Frandsen Bank & Trust Mortgage Rates, Fees & Info

Lonsdale, MN

LEI: 549300ZZZUYWXK72JD21

Tax ID: 41-0947097

5 stars - Updated: 12/16/24 - out of 5 stars, based on 34 reviews

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • 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

    Frandsen Bank & Trust is a smaller bank specializing in Home Purchase loans. Frandsen Bank & Trust has a high proportion of conventional loans. Frandsen Bank & Trust has an average proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Minneapolis, Duluth, Eau Claire, Brainerd, and Grand Forks among others. We have data for 44 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Frandsen Bank & Trust 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. Frandsen Bank & Trust 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 6.61% 12/16/24
    30 Year Conventional Refi 6.76% 12/16/24
    30 Year Cash-out Refi 6.56% 12/16/24
    30 Year FHA Purchase 6.27% 12/16/24
    30 Year VA Purchase 6.27% 12/16/24
    30 Year VA Refi 6.27% 12/16/24
    30 Year USDA Purchase 6.76% 12/16/24
    15 Year Conventional Purchase 6.34% 12/16/24
    15 Year Conventional Refi 6.39% 12/16/24
    15 Year Cash-out Refi 6.39% 12/16/24
    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.

    Frandsen Bank & Trust Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Frandsen Bank & Trust. 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

    1,181

    Origination Dollar Volume (All Markets)

    $272,625,000
    Show all (6) awards

    Relative Rate

    Frandsen Bank & Trust's average 30 year fixed mortgage rate was 6.73%.

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

    This yields a difference of 0.25%.

    Relative Fees (Closing Costs)

    Frandsen Bank & Trust's average total fees/closing costs for a 30 year fixed rate mortgage were $5,133.

    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) 250 $72,110,000 $288,440 $4,858 6.88%
    DULUTH, MN-WI (FHA|USDA|VA) 262 $48,330,000 $184,466 $4,582 6.95%
    Outside of Metro Areas 191 $32,365,000 $169,450 $4,020 7.04%
    EAU CLAIRE, WI (FHA|USDA|VA) 33 $21,035,000 $637,424 $4,084 6.72%
    Brainerd, MN (FHA|USDA|VA) 43 $14,935,000 $347,326 $5,114 6.88%
    GRAND FORKS, ND-MN (FHA|USDA|VA) 78 $13,030,000 $167,051 $4,007 7.16%
    ROCHESTER, MN (FHA|USDA|VA) 44 $11,990,000 $272,500 $5,948 7.11%
    MANKATO, MN (FHA|USDA|VA) 57 $10,305,000 $180,789 $3,622 6.70%
    Faribault-Northfield, MN (FHA|USDA|VA) 48 $8,950,000 $186,458 $3,458 6.98%
    Red Wing, MN (FHA|USDA|VA) 41 $5,665,000 $138,171 $3,235 7.67%
    New Ulm, MN (FHA|USDA|VA) 41 $5,295,000 $129,146 $3,288 6.93%
    ST. CLOUD, MN (FHA|USDA|VA) 26 $5,170,000 $198,846 $3,410 6.64%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 7 $4,605,000 $657,857 $8,644 6.22%
    MADISON, WI (FHA|USDA|VA) 4 $1,890,000 $472,500 $5,964 6.20%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 5 $1,785,000 $357,000 $7,125 6.59%
    LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA) 2 $1,670,000 $835,000 $7,955 6.25%
    Menomonie, WI (FHA|USDA|VA) 1 $1,655,000 $1,655,000 $0 5.45%
    TUCSON, AZ (FHA|USDA|VA) 3 $1,245,000 $415,000 $7,251 7.37%
    Bemidji, MN (FHA|USDA|VA) 3 $1,195,000 $398,333 $6,182 6.74%
    MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 2 $790,000 $395,000 $3,441 5.84%
    FARGO, ND-MN (FHA|USDA|VA) 4 $720,000 $180,000 $4,282 7.18%
    Grand Rapids, MN (FHA|USDA|VA) 5 $665,000 $133,000 $2,804 6.97%
    Baraboo, WI (FHA|USDA|VA) 2 $570,000 $285,000 $3,696 6.76%
    Durango, CO (FHA|USDA|VA) 1 $555,000 $555,000 $9,105 5.74%
    Marinette, WI-MI (FHA|USDA|VA) 1 $505,000 $505,000 $4,562 6.14%
    Spearfish, SD (FHA|USDA|VA) 1 $505,000 $505,000 $4,670 6.46%
    Owatonna, MN (FHA|USDA|VA) 3 $465,000 $155,000 $3,431 6.97%
    Shawano, WI (FHA|USDA|VA) 3 $465,000 $155,000 $0 8.15%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 2 $450,000 $225,000 $0 0.00%
    Marshall, MN (FHA|USDA|VA) 1 $435,000 $435,000 $5,229 5.96%
    Alexandria, MN (FHA|USDA|VA) 2 $360,000 $180,000 $6,063 8.19%
    Fergus Falls, MN (FHA|USDA|VA) 2 $340,000 $170,000 $5,925 7.25%
    Fairmont, MN (FHA|USDA|VA) 1 $325,000 $325,000 $0 0.00%
    Watertown-Fort Atkinson, WI (FHA|USDA|VA) 1 $285,000 $285,000 $3,582 6.73%
    Austin, MN (FHA|USDA|VA) 2 $280,000 $140,000 $4,534 6.37%
    Clinton, IA (FHA|USDA|VA) 1 $255,000 $255,000 $4,637 7.25%
    GREEN BAY, WI (FHA|USDA|VA) 1 $245,000 $245,000 $3,068 5.51%
    Hutchinson, MN (FHA|USDA|VA) 1 $235,000 $235,000 $5,508 8.17%
    Winona, MN (FHA|USDA|VA) 1 $215,000 $215,000 $5,046 7.13%
    WAUSAU-WESTON, WI (FHA|USDA|VA) 1 $195,000 $195,000 $4,753 5.88%
    Willmar, MN (FHA|USDA|VA) 1 $165,000 $165,000 $3,632 5.19%
    OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 1 $165,000 $165,000 $0 6.50%
    DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $145,000 $145,000 $3,072 4.49%
    Albert Lea, MN (FHA|USDA|VA) 1 $65,000 $65,000 $3,143 8.49%
    Frandsen Bank & Trust's top markets include Minneapolis, Duluth, Eau Claire, Brainerd, and Grand Forks among others.

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

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Frandsen Bank & Trust based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    CO-OP Credit Union
    Similarity Rank: 28
    North Shore Federal Credit Union
    Similarity Rank: 28
    Citizens Bank Minnesota
    Similarity Rank: 48
    South Metro Federal Credit Union
    Similarity Rank: 55
    Security Financial Bank
    Similarity Rank: 56
    FIRST COMMUNITY CREDIT UNION
    Similarity Rank: 84
    Prevail Bank
    Similarity Rank: 96
    National Bank of Commerce
    Similarity Rank: 192
    Northview Bank
    Similarity Rank: 195
    MY Credit Union
    Similarity Rank: 225

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 890 $248,040,000 $278,697 $4,406 6.94%
    Conventional 289 $24,325,000 $84,170 $0 0.00%
    USDA 2 $260,000 $130,000 $5,356 6.81%

    For 2023, Frandsen Bank & Trust's most frequently originated type of loan was Conventional, with 890 originations. Their 2nd most popular type was Conventional, with 289 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 662 $202,660,000 $306,133 $5,090 6.85%
    Home Improvement 236 $21,250,000 $90,042 $1,906 7.37%
    Other 148 $13,820,000 $93,378 $2,280 7.50%
    Refi 118 $31,820,000 $269,661 $3,336 7.04%
    Cash Out Refi 17 $3,075,000 $180,882 $4,463 6.38%

    For 2023, Frandsen Bank & Trust's most frequently cited loan purpose was Home Purchase, with 662 originations. The 2nd most popular reason was Home Improvement, with 236 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 528 $162,770,000 $308,277 $5,133 6.73%
    Other 342 $48,280,000 $141,170 $2,135 7.09%
    20 Year 140 $23,690,000 $169,214 $2,751 7.48%
    15 Year 64 $10,510,000 $164,219 $3,001 6.84%
    5 Year 46 $14,170,000 $308,043 $406 7.39%
    1 Year 29 $9,785,000 $337,414 $4,934 7.25%
    10 Year 29 $3,045,000 $105,000 $1,122 7.04%
    3 Year 3 $375,000 $125,000 $586 7.57%

    For 2023, Frandsen Bank & Trust's most frequently cited loan duration was 30 Year, with 528 originations. The 2nd most popular length was Other, with 342 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $2k-3k 222 $51,660,000 $232,703
    $1k-2k 171 $24,785,000 $144,942
    $<1k 139 $17,065,000 $122,770
    $3k-4k 128 $45,930,000 $358,828
    $5k+ 49 $35,995,000 $734,592
    $4k-5k 43 $19,095,000 $444,070

    Frandsen Bank & Trust's average total fees were $5,133, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 222 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 326 $96,010,000 $294,509
    7-8% 246 $74,190,000 $301,585
    5-6% 169 $50,005,000 $295,888
    Over 8% 135 $20,945,000 $155,148
    4-5% 13 $6,835,000 $525,769
    2.5-3% 2 $170,000 $85,000
    <2.5% 1 $145,000 $145,000

    During 2023, Frandsen Bank & Trust's average interest rate for loans was 6.73%, while their most frequently originated rate bucket for loans was 6-7%, with 326 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 392 $20,480,000 $52,245 $1,858 7.61%
    $200k-400k 328 $89,870,000 $273,994 $5,057 6.83%
    $100k-200k 299 $43,205,000 $144,498 $3,676 6.87%
    $400k-600k 98 $46,900,000 $478,571 $6,408 6.52%
    $600k-1MM 48 $35,440,000 $738,333 $8,209 6.39%
    $1MM+ 16 $36,730,000 $2,295,625 $11,614 6.74%

    2023 saw Frandsen Bank & Trust place emphasis on $100,000 or less loans with 392 originations, totaling $20,480,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 215 $37,595,000 $174,860 $4,280 7.16%
    $150k-250k 215 $55,325,000 $257,326 $4,787 6.88%
    $250k+ 182 $72,460,000 $398,132 $5,940 6.56%
    $75k-100k 173 $26,675,000 $154,191 $3,896 6.90%
    $50k-75k 170 $22,630,000 $133,118 $3,834 6.80%
    $50k or less 111 $10,165,000 $91,577 $3,099 6.98%

    Frandsen Bank & Trust lent most frequently to those with incomes in the $100k-150k range, with 215 originations. The second most popular income band? $150k-250k, with 215 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 289 $24,325,000 $84,170 $0 0.00%
    20-30% 196 $47,360,000 $241,633 $4,024 6.84%
    30-36% 168 $45,260,000 $269,405 $4,561 6.80%
    <20% 81 $28,425,000 $350,926 $5,090 6.60%
    39% 45 $10,895,000 $242,111 $3,856 7.14%
    40% 39 $8,395,000 $215,256 $4,356 6.96%
    38% 34 $7,390,000 $217,353 $4,339 6.64%
    36% 31 $8,005,000 $258,226 $4,595 7.27%
    37% 22 $4,760,000 $216,364 $4,028 6.72%
    42% 22 $5,080,000 $230,909 $4,756 7.47%
    43% 21 $4,345,000 $206,905 $4,745 7.09%
    50-60% 18 $5,250,000 $291,667 $5,586 7.21%
    >60% 15 $4,275,000 $285,000 $4,331 7.60%
    41% 13 $2,775,000 $213,462 $4,331 6.78%
    44% 13 $3,085,000 $237,308 $4,413 7.04%
    47% 12 $2,930,000 $244,167 $4,311 7.22%
    49% 11 $3,235,000 $294,091 $4,315 7.32%
    46% 11 $1,935,000 $175,909 $4,072 6.84%
    45% 11 $2,585,000 $235,000 $4,671 6.09%
    48% 9 $2,515,000 $279,444 $4,317 6.91%

    Frandsen Bank & Trust lent most frequently to those with DTI ratios of Exempt%, with 289 originations. The next most common DTI ratio? 20-30%, with 196 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 993 $207,645,000 $209,109 $4,342 6.90%
    Not applicable 99 $45,385,000 $458,434 $0 7.35%
    Not provided 73 $15,295,000 $209,521 $5,245 6.90%
    Black 6 $1,640,000 $273,333 $6,779 7.72%
    American Indian 5 $1,305,000 $261,000 $4,244 6.63%
    Asian 4 $850,000 $212,500 $4,051 5.91%
    Asian Indian 1 $505,000 $505,000 $5,561 4.75%

    Approval Rates

    Total approvals of all applications
    93.58%

    Frandsen Bank & Trust has an average approval rate.

    Pick Rate

    Approvals leading to origination
    83.49%

    Frandsen Bank & Trust has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    182.5 1 $15,000 $15,000
    79.0 1 $25,000 $25,000
    Exempt 289 $24,325,000 $84,170
    NA 890 $248,260,000 $278,944

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,181 $272,625,000 $230,843

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 122 $21,340,000 $174,918 $2,874 7.10%
    40-60% 113 $36,085,000 $319,336 $4,979 6.94%
    60-80% 296 $99,470,000 $336,047 $5,098 6.92%
    80-100% 271 $85,325,000 $314,852 $5,315 6.75%
    Under 20% 90 $6,080,000 $67,556 $1,478 7.37%