Alerus Financial Mortgage Rates, Fees & Info

Grand Forks, ND

LEI: 549300C4J510S9L1RF98

Tax ID: 45-0140105

5 stars - Updated: 6/23/24 - out of 5 stars, based on 41 reviews

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

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Mortgage Data

Review & Overview

Alerus Financial is a smaller mortgage company specializing in Home Purchase loans. Alerus Financial 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.) They have a low ratio of USDA loans. Their top markets by origination volume include: Minneapolis, Grand Forks, Fargo, Phoenix, and Bozeman among others. We have data for 78 markets. (Some data included below & more in-depth data is available with an active subscription.)

Alerus Financial 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. Alerus Financial 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 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
Home Equity Line of Credit (HELOC) 6.30% 6/23/24
30 Year Conventional Purchase 6.50% 6/23/24
30 Year Conventional Refi 6.44% 6/23/24
30 Year Cash-out Refi 6.78% 6/23/24
30 Year FHA Purchase 7.18% 6/23/24
30 Year FHA Refi 6.27% 6/23/24
30 Year VA Purchase 6.27% 6/23/24
30 Year VA Refi 5.97% 6/23/24
30 Year USDA Purchase 6.44% 6/23/24
15 Year Conventional Purchase 6.12% 6/23/24
15 Year Conventional Refi 6.18% 6/23/24
15 Year Cash-out Refi 6.18% 6/23/24
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.

Alerus Financial Mortgage Calculator






Your Estimates

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

This is not an official calculator from Alerus Financial. 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

1,649

Origination Dollar Volume (All Markets)

$699,475,000
Show all (7) awards

Relative Rate

Alerus Financial's average 30 year fixed mortgage rate was 7.08%.

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

This yields a difference of 0.6%.

Relative Fees (Closing Costs)

Alerus Financial's average total fees/closing costs for a 30 year fixed rate mortgage were $4,372.

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) 1,119 $544,105,000 $486,242 $4,032 7.14%
GRAND FORKS, ND-MN (FHA|USDA|VA) 152 $47,200,000 $310,526 $2,861 7.53%
FARGO, ND-MN (FHA|USDA|VA) 140 $28,670,000 $204,786 $1,894 7.50%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 57 $22,685,000 $397,982 $5,039 7.04%
Outside of Metro Areas 54 $11,660,000 $215,926 $3,523 7.04%
Bozeman, MT (FHA|USDA|VA) 1 $5,005,000 $5,005,000 $19,625 6.24%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 4 $1,980,000 $495,000 $3,800 6.66%
ST. CLOUD, MN (FHA|USDA|VA) 7 $1,855,000 $265,000 $4,853 7.27%
Brainerd, MN (FHA|USDA|VA) 6 $1,810,000 $301,667 $2,964 6.30%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 4 $1,790,000 $447,500 $15,660 7.59%
TUCSON, AZ (FHA|USDA|VA) 5 $1,755,000 $351,000 $1,997 6.95%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 4 $1,600,000 $400,000 $4,614 6.69%
DULUTH, MN-WI (FHA|USDA|VA) 5 $1,575,000 $315,000 $5,387 6.40%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 4 $1,450,000 $362,500 $5,872 6.50%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 1 $1,195,000 $1,195,000 $5,216 6.63%
ROCHESTER, MN (FHA|USDA|VA) 5 $975,000 $195,000 $1,526 6.98%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 2 $910,000 $455,000 $2,113 7.50%
Fergus Falls, MN (FHA|USDA|VA) 4 $890,000 $222,500 $3,980 7.84%
MANKATO, MN (FHA|USDA|VA) 3 $875,000 $291,667 $7,589 6.83%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 2 $830,000 $415,000 $224 6.15%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 1 $805,000 $805,000 $8,159 6.25%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 1 $805,000 $805,000 $7,295 6.25%
Bemidji, MN (FHA|USDA|VA) 3 $775,000 $258,333 $6,539 6.67%
OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 1 $725,000 $725,000 $570 7.13%
FLAGSTAFF, AZ (FHA|USDA|VA) 1 $695,000 $695,000 $1,237 6.75%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 1 $665,000 $665,000 $3,941 7.00%
Menomonie, WI (FHA|USDA|VA) 1 $615,000 $615,000 $10,758 7.50%
Grand Rapids, MN (FHA|USDA|VA) 2 $580,000 $290,000 $6,761 8.00%
Traverse City, MI (FHA|USDA|VA) 1 $575,000 $575,000 $3,709 7.63%
Red Wing, MN (FHA|USDA|VA) 4 $570,000 $142,500 $2,031 7.25%
OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 1 $565,000 $565,000 $10,608 6.88%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 2 $510,000 $255,000 $3,403 6.06%
CARBONDALE-MARION, IL (FHA|USDA|VA) 1 $505,000 $505,000 $3,856 6.63%
LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) 2 $450,000 $225,000 $5,778 6.13%
AKRON, OH (FHA|USDA|VA) 1 $445,000 $445,000 $680 6.50%
CORVALLIS, OR (FHA|USDA|VA) 1 $425,000 $425,000 $5,978 7.13%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 1 $425,000 $425,000 $7,404 7.00%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 2 $420,000 $210,000 $6,127 7.06%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $405,000 $405,000 $0 7.63%
Faribault-Northfield, MN (FHA|USDA|VA) 2 $400,000 $200,000 $9,082 7.31%
BISMARCK, ND (FHA|USDA|VA) 1 $385,000 $385,000 $7,518 6.50%
GREEN BAY, WI (FHA|USDA|VA) 1 $385,000 $385,000 $5,271 6.50%
MADISON, WI (FHA|USDA|VA) 1 $385,000 $385,000 $4,060 7.00%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $355,000 $355,000 $6,956 6.50%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $345,000 $345,000 $7,811 7.13%
CHATTANOOGA, TN-GA (FHA|USDA|VA) 1 $345,000 $345,000 $4,849 6.13%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 1 $345,000 $345,000 $8,105 7.63%
ALBUQUERQUE, NM (FHA|USDA|VA) 1 $335,000 $335,000 $5,731 6.63%
Albert Lea, MN (FHA|USDA|VA) 1 $335,000 $335,000 $0 6.49%
APPLETON, WI (FHA|USDA|VA) 1 $335,000 $335,000 $6,551 7.63%
Torrington, CT (FHA|USDA|VA) 1 $325,000 $325,000 $5,523 7.13%
ANN ARBOR, MI (FHA|USDA|VA) 1 $305,000 $305,000 $4,540 6.63%
Wahpeton, ND-MN (FHA|USDA|VA) 1 $305,000 $305,000 $0 8.13%
RALEIGH-CARY, NC (FHA|USDA|VA) 1 $285,000 $285,000 $0 6.88%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 1 $285,000 $285,000 $4,793 7.00%
Hutchinson, MN (FHA|USDA|VA) 2 $270,000 $135,000 $2,785 7.56%
FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) 1 $265,000 $265,000 $3,915 7.13%
COLUMBUS, OH (FHA|USDA|VA) 1 $265,000 $265,000 $2,575 6.50%
ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 1 $255,000 $255,000 $6,533 6.50%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $255,000 $255,000 $0 6.75%
YUMA, AZ (FHA|USDA|VA) 1 $255,000 $255,000 $3,685 6.63%
KANSAS CITY, MO-KS (FHA|USDA|VA) 1 $255,000 $255,000 $3,633 6.50%
Alexandria, MN (FHA|USDA|VA) 1 $245,000 $245,000 $0 7.63%
LOUISVILLE, KY (FHA|USDA|VA) 1 $225,000 $225,000 $132 6.00%
TOPEKA, KS (FHA|USDA|VA) 1 $205,000 $205,000 $4,976 6.13%
Augusta-Waterville, ME (FHA|USDA|VA) 1 $205,000 $205,000 $3,148 5.38%
SAVANNAH, GA (FHA|USDA|VA) 1 $195,000 $195,000 $25 6.88%
Minot, ND (FHA|USDA|VA) 1 $185,000 $185,000 $3,238 6.63%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $165,000 $165,000 $7,061 6.88%
COLORADO SPRINGS, CO (FHA|USDA|VA) 1 $155,000 $155,000 $2,497 7.75%
Elizabeth City, NC (FHA|USDA|VA) 1 $145,000 $145,000 $3,479 6.25%
LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA) 1 $145,000 $145,000 $2,500 6.25%
Manitowoc, WI (FHA|USDA|VA) 1 $135,000 $135,000 $3,217 6.25%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 2 $130,000 $65,000 $0 7.25%
CANTON-MASSILLON, OH (FHA|USDA|VA) 1 $95,000 $95,000 $0 7.13%
MANHATTAN, KS (FHA|USDA|VA) 1 $85,000 $85,000 $2,984 6.00%
Jamestown, ND (FHA|USDA|VA) 1 $65,000 $65,000 $0 6.50%
Marshall, MN (FHA|USDA|VA) 1 $45,000 $45,000 $0 7.75%
Alerus Financial's top markets include Minneapolis, Grand Forks, Fargo, Phoenix, and Bozeman among others.

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

    We use machine learning to identify the top lenders compared against Alerus Financial 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 1,140 $609,220,000 $534,404 $3,648 6.75%
    HELOC 440 $69,900,000 $158,864 n/a 8.39%
    FHA 56 $16,240,000 $290,000 $8,346 6.58%
    VA 12 $4,010,000 $334,167 $6,569 6.52%
    USDA 1 $105,000 $105,000 $1,045 6.25%

    For 2023, Alerus Financial's most frequently originated type of loan was Conventional, with 1,140 originations. Their 2nd most popular type was HELOC, with 440 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 1,090 $551,340,000 $505,817 $4,183 6.77%
    Refi 212 $97,570,000 $460,236 $716 7.93%
    Home Improvement 187 $24,025,000 $128,476 $674 8.17%
    Other 130 $19,570,000 $150,538 $149 8.02%
    Cash Out Refi 30 $6,970,000 $232,333 $4,708 6.92%

    For 2023, Alerus Financial's most frequently cited loan purpose was Home Purchase, with 1,090 originations. The 2nd most popular reason was Refi, with 212 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,302 $390,160,000 $299,662 $4,372 7.08%
    20 Year 102 $13,940,000 $136,667 $590 8.55%
    15 Year 84 $11,360,000 $135,238 $1,287 7.68%
    1 Year 50 $15,110,000 $302,200 $1,347 7.01%
    5 Year 39 $53,765,000 $1,378,590 $0 6.64%
    10 Year 36 $58,320,000 $1,620,000 $152 6.83%
    Other 18 $25,400,000 $1,411,111 $150 6.84%
    30+ year 13 $57,885,000 $4,452,692 $8,037 6.51%
    3 Year 5 $73,535,000 $14,707,000 $0 7.17%

    For 2023, Alerus Financial's most frequently cited loan duration was 30 Year, with 1,302 originations. The 2nd most popular length was 20 Year, with 102 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 440 $117,530,000 $267,114
    $1k-2k 281 $99,775,000 $355,071
    $2k-3k 111 $33,335,000 $300,315
    $5k+ 101 $56,015,000 $554,604
    $4k-5k 100 $39,940,000 $399,400
    $3k-4k 77 $23,735,000 $308,247

    Alerus Financial's average total fees were $4,372, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 440 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 670 $303,400,000 $452,836
    7-8% 478 $187,130,000 $391,485
    Over 8% 333 $91,125,000 $273,649
    5-6% 145 $86,475,000 $596,379
    4-5% 15 $27,745,000 $1,849,667
    3-4% 7 $3,075,000 $439,286
    2.5-3% 1 $525,000 $525,000

    During 2023, Alerus Financial's average interest rate for loans was 7.08%, while their most frequently originated rate bucket for loans was 6-7%, with 670 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 666 $191,730,000 $287,883 $4,029 7.05%
    $100k-200k 349 $52,665,000 $150,903 $2,604 7.21%
    $100,000 or less 316 $17,460,000 $55,253 $442 7.88%
    $400k-600k 196 $95,480,000 $487,143 $5,959 6.80%
    $600k-1MM 84 $61,250,000 $729,167 $5,530 6.70%
    $1MM+ 38 $280,890,000 $7,391,842 $7,571 6.30%

    2023 saw Alerus Financial place emphasis on $200k-400k loans with 666 originations, totaling $191,730,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 409 $125,275,000 $306,296 $4,327 7.28%
    $100k-150k 375 $90,995,000 $242,653 $3,719 7.26%
    $250k+ 298 $136,760,000 $458,926 $4,788 7.41%
    $75k-100k 223 $46,355,000 $207,870 $3,649 7.04%
    $50k-75k 195 $35,165,000 $180,333 $3,393 6.87%
    $50k or less 55 $6,215,000 $113,000 $2,679 6.87%

    Alerus Financial lent most frequently to those with incomes in the $150k-250k range, with 409 originations. The second most popular income band? $100k-150k, with 375 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 346 $96,160,000 $277,919 $3,888 7.21%
    20-30% 337 $91,815,000 $272,448 $3,485 7.19%
    <20% 139 $39,245,000 $282,338 $3,651 7.24%
    47% 74 $18,870,000 $255,000 $4,159 7.58%
    39% 70 $22,200,000 $317,143 $4,200 6.85%
    42% 63 $17,335,000 $275,159 $3,641 7.42%
    37% 61 $19,435,000 $318,607 $3,479 7.16%
    41% 59 $16,765,000 $284,153 $4,519 7.20%
    40% 58 $15,710,000 $270,862 $3,691 7.26%
    38% 58 $21,260,000 $366,552 $4,757 7.11%
    36% 52 $14,280,000 $274,615 $3,893 7.09%
    46% 48 $12,590,000 $262,292 $4,043 7.25%
    44% 47 $12,505,000 $266,064 $3,748 7.08%
    45% 40 $10,580,000 $264,500 $3,341 7.38%
    49% 40 $11,600,000 $290,000 $5,271 6.84%
    48% 39 $10,505,000 $269,359 $4,044 7.11%
    43% 37 $8,745,000 $236,351 $3,007 7.24%
    50-60% 28 $7,570,000 $270,357 $6,107 6.70%
    >60% 3 $2,045,000 $681,667 $4,327 6.59%

    Alerus Financial lent most frequently to those with DTI ratios of 30-36%, with 346 originations. The next most common DTI ratio? 20-30%, with 337 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,228 $346,740,000 $282,362 $3,979 7.09%
    Not applicable 48 $249,580,000 $5,199,583 $0 6.81%
    Not provided 292 $70,990,000 $243,116 $3,099 7.73%
    Asian 38 $18,680,000 $491,579 $4,694 6.58%
    Black 24 $6,940,000 $289,167 $3,642 7.19%
    American Indian 11 $2,655,000 $241,364 $3,492 6.83%
    Asian Indian 5 $2,315,000 $463,000 $5,062 7.03%
    Japanese 1 $1,135,000 $1,135,000 $6,033 6.13%
    Korean 1 $355,000 $355,000 $0 6.13%
    Other Asian 1 $85,000 $85,000 $504 6.00%

    Approval Rates

    Total approvals of all applications
    95.53%

    Alerus Financial 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
    88.84%

    Alerus Financial has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,649 $699,475,000 $424,181

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,649 $699,475,000 $424,181

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 255 $43,985,000 $172,490 $1,901 7.85%
    40-60% 162 $142,110,000 $877,222 $3,322 7.04%
    60-80% 405 $273,605,000 $675,568 $4,426 6.83%
    80-100% 546 $216,480,000 $396,484 $4,476 6.76%
    Over 100% 6 $1,720,000 $286,667 $7,931 7.15%
    Under 20% 275 $21,575,000 $78,455 $213 7.99%