Citizens Bank Minnesota Mortgage Rates, Fees & Info

New Ulm, MN

LEI: 254900NR9EA98B6A4L55

Tax ID: 41-0190880

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • 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, Faribault, and Brainerd among others. We have data for 19 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 a low 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 about average 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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.28% 11/22/24
    30 Year Conventional Refi 6.34% 11/22/24
    30 Year Cash-out Refi 6.67% 11/22/24
    15 Year Conventional Purchase 6.13% 11/22/24
    15 Year Conventional Refi 6.05% 11/22/24
    15 Year Cash-out Refi 6.05% 11/22/24
    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

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Citizens Bank Minnesota. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    224

    Origination Dollar Volume (All Markets)

    $49,610,000

    Awards

    Citizens Bank Minnesota 30 Year Conventional Loans gold Citizens Bank Minnesota 30 Year Conventional Loans gold
    Show all (2) awards

    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) 86 $25,770,000 $299,651 $4,088 4.71%
    Outside of Metro Areas 54 $8,850,000 $163,889 $2,632 4.38%
    New Ulm, MN (FHA|USDA|VA) 45 $6,045,000 $134,333 $2,330 4.70%
    MANKATO, MN (FHA|USDA|VA) 19 $3,355,000 $176,579 $1,861 4.90%
    Faribault-Northfield, MN (FHA|USDA|VA) 1 $1,295,000 $1,295,000 $0 3.50%
    Brainerd, MN (FHA|USDA|VA) 2 $880,000 $440,000 $4,287 4.63%
    Riverton, WY (FHA|USDA|VA) 1 $645,000 $645,000 $9,376 3.25%
    DULUTH, MN-WI (FHA|USDA|VA) 1 $375,000 $375,000 $5,980 5.88%
    ROCHESTER, MN (FHA|USDA|VA) 1 $365,000 $365,000 $6,238 3.88%
    Helena, MT (FHA|USDA|VA) 1 $355,000 $355,000 $6,600 5.63%
    Hutchinson, MN (FHA|USDA|VA) 3 $325,000 $108,333 $2,717 3.42%
    ST. CLOUD, MN (FHA|USDA|VA) 2 $310,000 $155,000 $1,612 4.25%
    Alexandria, MN (FHA|USDA|VA) 1 $225,000 $225,000 $4,033 3.88%
    MADISON, WI (FHA|USDA|VA) 1 $205,000 $205,000 $1,512 5.50%
    Fairmont, MN (FHA|USDA|VA) 2 $170,000 $85,000 $2,144 6.31%
    Grand Rapids, MN (FHA|USDA|VA) 1 $135,000 $135,000 $3,398 4.25%
    Bemidji, MN (FHA|USDA|VA) 1 $125,000 $125,000 $3,511 3.38%
    SIOUX CITY, IA-NE-SD (FHA|USDA|VA) 1 $105,000 $105,000 $3,098 4.95%
    Vermillion, SD (FHA|USDA|VA) 1 $75,000 $75,000 $0 4.25%
    Citizens Bank Minnesota's top markets include Minneapolis, New Ulm, Mankato, Faribault, and Brainerd among others.

    Their top states include:
  • Minnesota (FHA|USDA|VA)
  • Wyoming (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Montana (FHA|USDA|VA)
  • South Dakota (FHA|USDA|VA)

    • 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.

    Bank Midwest
    Similarity Rank: 108
    MY Credit Union
    Similarity Rank: 304
    South Metro Federal Credit Union
    Similarity Rank: 429
    Cornerstone State Bank
    Similarity Rank: 464
    WESTconsin Credit Union
    Similarity Rank: 684
    Coulee Bank
    Similarity Rank: 1309
    MEMBERS COOPERATIVE
    Similarity Rank: 1610
    Liberty Bank Minnesota
    Similarity Rank: 1660
    University of Wisconsin Credit Union
    Similarity Rank: 1677
    Lakeview Community Capital, LLC
    Similarity Rank: 1700

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 224 $49,610,000 $221,473 $3,024 4.62%

    For 2022, Citizens Bank Minnesota's most frequently originated type of loan was Conventional, with 224 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 156 $39,770,000 $254,936 $3,580 4.67%
    Cash Out Refi 26 $5,490,000 $211,154 $2,505 4.50%
    Other 19 $1,565,000 $82,368 $1,533 5.10%
    Refi 12 $2,000,000 $166,667 $2,462 3.35%
    Home Improvement 11 $785,000 $71,364 $452 4.83%

    For 2022, Citizens Bank Minnesota's most frequently cited loan purpose was Home Purchase, with 156 originations. The 2nd most popular reason was Cash Out Refi, with 26 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 75 $19,045,000 $253,933 $1,714 4.90%
    30 Year 64 $15,620,000 $244,063 $4,597 4.44%
    5 Year 43 $7,865,000 $182,907 $416 4.67%
    15 Year 31 $5,355,000 $172,742 $2,718 4.42%
    10 Year 7 $1,005,000 $143,571 $3,235 4.13%
    20 Year 4 $720,000 $180,000 $4,119 4.50%

    For 2022, Citizens Bank Minnesota's most frequently cited loan duration was Other, with 75 originations. The 2nd most popular length was 30 Year, with 64 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 100 $20,340,000 $203,400
    $1k-2k 32 $4,150,000 $129,688
    $2k-3k 20 $4,220,000 $211,000
    $3k-4k 11 $3,565,000 $324,091
    $5k+ 7 $3,045,000 $435,000
    $4k-5k 4 $1,520,000 $380,000

    Citizens Bank Minnesota's average total fees were $4,597, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 100 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 80 $19,150,000 $239,375
    3-4% 65 $14,585,000 $224,385
    5-6% 50 $11,980,000 $239,600
    6-7% 17 $2,515,000 $147,941
    2.5-3% 7 $995,000 $142,143
    7-8% 3 $215,000 $71,667
    <2.5% 2 $170,000 $85,000

    During 2022, Citizens Bank Minnesota's average interest rate for loans was 4.44%, while their most frequently originated rate bucket for loans was 4-5%, with 80 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 78 $11,540,000 $147,949 $2,885 4.41%
    $200k-400k 75 $21,045,000 $280,600 $3,993 4.65%
    $100,000 or less 52 $2,890,000 $55,577 $1,069 4.86%
    $400k-600k 11 $5,355,000 $486,818 $5,916 4.87%
    $600k-1MM 5 $3,775,000 $755,000 $4,500 4.65%
    $1MM+ 3 $5,005,000 $1,668,333 $5,227 4.40%

    2022 saw Citizens Bank Minnesota place emphasis on $100k-200k loans with 78 originations, totaling $11,540,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 42 $8,920,000 $212,381 $3,073 4.68%
    $50k-75k 39 $5,725,000 $146,795 $2,395 4.72%
    $75k-100k 34 $5,100,000 $150,000 $2,944 4.43%
    $150k-250k 32 $8,320,000 $260,000 $3,970 4.96%
    $50k or less 22 $2,690,000 $122,273 $2,088 4.41%
    $250k+ 15 $7,865,000 $524,333 $4,388 4.49%

    Citizens Bank Minnesota lent most frequently to those with incomes in the $100k-150k range, with 42 originations. The second most popular income band? $50k-75k, with 39 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 63 $12,995,000 $206,270 $2,798 4.60%
    30-36% 31 $4,995,000 $161,129 $2,394 4.47%
    <20% 23 $5,605,000 $243,696 $3,959 4.52%
    38% 10 $1,950,000 $195,000 $2,465 4.99%
    41% 8 $2,450,000 $306,250 $5,352 4.44%
    37% 8 $1,860,000 $232,500 $2,470 4.91%
    45% 6 $1,360,000 $226,667 $2,683 4.19%
    43% 5 $755,000 $151,000 $2,351 4.70%
    36% 5 $1,005,000 $201,000 $3,653 4.73%
    44% 5 $825,000 $165,000 $2,652 5.45%
    46% 4 $1,760,000 $440,000 $4,838 3.71%
    42% 3 $545,000 $181,667 $3,282 5.03%
    39% 3 $825,000 $275,000 $5,666 5.21%
    40% 3 $365,000 $121,667 $1,906 5.67%
    48% 3 $805,000 $268,333 $2,980 4.48%
    >60% 1 $285,000 $285,000 $0 5.25%
    49% 1 $75,000 $75,000 $999 7.00%
    47% 1 $205,000 $205,000 $1,825 4.95%

    Citizens Bank Minnesota lent most frequently to those with DTI ratios of 20-30%, with 63 originations. The next most common DTI ratio? 30-36%, with 31 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 170 $36,350,000 $213,824 $3,069 4.64%
    Not applicable 37 $10,615,000 $286,892 $0 4.51%
    Not provided 14 $1,980,000 $141,429 $2,541 4.78%
    Asian 1 $285,000 $285,000 $0 5.25%
    Other Asian 1 $255,000 $255,000 $2,639 3.95%
    Chinese 1 $125,000 $125,000 $0 3.75%

    Approval Rates

    Total approvals of all applications
    94.44%

    Citizens Bank Minnesota has an average approval rate.

    Pick Rate

    Approvals leading to origination
    78.57%

    Citizens Bank Minnesota has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 224 $49,610,000 $221,473

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    224 $49,610,000 $221,473

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 18 $3,650,000 $202,778 $2,153 4.80%
    40-60% 24 $6,280,000 $261,667 $3,253 4.07%
    60-80% 91 $22,035,000 $242,143 $3,768 4.45%
    80-100% 67 $16,695,000 $249,179 $3,396 4.81%
    Under 20% 24 $950,000 $39,583 $570 5.16%

    Complaints

    Bank Name Product Issue 2022 CPFB Complaints % of Total Issues
    CITIZENS FINANCIAL GROUP, INC. Conventional home mortgage Closing on a mortgage 1 10.0%
    CITIZENS FINANCIAL GROUP, INC. Conventional home mortgage Struggling to pay mortgage 3 30.0%
    CITIZENS FINANCIAL GROUP, INC. Conventional home mortgage Trouble during payment process 4 40.0%
    CITIZENS FINANCIAL GROUP, INC. Home equity loan or line of credit (HELOC) Trouble during payment process 1 10.0%
    CITIZENS FINANCIAL GROUP, INC. VA mortgage Trouble during payment process 1 10.0%