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Minnesota Home Mortgage Loans -- 3 Ways to Find the Best Lender

While the price of homes varies widely between zip codes in Minnesota, the average, overall price of a home in Minnesota is around $125,000. Average interest rates in Minnesota are below the national average; however, Minnesota’s average rate of job growth is also below the national average.

Finding the Best Minnesota Home Mortgage Loan Lender

When looking to buy a home in Minnesota, there are a few things that you need to look for in a lender in order to ensure that you’re choosing the best lender. This article addresses the three things you need to look for when choosing a Minnesota home mortgage loan lender:

A Good Reputation

First, the lender you choose should be approved by the Better Business Bureau. They shouldn’t have any legitimate complaints logged through the Better Business Bureau database, which can be found specifically for the state of Minnesota through the Better Business Bureau website. Additionally, they should be in business for a substantial amount of time. Predatory lenders are generally only in business for a few years at a time at most.

Reasonable Loan Fees

One benefit of buying a home in Minnesota is that there are certain anti-predatory lending laws set forth by the state in order to protect persons buying a home in the state of Minnesota. For example, Minnesota law prohibits mortgage companies from financing any loan points or fees that exceed 5% of the borrowed amount. However, even though there are laws that protect consumers from unreasonable fees, borrowers should always be aware of what charges are reasonable and what is unreasonable.

Reasonable Loan Terms

The interest rate your mortgage company offers you should be comparable to average interest rates for the state of Minnesota. Your home mortgage lender should offer you several financing options, including fixed-rate loans, adjustable-rate loans, etc. The best home mortgage loan lender will be willing to find the mortgage that works best for your needs.

Visit Minnesota Lending Center for a list of Minnesota Recommended Home Mortgage Lenders, whether you are looking for home purchase, refinance or a home equity loan.