Brainerd Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Brainerd averaged
6.61%
for the week of 2024-11-07, compared to the national average of
6.79% for the same period.
The average rate for the prior week (2024-10-31) was
6.64% and
one month ago for the week of 2024-10-03, the
average rate was 6.34%.
Brainerd's average rate one year ago was 7.98%.
For refis of the same type during the week of 2024-11-07, the average rate
was 7.23%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2024-11-07 | 6.79% |
| Brainerd 30 Year Fixed Rate | 2024-11-07 | 6.61% |
| Brainerd 30 Year Fixed Rate Refi | 2024-11-07 | 7.23% |
| Brainerd 15 Year Fixed Rate | 2024-11-07 | 6% |
| Brainerd 15 Year Fixed Rate Refi | 2024-11-07 | 6.3% |
| Brainerd 30 Year FHA | 2024-11-07 | 6.69% |
| Brainerd 30 Year FHA Refi | 2024-11-07 | 6.33% |
| Brainerd 30 Year USDA | 2024-11-07 | 6.68% |
| Brainerd 30 Year USDA Refi | 2024-11-07 | 6.28% |
| Brainerd 30 Year VA | 2024-11-07 | 6.43% |
| Brainerd 30 Year VA Refi | 2024-11-07 | 6.44% |
Brainerd Top Lenders by Rates & Fees
The below table looks at the consensus average rates and fees provided by each lender, for only loans originated in the Brainerd, MN market. This includes FHA, Conventional, USDA and VA loans, as well as refis. All terms in the below chart are 30 year fixed rate. Unless noted otherwise, other data is all inclusive (FHA, ARM, 15-yr, etc.).
Brainerd Average Closing Costs & Other Stats
Brainerd, MN's 139 lenders originated 2,089
loans during 2023. The total origination value was $513,125,000, with an average loan value of
$245,632.
Brainerd's average closing costs are $4,824.
The top Brainerd lender as defined by loan originations is LOANDEPOT.COM, LLC, with
59 loans originated. Their average total fees are
$7,976, which is $4,105
higher than the next largest lender,
First Western Bank & Trust.
The lowest fee Brainerd lenders (with over 10 loans originated) are
WINGS FINANCIAL ($3,548), First Western Bank & Trust ($3,871), Tradition Mortgage, LLC ($4,563), Merchants Bank ($4,819) and Servion, Inc. ($5,239).
The lowest rate Brainerd lenders (with over 10 loans originated) are
WINGS FINANCIAL (6.05%), First Western Bank & Trust (6.12%), U.S. Bank (6.49%), Tradition Mortgage, LLC (6.53%) and Bremer Bank (6.56%).
Brainerd, MN Mortgage Market Share & Volume
Loan origination value is a good proxy for a lender's prominence within the market. The general assumption is that larger lenders will have more resources, but may spend more (and therefore charge more) on marketing and overhead expenses.
| Name | 2022 Loan Value | 2023 Loan Value | % Change | 2023 Market Share |
|---|---|---|---|---|
| Deerwood Bank | $44,305,000 | $35,370,000 | -20.2% | 6.9% |
| First Western Bank & Trust | $33,185,000 | $26,995,000 | -18.7% | 5.3% |
| LOANDEPOT.COM, LLC | $32,185,000 | $23,925,000 | -25.7% | 4.7% |
| U.S. Bank | $55,265,000 | $23,865,000 | -56.8% | 4.7% |
| Flagstar Bank, FSB | $29,735,000 | $17,900,000 | -39.8% | 3.5% |
| RiverWood Bank | $28,715,000 | $17,065,000 | -40.6% | 3.3% |
| Bremer Bank | $55,110,000 | $16,545,000 | -70.0% | 3.2% |
| QUICKEN LOANS, LLC | $33,550,000 | $15,385,000 | -54.1% | 3.0% |
| Bell Bank | $24,710,000 | $15,335,000 | -37.9% | 3.0% |
| Frandsen Bank & Trust | $20,630,000 | $14,935,000 | -27.6% | 2.9% |
| UNITED WHOLESALE MORTGAGE, LLC | $16,485,000 | $12,805,000 | -22.3% | 2.5% |
| WINGS FINANCIAL | $16,455,000 | $12,690,000 | -22.9% | 2.5% |
| American National Bank of Minnesota | $27,505,000 | $11,240,000 | -59.1% | 2.2% |
| Merchants Bank | $8,440,000 | $10,590,000 | 25.5% | 2.1% |
| Wells Fargo Bank | $23,545,000 | $10,010,000 | -57.5% | 2.0% |
| American Mortgage & Equity Consultants, Inc. | $4,455,000 | $9,700,000 | 117.7% | 1.9% |
| CROSSCOUNTRY MORTGAGE, LLC | $10,330,000 | $9,105,000 | -11.9% | 1.8% |
| AFFINITY PLUS | $12,635,000 | $8,995,000 | -28.8% | 1.8% |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $7,795,000 | $8,075,000 | 3.6% | 1.6% |
| PENNYMAC LOAN SERVICES, LLC | $6,875,000 | $6,740,000 | -2.0% | 1.3% |
| TRUSTONE FINANCIAL FEDERAL CREDIT UNION | $12,290,000 | $6,280,000 | -48.9% | 1.2% |
| Tradition Mortgage, LLC | $13,490,000 | $5,325,000 | -60.5% | 1.0% |
| Prosperity Home Mortgage, LLC | $6,360,000 | $5,035,000 | -20.8% | 1.0% |
| Servion, Inc. | $4,450,000 | $4,955,000 | 11.3% | 1.0% |
| Mortgage Research Center, LLC | $7,485,000 | $4,760,000 | -36.4% | 0.9% |
| First International Bank & Trust | $2,135,000 | $3,955,000 | 85.2% | 0.8% |
| NBKC BANK | $3,940,000 | n/a | 0.8% | |
| BROKER SOLUTIONS, INC. | $7,640,000 | $3,445,000 | -54.9% | 0.7% |
| Summit Mortgage Corporation | $1,995,000 | $3,325,000 | 66.7% | 0.6% |
| ST. CLOUD FINANCIAL | $1,095,000 | $3,245,000 | 196.3% | 0.6% |
| Bank Forward | $3,270,000 | $3,210,000 | -1.8% | 0.6% |
| PLAZA HOME MORTGAGE, INC. | $10,170,000 | $3,170,000 | -68.8% | 0.6% |
| Goldwater Bank, N.A. | $11,795,000 | $3,130,000 | -73.5% | 0.6% |
| UBS Bank USA | $4,360,000 | $2,970,000 | -31.9% | 0.6% |
| MEMBERS COOPERATIVE | $5,025,000 | $2,945,000 | -41.4% | 0.6% |
| BMO Harris Bank | $1,970,000 | $2,725,000 | 38.3% | 0.5% |
| The Huntington National Bank | $3,665,000 | $2,575,000 | -29.7% | 0.5% |
| HIWAY | $2,395,000 | $2,515,000 | 5.0% | 0.5% |
| PRIMELENDING, A PLAINSCAPITAL COMPANY | $5,710,000 | $2,390,000 | -58.1% | 0.5% |
| Mr. Cooper ( Nationstar Mortgage ) | $5,235,000 | $2,380,000 | -54.5% | 0.5% |
| BNY Mellon | $1,005,000 | $2,360,000 | 134.8% | 0.5% |
| Minnwest Bank | $575,000 | $2,310,000 | 301.7% | 0.5% |
| GUARANTEED RATE, INC. | $6,630,000 | $2,290,000 | -65.5% | 0.4% |
| AMERISAVE MORTGAGE CORPORATION | $2,540,000 | $2,270,000 | -10.6% | 0.4% |
| NAVY FEDERAL CREDIT UNION | $2,870,000 | $2,155,000 | -24.9% | 0.4% |
| Armed Forces Bank | $2,605,000 | $2,115,000 | -18.8% | 0.4% |
| Liberty Bank Minnesota | $2,180,000 | $2,085,000 | -4.4% | 0.4% |
| Florida Capital Bank | $2,065,000 | n/a | 0.4% | |
| Think Mutual Bank | $2,880,000 | $2,035,000 | -29.3% | 0.4% |
| COMPEER FINANCIAL, FLCA | $3,135,000 | $2,005,000 | -36.0% | 0.4% |
| MOVEMENT MORTGAGE, LLC | $1,460,000 | $1,950,000 | 33.6% | 0.4% |
| Morgan Stanley Private Bank | $1,500,000 | $1,945,000 | 29.7% | 0.4% |
| Associated Bank | $8,010,000 | $1,895,000 | -76.3% | 0.4% |
| Alerus Financial | $11,895,000 | $1,810,000 | -84.8% | 0.4% |
| Sterling State Bank | $1,810,000 | n/a | 0.4% | |
| Royal Credit Union | $5,735,000 | $1,790,000 | -68.8% | 0.3% |
| Citibank | $1,780,000 | n/a | 0.3% | |
| SPIRE Credit Union | $1,515,000 | $1,735,000 | 14.5% | 0.3% |
| CENTRAL MINNESOTA Credit Union | $1,575,000 | $1,725,000 | 9.5% | 0.3% |
| VERIDIAN CREDIT UNION | $720,000 | $1,725,000 | 139.6% | 0.3% |
| CMG MORTGAGE, INC. | $1,615,000 | $1,620,000 | 0.3% | 0.3% |
| EVERETT FINANCIAL, INC. | $5,105,000 | $1,595,000 | -68.8% | 0.3% |
| The First National Bank in Sioux Falls | $615,000 | $1,565,000 | 154.5% | 0.3% |
| Choice Financial Group | $2,465,000 | $1,560,000 | -36.7% | 0.3% |
| American Heritage National Bank | $1,955,000 | $1,550,000 | -20.7% | 0.3% |
| National Bank of Commerce | $1,530,000 | $1,540,000 | 0.7% | 0.3% |
| Northview Bank | $2,670,000 | $1,535,000 | -42.5% | 0.3% |
| NEWREZ LLC | $1,020,000 | $1,510,000 | 48.0% | 0.3% |
| Baxter Credit Union | $1,945,000 | $1,485,000 | -23.7% | 0.3% |
| Bridgewater Bank | $1,790,000 | $1,460,000 | -18.4% | 0.3% |
| FREEDOM MORTGAGE CORPORATION | $1,890,000 | $1,430,000 | -24.3% | 0.3% |
| NexBank | $1,410,000 | n/a | 0.3% | |
| AMERICAN PACIFIC MORTGAGE CORPORATION | $1,330,000 | $1,345,000 | 1.1% | 0.3% |
| First Bank & Trust | $635,000 | $1,345,000 | 111.8% | 0.3% |
| Citizens Bank Minnesota | $880,000 | $1,330,000 | 51.1% | 0.3% |
| Stifel Bank and Trust | $1,630,000 | $1,290,000 | -20.9% | 0.3% |
| Bank of America | $1,115,000 | $1,285,000 | 15.2% | 0.3% |
| Union Savings Bank | $1,285,000 | n/a | 0.3% | |
| MidWestOne Bank | $1,705,000 | $1,165,000 | -31.7% | 0.2% |
| CITY-COUNTY CREDIT UNION | $495,000 | $1,140,000 | 130.3% | 0.2% |
| Falcon National Bank | $1,095,000 | n/a | 0.2% | |
| USAA Federal Savings Bank | $2,105,000 | $1,090,000 | -48.2% | 0.2% |
| MEGASTAR FINANCIAL CORP. | $920,000 | $1,085,000 | 17.9% | 0.2% |
| Sherburne State Bank | $1,860,000 | $1,085,000 | -41.7% | 0.2% |
| BOKF | $1,045,000 | n/a | 0.2% | |
| MANN FINANCIAL INC. | $170,000 | $1,045,000 | 514.7% | 0.2% |
| CORTRUST MORTGAGE, INC. | $1,685,000 | $1,035,000 | -38.6% | 0.2% |
| MASON MCDUFFIE MORTGAGE CORPORATION | $1,030,000 | n/a | 0.2% | |
| TOPLINE FEDERAL CREDIT UNION | $3,675,000 | $1,020,000 | -72.2% | 0.2% |
| Tradition Capital Bank | $3,845,000 | $1,005,000 | -73.9% | 0.2% |
| Discover Bank | $170,000 | $1,000,000 | 488.2% | 0.2% |
| Deere Employees Credit Union | $995,000 | n/a | 0.2% | |
| Gate City Bank | $920,000 | $930,000 | 1.1% | 0.2% |
| IOWA BANKERS MORTGAGE CORPORATION | $1,280,000 | $930,000 | -27.3% | 0.2% |
| Sentry Bank | $1,320,000 | $905,000 | -31.4% | 0.2% |
| THRIVENT Federal Credit Union | $655,000 | $900,000 | 37.4% | 0.2% |
| North American Banking Company | $865,000 | n/a | 0.2% | |
| Dollar Bank, Federal Savings Bank | $855,000 | n/a | 0.2% | |
| NEW DAY FINANCIAL, LLC | $2,740,000 | $835,000 | -69.5% | 0.2% |
| TOWN AND COUNTRY Credit Union | $830,000 | n/a | 0.2% | |
| BankVista | $1,385,000 | $820,000 | -40.8% | 0.2% |
| MUTUAL OF OMAHA MORTGAGE, INC. | $1,015,000 | $805,000 | -20.7% | 0.2% |
| St. Paul Federal Credit Union | $115,000 | $790,000 | 587.0% | 0.2% |
| First Dakota National Bank | $770,000 | n/a | 0.2% | |
| First National Bank of Elk River | $760,000 | n/a | 0.1% | |
| PNC Bank | $110,000 | $755,000 | 586.4% | 0.1% |
| Unity Bank | $1,295,000 | $750,000 | -42.1% | 0.1% |
| Minnesota Power Employees Credit Union | $740,000 | n/a | 0.1% | |
| Charles Schwab Bank, SSB | $3,070,000 | $725,000 | -76.4% | 0.1% |
| INTERCAP LENDING INC. | $725,000 | n/a | 0.1% | |
| UNION HOME MORTGAGE CORP. | $710,000 | n/a | 0.1% | |
| Neighborhood National Bank | $2,000,000 | $700,000 | -65.0% | 0.1% |
| Lakeview Bank | $690,000 | n/a | 0.1% | |
| SHAREPOINT CREDIT UNION | $180,000 | $680,000 | 277.8% | 0.1% |
| The Federal Savings Bank | $2,030,000 | $680,000 | -66.5% | 0.1% |
| Raymond James Bank | $625,000 | n/a | 0.1% | |
| Paramount Bank | $620,000 | n/a | 0.1% | |
| ZILLOW HOME LOANS, LLC | $275,000 | $615,000 | 123.6% | 0.1% |
| CARDINAL FINANCIAL | $1,635,000 | $610,000 | -62.7% | 0.1% |
| BAY EQUITY LLC | $4,180,000 | $605,000 | -85.5% | 0.1% |
| ENVOY MORTGAGE, LTD | $605,000 | n/a | 0.1% | |
| SUN WEST MORTGAGE COMPANY, INC. | $530,000 | n/a | 0.1% | |
| Regent Financial Group, Inc. | $520,000 | n/a | 0.1% | |
| Northwestern Bank | $505,000 | n/a | 0.1% | |
| Great Southern Bank | $495,000 | n/a | 0.1% | |
| First Bank | $485,000 | n/a | 0.1% | |
| JPMorgan Chase Bank | $9,130,000 | $485,000 | -94.7% | 0.1% |
| V.I.P. MORTGAGE, INC. | $485,000 | n/a | 0.1% | |
| Bank of England | $565,000 | $470,000 | -16.8% | 0.1% |
| First PREMIER Bank | $325,000 | $460,000 | 41.5% | 0.1% |
| Old National Bank | $1,915,000 | $450,000 | -76.5% | 0.1% |
| Figure Lending LLC | $155,000 | $440,000 | 183.9% | 0.1% |
| Farmers Bank & Trust | $435,000 | n/a | 0.1% | |
| 21ST MORTGAGE CORPORATION | $105,000 | $420,000 | 300.0% | 0.1% |
| CRESCENT MORTGAGE COMPANY | $1,490,000 | $420,000 | -71.8% | 0.1% |
| HomeTown Bank | $655,000 | $420,000 | -35.9% | 0.1% |
| PREMIER MORTGAGE RESOURCES, L.L.C. | $420,000 | n/a | 0.1% | |
| Foresight Bank | $415,000 | n/a | 0.1% | |
| First Internet Bank of Indiana | $405,000 | n/a | 0.1% | |
| Plains Commerce Bank | $885,000 | $395,000 | -55.4% | 0.1% |
| ANGEL OAK MORTGAGE SOLUTIONS LLC | $1,880,000 | $385,000 | -79.5% | 0.1% |
| Lend Smart Mortgage, LLC | $1,340,000 | $385,000 | -71.3% | 0.1% |
| SOUTHPOINT FINANCIAL | $385,000 | n/a | 0.1% | |
| Lake Central Bank | $380,000 | n/a | 0.1% | |
| Carrington Mortgage Services, LLC | $1,275,000 | $375,000 | -70.6% | 0.1% |
| Heritage Bank | $330,000 | $375,000 | 13.6% | 0.1% |
| Waterstone Mortgage Corporation | $1,355,000 | $375,000 | -72.3% | 0.1% |
| VALLEY FINANCIAL CREDIT UNION | $365,000 | n/a | 0.1% | |
| FINANCE OF AMERICA REVERSE LLC | $280,000 | $355,000 | 26.8% | 0.1% |
| AMERICAN PORTFOLIO MORTGAGE CORPORATION | $345,000 | n/a | 0.1% | |
| CNB Bank | $345,000 | n/a | 0.1% | |
| Paramount Residential Mortgage Group, Inc. | $645,000 | $345,000 | -46.5% | 0.1% |
| Century Mortgage Company DBA Century Lending Company | $115,000 | $335,000 | 191.3% | 0.1% |
| Third Federal Savings and Loan Association of Cleveland | $330,000 | n/a | 0.1% | |
| American Bank Center | $315,000 | n/a | 0.1% | |
| DRAPER AND KRAMER MORTGAGE CORP. | $435,000 | $315,000 | -27.6% | 0.1% |
| First Savings Bank | $205,000 | $315,000 | 53.7% | 0.1% |
| Mortgages Unlimited Inc. | $870,000 | $315,000 | -63.8% | 0.1% |
| LAKEVIEW LOAN SERVICING, LLC | $1,610,000 | $310,000 | -80.7% | 0.1% |
| American National Bank | $325,000 | $305,000 | -6.2% | 0.1% |
| EMBRACE HOME LOANS, INC. | $305,000 | n/a | 0.1% | |
| HOMEOWNERS FINANCIAL GROUP USA, LLC | $1,015,000 | $305,000 | -70.0% | 0.1% |
| Johnson Bank | $305,000 | n/a | 0.1% | |
| Northpointe Bank | $485,000 | $305,000 | -37.1% | 0.1% |
| Woodlands National Bank | $1,165,000 | $305,000 | -73.8% | 0.1% |
| HOMESIDE FINANCIAL, LLC | $295,000 | n/a | 0.1% | |
| Community Development Bank, FSB | $290,000 | n/a | 0.1% | |
| BAYSHORE MORTGAGE FUNDING, LLC | $285,000 | n/a | 0.1% | |
| Castle Rock Bank | $285,000 | n/a | 0.1% | |
| MILEND, INC. | $215,000 | $280,000 | 30.2% | 0.1% |
| CALCON MUTUAL MORTGAGE LLC | $245,000 | $275,000 | 12.2% | 0.1% |
| CHERRY CREEK MORTGAGE, LLC | $790,000 | $275,000 | -65.2% | 0.1% |
| GUILD MORTGAGE COMPANY | $470,000 | $275,000 | -41.5% | 0.1% |
| LAND HOME FINANCIAL SERVICES, INC. | $405,000 | $275,000 | -32.1% | 0.1% |
| Village Bank | $275,000 | n/a | 0.1% | |
| CorTrust Bank | $140,000 | $265,000 | 89.3% | 0.1% |
| TRUWEST Credit Union | $265,000 | n/a | 0.1% | |
| PROPER RATE, LLC | $255,000 | n/a | 0.0% | |
| PROVIDENT FUNDING ASSOCIATES, L.P. | $255,000 | n/a | 0.0% | |
| Lake Elmo Bank | $1,080,000 | $245,000 | -77.3% | 0.0% |
| The State Bank of Faribault | $370,000 | $245,000 | -33.8% | 0.0% |
| AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC | $570,000 | $235,000 | -58.8% | 0.0% |
| AXIA FINANCIAL, LLC | $920,000 | $235,000 | -74.5% | 0.0% |
| Citizens Alliance Bank | $225,000 | $235,000 | 4.4% | 0.0% |
| First Western Trust Bank | $235,000 | n/a | 0.0% | |
| NATIONS RELIABLE LENDING, LLC | $235,000 | n/a | 0.0% | |
| ROYAL UNITED MORTGAGE LLC | $230,000 | $235,000 | 2.2% | 0.0% |
| The Bank of Elk River | $1,775,000 | $225,000 | -87.3% | 0.0% |
| TOP FLITE FINANCIAL, INC. | $215,000 | n/a | 0.0% | |
| Barrington Bank & Trust Company, N.A. | $1,195,000 | $205,000 | -82.8% | 0.0% |
| M&T Bank | $205,000 | n/a | 0.0% | |
| Two Harbors Federal Credit Union | $205,000 | n/a | 0.0% | |
| MINNCO CREDIT UNION | $45,000 | $200,000 | 344.4% | 0.0% |
| 21st Century Bank | $185,000 | n/a | 0.0% | |
| Colonial Savings, F.A. | $470,000 | $185,000 | -60.6% | 0.0% |
| First State Bank and Trust | $115,000 | $185,000 | 60.9% | 0.0% |
| American Federal Bank | $1,085,000 | $175,000 | -83.9% | 0.0% |
| Cambria Financial Group, LLC | $2,980,000 | $165,000 | -94.5% | 0.0% |
| Nicolet National Bank | $165,000 | n/a | 0.0% | |
| Bank Midwest | $515,000 | $155,000 | -69.9% | 0.0% |
| Drake Bank | $155,000 | n/a | 0.0% | |
| Park State Bank | $155,000 | n/a | 0.0% | |
| Citizens Bank | $550,000 | $140,000 | -74.5% | 0.0% |
| Connexus Credit Union | $140,000 | n/a | 0.0% | |
| Pioneer Bank | $140,000 | n/a | 0.0% | |
| Freeport State Bank | $135,000 | n/a | 0.0% | |
| Premier Bank | $135,000 | n/a | 0.0% | |
| LENDINGHOME FUNDING CORPORATION | $135,000 | $125,000 | -7.4% | 0.0% |
| CAPITAL CREDIT UNION | $105,000 | n/a | 0.0% | |
| Citadel Servicing Corporation | $265,000 | $105,000 | -60.4% | 0.0% |
| OPEN MORTGAGE, LLC | $105,000 | n/a | 0.0% | |
| SWBC MORTGAGE CORPORATION | $105,000 | n/a | 0.0% | |
| Associated Healthcare Credit Union | $100,000 | n/a | 0.0% | |
| Coastal Community Bank | $85,000 | n/a | 0.0% | |
| SPRING EQ, LLC | $85,000 | n/a | 0.0% | |
| ASHLAND Credit Union | $75,000 | n/a | 0.0% | |
| First State Bank of Wyoming | $75,000 | n/a | 0.0% | |
| PRIMARY RESIDENTIAL MORTGAGE, INC. | $2,280,000 | $75,000 | -96.7% | 0.0% |
| Highland Bank | $65,000 | n/a | 0.0% | |
| PENTAGON FEDERAL CREDIT UNION | $65,000 | n/a | 0.0% | |
| AMERICAN FINANCING CORPORATION | $1,425,000 | $55,000 | -96.1% | 0.0% |
| Anoka Hennepin Credit Union | $375,000 | $55,000 | -85.3% | 0.0% |
| GTE Federal Credit Union | $55,000 | n/a | 0.0% | |
| GREAT RIVER FEDERAL CREDIT UNION | $45,000 | n/a | 0.0% | |
| INOVA FEDERAL CREDIT UNION | $35,000 | n/a | 0.0% | |
| MID AMERICA MORTGAGE, INC. | $125,000 | $35,000 | -72.0% | 0.0% |
| TRIAD FINANCIAL SERVICES, INC. | $25,000 | $35,000 | 40.0% | 0.0% |
| Home Loan Investment Bank, F.S.B. | $25,000 | n/a | 0.0% | |
| IDEAL | $1,030,000 | $15,000 | -98.5% | 0.0% |
Brainerd's top lender by overall market share is Deerwood Bank, with 6.9% market share. In second place, with 5.3%, is First Western Bank & Trust, having originated $26,995,000 in loans. In third place, with 4.7%, is LOANDEPOT.COM, LLC, having originated $23,925,000 in loans. In fourth place, with 4.7%, is U.S. Bank, having originated $23,865,000 in loans. In fifth place, with 3.5%, is Flagstar Bank, FSB, having originated $17,900,000 in loans.
Brainerd, MN Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 1,258 | $380,380,000 | $302,369 |
| Home Improvement | 241 | $24,275,000 | $100,726 |
| Other | 226 | $28,360,000 | $125,487 |
| Refi | 188 | $42,490,000 | $226,011 |
| Cash Out Refi | 176 | $37,620,000 | $213,750 |
Brainerd's most frequently cited loan purpose was Home Purchase, with 1,258 originations. The 2nd most popular reason was Home Improvement, with 241 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 724 | $193,940,000 | $267,873 |
| 7-8% | 548 | $138,340,000 | $252,445 |
| 5-6% | 314 | $94,270,000 | $300,223 |
| Over 8% | 295 | $43,035,000 | $145,881 |
| 4-5% | 31 | $7,475,000 | $241,129 |
| <2.5% | 19 | $385,000 | $20,263 |
| 3-4% | 4 | $1,050,000 | $262,500 |
| 2.5-3% | 3 | $625,000 | $208,333 |
During 2023, Brainerd's most frequently originated rate bucket was 6-7%, with 724 originations.
Loan Sizing (Brainerd, MN MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $200k-400k | 706 | $196,140,000 | $277,819 |
| $100k-200k | 534 | $80,280,000 | $150,337 |
| $100,000 or less | 517 | $26,225,000 | $50,725 |
| $400k-600k | 194 | $91,640,000 | $472,371 |
| $600k-1000k | 107 | $77,125,000 | $720,794 |
| $Over $1MM | 31 | $41,715,000 | $1,345,645 |
Brainerd's loan sizing saw the bucket of loans from $200k-400k with 706 originations, totaling $196,140,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 609 | $184,695,000 | $303,276 |
| 60-80% | 464 | $161,100,000 | $347,198 |
| Under 20% | 360 | $20,380,000 | $56,611 |
| 20-40% | 278 | $44,360,000 | $159,568 |
| 40-60% | 216 | $63,070,000 | $291,991 |
| Over 100% | 13 | $5,095,000 | $391,923 |
Brainerd's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 609 originations, totaling $184,695,000 in origination value.