Tradition Mortgage Rates, Fees & Info

Edina, MN

LEI: 5493007VDBJSG0E0S678

Tax ID: 41-1925607

5 stars - Updated: 12/3/24 - out of 5 stars, based on 30 reviews

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

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Mortgage Data

Review & Overview

Tradition Mortgage is a smaller mortgage company specializing in Home Purchase loans. Tradition Mortgage has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Minneapolis, Fergus Falls, Brainerd, Phoenix, and Duluth among others. We have data for 37 markets. (Some data included below & more in-depth data is available with an active subscription.)

Tradition Mortgage has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Tradition Mortgage 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.

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 6.71% 12/3/24
30 Year Conventional Refi 6.52% 12/3/24
30 Year Cash-out Refi 6.72% 12/3/24
30 Year FHA Purchase 7.28% 12/3/24
30 Year FHA Refi 6.35% 12/3/24
30 Year VA Purchase 6.28% 12/3/24
30 Year VA Refi 6.51% 12/3/24
30 Year USDA Purchase 6.27% 12/3/24
30 Year USDA Refi 6.27% 12/3/24
15 Year Conventional Purchase 6.06% 12/3/24
15 Year Conventional Refi 6.22% 12/3/24
15 Year Cash-out Refi 6.22% 12/3/24
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.

Tradition Mortgage Mortgage Calculator






Your Estimates

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

This is not an official calculator from Tradition Mortgage. 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

880

Origination Dollar Volume (All Markets)

$326,170,000

Awards

Tradition Mortgage 30 Year Conventional Loans silver Tradition Mortgage 30 Year Conventional Loans silver
Show all (2) awards

Relative Rate

Tradition Mortgage's average 30 year fixed mortgage rate was 6.6%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 0.12%.

Relative Fees (Closing Costs)

Tradition Mortgage's average total fees/closing costs for a 30 year fixed rate mortgage were $6,519.

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) 705 $278,995,000 $395,738 $6,728 6.57%
Outside of Metro Areas 41 $10,375,000 $253,049 $4,788 6.73%
Fergus Falls, MN (FHA|USDA|VA) 32 $7,520,000 $235,000 $5,354 6.61%
Brainerd, MN (FHA|USDA|VA) 23 $5,325,000 $231,522 $5,390 6.46%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 9 $4,185,000 $465,000 $9,562 6.87%
DULUTH, MN-WI (FHA|USDA|VA) 9 $2,655,000 $295,000 $6,855 6.89%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 5 $2,225,000 $445,000 $9,511 7.65%
ROCHESTER, MN (FHA|USDA|VA) 5 $1,695,000 $339,000 $3,294 6.80%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 3 $1,605,000 $535,000 $12,741 6.37%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 2 $1,370,000 $685,000 $8,212 6.69%
Faribault-Northfield, MN (FHA|USDA|VA) 4 $1,280,000 $320,000 $3,948 6.65%
ST. CLOUD, MN (FHA|USDA|VA) 6 $880,000 $146,667 $4,505 5.98%
Red Wing, MN (FHA|USDA|VA) 4 $650,000 $162,500 $4,425 7.31%
GRAND FORKS, ND-MN (FHA|USDA|VA) 4 $640,000 $160,000 $5,461 6.68%
MANKATO, MN (FHA|USDA|VA) 2 $610,000 $305,000 $3,800 6.50%
EAU CLAIRE, WI (FHA|USDA|VA) 3 $585,000 $195,000 $5,231 6.29%
FARGO, ND-MN (FHA|USDA|VA) 2 $530,000 $265,000 $6,070 6.81%
Breckenridge, CO (FHA|USDA|VA) 1 $405,000 $405,000 $5,848 5.88%
PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) 1 $365,000 $365,000 $4,232 6.50%
Watertown-Fort Atkinson, WI (FHA|USDA|VA) 1 $365,000 $365,000 $2,387 7.13%
Mason City, IA (FHA|USDA|VA) 1 $355,000 $355,000 $7,168 7.13%
Wahpeton, ND-MN (FHA|USDA|VA) 2 $340,000 $170,000 $3,789 6.44%
GREEN BAY, WI (FHA|USDA|VA) 1 $335,000 $335,000 $5,172 7.63%
Spirit Lake, IA (FHA|USDA|VA) 1 $325,000 $325,000 $9,077 6.13%
DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 1 $305,000 $305,000 $2,297 6.63%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $295,000 $295,000 $4,952 6.88%
Grand Rapids, MN (FHA|USDA|VA) 1 $275,000 $275,000 $5,562 6.25%
Bemidji, MN (FHA|USDA|VA) 1 $275,000 $275,000 $3,259 6.62%
TOLEDO, OH (FHA|USDA|VA) 1 $265,000 $265,000 $5,675 6.50%
Alexandria, MN (FHA|USDA|VA) 1 $245,000 $245,000 $5,230 7.63%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $205,000 $205,000 $5,681 5.88%
New Ulm, MN (FHA|USDA|VA) 1 $165,000 $165,000 $4,620 6.88%
Albert Lea, MN (FHA|USDA|VA) 1 $145,000 $145,000 $4,035 7.25%
Winona, MN (FHA|USDA|VA) 1 $115,000 $115,000 $3,581 7.63%
Hutchinson, MN (FHA|USDA|VA) 1 $95,000 $95,000 $2,780 5.88%
Austin, MN (FHA|USDA|VA) 1 $85,000 $85,000 $2,278 6.88%
Spencer, IA (FHA|USDA|VA) 1 $85,000 $85,000 $3,583 6.88%
Tradition Mortgage's top markets include Minneapolis, Fergus Falls, Brainerd, Phoenix, and Duluth among others.

Their top states include:
  • Minnesota (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Colorado (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against Tradition Mortgage 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 804 $300,200,000 $373,383 $6,056 6.61%
    FHA 50 $15,790,000 $315,800 $11,961 6.44%
    VA 26 $10,180,000 $391,538 $9,367 6.42%

    For 2023, Tradition Mortgage's most frequently originated type of loan was Conventional, with 804 originations. Their 2nd most popular type was FHA, with 50 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 789 $284,345,000 $360,387 $6,587 6.58%
    Cash Out Refi 48 $19,970,000 $416,042 $6,469 6.94%
    Refi 43 $21,855,000 $508,256 $4,785 6.54%

    For 2023, Tradition Mortgage's most frequently cited loan purpose was Home Purchase, with 789 originations. The 2nd most popular reason was Cash Out Refi, with 48 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 851 $314,255,000 $369,277 $6,519 6.60%
    15 Year 15 $5,985,000 $399,000 $6,895 5.97%
    10 Year 5 $55,000 $11,000 $153 7.18%
    30+ year 5 $4,435,000 $887,000 $0 6.75%
    20 Year 3 $1,135,000 $378,333 $7,241 6.50%
    1 Year 1 $305,000 $305,000 $6,543 9.50%

    For 2023, Tradition Mortgage's most frequently cited loan duration was 30 Year, with 851 originations. The 2nd most popular length was 15 Year, with 15 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 372 $127,530,000 $342,823
    $5k+ 205 $107,135,000 $522,610
    $2k-3k 91 $23,505,000 $258,297
    $3k-4k 81 $25,995,000 $320,926
    $4k-5k 69 $25,575,000 $370,652
    $1k-2k 62 $16,430,000 $265,000

    Tradition Mortgage's average total fees were $6,519, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 372 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 468 $169,170,000 $361,474
    7-8% 228 $83,250,000 $365,132
    5-6% 150 $60,930,000 $406,200
    4-5% 14 $8,440,000 $602,857
    <2.5% 10 $120,000 $12,000
    Over 8% 7 $2,265,000 $323,571
    3-4% 3 $1,995,000 $665,000

    During 2023, Tradition Mortgage's average interest rate for loans was 6.60%, while their most frequently originated rate bucket for loans was 6-7%, with 468 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 418 $125,080,000 $299,234 $5,922 6.73%
    $400k-600k 200 $95,430,000 $477,150 $8,168 6.60%
    $100k-200k 127 $20,465,000 $161,142 $3,824 6.66%
    $600k-1MM 89 $63,995,000 $719,045 $10,258 6.63%
    $100,000 or less 31 $1,475,000 $47,581 $1,539 4.54%
    $1MM+ 15 $19,725,000 $1,315,000 $11,860 6.23%

    2023 saw Tradition Mortgage place emphasis on $200k-400k loans with 418 originations, totaling $125,080,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 241 $102,665,000 $425,996 $7,106 6.64%
    $100k-150k 217 $72,005,000 $331,820 $6,213 6.68%
    $250k+ 140 $86,240,000 $616,000 $8,736 6.72%
    $75k-100k 139 $38,415,000 $276,367 $5,988 6.61%
    $50k-75k 101 $21,315,000 $211,040 $4,732 6.41%
    $50k or less 42 $5,530,000 $131,667 $3,053 5.86%

    Tradition Mortgage lent most frequently to those with incomes in the $150k-250k range, with 241 originations. The second most popular income band? $100k-150k, with 217 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 170 $67,320,000 $396,000 $6,325 6.70%
    20-30% 156 $58,140,000 $372,692 $6,945 6.50%
    <20% 62 $20,920,000 $337,419 $5,382 6.45%
    43% 41 $17,005,000 $414,756 $7,242 6.59%
    37% 39 $12,725,000 $326,282 $5,119 6.62%
    44% 36 $10,680,000 $296,667 $5,101 6.85%
    39% 34 $12,890,000 $379,118 $6,981 6.39%
    42% 33 $12,095,000 $366,515 $5,920 6.75%
    46% 33 $12,355,000 $374,394 $5,563 6.60%
    40% 32 $14,130,000 $441,563 $6,937 6.63%
    38% 32 $10,720,000 $335,000 $6,251 6.33%
    47% 32 $10,770,000 $336,563 $7,375 6.60%
    48% 32 $11,300,000 $353,125 $6,260 6.77%
    49% 32 $12,830,000 $400,938 $6,413 6.80%
    45% 31 $10,915,000 $352,097 $5,482 6.37%
    50-60% 29 $11,345,000 $391,207 $9,820 6.67%
    41% 28 $10,690,000 $381,786 $7,458 6.41%
    36% 27 $8,985,000 $332,778 $7,045 6.78%
    >60% 1 $355,000 $355,000 $6,117 5.75%

    Tradition Mortgage lent most frequently to those with DTI ratios of 30-36%, with 170 originations. The next most common DTI ratio? 20-30%, with 156 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 695 $251,785,000 $362,281 $6,137 6.62%
    Not provided 114 $46,000,000 $403,509 $6,742 6.64%
    Asian 40 $16,580,000 $414,500 $9,208 6.26%
    Black 25 $9,735,000 $389,400 $10,805 6.09%
    American Indian 5 $1,715,000 $343,000 $5,593 7.02%
    Native Hawaiian or Islander 1 $355,000 $355,000 $11,054 6.75%

    Approval Rates

    Total approvals of all applications
    99.69%

    Tradition Mortgage has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    91.70%

    Tradition Mortgage has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 880 $326,170,000 $370,648

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    880 $326,170,000 $370,648

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 58 $16,380,000 $282,414 $4,917 6.47%
    40-60% 104 $39,080,000 $375,769 $5,353 6.49%
    60-80% 277 $114,695,000 $414,061 $6,637 6.73%
    80-100% 414 $152,050,000 $367,271 $6,981 6.70%
    Over 100% 6 $3,060,000 $510,000 $20,047 6.29%
    Under 20% 21 $905,000 $43,095 $1,025 3.59%