ForTheBestRate.com is pleased to offer mortgage rate information from competing lenders and brokers offering home financing assistance in the Land of 10,000 Lakes. Whether you are looking to do a cash-out refinance on your primary residence for a remodeling project, or are hoping to purchase a vacation home on Lake Superior, the lenders and brokers featured on this site can likely help. Give one of the mortgage companies listed in the survey a call today to discuss their current Minnesota mortgage rates and financing programs.
Using the rate table
The majority of the mortgage companies represented in the rate survey on this page offer a variety of fixed rate (10, 15, 20, and 30 year terms) and adjustable rate financing solutions (3/1, 5/1, and 7/1 ARMs) for 1-4 unit residential properties (i.e. single family homes, duplexes, triplexes, and quadraplexes). These mortgage companies typically allow properties to be used as primary residences, second homes (aka vacation homes), or investment properties (rental homes). Rates often vary by occupancy type so you’ll need to speak with the various lenders and brokers to make sure that you qualify for what they have posted. Rates may also vary of other reasons including the type of property being financed. For exmaple, interest rates for condos may have pricing adjustments when compared to stand-alone, stick built homes. Be sure to speak with the various home loan providers directly to make sure that you have an accurate idea of pricing for your unique scenario.
Find additional information on mortgage companies and home buyer assistance programs in the State of Minnesota
Minnesota Mortgage Association – website
5200 Willison Road Suite 300 Edina, MN 55424 PH: 952-345-3240
Minnesota Mortgage Bankers Association – website
Minnesota Department of Commerce (Banking & Finance) – website
85 7th Place East, Suite 500 St. Paul, MN 55101 PH: 651-539-1700
Minnesota Credit Union Network – website
555 Wabasha Street North Suite #200 St Paul, MN 55102 PH: 651-288-5171
Minnesota Homeownership Center – Home buyer and foreclosure prevention information –website
Minneapolis Public Housing Authority – website
1001 Washington Ave North Minneapolis, MN 55401 PH: 612-342-1400
Live MSP – Multiple types of programs available in Minneapolis and St Paul – website
St. Paul Public Housing Agency – website
555 Wabasha Street North Suite 400 St. Paul, MN 55102 PH: 651-298-5664
Duluth Housing & Redevelopment Authority – website
222 E 2nd Street Duluth, MN 55816 PH: 218-529-6300
Popular Mortgage Programs Offered By Companies in the Rate Tables
- Fixed Rate Loans – Rates stay fixed for the lives of the loans. Most popular options are 30 and 15 year home loans but are also available in 20 and 10 year terms.
- Adjustable Rate Mortgages (ARMs) – These loans often have low introductory rates which remain in place for a set number of years. Most lenders offer adjustable rate mortgages with 3, 5, 7, and 10 year introductory rate periods. After the introductory rate periods end, rates then adjustable up or down based upon the loans’ margins, caps, and the indexes which the loans are tied to.
- Non-Conforming Jumbo Loans – You can find jumbo mortgage pricing in the rate tables by typing in a corresponding loan amounts. Jumbo loans are used to finance loan amounts which exceed areas’ conforming loan limits. Many lenders offer jumbo loans in 30 and 15 year fixed rate terms as well as several adjustable rate options.
- FHA Financing – FHA mortgages are low down payment home loans which are available through lenders approved by the Federal Housing Administration. FHA pricing may not be on display in the tables at this time. You may need to contact the various mortgage companies directly to see if they’re offering FHA financing.