Minnesota Mortgage Rates

April 29, 2016 03:45 PM Eastern

Refinance rates now in MINNEAPOLIS, MN [Change this]

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Home Price (Purchase)
When you get a mortgage to purchase a home, the lender uses the lower of the agreed-upon purchase price or the property's appraised value to determine your maximum loan amount. The loan amount divided by the property home price equals your loan-to-value ratio, or LTV. That ratio is one of the major factors that lenders use to set your mortgage rate. If your LTV exceeds 80 percent, you'll probably be required to pay mortgage insurance, which increases your monthly payment. If the property appraises for less than the agreed-on purchase price, you are not usually required to complete the purchase.
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Home Value (Refinance)
This is your estimate of the current value of your property. When you refinance, your home is almost always evaluated by a licensed appraiser. The refinance loan amount divided by the property's appraised value equals your loan-to-value ratio (LTV), and that number is one of the major factors that determine your mortgage rate. To get an accurate refinance rate quote, your home value estimate must be reasonably accurate.
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Down Payment
The down payment is the amount you pay upfront when you finance property. Your purchase price minus your down payment equals your mortgage amount. The higher your down payment, the more likely you are to be approved for a home loan. If your down payment is less than 20 percent of the purchase price, you'll probably be required to pay for mortgage insurance, which increases your monthly payment.
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Credit Score
Your credit score is a number designed to measure your credit-worthiness. It's based on a formula that combines many factors, including your payment history, amount of credit used and number of accounts. This number is used by lenders to calculate the probability that you'll default on your mortgage. Most lenders won't approve mortgages to applicants with credit scores lower than 620. Your credit score is one of the most important factors that determines your mortgage rate - applicants with higher scores are offered better mortgage rates.

30 Year Fixed

Interest Rate
3.375%
APR
3.466%
Monthly Payment
$885
Consumer Direct Mortgage, a division of FirstBank
30 Year Fixed
Interest Rate
3.375%
APR
3.466%
Monthly Payment
$885
(855) 997-1825 Contact
Consumer Direct Mortgage, a division of FirstBank
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 30 Days
Down Payment $50,000
Principal and Interest Payments $885
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $885
Lender Fees $2,260
Lender Credit $0
Total Closing Fees* $2,260
*Other 3rd party fees may apply
Consumer Direct Mortgage, a division of FirstBank
Email Lender

About the Lender

At Consumer Direct Mortgage, we know that each customer has specific needs, so we strive to meet those specific needs with a wide array of products, investment tools, mortgages and best of all quality service and individual attention. You are our priority and we know that superior service, delivering what was offered, coupled with the lowest overall cost is the way to keep you as a customer for life. In a lending environment where everyone is offering the same core products and programs, we know that we have to separate ourselves with an unwavering commitment to services and delivering the lowest overall total cost to close every day. Our sales and operations team is comprised of veteran Mortgage Professionals that are committed to this philosophy and understand what it takes to get the job done on time and at the agreed upon terms and conditions presented.
Consumer Direct Mortgage, a division of FirstBank
Email Lender Write a Review

Lender Reviews

Timely and professional

Yes, I recommend this lender

The process with Consumer Direct was pleasant and timely. Everything was laid out well and they had the best rate available for a 20 year refi. We are very happy with the outcome and would recommend them highly.

By: Stephanie (Post Falls, ID)

A Pleasant Experience

Yes, I recommend this lender

Although I'd initially dreaded the refinancing process and all that goes along with it (mainly gathering and submitting paperwork), I quickly found that Patrick Moore and his team are on top of the process. All my questions were timely answered, and submitting requested documents was super-easy via their online portal. Turns out, it was a pain-free, pleasant experience! I'll refer friends and family to Patrick and his team -- for sure.

By: Donna (Atlanta, GA)

excellent

Yes, I recommend this lender

Wonderful experience. Very impressed on how responsive Gigi and all staff was to help me. Thank you so much.

By: Anne (Norwalk, CT)
See All Reviews
First Internet Bank
30 Year Fixed
Interest Rate
3.375%
APR
3.547%
Monthly Payment
$885
(855) 637-1962 Contact
First Internet Bank
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 30 Days
Down Payment $50,000
Principal and Interest Payments $885
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $885
Lender Fees $4,237
Lender Credit $0
Total Closing Fees* $4,237
*Other 3rd party fees may apply
First Internet Bank
Email Lender

About the Lender

At First Internet Bank, we focus on helping our customers achieve their dreams of homeownership. We know that it is more than a house to you; it is where you raise your families, make lasting memories and build financial security. And we know that your family and home is unique and special, so we treat each and every application individually.
1. Your home loan experience – better, faster, easier – Our team has helped thousands of people like you afford the home of their dreams. You can rely on our deep knowledge and experience because our loan officers are seasoned professionals. They’re not sales people; they are “skilled mortgage advisors.” We take the time to explain each step to you – forms, paper work, the home appraisal and the final closing. First IB is there for you and will guide, support and advise you every step of the way.
2. Great rates and low fees – We know that once you find that perfect home in that perfect neighborhood, you’ll need a mortgage partner to help you design the perfect payment plan. First IB consistently delivers competitive mortgage rates to home owners across the nation. And unlike some lenders, we won’t just show you “some” of the fees, we show you everything. Put us to the test!
First Internet Bank
Email Lender Write a Review

Lender Reviews

Higly recommended

Yes, I recommend this lender

They are very professional, and respond fast to my questions. Great rate and fee. Save me a lot on mortgage.

By: Ying (Wilmington, NC)

Quick Responders

Yes, I recommend this lender

Greg and his team were always quick to respond to my requests and answered every question with accuracy. Refinancing my home via email and online was easier than the times I've done it in person.

By: JJ (Eagle Mountain, UT)

Simply a great lender

Yes, I recommend this lender

Great folks to work with. They got me the best rate and did not waste my time. Very efficient and professional. Michael McCarthy was a real pleasure to deal with, and the rest of the team as well.

By: Phil (Lawrenceville, GA)
See All Reviews

15 Year Fixed

Interest Rate
2.500%
APR
2.833%
Monthly Payment
$1,334
First Internet Bank
15 Year Fixed
Interest Rate
2.500%
APR
2.833%
Monthly Payment
$1,334
(855) 637-1962 Contact
First Internet Bank
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 30 Days
Down Payment $50,000
Principal and Interest Payments $1,334
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $1,334
Lender Fees $4,629
Lender Credit $0
Total Closing Fees* $4,629
*Other 3rd party fees may apply
First Internet Bank
Email Lender

About the Lender

At First Internet Bank, we focus on helping our customers achieve their dreams of homeownership. We know that it is more than a house to you; it is where you raise your families, make lasting memories and build financial security. And we know that your family and home is unique and special, so we treat each and every application individually.
1. Your home loan experience – better, faster, easier – Our team has helped thousands of people like you afford the home of their dreams. You can rely on our deep knowledge and experience because our loan officers are seasoned professionals. They’re not sales people; they are “skilled mortgage advisors.” We take the time to explain each step to you – forms, paper work, the home appraisal and the final closing. First IB is there for you and will guide, support and advise you every step of the way.
2. Great rates and low fees – We know that once you find that perfect home in that perfect neighborhood, you’ll need a mortgage partner to help you design the perfect payment plan. First IB consistently delivers competitive mortgage rates to home owners across the nation. And unlike some lenders, we won’t just show you “some” of the fees, we show you everything. Put us to the test!
First Internet Bank
Email Lender Write a Review

Lender Reviews

Higly recommended

Yes, I recommend this lender

They are very professional, and respond fast to my questions. Great rate and fee. Save me a lot on mortgage.

By: Ying (Wilmington, NC)

Quick Responders

Yes, I recommend this lender

Greg and his team were always quick to respond to my requests and answered every question with accuracy. Refinancing my home via email and online was easier than the times I've done it in person.

By: JJ (Eagle Mountain, UT)

Simply a great lender

Yes, I recommend this lender

Great folks to work with. They got me the best rate and did not waste my time. Very efficient and professional. Michael McCarthy was a real pleasure to deal with, and the rest of the team as well.

By: Phil (Lawrenceville, GA)
See All Reviews
Consumer Direct Mortgage, a division of FirstBank
15 Year Fixed
Interest Rate
2.625%
APR
2.815%
Monthly Payment
$1,346
(855) 997-1825 Contact
Consumer Direct Mortgage, a division of FirstBank
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 30 Days
Down Payment $50,000
Principal and Interest Payments $1,346
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $1,346
Lender Fees $2,646
Lender Credit $0
Total Closing Fees* $2,646
*Other 3rd party fees may apply
Consumer Direct Mortgage, a division of FirstBank
Email Lender

About the Lender

At Consumer Direct Mortgage, we know that each customer has specific needs, so we strive to meet those specific needs with a wide array of products, investment tools, mortgages and best of all quality service and individual attention. You are our priority and we know that superior service, delivering what was offered, coupled with the lowest overall cost is the way to keep you as a customer for life. In a lending environment where everyone is offering the same core products and programs, we know that we have to separate ourselves with an unwavering commitment to services and delivering the lowest overall total cost to close every day. Our sales and operations team is comprised of veteran Mortgage Professionals that are committed to this philosophy and understand what it takes to get the job done on time and at the agreed upon terms and conditions presented.
Consumer Direct Mortgage, a division of FirstBank
Email Lender Write a Review

Lender Reviews

Timely and professional

Yes, I recommend this lender

The process with Consumer Direct was pleasant and timely. Everything was laid out well and they had the best rate available for a 20 year refi. We are very happy with the outcome and would recommend them highly.

By: Stephanie (Post Falls, ID)

A Pleasant Experience

Yes, I recommend this lender

Although I'd initially dreaded the refinancing process and all that goes along with it (mainly gathering and submitting paperwork), I quickly found that Patrick Moore and his team are on top of the process. All my questions were timely answered, and submitting requested documents was super-easy via their online portal. Turns out, it was a pain-free, pleasant experience! I'll refer friends and family to Patrick and his team -- for sure.

By: Donna (Atlanta, GA)

excellent

Yes, I recommend this lender

Wonderful experience. Very impressed on how responsive Gigi and all staff was to help me. Thank you so much.

By: Anne (Norwalk, CT)
See All Reviews

5/1 ARM

Interest Rate
2.625%
APR
3.348%
Monthly Payment
$804
Consumer Direct Mortgage, a division of FirstBank
5/1 ARM
Interest Rate
2.625%
APR
3.348%
Monthly Payment
$804
(855) 997-1825 Contact
Consumer Direct Mortgage, a division of FirstBank
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 30 Days
Down Payment $50,000
Principal and Interest Payments $804
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $804
Lender Fees $2,612
Lender Credit $0
Total Closing Fees* $2,612
*Other 3rd party fees may apply
Consumer Direct Mortgage, a division of FirstBank
Email Lender

About the Lender

At Consumer Direct Mortgage, we know that each customer has specific needs, so we strive to meet those specific needs with a wide array of products, investment tools, mortgages and best of all quality service and individual attention. You are our priority and we know that superior service, delivering what was offered, coupled with the lowest overall cost is the way to keep you as a customer for life. In a lending environment where everyone is offering the same core products and programs, we know that we have to separate ourselves with an unwavering commitment to services and delivering the lowest overall total cost to close every day. Our sales and operations team is comprised of veteran Mortgage Professionals that are committed to this philosophy and understand what it takes to get the job done on time and at the agreed upon terms and conditions presented.
Consumer Direct Mortgage, a division of FirstBank
Email Lender Write a Review

Lender Reviews

Timely and professional

Yes, I recommend this lender

The process with Consumer Direct was pleasant and timely. Everything was laid out well and they had the best rate available for a 20 year refi. We are very happy with the outcome and would recommend them highly.

By: Stephanie (Post Falls, ID)

A Pleasant Experience

Yes, I recommend this lender

Although I'd initially dreaded the refinancing process and all that goes along with it (mainly gathering and submitting paperwork), I quickly found that Patrick Moore and his team are on top of the process. All my questions were timely answered, and submitting requested documents was super-easy via their online portal. Turns out, it was a pain-free, pleasant experience! I'll refer friends and family to Patrick and his team -- for sure.

By: Donna (Atlanta, GA)

excellent

Yes, I recommend this lender

Wonderful experience. Very impressed on how responsive Gigi and all staff was to help me. Thank you so much.

By: Anne (Norwalk, CT)
See All Reviews
Sebonic Financial
5/1 ARM
Interest Rate
2.625%
APR
3.398%
Monthly Payment
$804
(866) 544-4064 Contact
Sebonic Financial
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 30 Days
Down Payment $50,000
Principal and Interest Payments $804
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $804
Lender Fees $3,834
Lender Credit $0
Total Closing Fees* $3,834
*Other 3rd party fees may apply
Sebonic Financial
Email Lender

About the Lender

Sebonic Financial is a division of Cardinal Financial Company, a full service mortgage banking firm in operation since 1987.  The company is an approved seller/servicer for Fannie Mae, Freddie Mac and Ginnie Mae. Cardinal is also an approved lending institution for the Department of Housing and Urban Development/Federal Housing Administration and the Department of Veteran Affairs/Veterans Administration with FHAs Direct Endorsement and VA Automatic Lender Authority.  Cardinal is an authorized lender for the USDA/Rural Housing Program, the Pennsylvania Housing Finance Agency and the New Jersey Mortgage Housing Finance Agency.

 

Cardinal is licensed by the Departments of Banking in many states, mainly in the eastern and southeastern United States.  Its retail and wholesale divisions originate first mortgage loans for qualified borrowers.

Sebonic Financial
Email Lender Write a Review

Lender Reviews

Very Impressed

Yes, I recommend this lender

Requesting a loan with Sebonic was a very satisfying experience. I was contacted promptly and professionally, and the loan originator, Scott Galbraith, was very professional and friendly. Although I decided to not complete the loan, Sebonic did offer the best rates I saw out there, and provided a very professional service. I would recommend Sebonic for anyone seeking a mortgage.

By: Daniel (Boca Raton, FL)

Great rate, quick and easy close

Yes, I recommend this lender

I recently utilized Sebonic/Cardinal to close a no cash out Refinance. It was an extremely smooth process and I received a clear to close less than 2 weeks after my initial call in. It was very refreshing because I had originally been working with the old servicer (not Sebonic) of my loan and it was a painful process working with them. Then I went to two well-known online lenders (also not Sebonic) and the first kept adding new, unnecessary, conditions as the other conditions were cleared and kept delaying the clear to close. Full disclosure - In a previous life, I was a mortgage underwriter/AE for a number of years so I have background experience. The loan officer at the second lender played games right off the bat so I was done with them. He told me on the phone that I would be bringing nothing to the table. When I saw the Loan Estimate Disclosure, he had raised my loan amount and rolled higher closing costs (large origination) into the loan. Then, thankfully I found Sebonic through a Google search. I called and spoke with Kobie, my Loan Officer. He was very straight forward and up front regarding rates and fees and I felt comfortable with him on the phone, but I still wanted to see the Loan Estimate Disclosure. I received it and it matched what was said during our conversation. Fees were very reasonable, so much so that I was able to buy down the rate even more. I received the conditions list the next business day and the loan processor contacted me to set up a phone call to review and answer any questions I may have. I submitted all conditions online (relatively user friendly interface). There were some disclosures that needed to be signed/scanned as well. Communication via phone and email was very efficient. My loan processor Jervay was almost always available via phone, and if I left a message, he responded back promptly. Email replies were also prompt. I received a clear to close less than 2 weeks after my original conversation with the loan officer. I had been a tad worried with the 30 day lock, but obviously Sebonic knew that they can turn around some loans very efficiently. Also, everyone I was in contact with was very pleasant. I never felt like I was being pushed or ignored which I had experienced with the other lenders. Overall, A+ experience and I highly recommend.

By: RA (Chantilly, VA)

Sebonic was quick, inexpensive and easy

Yes, I recommend this lender

After receiving what I perceived as poor service at Quicken I walked away from them the week of the scheduled closing and went with Sebonic. As far as I am concerned it was a great decision as I closed quickly with a slightly better rate and lower closing costs. James Dawkins was assigned to push my loan through and he was very responsive and helpful. For the closing they sent a notary to my home and with a little help from James everything was done in about 45 minutes. This was probably about my 20th loan / refi and the first that was done almost entirely via the internet. The internet added a few twists to the process but overall it was painless.

By: Andrew (Pinehurst, NC)
See All Reviews
Mortgage rate quotes displayed on LendingTree LoanExplorer℠, including loan pricing data, rates and fees, are provided by third party data providers including, but not limited to, Mortech®, a registered trademark of Zillow®, LoanXEngine, a product of Mortgage Builder Software, Inc., and LoanTek, Inc.

Mortgage Rate Trends

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Know the Facts About Current Minnesota Mortgage Rates
When you're looking for a new home and you're seeking out the rugged natural beauty of a place like Minnesota, you'll have a vested interest in current Minnesota mortgage rates. You don't want your dream home to become a nightmare because you're paying more than you can afford.

Lenders offer different MN mortgage rates, competing with one another for your loan by offering you the best current Minnesota mortgage interest rates. That's especially true if you have good credit and a substantial down payment saved, but even people without those assets can obtain good terms. 

The best way to learn about current MN mortgage rates and obtain the best terms and conditions is to do some research on mortgage rates in Minnesota before you choose a lender. 

Minnesota Mortgage Interest Rates for Poor Credit
Not everyone has perfect credit. Even when the economy and the housing market are doing well, many people struggle to save enough for a down payment. You can qualify for a mortgage, but you'll need to pay close attention to the MN mortgage interest rates and terms. The current MN mortgage rates will probably be slightly higher for you than they would be for someone with better credit.

Minnesota law currently protects people from mortgage assistance scams, so if you're worried about the "deal" you're being offered, be sure to check into the details of the offer.

MN Mortgage Rates and the Minnesota Housing Finance Agency
The Minnesota Housing Finance Agency is a government-funded resource founded to help Minnesotans finance their home purchases and offers loans for qualifying buyers as well as low Minnesota mortgage interest rates. 

One such program offered by the agency is the Minnesota Mortgage Program, which was designed for first-time homebuyers within lower income brackets. This program helps potential buyers find the lowest MN mortgage rates through qualified lenders. It also helps buyers by offering interest-free loans with deferred payment plans. 

The Homeownership Assistance Fund (HAF) helps qualified applicants with down payment and closing costs as well.

FHA and Other Current Minnesota Mortgage Rates
The North Star State has a lot to offer, whether you're looking to live in the hustle and bustle of Saint Paul or you want to live in a more rural environment. Over five million people are happy to call Minnesota home. 

If you don't have much of a down payment, have had some credit problems, or have other unique circumstances, you might want to consider an FHA insured loan. You can still get great MN mortgage rates through conventional lenders, so don't let loan cost concerns stop you from getting the Minnesota home you've always wanted. Check out all of our current rates.