Top Mortgage Lenders in the Austin, MN area

Which mortgage lender in the Austin, 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 Austin, 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 Austin, MN area is Land Home Financial Services Inc, with a “Rate Rank” of 1 and an average “Rate Difference” of -0.13%. This means that Land Home Financial Services Inc provided a -0.13% lower interest rate for its customers than other lenders in Austin, MN for a similar set of borrowers. Land Home Financial Services Inc has a market share of 8.2%. On the other hand, the most popular lender in the market is Fairway Independent Mort Corp, with a market share of 30.9%. Fairway Independent Mort Corp is an average rate lender in this area, with a “Rate Difference” of +0.07% relative to those of other lenders.

Our detailed rankings of the mortgage lenders for the Austin, 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 Austin, MN is Land Home Financial Services Inc. 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 Land Home Financial Services Inc. 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
Land Home Financial Services Inc 1, -0.13% 8.19%
Us Bank 2, -0.08% 10.97%
Home Federal Savings Bank 3, -0.07% 19.17%
Wells Fargo Bank 4, 0.01% 13.91%
Guaranteed Rate Inc 5, 0.04% 5.26%
Quicken Loans 6, 0.06% 11.59%
Fairway Independent Mort Corp 7, 0.07% 30.91%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Land Home Financial Services Inc 1, -0.15% 10.16%
Us Bank 2, -0.10% 7.45%
Home Federal Savings Bank 3, -0.06% 14.45%
Wells Fargo Bank 4, -0.02% 14.45%
Quicken Loans 5, 0.02% 5.64%
Guaranteed Rate Inc 6, 0.05% 6.77%
Fairway Independent Mort Corp 7, 0.07% 41.08%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Home Federal Savings Bank 1, -0.08% 29.41%
Land Home Financial Services Inc 2, -0.07% 3.92%
Us Bank 3, -0.06% 18.63%
Guaranteed Rate Inc 4, -0.00% 1.96%
Fairway Independent Mort Corp 5, 0.05% 8.82%
Wells Fargo Bank 6, 0.08% 12.75%
Quicken Loans 7, 0.09% 24.51%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Land Home Financial Services Inc 1, -0.13% 7.49%
Us Bank 2, -0.08% 15.42%
Home Federal Savings Bank 3, -0.06% 25.55%
Wells Fargo Bank 4, 0.02% 18.72%
Guaranteed Rate Inc 5, 0.03% 4.63%
Fairway Independent Mort Corp 6, 0.12% 19.60%
Quicken Loans 7, 0.12% 8.59%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Land Home Financial Services Inc 1, -0.14% 9.51%
Us Bank 2, -0.09% 11.27%
Home Federal Savings Bank 3, -0.05% 19.72%
Wells Fargo Bank 4, -0.02% 20.77%
Guaranteed Rate Inc 5, 0.04% 6.34%
Quicken Loans 6, 0.07% 4.58%
Fairway Independent Mort Corp 7, 0.11% 27.82%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Land Home Financial Services Inc 1, -0.08% 4.12%
Home Federal Savings Bank 2, -0.08% 35.29%
Us Bank 3, -0.06% 22.35%
Guaranteed Rate Inc 4, 0.00% 1.76%
Wells Fargo Bank 5, 0.09% 15.29%
Fairway Independent Mort Corp 6, 0.10% 5.88%
Quicken Loans 7, 0.16% 15.29%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Land Home Financial Services Inc 1, -0.15% 11.31%
Home Federal Savings Bank 2, -0.11% 4.17%
Wells Fargo Bank 3, -0.04% 1.79%
Quicken Loans 4, -0.02% 14.88%
Fairway Independent Mort Corp 5, 0.03% 61.31%
Guaranteed Rate Inc 6, 0.07% 6.55%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Land Home Financial Services Inc 1, -0.16% 12.16%
Home Federal Savings Bank 2, -0.11% 4.73%
Quicken Loans 3, -0.05% 6.76%
Wells Fargo Bank 4, -0.04% 2.03%
Fairway Independent Mort Corp 5, 0.04% 66.89%
Guaranteed Rate Inc 6, 0.07% 7.43%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Land Home Financial Services Inc 1, -0.04% 5.00%
Fairway Independent Mort Corp 2, -0.01% 20.00%
Quicken Loans 3, 0.01% 75.00%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Us Bank 1, -0.01% 50.00%
Fairway Independent Mort Corp 2, 0.01% 50.00%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Us Bank 1, 0.00% 100.00%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Fairway Independent Mort Corp 1, 0.00% 100.00%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Wells Fargo Bank 1, -0.04% 8.70%
Home Federal Savings Bank 2, -0.04% 4.35%
Guaranteed Rate Inc 3, -0.03% 8.70%
Fairway Independent Mort Corp 4, -0.00% 30.43%
Quicken Loans 5, 0.02% 47.83%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Wells Fargo Bank 1, -0.03% 20.00%
Home Federal Savings Bank 2, -0.02% 10.00%
Guaranteed Rate Inc 3, -0.02% 10.00%
Quicken Loans 4, 0.01% 20.00%
Fairway Independent Mort Corp 5, 0.02% 40.00%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Guaranteed Rate Inc 1, -0.03% 7.69%
Fairway Independent Mort Corp 2, -0.03% 23.08%
Quicken Loans 3, 0.01% 69.23%

* Data is compiled for the Austin, MN commuting zone area, which comprises of counties of Freeborn County, MN, and Mower County, MN. This includes cities/towns/communities of Austin, MN as well as Albert Lea, MN, Alden, MN, Le Roy, MN, Racine, MN, Mapleview, MN, Geneva, MN, Sargeant, MN, and Glenville, 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