8 Best Minnesota Mortgage Lenders of 2021
If you're buying a house in Minnesota this year, your mortgage search starts here. Compare leading lenders across different loan categories so you can choose with confidence.
Last updated on January 21, 2021
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If you're looking for a Minnesota mortgage lender, you’ve come to the right place.
NerdWallet compared the leading home loan providers in the Land of 10,000 Lakes, then chose the top contenders for a variety of specific mortgage needs.
Whether you’re dreaming of owning a condo in Minneapolis or a classic ranch in Duluth, or if you want to refinance your existing home in Bloomington, these lenders are a solid place to start mortgage shopping.
Why trust NerdWallet
- 50+ mortgage lenders reviewed and rated by our team of experts.
- 40+ years of combined experience covering mortgages and financial topics.
- Objective, comprehensive star rating system assessing 120+ categories and 5,000+ data points.
- Governed by NerdWallet's strict guidelines for editorial integrity.
Why trust NerdWallet
- 50+ mortgage lenders reviewed and rated by our team of experts.
- 40+ years of combined experience covering mortgages and financial topics.
- Objective, comprehensive star rating system assessing 120+ categories and 5,000+ data points.
- Governed by NerdWallet's strict guidelines for editorial integrity.
8 Best Minnesota Mortgage Lenders of 2021
Have you or your spouse served in the military?
We’ve got more home loan options for you. Show me
Lender â–¾ â–¾ | NerdWallet Rating â–¾ â–¾ | Min. credit score â–¾ â–¾ | Min. down payment â–¾ â–¾ | Learn more |
|---|---|---|---|---|
620 | 0% | Learn more at Veterans United | ||
620 | 1% | Learn more at Rocket Mortgage, LLC | ||
 Fairway Independent Mortgage: NMLS#2289 Learn more at Fairway Independent Mortgage | 620 | 3% | Learn more at Fairway Independent Mortgage | |
 Bank of America: NMLS#399802 LEARN MORE on NerdWallet | 620 | N/A | LEARN MORE on NerdWallet | |
 loanDepot: NMLS#174457 LEARN MORE on NerdWallet | 620 | 5% | LEARN MORE on NerdWallet | |
 PrimeLending: NMLS#13649 LEARN MORE on NerdWallet | 620 | 3% | LEARN MORE on NerdWallet | |
 Navy Federal: NMLS#399807 LEARN MORE on NerdWallet | N/A | 0% | LEARN MORE on NerdWallet | |
 Flagstar: NMLS#417490 LEARN MORE on NerdWallet | N/A | 5% | LEARN MORE on NerdWallet |
Learn more
at Veterans United
Why We Like ItGood for: veterans, active-duty service members and eligible reservists looking for VA loans.
Pros
- Largest VA lender in the country by far.
- Offers 24/7 customer service over the phone.
- Offers a free credit counseling service.
Cons
- Does not offer second mortgage options like home equity loans or HELOCs.
- Borrower must provide contact info for customized rates.
Learn more
at Rocket Mortgage, LLC
Rocket Mortgage, LLC: NMLS#3030
4.0
Home loans overall
NerdWallet ratingMin. credit score
620
Min. down payment
1%
Why We Like ItGood for: FHA borrowers and others short on down payment cash, as well as home buyers who value convenience over low fees.
Pros
- Streamlined online process with document and asset retrieval capabilities, as well as the ability to edit your preapproval letter.
- Offers the option to work with loan officers by phone if desired.
- Largest FHA lender in the nation.
Cons
- Getting a customized interest rate requires a credit check, which can affect your credit score.
- Origination fees are on the high side compared with other lenders, according to the latest federal data.
- Doesn't offer home equity lines of credit.
Learn more
at Fairway Independent Mortgage
Fairway Independent Mortgage: NMLS#2289
3.0
Home loans overall
NerdWallet ratingMin. credit score
620
Min. down payment
3%
Why We Like ItGood for: borrowers looking for a low-down-payment mortgage, renovation loan, or a specialized mortgage geared to medical professionals.
Pros
- Offers a robust suite of loan products, including ITIN loans for borrowers without Social Security numbers, renovation loans, government-backed mortgages and loans for self-employed borrowers.
- Receives high marks for customer satisfaction, according to J.D. Power and Zillow.
Cons
- Mortgage rates for different types of loans aren't posted online.
- Origination fees and mortgage rates are on the high side compared with other lenders, according to the latest federal data.
LEARN MORE
on NerdWallet
Bank of America: NMLS#399802
4.5
Refinancing
NerdWallet ratingMin. credit score
620
National / regional
National
Why We Like ItGood for: first-time home buyers looking for low- or no-down-payment options and homeowners interested in a home equity line of credit.
Pros
- Offers down payment and closing cost assistance programs.
- May give existing customers a discount on mortgage lender origination fees and HELOC interest rates.
- Receives high marks for customer satisfaction, according to J.D. Power and Zillow.
Cons
- Doesn't offer renovation loans that roll costs into a mortgage.
LEARN MORE
on NerdWallet
Why We Like ItGood for: borrowers who are comfortable with an entirely online experience, and who want a one-stop shop for buying and selling.
Pros
- Offers a variety of repayment terms.
- Online loan calculator lets borrowers compare monthly payments and lifetime interest.
- Receives high marks for customer satisfaction, according to J.D. Power and Zillow.
Cons
- No sample interest rates are provided.
- Origination fees are on the higher end, according to the latest federal data.
- Lender’s website does not have a live chat feature.
LEARN MORE
on NerdWallet
PrimeLending: NMLS#13649
3.0
Home loans overall
NerdWallet ratingMin. credit score
620
Min. down payment
3%
Why We Like ItGood for: those seeking to buy a fixer-upper, build a new home or make renovations.
Pros
- Offers a broad selection of renovation loans to finance cosmetic upgrades or structural repairs.
- Issues loan approval letters within 24 hours to borrowers who qualify.
- Offers resources to connect eligible borrowers with closing cost and down payment assistance programs.
Cons
- No online mortgage rates — you have to contact the lender for information.
- Rates and fees are on the high side, according to the latest federal data.
- Doesn't offer home equity loans or lines of credit.
LEARN MORE
on NerdWallet
Why We Like ItGood for: military members and their families looking for low-down-payment mortgages.
Pros
- Offers a wide range of affordable mortgage products, including 0% down payment loans, designed for military members.
- Offers HELOCs and home equity loans.
- Offers low rates compared with most lenders, according to the latest federal data.
Cons
- Website does not provide customized mortgage rates based on credit score or other factors before you apply.
- Credit union membership is limited to veterans and current military members, their families, and certain federal employees, retirees and contractors.
LEARN MORE
on NerdWallet
Why We Like ItGood for: Borrowers who may benefit from Flagstar’s unique loan options, such as ITIN loans, loans for manufactured homes or physician loans.
Pros
- Multiple loans for those who are renovating or building a home, including loans with interest-only payments during construction.
- Offers home equity loans and lines of credit.
- Offers down payment assistance and loans for underserved borrowers, including ITIN loans and loans with flexible qualifications in certain communities.
- Interest rates are on the low side relative to other lenders, according to the latest federal data.
- Borrowers can enter their information (including their desired loan amount, down payment and zip code) into the lender’s Mortgage Quote Comparison tool and receive a customized rate quote.
Cons
- Home equity loans are not available in all locations served by Flagstar.
- In 2022, the lender was fined for violating laws regarding properties in flood zones.
More from NerdWallet
Last updated on January 21, 2021
Methodology
NerdWallet's star ratings for mortgage lenders are awarded based on our evaluation of the products and services each lender offers to consumers who are actively shopping for the best mortgage. The five key areas we evaluated include the variety of loan types and products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available Home Mortgage Disclosure Act data. To ensure consistency, our ratings are reviewed by multiple people on the NerdWallet Mortgages team.
NerdWallet's Best Minnesota Mortgage Lenders of 2021
- Veterans United: Best for veterans
- Rocket Mortgage, LLC: Best for low down payment
- Fairway Independent Mortgage: Best for first-time home buyers
- Bank of America: Best for refinancing
- loanDepot: Best for online experience
- PrimeLending: Best for first-time home buyers
- Navy Federal: Best for veterans
- Flagstar: Best for low down payment
