Tradition Mortgage Rates, Fees & Info
Edina, MNLEI: 5493007VDBJSG0E0S678
Tax ID: 41-1925607
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Jump to:
Mortgage Data
Review & Overview
Tradition Mortgage is a small mortgage company specializing in Refi and 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 Faribault among others. We have data for 49 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 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 | 6.71% | 11/23/24 |
| 30 Year Conventional Refi | 6.52% | 11/23/24 |
| 30 Year Cash-out Refi | 6.72% | 11/23/24 |
| 30 Year FHA Purchase | 7.28% | 11/23/24 |
| 30 Year FHA Refi | 6.35% | 11/23/24 |
| 30 Year VA Purchase | 6.28% | 11/23/24 |
| 30 Year VA Refi | 6.51% | 11/23/24 |
| 30 Year USDA Purchase | 6.27% | 11/23/24 |
| 30 Year USDA Refi | 6.27% | 11/23/24 |
| 15 Year Conventional Purchase | 6.06% | 11/23/24 |
| 15 Year Conventional Refi | 6.22% | 11/23/24 |
| 15 Year Cash-out Refi | 6.22% | 11/23/24 |
| 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
5,877Origination Dollar Volume (All Markets)
$1,795,135,000Awards
Tradition Mortgage - 2020
Tradition Mortgage is a 2020 , due to their low .
For 2020, less than of lenders were eligible for this award.
Work for Tradition Mortgage?
Use this award on your own site. Either save and use the images below, or pass the provided image embed code to your development team.
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) | 5,041 | $1,592,215,000 | $315,853 | $2,883 | 3.12% |
| Outside of Metro Areas | 228 | $54,850,000 | $240,570 | $3,012 | 3.07% |
| Brainerd, MN (FHA|USDA|VA) | 126 | $31,940,000 | $253,492 | $3,049 | 3.00% |
| Fergus Falls, MN (FHA|USDA|VA) | 86 | $21,320,000 | $247,907 | $2,907 | 3.06% |
| Spirit Lake, IA (FHA|USDA|VA) | 79 | $17,545,000 | $222,089 | $2,164 | 3.12% |
| Faribault-Northfield, MN (FHA|USDA|VA) | 46 | $13,420,000 | $291,739 | $2,476 | 3.14% |
| DULUTH, MN-WI (FHA|USDA|VA) | 46 | $11,750,000 | $255,435 | $3,016 | 3.01% |
| ST. CLOUD, MN (FHA|USDA|VA) | 30 | $6,160,000 | $205,333 | $2,742 | 2.98% |
| MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) | 20 | $6,030,000 | $301,500 | $2,194 | 3.07% |
| ROCHESTER, MN (FHA|USDA|VA) | 24 | $5,720,000 | $238,333 | $2,923 | 3.11% |
| Alexandria, MN (FHA|USDA|VA) | 13 | $3,355,000 | $258,077 | $3,043 | 2.98% |
| Red Wing, MN (FHA|USDA|VA) | 14 | $2,710,000 | $193,571 | $2,450 | 3.24% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 7 | $2,375,000 | $339,286 | $2,205 | 3.03% |
| MANKATO, MN (FHA|USDA|VA) | 11 | $2,375,000 | $215,909 | $2,964 | 3.36% |
| Grand Rapids, MN (FHA|USDA|VA) | 10 | $2,220,000 | $222,000 | $2,918 | 3.00% |
| Willmar, MN (FHA|USDA|VA) | 6 | $2,120,000 | $353,333 | $2,879 | 2.96% |
| GREEN BAY, WI (FHA|USDA|VA) | 11 | $1,735,000 | $157,727 | $2,186 | 3.87% |
| Spencer, IA (FHA|USDA|VA) | 11 | $1,555,000 | $141,364 | $2,523 | 3.26% |
| DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) | 6 | $1,540,000 | $256,667 | $1,966 | 3.12% |
| Bemidji, MN (FHA|USDA|VA) | 6 | $1,240,000 | $206,667 | $3,790 | 3.29% |
| FARGO, ND-MN (FHA|USDA|VA) | 5 | $1,185,000 | $237,000 | $2,677 | 2.97% |
| Menomonie, WI (FHA|USDA|VA) | 5 | $1,165,000 | $233,000 | $2,892 | 2.72% |
| Owatonna, MN (FHA|USDA|VA) | 4 | $1,110,000 | $277,500 | $2,255 | 3.59% |
| MADISON, WI (FHA|USDA|VA) | 4 | $1,060,000 | $265,000 | $2,188 | 3.12% |
| APPLETON, WI (FHA|USDA|VA) | 3 | $725,000 | $241,667 | $1,810 | 3.33% |
| EAU CLAIRE, WI (FHA|USDA|VA) | 2 | $720,000 | $360,000 | $2,702 | 2.81% |
| BOULDER, CO (FHA|USDA|VA) | 2 | $560,000 | $280,000 | $4,653 | 3.06% |
| Stevens Point, WI (FHA|USDA|VA) | 1 | $505,000 | $505,000 | $3,328 | 2.99% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 2 | $500,000 | $250,000 | $3,231 | 2.81% |
| AMES, IA (FHA|USDA|VA) | 2 | $490,000 | $245,000 | $2,791 | 2.94% |
| IOWA CITY, IA (FHA|USDA|VA) | 3 | $465,000 | $155,000 | $2,210 | 3.17% |
| LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA) | 2 | $430,000 | $215,000 | $1,602 | 2.56% |
| Austin, MN (FHA|USDA|VA) | 3 | $415,000 | $138,333 | $2,163 | 3.04% |
| New Ulm, MN (FHA|USDA|VA) | 3 | $405,000 | $135,000 | $2,617 | 3.13% |
| Storm Lake, IA (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $2,194 | 2.88% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $2,370 | 2.88% |
| GREELEY, CO (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $2,102 | 3.25% |
| SIOUX CITY, IA-NE-SD (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $7,713 | 3.50% |
| Wisconsin Rapids-Marshfield, WI (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $1,769 | 3.13% |
| FORT COLLINS, CO (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $1,897 | 2.75% |
| Wahpeton, ND-MN (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $1,835 | 3.13% |
| Hutchinson, MN (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $2,659 | 3.25% |
| TOLEDO, OH (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $3,004 | 3.99% |
| Beaver Dam, WI (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $1,917 | 3.50% |
| Mason City, IA (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $3,966 | 3.25% |
| JANESVILLE-BELOIT, WI (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $2,159 | 3.99% |
| WAUSAU-WESTON, WI (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $1,145 | 3.63% |
| Winona, MN (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $2,329 | 3.25% |
| CEDAR RAPIDS, IA (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $1,929 | 3.37% |
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.
Similarity Rank: 120
Similarity Rank: 156
Similarity Rank: 198
Similarity Rank: 224
Similarity Rank: 224
Similarity Rank: 230
Similarity Rank: 240
Similarity Rank: 306
Similarity Rank: 400
Similarity Rank: 432
Product Mix
For 2020, Tradition Mortgage's most frequently originated type of loan was Conventional, with 5,659 originations. Their 2nd most popular type was VA, with 131 originations.
Loan Reason
For 2020, Tradition Mortgage's most frequently cited loan purpose was Refi, with 3,556 originations. The 2nd most popular reason was Home Purchase, with 1,379 originations.
Loan Duration/Length
For 2020, Tradition Mortgage's most frequently cited loan duration was 30 Year, with 4,658 originations. The 2nd most popular length was 15 Year, with 803 originations.
Origination Fees/Closing Costs
Tradition Mortgage's average total fees were $2,959, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 4,897 originations.
Interest Rates
During 2020, Tradition Mortgage's average interest rate for loans was 3.19%, while their most frequently originated rate bucket for loans was 3-4%, with 2,708 originations.
Loan Sizing
2020 saw Tradition Mortgage place emphasis on $200k-400k loans with 3,391 originations, totaling $993,555,000 in origination value.
Applicant Income
Tradition Mortgage lent most frequently to those with incomes in the $100k-150k range, with 1,615 originations. The second most popular income band? $150k-250k, with 1,589 originations.
Applicant Debt to Income Ratio
Tradition Mortgage lent most frequently to those with DTI ratios of 20-30%, with 1,845 originations. The next most common DTI ratio? 30-36%, with 1,143 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications98.77%
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 origination91.75%
Tradition Mortgage has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 5,877 | $1,795,135,000 | $305,451 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 5,877 | $1,795,135,000 | $305,451 |