -0.03% 6.37%
Bell Bank 7, -0.01% 5.00%
Bay Equity 8, 0.00% 2.55%
LoanDepot 9, 0.01% 1.76%
American Mortgage & Equity Consultants Inc 10, 0.04% 14.22%
Plains Commerce Bank 11, 0.04% 4.22%
Towne Mortgage Company 12, 0.05% 3.24%
Compeer Financial ACA 13, 0.06% 3.14%
Barrington Bank & Trust 14, 0.06% 1.86%
Guaranteed Rate Inc 15, 0.07% 6.76%
Quicken Loans 16, 0.12% 10.49%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Wells Fargo Bank 1, -0.12% 22.24%
Us Bank 2, -0.08% 5.02%
Bremer Bank 3, -0.04% 4.85%
Prosperity Home Mortgage 4, -0.03% 5.02%
Affinity Plus Federal Credit Union 5, -0.02% 3.18%
Bell Bank 6, 0.01% 7.36%
Bay Equity 7, 0.02% 2.34%
Frandsen Bank & Trust 8, 0.03% 2.51%
LoanDepot 9, 0.04% 1.17%
American Mortgage & Equity Consultants Inc 10, 0.05% 18.56%
Towne Mortgage Company 11, 0.06% 4.68%
Plains Commerce Bank 12, 0.06% 4.01%
Compeer Financial ACA 13, 0.08% 2.17%
Barrington Bank & Trust 14, 0.08% 2.84%
Guaranteed Rate Inc 15, 0.09% 9.70%
Quicken Loans 16, 0.09% 4.35%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Affinity Plus Federal Credit Union 1, -0.23% 14.45%
Frandsen Bank & Trust 2, -0.11% 5.69%
Bremer Bank 3, -0.07% 3.55%
Bell Bank 4, -0.05% 1.66%
Prosperity Home Mortgage 5, -0.05% 1.18%
LoanDepot 6, -0.02% 2.61%
Bay Equity 7, -0.02% 2.84%
Barrington Bank & Trust 8, -0.02% 0.47%
Us Bank 9, 0.01% 8.29%
Towne Mortgage Company 10, 0.02% 1.18%
American Mortgage & Equity Consultants Inc 11, 0.02% 8.06%
Plains Commerce Bank 12, 0.02% 4.50%
Guaranteed Rate Inc 13, 0.03% 2.61%
Compeer Financial ACA 14, 0.04% 4.50%
Wells Fargo Bank 15, 0.08% 19.19%
Quicken Loans 16, 0.12% 19.19%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Guaranteed Rate Inc 1, -0.05% 12.94%
Prosperity Home Mortgage 2, -0.04% 3.98%
Towne Mortgage Company 3, -0.04% 4.48%
Quicken Loans 4, -0.02% 15.42%
Us Bank 5, -0.01% 1.99%
American Mortgage & Equity Consultants Inc 6, 0.00% 30.85%
Bay Equity 7, 0.00% 3.48%
Wells Fargo Bank 8, 0.01% 1.00%
Bell Bank 9, 0.01% 3.98%
Bremer Bank 10, 0.01% 1.99%
Barrington Bank & Trust 11, 0.03% 4.98%
LoanDepot 12, 0.05% 5.97%
Plains Commerce Bank 13, 0.07% 8.96%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Guaranteed Rate Inc 1, -0.06% 15.92%
Towne Mortgage Company 2, -0.05% 4.46%
Prosperity Home Mortgage 3, -0.05% 5.10%
Us Bank 4, -0.02% 2.55%
Quicken Loans 5, -0.01% 7.01%
Bay Equity 6, -0.00% 4.46%
Wells Fargo Bank 7, -0.00% 1.27%
Bell Bank 8, 0.00% 5.10%
American Mortgage & Equity Consultants Inc 9, 0.01% 31.21%
Bremer Bank 10, 0.01% 1.91%
Barrington Bank & Trust 11, 0.02% 6.37%
Plains Commerce Bank 12, 0.06% 11.46%
LoanDepot 13, 0.07% 3.18%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
American Mortgage & Equity Consultants Inc 1, -0.04% 29.55%
Quicken Loans 2, -0.01% 45.45%
Bremer Bank 3, 0.01% 2.27%
Guaranteed Rate Inc 4, 0.02% 2.27%
Towne Mortgage Company 5, 0.03% 4.55%
LoanDepot 6, 0.07% 15.91%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Us Bank 1, -0.00% 11.11%
Bremer Bank 2, -0.00% 11.11%
Guaranteed Rate Inc 3, -0.00% 11.11%
Wells Fargo Bank 4, 0.00% 33.33%
Quicken Loans 5, 0.00% 11.11%
Affinity Plus Federal Credit Union 6, 0.00% 22.22%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Us Bank 1, -0.00% 16.67%
Bremer Bank 2, -0.00% 16.67%
Wells Fargo Bank 3, -0.00% 50.00%
Affinity Plus Federal Credit Union 4, 0.01% 16.67%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Affinity Plus Federal Credit Union 1, -0.00% 33.33%
Guaranteed Rate Inc 2, -0.00% 33.33%
Quicken Loans 3, 0.00% 33.33%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Guaranteed Rate Inc 1, -0.02% 15.71%
Plains Commerce Bank 2, -0.01% 4.29%
Prosperity Home Mortgage 3, -0.01% 2.86%
LoanDepot 4, -0.00% 10.00%
Bremer Bank 5, -0.00% 1.43%
Quicken Loans 6, -0.00% 14.29%
Us Bank 7, -0.00% 4.29%
Bay Equity 8, 0.00% 2.86%
Towne Mortgage Company 9, 0.00% 10.00%
American Mortgage & Equity Consultants Inc 10, 0.00% 14.29%
Barrington Bank & Trust 11, 0.01% 5.71%
Bell Bank 12, 0.01% 10.00%
Wells Fargo Bank 13, 0.03% 4.29%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Plains Commerce Bank 1, -0.02% 3.03%
Guaranteed Rate Inc 2, -0.02% 18.18%
Prosperity Home Mortgage 3, -0.01% 6.06%
Us Bank 4, -0.01% 6.06%
American Mortgage & Equity Consultants Inc 5, -0.01% 9.09%
Bremer Bank 6, -0.01% 3.03%
Wells Fargo Bank 7, -0.00% 3.03%
Bay Equity 8, -0.00% 3.03%
Towne Mortgage Company 9, 0.00% 12.12%
Barrington Bank & Trust 10, 0.01% 9.09%
Bell Bank 11, 0.01% 18.18%
Quicken Loans 12, 0.02% 6.06%
LoanDepot 13, 0.02% 3.03%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Guaranteed Rate Inc 1, -0.02% 13.51%
Plains Commerce Bank 2, -0.01% 5.41%
LoanDepot 3, -0.01% 16.22%
Bell Bank 4, -0.00% 2.70%
Quicken Loans 5, -0.00% 21.62%
Towne Mortgage Company 6, 0.00% 8.11%
Barrington Bank & Trust 7, 0.00% 2.70%
Bay Equity 8, 0.01% 2.70%
American Mortgage & Equity Consultants Inc 9, 0.01% 18.92%
Us Bank 10, 0.01% 2.70%
Wells Fargo Bank 11, 0.04% 5.41%

* Data is compiled for the Owatonna, MN commuting zone area, which comprises of counties of Rice County, MN, Steele County, MN, and Waseca County, MN. This includes cities/towns/communities of Owatonna, MN as well as Faribault, MN, Northfield, MN, Lonsdale, MN, Waseca, MN, Morristown, MN, Dundas, MN, Janesville, MN, Ellendale, MN, and Waldorf, 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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