Citizens Bank Minnesota Mortgage Rates, Fees & Info
New Ulm, MNLEI: 254900NR9EA98B6A4L55
Tax ID: 41-0190880
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Mortgage Data
Review & Overview
Citizens Bank Minnesota is a smaller bank specializing in Home Purchase loans. Citizens Bank Minnesota has a high proportion of conventional loans. Their top markets by origination volume include: Minneapolis, New Ulm, Mankato, Brainerd, and Alexandria among others. We have data for 16 markets. (Some data included below & more in-depth data is available with an active subscription.)Citizens Bank Minnesota has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Citizens Bank Minnesota is typically an average fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have relatively high rates.
We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.28% | 11/17/24 |
| 30 Year Conventional Refi | 6.34% | 11/17/24 |
| 30 Year Cash-out Refi | 6.67% | 11/17/24 |
| 15 Year Conventional Purchase | 6.13% | 11/17/24 |
| 15 Year Conventional Refi | 6.05% | 11/17/24 |
| 15 Year Cash-out Refi | 6.05% | 11/17/24 |
| These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates. | ||
Citizens Bank Minnesota Mortgage Calculator
Your Estimates
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This is not an official calculator from Citizens Bank Minnesota. It uses our SimulatedRate™
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
164Origination Dollar Volume (All Markets)
$34,110,000Awards
Citizens Bank Minnesota - 2023
Citizens Bank Minnesota is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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Relative Rate
Citizens Bank Minnesota's average 30 year fixed mortgage rate was
6.2%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of -0.28%.
Relative Fees (Closing Costs)
Citizens Bank Minnesota's average total fees/closing costs for a 30 year fixed rate
mortgage were $4,847.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including
both points & up-front fees in addition to origination fees) were $9,089.
Top Markets
Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.
| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 52 | $15,500,000 | $298,077 | $3,309 | 6.67% |
| New Ulm, MN (FHA|USDA|VA) | 48 | $7,570,000 | $157,708 | $2,540 | 6.61% |
| Outside of Metro Areas | 32 | $4,160,000 | $130,000 | $1,411 | 6.90% |
| MANKATO, MN (FHA|USDA|VA) | 13 | $1,705,000 | $131,154 | $1,722 | 6.81% |
| Brainerd, MN (FHA|USDA|VA) | 4 | $1,330,000 | $332,500 | $3,034 | 6.43% |
| Alexandria, MN (FHA|USDA|VA) | 2 | $820,000 | $410,000 | $3,846 | 5.91% |
| ROCHESTER, MN (FHA|USDA|VA) | 2 | $530,000 | $265,000 | $4,866 | 6.94% |
| Bozeman, MT (FHA|USDA|VA) | 1 | $485,000 | $485,000 | $3,819 | 5.95% |
| Spirit Lake, IA (FHA|USDA|VA) | 1 | $395,000 | $395,000 | $2,711 | 5.95% |
| ST. CLOUD, MN (FHA|USDA|VA) | 2 | $380,000 | $190,000 | $1,622 | 6.85% |
| SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $3,389 | 5.95% |
| Helena, MT (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $0 | 7.75% |
| Hutchinson, MN (FHA|USDA|VA) | 2 | $230,000 | $115,000 | $2,475 | 6.13% |
| Marshall, MN (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $4,217 | 5.63% |
| Faribault-Northfield, MN (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $2,584 | 6.25% |
| Bemidji, MN (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 7.75% |
Similar Lenders
We use machine learning to identify the top lenders compared against Citizens Bank Minnesota based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 164 | $34,110,000 | $207,988 | $2,538 | 6.68% |
For 2023, Citizens Bank Minnesota's most frequently originated type of loan was Conventional, with 164 originations.
Loan Reason
For 2023, Citizens Bank Minnesota's most frequently cited loan purpose was Home Purchase, with 110 originations. The 2nd most popular reason was Other, with 21 originations.
Loan Duration/Length
For 2023, Citizens Bank Minnesota's most frequently cited loan duration was Other, with 100 originations. The 2nd most popular length was 5 Year, with 30 originations.
Origination Fees/Closing Costs
Citizens Bank Minnesota's average total fees were $4,847, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 103 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 61 | $14,335,000 | $235,000 |
| 7-8% | 50 | $7,800,000 | $156,000 |
| 5-6% | 49 | $11,785,000 | $240,510 |
| Over 8% | 4 | $190,000 | $47,500 |
During 2023, Citizens Bank Minnesota's average interest rate for loans was 6.20%, while their most frequently originated rate bucket for loans was 6-7%, with 61 originations.
Loan Sizing
2023 saw Citizens Bank Minnesota place emphasis on $200k-400k loans with 65 originations, totaling $18,825,000 in origination value.
Applicant Income
Citizens Bank Minnesota lent most frequently to those with incomes in the $50k-75k range, with 35 originations. The second most popular income band? $100k-150k, with 32 originations.
Applicant Debt to Income Ratio
Citizens Bank Minnesota lent most frequently to those with DTI ratios of 20-30%, with 33 originations. The next most common DTI ratio? 30-36%, with 21 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.62%
Citizens Bank Minnesota has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination78.05%
Citizens Bank Minnesota has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 164 | $34,110,000 | $207,988 |