What Is a Mortgage Preapproval? | How Much Will My Monthly Payment Be? | How Much Will My Down Payment Be? | How Long Does a Mortgage Preapproval Last? | What Is the Difference Between a Standard Preapproval and an Underwritten Preapproval?
If you are planning to purchase a home in Minnesota, you’ll want to make sure that you are getting the best mortgage rate possible. The final rate you receive will depend on a range of factors, including your down payment, your credit score, your current income, as well as your debt-to-income ratio.
Help yourself acquire the best mortgage rate available to you in Minnesota by checking your credit report for errors prior to applying for a home loan and making sure that you have all of your documentation in order to make pre-approval through a reputable lender a breeze.
Here’s a quick look at current Minnesota mortgage rates:
|Loan Program||Mortgage Rate||APR*||1 Day Change|
|Conventional 30 year fixed||6.545%||6.638%||-0.03%|
|Conventional 20 year fixed||6.243%||6.35%||Unchanged|
|Conventional 15 year fixed||5.983%||6.137%||-0.08%|
|Conventional 7 year ARM||7%||7.697%||Unchanged|
|Conventional 5 year ARM||6.881%||7.881%||-0.04%|
|FHA 30 year fixed||5.747%||6.556%||-0.12%|
|VA 30 year fixed||5.969%||6.269%||Unchanged|
|VA 15 year fixed||6.125%||6.483%||Unchanged|
|VA 5 year ARM||6.167%||7.053%||-0.01%|
Looking at property in Minnesota and wondering if this is a good time to buy? It could be the perfect time to find a dream home in the Land of 10,000 Lakes. Here’s what you need to know:
Start by zeroing in on the area of the state you find the most appealing. Minnesota boasts a total population of almost 5.4 million people, of which nearly one in ten live in the state’s five biggest cities:
Next, you’ll want to figure out how much home you can afford to buy. Minnesota ranks 28th in US homes for sale at average price, and 27th for homes over $1,000,000. Getting preapproval through a reputable mortgage lender can help you figure out what your budget is before you go looking for the perfect property.
Is this your first time purchasing a home? You may qualify for assistance via the Minnesota Housing Finance Agency (Minnesota Housing).
Minnesota Housing Finance Agency (Minnesota Housing) first-time homebuyer Start Up loan programs can be paired with down payment or closing cost assistance through the agency.
Minnesota Housing’s Monthly Payment Loan program provides up to $17,000 for a down payment or closing costs.
First-time homebuyers in Minnesota can also obtain down payment assistance through a Deferred Payment (up to $10,000 for a down payment or closing costs) or Deferred Payment Plus option (up to $13,000.)
To qualify for these first-time home buyer programs in Minnesota, you’ll need:
If you want to take advantage of favorable Minnesota mortgage rates by refinancing your home in Minnesota, you can do any of the following:
You may even qualify for a streamlined refinance if you have a certain type of loan. Ask your lender for more information.
Use our free mortgage calculator tools to estimate your monthly mortgage payments based on your unique loan scenario. See how your monthly payment changes by making updates to your home price, down payment, interest rate, and loan term.
Wondering what your monthly mortgage payment might be? Plug in your data to get an instant mortgage payment estimate.
Military service can mean eligibility for a no-down payment mortgage. Find out if you qualify for a VA home loan.
Designed for first-time and low-income homebuyers, an FHA loan could put you on the path to home ownership fast.
Seeking to refinance? Find out how much you can save in interest over the term of your home loan by refinancing now.
Each step-by-step guide is designed to shepherd you through a process from start to finish. Know what to expect and how to proceed, no matter where you are in your home buying journey.