The Best Mortgage Lenders in Ely, MN
Compare verified mortgage lenders serving Ely, Minnesota. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Ely
Featured Mortgage Lenders
Northwoods Credit Union
Northwoods Credit Union
As Ely's local credit union with deep community roots spanning over eight decades, Northwoods Credit Union stands out as the premier local mortgage lender. They offer personalized service with local decision-making and understand the unique housing market in Northern Minnesota. Members consistently praise their competitive rates, flexible loan options, and exceptional customer service. Their mortgage specialists live and work in the community, providing face-to-face guidance throughout the entire home buying process.
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Bremer Bank
Bremer Bank
Bremer Bank has been serving the Ely community since 1943 and maintains a strong physical presence in town. As a regional bank with deep Minnesota roots, they offer comprehensive mortgage solutions with local underwriting and decision-making. Customers consistently rate them highly for their competitive rates, knowledgeable loan officers, and seamless application process. Their long-standing commitment to Northeastern Minnesota makes them particularly knowledgeable about local property values and market conditions.
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Bell Bank Mortgage
Bell Bank Mortgage
While based in the Twin Cities metro area, Bell Bank Mortgage consistently ranks as one of Minnesota's top mortgage lenders and actively serves customers throughout Northern Minnesota, including Ely. They receive outstanding reviews for their competitive rates, efficient processing, and exceptional customer service. Their "Pay It Forward" program, where employees donate to charities, reflects their commitment to community values. Many Ely residents choose Bell Bank for their extensive loan options and reputation for making the mortgage process straightforward and transparent.
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Frequently Asked Questions
Common questions about mortgage lending in Ely, MN
What are the current average mortgage rates in Ely, MN, and how do they compare to state averages?
Mortgage rates in Ely typically align closely with Minnesota state averages, though rural locations can sometimes see slightly higher rates due to smaller lender competition. As of late 2024, rates for a 30-year fixed mortgage in Ely generally range from 6.5% to 7.25%, depending on credit and loan type. Working with lenders experienced in the Northwoods region can help you secure competitive terms.
Are there any special mortgage programs for first-time homebuyers in Ely?
Yes, Ely homebuyers can access Minnesota Housing's First-Time Home Buyer Program, which offers competitive interest rates and down payment assistance. Additionally, the USDA Rural Development Loan is particularly relevant for Ely properties, offering 100% financing with no down payment required for eligible borrowers in this designated rural area. Local lenders can help determine your eligibility for these programs.
How does Ely's seasonal economy and tourism industry affect mortgage qualification?
Lenders may scrutinize income stability more carefully for borrowers in tourism-dependent fields like guiding, hospitality, or seasonal retail. They'll typically require a two-year history of seasonal work and may average your income across months. Self-employed individuals should have thorough documentation, and year-round employment with the school district, healthcare, or government agencies is viewed favorably.
What unique property considerations should I know about when getting a mortgage for an Ely cabin or recreational property?
Financing recreational properties or cabins in the Boundary Waters area often requires larger down payments (typically 20-30%) and may carry slightly higher interest rates than primary residences. Lenders will pay close attention to access issues, water sources, and winter accessibility. Properties with limited road access or off-grid features may require specialized lenders familiar with Northwoods real estate.
Are there any local down payment assistance programs specifically for Ely homebuyers?
While no Ely-specific programs exist, St. Louis County offers the Community Development Down Payment Assistance Program for eligible buyers throughout the county. Additionally, the Iron Range Resources & Rehabilitation Board provides housing programs that Ely residents may qualify for, particularly if working in targeted industries. These can provide grants or low-interest loans for down payment and closing costs.
Why Choose a Mortgage Lender in Ely?
Local Market Knowledge
Lenders who understand Ely'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 Ely and get competitive rates on your home loan.