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9 best mortgage lenders in Minnesota

Looking for the ideal mortgage in Minnesota? Here are our top 9 lender picks for interest rates, first-time homebuyers and customer service in the North Star State.

Land of the twin cities, Saint Paul and Minneapolis, over 5.5 million Americans call Minnesota home. Approximately 71.6% of Minnesotans own their property and pay an average of $1,580 per month in housing costs, including mortgage payments, taxes and utilities — on par with the national average.

According to Zillow, the typical home value in Minnesota is $280,355 as of February 2021, which is 24% higher than the national average. Home prices in the state have risen 7.2% in the past year. So if you’re looking to buy a home in Minnesota, our top nine lenders are a great place to start your search.

Best Minnesota mortgage lenders in 2021

How we picked the best lenders

We handpicked these lenders from nearly 150 mortgage companies originating home loans in Minnesota. These top nine lenders made our list after comparing interest rates, first-time homebuyer programs, credit score flexibility, customer service and technology.

We also read customer reviews from consumer rating sites like Zillow, Trustpilot and the Better Business Bureau (BBB) in guiding our decisions. To learn about our mortgage lender selection process, please see Finder’s rating methodology.

Best for refinancing


Finder rating 3 / 5 ★★★★★

Founded in 2010, LoanDepot is one of the nation's largest nontraditional lenders. The company offers a range of home loan and refinance products that you can apply for online, including a high limit $3-million Jumbo loan and programs for borrowers with less-than-perfect credit.

What makes LoanDepot different from other lenders is its proprietary “mello software” platform. This software can handle every step of the loan process electronically to securely collect your income, employment and asset information.

Best marketplace


LendingTree is a free online marketplace that matches borrowers to lenders. To get started with LendingTree, go to the website and answer a few questions. Afterward, you'll be connected with lenders willing to work with your homebuying goals and credit score.

LendingTree claims to help you get the best deal possible on your home loan. You'll receive multiple offers from different lenders to compare different quotes in minutes and negotiate with loan officers to get a better rate.

Best for first-time homebuyers

Rocket Mortgage

Founded in 2015, Rocket Mortgage is the digital version of Quicken Loans. As a fully online lender, Rocket Mortgage is available at all hours, which lets you apply for a loan and lock in your rate without having to wait for a loan officer.

Rocket Mortgage syncs with your bank account to electronically verify your assets for a quicker preapproval. After your loan has been approved and closed, access your loan documents and make payments online or by using the app.

Best for a wide range of credit scores

Mr. Cooper

Mr. Cooper, formerly known as Nationstar Mortgage, is a nonbank mortgage lender headquartered in Dallas, Texas. The company is known for working with a range of credit scores and may be a good option if you have a less-than-perfect credit history.

The company offers a range of mortgage loans, including Freddie Mac loans geared to low-income borrowers, FHA streamline refinance and VA IRRRL (interest rate reduction refinance loan) as well as conventional, refinance and jumbo loans.

Best online experience

Guaranteed Rate

Guaranteed Rate is a digital lender that features a well-designed, intuitive website and positive customer reviews. The company aims to provide a better experience for its borrowers through a combination of technology and human support.

Whether you're buying a home or refinancing, it takes about 15 minutes to fill out Guaranteed Rate's online application to view your loan options and rates. You can also use the company's mobile app to apply for a new loan.

Best customer service

Synergy One Lending

Synergy One Lending is a digital lender that consistently gets high marks for customer service. Clients report being thrilled with the level of service, expertise and availability of their Synergy One's loan officers, as well as the company's technology.

This lender offers a fully digital application process, which you can complete from a computer or a smartphone using the S1 Connect app. After applying, you can track your loan's status and communicate with your loan officer from a single dashboard.

Wells Fargo

Founded in 1905, Wells Fargo is one of the country's largest lenders, originating $300 billion worth of loans every year. The bank offers competitive rates and a solid range of mortgage products, including loans for first-time homebuyers and extended rate lock loans.

While popular with many borrowers, Wells Fargo has had multiple controversies over the years, including misrepresentation of mortgages sold to investors during the 2008 financial crisis and improper loan modifications.

Best Regional Lender

Lake Area Bank

Since 1915, Lake Area Bank has been serving the financial needs of its customers with six branch locations in Minnesota. Through Lake Area Mortgage, a division of the bank, find conventional and government-backed loans, plus bridge loans, lot land loans and more.

The bank has a calculator to help estimate your payment. And after selecting a loan officer, Lake Area Mortgage offers an online application process through Floify cloud software to help streamline and speed up the application process.

Best rates

MidCountry Bank

Founded in 2003 and headquartered in Bloomington, Minnesota, MidCountry Bank is a full-service bank with 13 branch locations. On average, MidCountry Bank has the best interest rates of all the lenders we compared in Minnesota.

At MidCountry Bank, you can find purchase and construction loans, Fannie Mae loans and more. In addition to low-rate mortgages, the bank offers a wide range of financial products, including banking services, insurance and investments.

Which lender is best for me?

With literally hundreds of lenders available in Minnesota, it may feel daunting to find the right one for your needs. The good news is, it’s possible to narrow down choices by considering what’s most important to you.

Here’s how:

  • Understand your goals. Consider what type of loan you want. Options include conventional, government-backed loans, first-time homebuyer programs, refinance loans, jumbo loans and more.
  • Make sure the lender is the right fit. Do you want to work face-to-face with a loan officer, or would you rather apply online? Lender reviews can help determine if a lender will be a good fit for you.
  • Ask the lender questions:
    • How long will the process take?
    • Who is my contact person if I need help?
    • Will you sell my loan after closing?
    • Are there prepayment penalties?
    • What fees do you charge?
    • Can I get a free rate lock?
  • Get several quotes. Experts recommend getting at least three quotes so you can compare offers and negotiate a better rate.

Compare mortgage lenders

Compare top brands by home loan type, state availability and credit score. Select See rates to provide the lender with basic property and financial details for personalized rates.

1 - 5 of 5
Name Product Loan products offered State availability Min. credit score
Rocket Mortgage
(NMLS #3030)
Rocket Mortgage
Conventional, Jumbo, FHA, VA, Refinance
Available in all states
Streamline your mortgage from quote to final payment — all from your computer or phone.
(NMLS #1429243)
Conventional, Jumbo
Not available in: AZ, HI, MA, MO, NV, UT
Preapproval in minutes and closing in as little as 3 weeks with no origination fees.
(NMLS #1136)
HELOC, Home Equity loans
Available in all states
Connect with vetted lenders quickly through this free online marketplace.
Veterans United
(NMLS #1907)
Veterans United
Conventional, FHA, VA, USDA, Jumbo, Refinance
Available in all states
Veterans United stands out from other lenders for its focus on serving the military community.
Freedom Mortgage
(NMLS #2767)
Freedom Mortgage
Conventional, Jumbo, FHA, VA, USDA, Refinance
Available in all states
A lender that excels in FHA and VA loans, offering low down payment options to borrowers.

Compare up to 4 providers

Average rates and fees in Minnesota

As of February 11, 2021, the benchmark 30-year fixed mortgage rate in the US is 2.83%. According to data from the Consumer Financial Protection Bureau (CFPB), most Minnesota lenders are offering interest rates at or below 2.75%, with rates in the state ranging from 2.00% to 3.625% as of this writing.

Expect to budget around $3,785 after taxes for closing costs or approximately 1.26% to 1.89% of your home’s final sale price, according to data from ClosingCorp. For more information, see mortgage rates in Minnesota or Minnesota closing costs for more details on what you can expect to pay.

What about brokers?

Besides the LendingTree marketplace, our top Minnesota lenders are companies that provide mortgage loans directly to borrowers. However, if you don’t want to spend time researching and prequalifying with lenders, you can use a mortgage broker.

A mortgage broker can help you find the best rate loan, but you’ll typically pay a commission equal to .5% to 2% of your loan’s value. Choose your mortgage broker carefully, as some are known to charge excessive or unnecessary fees.

Bottom line

Whether you’re a first-time homebuyer or want to take advantage of low interest rates with a mortgage refinance, there are many options available. If one lender doesn’t have the type of loan product you’re after, it’s likely another will. While our top Minnesota lender picks will be just right for many borrowers, compare even more lenders to see other mortgages you may qualify for.

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