The Best Mortgage Lenders in Andover, MN
Compare verified mortgage lenders serving Andover, Minnesota. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Andover
Featured Mortgage Lenders
Affinity Plus Federal Credit Union
Affinity Plus Federal Credit Union
Affinity Plus Federal Credit Union stands out as one of Minnesota's most trusted mortgage lenders with deep roots in the Twin Cities metro area. Serving Andover residents through their nearby Coon Rapids branch, they offer highly competitive rates and exceptional member service. Their mortgage advisors provide personalized guidance through the entire home buying process, with special programs for first-time homebuyers and flexible loan options. With over 450 overwhelmingly positive reviews, customers consistently praise their responsive service, transparent communication, and ability to close loans efficiently.
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KleinBank
KleinBank
KleinBank has been serving the Andover community directly for decades with a physical branch location in the city. As Minnesota's largest family-owned state-chartered bank, they bring exceptional local knowledge and personalized service to every mortgage transaction. Their experienced loan officers understand the Andover housing market intimately and offer competitive construction and lot loans alongside traditional mortgage products. With deep community ties and a reputation for reliability, KleinBank provides the stability of a century-old institution with modern lending solutions and local decision-making authority.
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Bell Bank Mortgage
Bell Bank Mortgage
Bell Bank Mortgage consistently ranks among the highest-rated mortgage lenders in Minnesota, serving Andover with exceptional customer satisfaction scores. Known for their "Pay It Forward" philosophy and outstanding corporate culture, they combine competitive rates with unparalleled service. Their mortgage consultants provide comprehensive guidance through every step of the home financing process, with special expertise in jumbo loans and construction financing. With hundreds of 5-star reviews, customers frequently mention their responsiveness, attention to detail, and ability to handle complex loan scenarios while maintaining clear communication throughout the process.
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Frequently Asked Questions
Common questions about mortgage lending in Andover, MN
What are the current mortgage rates like in Andover, MN compared to the national average?
Mortgage rates in Andover are generally competitive with national averages, but can be slightly influenced by Minnesota's strong credit union presence and local lender competition. As of late 2023, rates in Andover typically range within 0.125% to 0.25% of national averages, with local credit unions often offering particularly competitive terms for well-qualified buyers in the Twin Cities metro area.
Are there any first-time homebuyer programs specific to Andover that can help with down payments?
While Andover itself doesn't offer city-specific programs, homebuyers can access several Minnesota Housing programs that work well in Andover, including the Start Up program with down payment assistance and competitive interest rates. These programs are particularly valuable given Andover's median home prices, which typically run higher than many surrounding Anoka County communities.
How does Andover's property tax rate affect my mortgage payments compared to nearby cities?
Andover's 2023 property tax rate of approximately 1.1% is competitive within the Twin Cities metro area, though slightly higher than some neighboring communities. This translates to roughly $2,750-$3,300 annually on a $250,000-$300,000 home, which will be factored into your monthly escrow payments and should be carefully considered when budgeting for your total mortgage payment.
What special considerations should I know about getting a mortgage for Andover's newer construction homes?
Andover has significant new construction in developments like The Lakes of Andover, requiring construction-to-permanent loans that often have different qualification requirements. Many local lenders are familiar with these developments and can help navigate the two-step loan process, including higher down payment requirements during construction phase and proper appraisal considerations for new builds.
Are there local lenders in Andover who better understand the specific neighborhood values and market trends?
Yes, several local credit unions and community banks with branches in Andover have deep knowledge of neighborhood-specific factors affecting values, such as proximity to the Rum River, school district boundaries, and flood plain considerations. These local lenders often provide more personalized service and may offer more flexible underwriting for Andover's unique housing stock mix.
Why Choose a Mortgage Lender in Andover?
Local Market Knowledge
Lenders who understand Andover's housing market can offer better guidance and competitive rates.
Multiple Loan Options
Access to conventional, FHA, VA, USDA, and jumbo loans tailored to your financial situation.
Proven Track Record
Work with lenders who have years of experience and hundreds of satisfied customers in Minnesota.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Andover and get competitive rates on your home loan.