Minnesota Mortgage Rates
Check Current Mortgage Rates
MINNESOTA CONFORMING 30 YEAR FIXED RATESToday's Average: 4.61% What does this mean?
About Mortgage Rates in Minnesota
When searching for a home mortgage in Minnesota, potential home owners from Duluth to Minneapolis all agree that they want to save money. With the area rapidly growing, already offering over 2 million housing units that are more than 74% owner occupied, banks are willing to compete. Trying to obtain quotes from several places is tiring and can be overwhelming, so Mortgage 101 is here to help.
Offering the best loan features including lowest interest rates, low closing costs, low monthly payments, and much more, Mortgage 101 is the place to be when looking to obtain a mortgage or refinance loan.
Mortgage Refinancing in Minnesota
In some instances, refinancing your current mortgage loan can help you lower your mortgage payment. Borrowers can borrow against the equity built up in their home at a lower cost than they can from other sources. Like most mortgage interest, another benefit to mortgage refinancing is that if you pay off credit cards, the interest you pay will now be tax deductible.
The 5/5 & 5/1 Adjustable Rate Mortgage
This mortgage type offers a stable payment and interest rate for the first five years. In the sixth year the interest rates, and therefore the payments, are adjusted every five years for the 5/5 arm and every year for the 5/1 arm.
Fixed Rate Mortgage
Fixed Rate Mortgages
This is your parent's mortgage loan. The mortgage interest rate will remain the same on these mortgages throughout the term of the mortgage for the original borrower.
Other Mortgage Terms
Origination Fee - The fee charged by a lender to prepare loan documents make credit checks inspect and sometimes appraise a property; usually computed as a percentage of the face value of the loan.
Mortgage Insurance - Money paid to insure the mortgage when the down payment is less than 20 percent.