Frandsen Bank & Trust Mortgage Rates, Fees & InfoLonsdale, MN
Tax ID: 41-0947097
Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Review & OverviewFrandsen 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: Duluth, Minneapolis, Brainerd, Mankato, and Eau Claire among others. We have data for 41 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 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||6.61%||9/18/23|
|30 Year Conventional Refi||6.76%||9/18/23|
|30 Year Cash-out Refi||6.56%||9/18/23|
|30 Year FHA Purchase||6.27%||9/18/23|
|30 Year VA Purchase||6.27%||9/18/23|
|30 Year VA Refi||6.27%||9/18/23|
|30 Year USDA Purchase||6.76%||9/18/23|
|15 Year Conventional Purchase||6.34%||9/18/23|
|15 Year Conventional Refi||6.39%||9/18/23|
|15 Year Cash-out Refi||6.39%||9/18/23|
|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.|
Frandsen Bank & Trust 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)$283,960,000
Frandsen Bank & Trust - 2022
Frandsen Bank & Trust is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
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Frandsen Bank & Trust'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 0.18%.
Relative Fees (Closing Costs)
Frandsen Bank & Trust's average total fees/closing costs for a 30 year fixed rate
mortgage were $4,771.
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|
|DULUTH, MN-WI (FHA|USDA|VA)||342||$75,310,000||$220,205||$4,437||5.00%|
|MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA)||266||$74,490,000||$280,038||$4,805||4.77%|
|Outside of Metro Areas||252||$35,580,000||$141,190||$3,845||5.01%|
|Brainerd, MN (FHA|USDA|VA)||72||$20,630,000||$286,528||$4,245||4.84%|
|MANKATO, MN (FHA|USDA|VA)||76||$15,520,000||$204,211||$3,768||4.85%|
|EAU CLAIRE, WI (FHA|USDA|VA)||38||$11,770,000||$309,737||$4,315||4.74%|
|Faribault-Northfield, MN (FHA|USDA|VA)||55||$11,725,000||$213,182||$3,697||5.03%|
|GRAND FORKS, ND-MN (FHA|USDA|VA)||80||$11,290,000||$141,125||$3,540||4.98%|
|New Ulm, MN (FHA|USDA|VA)||50||$7,030,000||$140,600||$3,436||4.38%|
|ST. CLOUD, MN (FHA|USDA|VA)||24||$4,050,000||$168,750||$4,202||5.17%|
|CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA)||3||$1,625,000||$541,667||$6,963||4.63%|
|MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA)||2||$1,360,000||$680,000||$5,601||4.03%|
|OSHKOSH-NEENAH, WI (FHA|USDA|VA)||2||$1,290,000||$645,000||$8,365||4.34%|
|ROCHESTER, MN (FHA|USDA|VA)||6||$1,240,000||$206,667||$4,085||5.26%|
|CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA)||1||$1,185,000||$1,185,000||$0||5.09%|
|Albert Lea, MN (FHA|USDA|VA)||3||$1,095,000||$365,000||$3,470||5.06%|
|Owatonna, MN (FHA|USDA|VA)||4||$1,000,000||$250,000||$6,363||5.10%|
|Fergus Falls, MN (FHA|USDA|VA)||3||$835,000||$278,333||$4,650||4.04%|
|Grand Rapids, MN (FHA|USDA|VA)||3||$715,000||$238,333||$6,803||4.63%|
|Alexandria, MN (FHA|USDA|VA)||2||$580,000||$290,000||$4,321||4.03%|
|Menomonie, WI (FHA|USDA|VA)||2||$490,000||$245,000||$2,332||4.34%|
|FARGO, ND-MN (FHA|USDA|VA)||3||$475,000||$158,333||$2,964||3.88%|
|BISMARCK, ND (FHA|USDA|VA)||1||$395,000||$395,000||$7,005||5.65%|
|Willmar, MN (FHA|USDA|VA)||2||$380,000||$190,000||$2,972||5.30%|
|North Port-Sarasota-Bradenton, FL (FHA|USDA|VA)||1||$355,000||$355,000||$6,107||5.27%|
|SIOUX FALLS, SD (FHA|USDA|VA)||1||$355,000||$355,000||$6,220||4.38%|
|APPLETON, WI (FHA|USDA|VA)||1||$345,000||$345,000||$5,625||6.38%|
|TUCSON, AZ (FHA|USDA|VA)||2||$320,000||$160,000||$2,909||3.38%|
|NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA)||1||$315,000||$315,000||$2,041||3.25%|
|GREEN BAY, WI (FHA|USDA|VA)||1||$315,000||$315,000||$3,540||3.25%|
|Fairmont, MN (FHA|USDA|VA)||1||$305,000||$305,000||$6,596||4.75%|
|LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA)||1||$305,000||$305,000||$4,467||3.95%|
|PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA)||3||$235,000||$78,333||$1,587||5.69%|
|Spearfish, SD (FHA|USDA|VA)||1||$205,000||$205,000||$5,122||4.88%|
|MADISON, WI (FHA|USDA|VA)||1||$165,000||$165,000||$0||0.00%|
|Spirit Lake, IA (FHA|USDA|VA)||1||$155,000||$155,000||$2,374||2.99%|
|Red Wing, MN (FHA|USDA|VA)||1||$155,000||$155,000||$0||0.00%|
|Bemidji, MN (FHA|USDA|VA)||1||$135,000||$135,000||$4,203||3.63%|
|WAUSAU-WESTON, WI (FHA|USDA|VA)||1||$125,000||$125,000||$0||5.00%|
|Clinton, IA (FHA|USDA|VA)||1||$75,000||$75,000||$0||0.00%|
|Hutchinson, MN (FHA|USDA|VA)||1||$35,000||$35,000||$0||0.00%|
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.
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|Loan Type||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
For 2022, Frandsen Bank & Trust's most frequently originated type of loan was Conventional, with 993 originations. Their 2nd most popular type was Conventional, with 309 originations.
For 2022, Frandsen Bank & Trust's most frequently cited loan purpose was Home Purchase, with 683 originations. The 2nd most popular reason was Home Improvement, with 223 originations.
For 2022, Frandsen Bank & Trust's most frequently cited loan duration was 30 Year, with 602 originations. The 2nd most popular length was Other, with 351 originations.
Origination Fees/Closing Costs
Frandsen Bank & Trust's average total fees were $4,771, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 272 originations.
During 2022, Frandsen Bank & Trust's average interest rate for loans was 4.94%, while their most frequently originated rate bucket for loans was 5-6%, with 305 originations.
2022 saw Frandsen Bank & Trust place emphasis on $100,000 or less loans with 403 originations, totaling $22,575,000 in origination value.
Frandsen Bank & Trust lent most frequently to those with incomes in the $100k-150k range, with 248 originations. The second most popular income band? $50k-75k, with 238 originations.
Applicant Debt to Income Ratio
Frandsen Bank & Trust lent most frequently to those with DTI ratios of Exempt%, with 309 originations. The next most common DTI ratio? 20-30%, with 243 originations.
Approval RatesTotal approvals of all applications
Frandsen Bank & Trust has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick RateApprovals leading to origination
Frandsen Bank & Trust has an average pick rate.
Points and Fees
|Points||Originations||Total Value||Average Loan|
|Bank Name||Product||Issue||2022 CPFB Complaints||% of Total Issues|
|Fairway Independent Mortgage Corporation||Conventional home mortgage||Improper use of your report||1||100.0%|