Gate City Bank is a mutually owned, community-focused bank and direct mortgage lender headquartered in Fargo, North Dakota. Established in 1923 as Gate City Building & Loan Association, the bank now operates 45 branches across North Dakota and central Minnesota, making it the largest mortgage lender in North Dakota.
See today’s mortgage interest rates on TrueRate.
How Gate City Bank compares to other lenders
| Headquarters | Fargo, North Dakota |
| Website | gatecity.bank |
| Rate | 0.18% less than the median rate |
| Lender fees | $695 (median) |
| Savings after 1 year, compared to the median interest rate | $937 |
| Savings after 10 years, compared to the median interest rate | $6,026 |
| Added cost after 1 year (vs. Tomo Mortgage) | $1,641 |
| Added cost after 10 years (vs. Tomo Mortgage) | $5,158 |
For a $400,000 mortgage, Gate City Bank’s rates and lender fees will likely result in savings of around $937 in the first year and around $6,026 after 10 years compared to the median lender. Borrowers should rate shop and compare Gate City Bank to lower cost lenders such as Tomo Mortgage to see if larger savings can be achieved- especially if planning to stay in the property more than a couple of years.
What customers are saying
First American Bank’s mortgage lending receives predominantly negative sentiment on third-party review platforms. On Yelp, borrowers report significant frustrations, including repeated errors by escrow agents, frequent typos in documentation, and a lack of professionalism during the closing process. Customers also describe failed online notary experiences, disconnections with support staff, and a general sense of incompetence. Multiple reviewers mention poor customer service, with complaints about unhelpful or rude staff, and inflexible fee policies. Some borrowers cite high late fees and an unwillingness to work with customers on one-time issues, further contributing to dissatisfaction. Positive feedback is rare, and most reviews caution against using First American Bank for mortgage lending due to these recurring issues.
How to compare mortgage lenders
Interest rates. Comparing rates between lenders isn’t always straightforward. Many promote low headline rates that require paying “points” upfront to buy down the interest rate. To make a true comparison, focus on the par rate (0 points) and the APR, which reflects both the interest rate and any lender fees. Even small differences can translate into significant savings over the life of the loan.
Lender fees or loan origination fees. Many lenders charge fees that add thousands to the cost of a loan. It’s important to look at both the rate and the fees together to understand the true cost of borrowing. For a $400,000 mortgage, avoiding even a $1,000 fee could contribute to meaningful savings in the first year and over the long term.
On-time close rate. Most lenders do not publicly share their on-time close rates. However, it’s a critical factor—especially if your home contract has tight deadlines. Asking about their process for meeting close dates, including underwriting and document review timelines, can give you more confidence when choosing a lender.
Pre-approval and offer letters. Some lenders offer fast pre-qualifications that may not be fully underwritten, which can weaken your offer in competitive markets. It’s important to ask whether a lender’s pre-approvals are fully underwritten and how credible their letters are when presented with an offer.
Customer satisfaction. If detailed customer review data isn’t readily available, check third-party review sites or ask the lender for references. It’s important to understand how they handle communication, responsiveness, and issue resolution throughout the loan process.
Employee reviews. Company culture often influences how clients are treated. A lender with strong employee satisfaction typically delivers better service, more organized processing, and a smoother overall experience for borrowers.
To better understand how we compare mortgage rates fairly, see our TrueRate Methodology.
If you’re ready to start your journey to homeownership, get pre-approved with Tomo Mortgage today.