Tradition Mortgage Rates, Fees & InfoEdina, MN
Tax ID: 41-1925607
Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Review & OverviewTradition 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, Brainerd, Fergus Falls, Spirit Lake, and St. Cloud among others. We have data for 40 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 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.
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|Simulated Rate||Simulation Date|
|30 Year Conventional Purchase||6.71%||12/4/23|
|30 Year Conventional Refi||6.52%||12/4/23|
|30 Year Cash-out Refi||6.72%||12/4/23|
|30 Year FHA Purchase||7.28%||12/4/23|
|30 Year FHA Refi||6.35%||12/4/23|
|30 Year VA Purchase||6.28%||12/4/23|
|30 Year VA Refi||6.51%||12/4/23|
|30 Year USDA Purchase||6.27%||12/4/23|
|30 Year USDA Refi||6.27%||12/4/23|
|15 Year Conventional Purchase||6.06%||12/4/23|
|15 Year Conventional Refi||6.22%||12/4/23|
|15 Year Cash-out Refi||6.22%||12/4/23|
|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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Origination Dollar Volume (All Markets)$648,320,000
Tradition Mortgage - 2022
Tradition Mortgage is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
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Tradition Mortgage's average 30 year fixed mortgage rate was
The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.
This yields a difference of 0.02%.
Relative Fees (Closing Costs)
Tradition Mortgage's average total fees/closing costs for a 30 year fixed rate
mortgage were $4,947.
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 $4,750.
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)||1,285||$562,645,000||$437,856||$4,950||4.67%|
|Outside of Metro Areas||107||$25,505,000||$238,364||$4,452||4.84%|
|Brainerd, MN (FHA|USDA|VA)||38||$13,490,000||$355,000||$5,264||5.05%|
|Fergus Falls, MN (FHA|USDA|VA)||43||$10,415,000||$242,209||$3,934||4.95%|
|Spirit Lake, IA (FHA|USDA|VA)||17||$4,445,000||$261,471||$4,882||4.57%|
|ST. CLOUD, MN (FHA|USDA|VA)||12||$3,090,000||$257,500||$5,551||5.01%|
|PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA)||7||$2,625,000||$375,000||$5,363||4.75%|
|Faribault-Northfield, MN (FHA|USDA|VA)||10||$2,580,000||$258,000||$4,248||4.12%|
|DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA)||2||$2,270,000||$1,135,000||$3,473||4.25%|
|EAU CLAIRE, WI (FHA|USDA|VA)||7||$1,965,000||$280,714||$6,112||4.88%|
|Grand Rapids, MN (FHA|USDA|VA)||6||$1,950,000||$325,000||$3,190||4.48%|
|DULUTH, MN-WI (FHA|USDA|VA)||7||$1,865,000||$266,429||$4,424||5.23%|
|Alexandria, MN (FHA|USDA|VA)||3||$1,565,000||$521,667||$5,372||4.17%|
|MADISON, WI (FHA|USDA|VA)||3||$1,325,000||$441,667||$3,638||5.46%|
|MANKATO, MN (FHA|USDA|VA)||5||$1,285,000||$257,000||$3,330||5.05%|
|Red Wing, MN (FHA|USDA|VA)||5||$1,275,000||$255,000||$3,530||5.50%|
|Spencer, IA (FHA|USDA|VA)||6||$1,190,000||$198,333||$6,723||4.62%|
|ROCHESTER, MN (FHA|USDA|VA)||5||$1,025,000||$205,000||$2,730||4.62%|
|Whitewater, WI (FHA|USDA|VA)||1||$765,000||$765,000||$3,599||3.63%|
|Hutchinson, MN (FHA|USDA|VA)||3||$745,000||$248,333||$5,179||5.17%|
|Winona, MN (FHA|USDA|VA)||2||$580,000||$290,000||$3,146||4.94%|
|Menomonie, WI (FHA|USDA|VA)||2||$530,000||$265,000||$8,283||5.63%|
|Bemidji, MN (FHA|USDA|VA)||3||$495,000||$165,000||$3,332||5.63%|
|SIOUX CITY, IA-NE-SD (FHA|USDA|VA)||1||$465,000||$465,000||$3,206||2.88%|
|Willmar, MN (FHA|USDA|VA)||1||$395,000||$395,000||$3,160||4.75%|
|CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA)||1||$385,000||$385,000||$7,631||3.99%|
|TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA)||1||$375,000||$375,000||$7,043||5.50%|
|Wahpeton, ND-MN (FHA|USDA|VA)||3||$375,000||$125,000||$5,362||3.88%|
|LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA)||2||$370,000||$185,000||$4,323||5.68%|
|PORT ST. LUCIE, FL (FHA|USDA|VA)||1||$345,000||$345,000||$4,469||5.25%|
|APPLETON, WI (FHA|USDA|VA)||2||$320,000||$160,000||$2,596||4.63%|
|Pella, IA (FHA|USDA|VA)||1||$295,000||$295,000||$8,530||5.13%|
|Owatonna, MN (FHA|USDA|VA)||1||$235,000||$235,000||$3,111||4.87%|
|GREEN BAY, WI (FHA|USDA|VA)||1||$225,000||$225,000||$6,799||7.38%|
|TUCSON, AZ (FHA|USDA|VA)||1||$215,000||$215,000||$2,425||3.75%|
|Marshall, MN (FHA|USDA|VA)||1||$185,000||$185,000||$3,527||5.13%|
|OCALA, FL (FHA|USDA|VA)||1||$155,000||$155,000||$3,755||6.50%|
|Platteville, WI (FHA|USDA|VA)||1||$155,000||$155,000||$2,230||4.50%|
|FARGO, ND-MN (FHA|USDA|VA)||1||$155,000||$155,000||$2,510||2.75%|
|Storm Lake, IA (FHA|USDA|VA)||1||$45,000||$45,000||$4,647||7.25%|
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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|Loan Type||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
For 2022, Tradition Mortgage's most frequently originated type of loan was Conventional, with 1,489 originations. Their 2nd most popular type was FHA, with 62 originations.
|Loan Reason||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
|Cash Out Refi||198||$67,500,000||$340,909||$3,623||4.08%|
For 2022, Tradition Mortgage's most frequently cited loan purpose was Home Purchase, with 1,212 originations. The 2nd most popular reason was Cash Out Refi, with 198 originations.
For 2022, Tradition Mortgage's most frequently cited loan duration was 30 Year, with 1,484 originations. The 2nd most popular length was 15 Year, with 78 originations.
Origination Fees/Closing Costs
Tradition Mortgage's average total fees were $4,947, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 890 originations.
During 2022, Tradition Mortgage's average interest rate for loans was 4.78%, while their most frequently originated rate bucket for loans was 3-4%, with 519 originations.
2022 saw Tradition Mortgage place emphasis on $200k-400k loans with 715 originations, totaling $213,205,000 in origination value.
Tradition Mortgage lent most frequently to those with incomes in the $150k-250k range, with 412 originations. The second most popular income band? $100k-150k, with 396 originations.
Applicant Debt to Income Ratio
Tradition Mortgage lent most frequently to those with DTI ratios of 20-30%, with 422 originations. The next most common DTI ratio? 30-36%, with 347 originations.
Approval RatesTotal approvals of all applications
Tradition Mortgage has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick RateApprovals leading to origination
Tradition Mortgage has an average pick rate.
Points and Fees
|Points||Originations||Total Value||Average Loan|