Top Mortgage Lenders in Mankato, MN

Which mortgage lender in the Mankato, 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 Mankato, 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 Mankato, MN area is Affinity Plus Federal Credit Union, with a “Rate Rank” of 1 and an average “Rate Difference” of -0.14%. This means that Affinity Plus Federal Credit Union provided a -0.14% lower interest rate for its customers than other lenders in Mankato, MN for a similar set of borrowers. Affinity Plus Federal Credit Union has a market share of 7.4%. On the other hand, the most popular lender in the market is Wells Fargo Bank, with a market share of 24.6%. Wells Fargo 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 Mankato, 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 Mankato, 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 Wells Fargo Bank. If on the other hand, you want lower down payment or credit score requirements, the cheapest FHA mortgage provider is American Mortgage & Equity Consultants Inc. The cheapest VA mortgage provider is Plains Commerce 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 Mankato, MN

Mortgage Type:
Purchase/Refinance:
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Affinity Plus Federal Credit Union 1, -0.14% 7.42%
Frandsen Bank & Trust 2, -0.10% 8.90%
Iowa Bankers Mortgage Corporation 3, -0.09% 3.59%
Citizens Community Federal N A 4, -0.06% 4.61%
HomeTown Bank 5, -0.05% 3.20%
Merchants Bank 6, -0.02% 3.59%
Bell Bank 7, 0.01% 2.42%
Wells Fargo Bank 8, 0.01% 24.59%
Carrington Mortgage Services 9, 0.01% 2.42%
American Mortgage & Equity Consultants Inc 10, 0.02% 3.51%
Us Bank 11, 0.02% 7.96%
Bremer Bank 12, 0.04% 6.25%
Plains Commerce Bank 13, 0.04% 4.76%
Quicken Loans 14, 0.09% 11.63%
Compeer Financial ACA 15, 0.13% 5.15%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Iowa Bankers Mortgage Corporation 1, -0.08% 4.19%
Frandsen Bank & Trust 2, -0.05% 9.94%
Affinity Plus Federal Credit Union 3, -0.04% 4.04%
Wells Fargo Bank 4, -0.03% 29.04%
HomeTown Bank 5, -0.02% 3.42%
Us Bank 6, -0.01% 7.61%
Citizens Community Federal N A 7, 0.01% 2.48%
Merchants Bank 8, 0.01% 4.04%
Bell Bank 9, 0.02% 3.73%
Carrington Mortgage Services 10, 0.04% 1.86%
Quicken Loans 11, 0.04% 6.68%
American Mortgage & Equity Consultants Inc 12, 0.05% 4.66%
Plains Commerce Bank 13, 0.07% 6.99%
Compeer Financial ACA 14, 0.07% 2.33%
Bremer Bank 15, 0.08% 9.01%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Affinity Plus Federal Credit Union 1, -0.18% 10.83%
Frandsen Bank & Trust 2, -0.15% 7.85%
Iowa Bankers Mortgage Corporation 3, -0.11% 2.98%
Citizens Community Federal N A 4, -0.09% 6.75%
HomeTown Bank 5, -0.08% 2.98%
Merchants Bank 6, -0.06% 3.14%
Bremer Bank 7, -0.05% 3.45%
American Mortgage & Equity Consultants Inc 8, -0.03% 2.35%
Plains Commerce Bank 9, -0.03% 2.51%
Bell Bank 10, -0.01% 1.10%
Carrington Mortgage Services 11, -0.01% 2.98%
Us Bank 12, 0.05% 8.32%
Wells Fargo Bank 13, 0.08% 20.09%
Quicken Loans 14, 0.10% 16.64%
Compeer Financial ACA 15, 0.14% 8.01%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Affinity Plus Federal Credit Union 1, -0.13% 8.68%
Iowa Bankers Mortgage Corporation 2, -0.10% 3.84%
Frandsen Bank & Trust 3, -0.09% 10.42%
Citizens Community Federal N A 4, -0.06% 5.39%
HomeTown Bank 5, -0.05% 3.75%
Merchants Bank 6, -0.02% 4.20%
Bell Bank 7, 0.01% 2.19%
Wells Fargo Bank 8, 0.01% 27.15%
Us Bank 9, 0.03% 7.40%
American Mortgage & Equity Consultants Inc 10, 0.04% 2.65%
Carrington Mortgage Services 11, 0.04% 0.09%
Bremer Bank 12, 0.05% 5.30%
Plains Commerce Bank 13, 0.05% 4.57%
Compeer Financial ACA 14, 0.13% 5.94%
Quicken Loans 15, 0.13% 8.41%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Iowa Bankers Mortgage Corporation 1, -0.09% 4.57%
Frandsen Bank & Trust 2, -0.05% 11.70%
Affinity Plus Federal Credit Union 3, -0.04% 4.75%
Wells Fargo Bank 4, -0.03% 31.26%
Us Bank 5, -0.02% 6.95%
HomeTown Bank 6, -0.02% 4.02%
Citizens Community Federal N A 7, 0.01% 2.93%
Merchants Bank 8, 0.01% 4.75%
Bell Bank 9, 0.03% 3.11%
Carrington Mortgage Services 10, 0.05% 0.18%
Quicken Loans 11, 0.06% 5.30%
Compeer Financial ACA 12, 0.07% 2.74%
American Mortgage & Equity Consultants Inc 13, 0.08% 3.47%
Plains Commerce Bank 14, 0.08% 6.76%
Bremer Bank 15, 0.10% 7.50%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Affinity Plus Federal Credit Union 1, -0.18% 12.61%
Frandsen Bank & Trust 2, -0.15% 9.14%
Iowa Bankers Mortgage Corporation 3, -0.12% 3.11%
Citizens Community Federal N A 4, -0.09% 7.86%
HomeTown Bank 5, -0.08% 3.47%
Bremer Bank 6, -0.07% 3.11%
Merchants Bank 7, -0.06% 3.66%
American Mortgage & Equity Consultants Inc 8, -0.04% 1.83%
Plains Commerce Bank 9, -0.03% 2.38%
Bell Bank 10, -0.01% 1.28%
Us Bank 11, 0.07% 7.86%
Wells Fargo Bank 12, 0.08% 23.03%
Compeer Financial ACA 13, 0.14% 9.14%
Quicken Loans 14, 0.16% 11.52%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
American Mortgage & Equity Consultants Inc 1, -0.04% 8.70%
Wells Fargo Bank 2, -0.03% 2.61%
Iowa Bankers Mortgage Corporation 3, -0.03% 0.87%
Bell Bank 4, -0.01% 4.35%
Carrington Mortgage Services 5, 0.00% 24.35%
Plains Commerce Bank 6, 0.00% 6.96%
Quicken Loans 7, 0.01% 38.26%
Bremer Bank 8, 0.01% 7.83%
Us Bank 9, 0.01% 6.09%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
American Mortgage & Equity Consultants Inc 1, -0.04% 14.04%
Wells Fargo Bank 2, -0.03% 5.26%
Quicken Loans 3, -0.01% 17.54%
Bell Bank 4, -0.00% 8.77%
Plains Commerce Bank 5, 0.01% 12.28%
Bremer Bank 6, 0.02% 14.04%
Carrington Mortgage Services 7, 0.02% 17.54%
Us Bank 8, 0.02% 10.53%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Iowa Bankers Mortgage Corporation 1, -0.03% 1.72%
American Mortgage & Equity Consultants Inc 2, -0.03% 3.45%
Plains Commerce Bank 3, -0.02% 1.72%
Carrington Mortgage Services 4, -0.01% 31.03%
Us Bank 5, 0.00% 1.72%
Bremer Bank 6, 0.00% 1.72%
Quicken Loans 7, 0.01% 58.62%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Wells Fargo Bank 1, -0.01% 10.00%
Us Bank 2, -0.01% 40.00%
Bremer Bank 3, 0.01% 40.00%
Compeer Financial ACA 4, 0.01% 5.00%
Plains Commerce Bank 5, 0.02% 5.00%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Wells Fargo Bank 1, -0.02% 22.22%
Bremer Bank 2, 0.00% 66.67%
Plains Commerce Bank 3, 0.02% 11.11%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Us Bank 1, -0.00% 72.73%
Bremer Bank 2, 0.01% 18.18%
Compeer Financial ACA 3, 0.01% 9.09%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Plains Commerce Bank 1, -0.02% 3.85%
Wells Fargo Bank 2, -0.02% 25.00%
American Mortgage & Equity Consultants Inc 3, -0.01% 11.54%
Iowa Bankers Mortgage Corporation 4, -0.01% 5.77%
Bremer Bank 5, 0.00% 9.62%
Us Bank 6, 0.01% 11.54%
Bell Bank 7, 0.01% 3.85%
Carrington Mortgage Services 8, 0.01% 3.85%
Quicken Loans 9, 0.02% 25.00%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Wells Fargo Bank 1, -0.02% 35.48%
Iowa Bankers Mortgage Corporation 2, -0.00% 6.45%
American Mortgage & Equity Consultants Inc 3, 0.00% 9.68%
Quicken Loans 4, 0.01% 12.90%
Bremer Bank 5, 0.02% 9.68%
Us Bank 6, 0.02% 16.13%
Bell Bank 7, 0.02% 6.45%
Carrington Mortgage Services 8, 0.02% 3.23%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
American Mortgage & Equity Consultants Inc 1, -0.04% 14.29%
Plains Commerce Bank 2, -0.03% 9.52%
Iowa Bankers Mortgage Corporation 3, -0.02% 4.76%
Us Bank 4, -0.01% 4.76%
Bremer Bank 5, -0.01% 9.52%
Carrington Mortgage Services 6, -0.00% 4.76%
Wells Fargo Bank 7, 0.02% 9.52%
Quicken Loans 8, 0.02% 42.86%

* Data is compiled for the Mankato, MN commuting zone area, which comprises of counties of Blue Earth County, MN, Brown County, MN, Le Sueur County, MN, Nicollet County, MN, and Watonwan County, MN. This includes cities/towns/communities of Mankato, MN as well as North Mankato, MN, St. Peter, MN, New Prague, MN, New Ulm, MN, Eagle Lake, MN, Montgomery, MN, Le Sueur, MN, Cleveland, MN, Le Center, MN, Elysian, MN, St. Clair, MN, Minnesota Lake, MN, Garden City, MN, St. James, MN, Courtland, MN, Good Thunder, MN, Evan, MN, Sleepy Eye, MN, La Salle, MN, Ormsby, MN, and Comfrey, 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.

Mortgage Lender Rankings for Other Cities

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