Best Minnesota Mortgage Lenders & Current Mortgage Rates


Minnesota homebuyers have plenty of housing options to choose from. Minnesota has just under 2.5 million housing units a homeownership rate of roughly 72%, according to the U.S. Census Bureau’s 2018 American Community Survey.

Minnesota’s median housing value is $235,400, which falls just above the national median value of $229,700. Some areas of Minnesota have higher housing prices, but there are plenty of areas that offer lower price points.

U.S. News conducted an in-depth review of leading direct mortgage lenders. Research was based on program availability customer satisfaction ratings. Because each consumer has different needs, the top finishers in several key areas were chosen.

U.S. News’ Best Minnesota Mortgage Lenders of 2021

Chase

3% Min. Down Payment
Not disclosed Min. Credit Score

USAA

0% Min. Down Payment
Not Disclosed Min. Credit Score

Lender

Learn More
3% Min. Down Payment
Not disclosed Min. Credit Score

Lender

Learn More
0% Min. Down Payment
Not Disclosed Min. Credit Score

Best for digital customer care

PrimeLending is a Dallas-based mortgage lender with several mortgage loan options, including conventional loans, jumbo loans, government-backed loans refinance loans. The lender is a subsidiary of PlainsCapital Bank.

Before You Apply

  • Mortgage types: Conventional, Fixed Rate, ARM, Refinancing, FHA, VA, Jumbo, USDA
  • Minimum FICO credit score: 620
  • Minimum Down Payment: 0.03
  • Better Business Bureau rating: A+

Best Features

  • Homebuyers can choose from a variety of mortgage products.

  • Home loans are available nationwide.

  • Down payment closing cost assistance is available.

See full profile

Best for online mortgages with cash back rewards

Axos Bank, founded in 2000, is a digital financial services company based in San Diego. The full-service online bank is insured by the Federal Deposit Insurance Corp. offers everything from persona; business savings checking accounts to auto home loans.

Before You Apply

  • Mortgage types: Conventional, FHA, VA, Fixed-Rate, ARM, Jumbo, Home Equity Loans, HELOC, Refinancing
  • Minimum FICO credit score: 620
  • Minimum Down Payment: 5%
  • Better Business Bureau rating: A+

Best Features

  • Earn 3% annualized cash back — 0.25% monthly — if you have an Axos Bank checking account use it pay your mortgage.

  • Reduce or eliminate the $995 lender fee with an Axos Bank checking account.

  • On-time closing is guaranteed for buyers of single-family homes.

  • Access mortgage lona consultants to discuss your home financing needs.

See full profile

Best for low costs

Chase, one of the nation’s largest banks, offers mortgages, refinance loans home equity loans for qualified borrowers.

Before You Apply

  • Mortgage types offered: Conventional, FHA, VA, Fixed Rate, ARM, Jumbo, Refinancing
  • Minimum FICO credit score: Not disclosed
  • Minimum Down Payment: 3%
  • Better Business Bureau rating: A+

Best Features

  • Down payments as low as 3% are accepted.

  • Fixed- adjustable-rate mortgages are available.

See full profile

Best for product availability

ConsumerDirect Mortgage is a division of FirstBank, a publicly traded bank based in Nashville, Tennessee. ConsumerDirect Mortgage offers home purchase refinance loans to eligible borrowers.

Before You Apply

  • Mortgage types: Conventional, FHA, Fixed Rate, ARM, Jumbo, Refinancing, VA
  • Minimum FICO credit score: Not Disclosed
  • Minimum Down Payment: Not Disclosed
  • Better Business Bureau rating: A+

Best Features

  • Fixed adjustable-rate mortgages are available. A lender credit for third-party closing costs is available for many loans. <br/>Loans are offered in 49 states; ConsumerDirect Mortgage does not lend in Maryland.

See full profile

Best for low down payment

PNC Bank is one of the largest U.S. banks, serving more than 9 million customers in all 50 states. PNC offers most types of mortgages.

Before You Apply

  • Mortgage types: Conventional, Fixed Rate, FHA< VA, ARM, Jumbo, HELOC, Refinancing
  • Minimum FICO credit score: 620
  • Minimum Down Payment: 3%
  • Better Business Bureau rating: A+

Best Features

  • Multiple types of mortgages are available.

  • PNC supplies an online home ownership cost tool.

  • Some mortgage options require no or low down payments.

See full profile

Best for low APR

New American Funding is a national mortgage lender offering a variety of home loan options to homebuyers homeowners. The company was founded in 2003 is headquartered in Tustin, California. The lender has originated more than $50 billion in mortgage loans to date.

Before You Apply

  • Mortgage types: Conventional, Fixed Rate, VA, FHA, ARM, Refinancing
  • Minimum FICO credit score: 620
  • Minimum Down Payment: 3%
  • Better Business Bureau rating: A+

Best Features

  • The company has multiple mortgage options, including low-down-payment loans loans where you set your term length.

  • You can choose between fixed- or adjustable-rate loans.

See full profile

Best for bad credit

Carrington Mortgage Services makes a range of mortgages, including refinancing, available to borrowers nationwide. The company, which provides conventional government-backed mortgages, has funded $22 billion in home loans since 2011.

Before You Apply

  • Mortgage types: Conventional, FHA, VA, USDA, Fixed Rate, ARM, Refinancing
  • Minimum FICO credit score: 620
  • Minimum Down Payment: 3%
  • Better Business Bureau rating: A+

Best Features

  • Applicants with credit scores as low as 500 are accepted for some products.

  • The Home Possible Advantage loan program can require a down payment of as little as 3%.

See full profile

Best for mortgage variety

AmeriSave Mortgage Corp. is an online lender that has been in business since 2002. It was one of the first to offer an offsite, digital mortgage experience for customers. The company says it has financed more than 390,000 homes since it began operating. With headquarters in Atlanta, AmeriSave services loans in 49 states Washington, D.C.

Before You Apply

  • Mortgage types: Conventional, Jumbo, Fixed Rate, ARM, FHA, VA, USDA, Refinancing
  • Minimum FICO credit score: 620
  • Minimum Down Payment: 3%
  • Better Business Bureau rating: A+

Best Features

  • FHA, VA USDA loans are available, in addition to conventional fixed-rate adjustable-rate mortgages.

  • Potential borrowers can get prequalified without a hard credit inquiry.

  • Borrowers can complete the majority of the application process online.

See full profile

Best for product availability

Freedom Mortgage is one of the country’s largest loan originators servicers operating in every state, plus Washington, D.C., Puerto Rico, the U.S. Virgin Islands. Loan options include conventional, adjustable rate, jumbo, refinance, Federal Housing Administration, Department of Veterans Affairs Department of Agriculture.

Before You Apply:
Mortgage types offered: ARM, Conventional, FHA, Fixed Rate, Jumbo, Refinancing, USDA, VA
• Minimum FICO score: 620
• Minimum Down Payment: 3%
Better Business Bureau rating: A+

Best Features

  • Offers wide selection of mortgages.

  • Helps qualify borrowers with fair credit.

  • Focuses on FHA VA loans.

See full profile

Best for customer service

Rocket Mortgage, the largest mortgage lender in the nation, was founded in 1985 as Rock Financial. With headquarters in Detroit, the company offers a completely digital home lending process. On July 31, 2021, the lender changed its name to Rocket Mortgage. It was previously known as Quicken Loans.

Before You Apply

  • Mortgage types: Conventional, Fixed Rate, FHA, ARM, VA, Refinancing, Jumbo,
  • Minimum FICO credit score: 620,
  • Minimum Down Payment: 3%,
  • Better Business Bureau rating: A+

Best Features

  • Rocket Mortgage services 99% of the loans it originates.

  • The company offers customizable loan terms.

  • The digital application process is user-friendly, loan status information is always available.

  • Rocket Mortgage has an excellent customer service reputation.

See full profile

What Are the Mortgage Rates in Minnesota?

The average interest rate for a 30-year fixed-rate conforming mortgage in Minnesota is 2.87%.

Home interest rates range from 2.5% to 3.75% in Minnesota.

What Are Today’s Mortgage Rates?

Locking in a low mortgage rate today can save you thousands over the life of your loan. Compare your mortgage rate offers with national average trends.

Mortgage Calculator

Is your dream home within reach? U.S. News’ mortgage calculator will show you how much house you can afford.

What Are Some Minnesota Homebuyer Programs?

Minnesota Housing offers home loan programs Minnesota homebuyers can use to help them afford a home. These include down payment closing cost loans, fixed interest rates low down payment options.

  • Available to: Eligible Minnesota first-time homebuyers or buyers who have not owned a home in the last three years.
  • Income limits: Vary by county (see income limits).
  • First-time homebuyers only? Yes.
  • Benefits: Fixed interest rates, down payments as low as 3%, low or no mortgage insurance options potential down payment closing cost loans of up to $17,000.

  • Available to: Eligible Minnesota homebuyers.
  • Income limits: Vary by county (see income limits).
  • First-time homebuyers only? No.
  • Benefits: Fixed interest rates, down payments as low as 3%, low or no mortgage insurance options potential down payment closing cost loans of up to $17,000.

View More Best Minnesota Mortgage Lenders

Best for government loans

Founded in 2008, PennyMac is a national mortgage lender with more than $473 billion in loans serviced. PennyMac offers a range of home loans, including conventional, Federal Housing Administration, Veterans Affairs investment property mortgages.

Before You Apply

  • Mortgage types: Conventional, Fixed Rate, FHA, VA, ARM, USDA, Refinancing
  • Minimum FICO credit score: 620
  • Minimum Down Payment: 0.03
  • Better Business Bureau rating: A+

Best Features

  • PennyMac accepts a 50% debt-to-income ratio for conventional loans in some instances.

  • Online capabilities include a 24/7 access center email status updates.

See full profile

Best for product availability

Wells Fargo offers a variety of mortgage home equity products in 36 states. The lender offers conventional, adjustable-rate, FHA, VA, USDA, jumbo refinancing loans.

Before You Apply

  • Mortgage types: Conventional, Fixed Rate, ARM, Jumbo, FHA, VA, USDA, Refinancing
  • Minimum FICO credit score: 620
  • Minimum Down Payment: 3%
  • Better Business Bureau rating: A+

Best Features

  • Borrowers can choose from a variety of mortgage products.

  • Wells fargo offers specialized loans with additional loan options.

  • Borrowers can get prequalified apply online.

See full profile

Best for client relations

SunTrust Bank, now known as Truist, is based in Charlotte, North Carolina, offers mortgages through branches in 15 states Washington, D.C. Loan types include fixed or adjustable rate, conventional, jumbo, refinance, Federal Housing Administration, Department of Veterans Affairs Department of Agriculture.

Before You Apply

  • Mortgage types: ARM, Conventional, FHA, Fixed Rate, Jumbo Refinancing, USDA, VA
  • Minimum FICO credit score: Not Disclosed
  • Minimum Down Payment: 3%
  • Better Business Bureau rating: A+

Best Features

  • Offers FHA, USDA VA loans.

  • Provides a doctor loan program.

  • Supplies an online mortgage application.

See full profile

Best for fair credit

Flagstar offers banking lending products in every state. Borrowers can select from conventional or government-backed mortgages, such as FHA, VA USDA loans, opt for adjustable-rate mortgages.

Before You Apply

  • Mortgage types: ARM, Conventional, FHA, Fixed Rate, Home Equity Loans, Jumbo, Refinancing, USDA, VA
  • Minimum FICO credit score: 620
  • Maximum Down Payment: 10%
  • Better Business Bureau rating: A+

Best Features

  • Flagstar Bank provides a broad selection of mortgages.

  • Some mortgages require no or a low down payment.

See full profile

Best for large loan amounts

Bank of America serves roughly 66 million customers in all 50 states. The lender offers conventional, Federal Housing Administration, Department of Veterans Affairs jumbo loans, as well as home equity lines of credit mortgage refinancing.

Before You Apply

  • Mortgage types: Conventional, Fixed, FHA, VA, ARM, HELOC, Jumbo, Refinancing
  • Minimum FICO credit score: Not disclosed
  • Minimum Down Payment: 5%
  • Better Business Bureau rating: A+

Best Features

  • Bank of America has a variety of mortgage products.

  • The lender offers origination fee discounts for qualifying Bank of America Merrill Lynch clients.

  • Home equity lines of credit have no annual, application or cash advance fees or closing costs.

  • Bank of America offers a first-time homebuyer program.

See full profile

Best for no down payment

Alliant Credit Union is a nonprofit financial cooperative. The credit union serves customers in all 50 states. Mortgage products include conventional, jumbo refinancing loans, home equity lines of credit.

Before You Apply

  • Mortgage types: Conventional, Fixed, ARM, Refinancing, Jumbo, HELOC
  • Minimum FICO credit score: Not Disclosed
  • Minimum Down Payment: 3%
  • Better Business Bureau rating: A+

Best Features

  • No-down-payment mortgages are available for first-time homebuyers with excellent credit.

  • Those who buy or sell through the Alliant Home Rewards program are eligible for cash back rebates.

See full profile

Best for digital closing

Guaranteed Rate, founded in 2000 based in Chicago, offers mortgage options including conventional loans, Federal Housing Administration loans, jumbo loans interest-only loans to customers in all 50 states Washington, D.C. Borrowers can take advantage of specialized loan products Guaranteed Rate’s online application, documentation loan payment options.

Before You Apply:

  • Mortgage types: ARM, Fixed Rate, Conventional, FHA, VA, USDA, Refinancing, Jumbo, Interest only
  • Minimum FICO credit score: 620
  • Minimum Down Payment: 0.05
  • Better Business Bureau rating: A-

Best Features

  • Provides qualifying borrowers with a fully or partially digital closing process

  • Offers several mortgage loan products

See full profile

Best for Veterans Affairs loans

USAA serves more than 13 million members of the military their families, offering financial products in every state Washington, D.C. Qualifying borrowers can obtain mortgages, including VA, conventional refinance loans. USAA is known for its customer service specialization in products for service members.

Before You Apply:

  • VA loan products available: Jumbo, Refinancing, VA
  • Minimum FICO credit score: Not Disclosed
  • Minimum Down Payment: 0
  • Better Business Bureau rating: A

Best Features

  • Rates well for customer service.

  • Offers VA Interest Rate Reduction Refinance Loans, also known as IRRRL or streamline refinance.

See full profile

Best for online service

Caliber Home Loans of Coppell, Texas, offers mortgage home equity products nationwide. Options include conventional, adjustable-rate, refinancing, Federal Housing Administration, U.S. Department of Agriculture Veterans Affairs loans. Caliber has been in business since 2008, is focused on home lending products.

Before You Apply

  • Mortgage types: Conventional, FHA, VA, USDA, Fixed, ARM, Refinancing
  • Minimum FICO credit score: 620
  • Minimum Down Payment: 3%
  • Better Business Bureau rating: A+

Best Features

  • The first-time homebuyer program HomeOne can require a down payment of as little as 3% borrowers may qualify with a minimum 620 credit score.

  • Government-insured loans including Federal Housing Administration, Veterans Affairs, United States Department of Agriculture programs are available.

See full profile

Advertising Disclosure: Some of the loan offers on this site are from companies
who are advertising clients of U.S. News. Advertising considerations may impact
where offers appear on the site but do not affect any editorial decisions,
such as which loan products we write about how we evaluate them. This site
does not include all loan companies or all loan offers available in the marketplace.



Source link