The Best Mortgage Lenders in Farmington, MN
Compare verified mortgage lenders serving Farmington, Minnesota. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Farmington
Featured Mortgage Lenders
Mortgage Specialist
Wings Financial Credit Union
Wings Financial Credit Union stands out as one of Minnesota's highest-rated mortgage lenders with exceptional customer satisfaction ratings. While headquartered in Wayzata, they have a strong presence throughout the Twin Cities metro area including Farmington, with multiple branches serving the region. Their mortgage team receives consistently excellent reviews for personalized service, competitive rates, and guiding borrowers through the entire process. As a credit union, they offer member-focused benefits and have built a reputation for reliability and trustworthiness over 85+ years in business.
Loan Types:
Mortgage Advisor
Bell Bank Mortgage
Bell Bank Mortgage consistently ranks among Minnesota's top mortgage lenders with outstanding customer reviews and satisfaction ratings. Their Bloomington location serves the entire southern metro area including Farmington, and they're renowned for their "Pay It Forward" philosophy and exceptional customer service. Bell Bank receives particularly high marks for their responsive communication, local decision-making, and competitive loan products. With deep roots in Minnesota communities, they combine the stability of an established financial institution with personalized, attentive service.
Loan Types:
Loan Officer
Edge Home Finance
Edge Home Finance has built an excellent reputation as a mortgage broker serving the Twin Cities metro area including Farmington. They receive consistently high ratings for their expertise in finding the best loan options across multiple lenders, personalized service, and competitive rates. Customers frequently praise their transparency throughout the mortgage process and their ability to handle complex financing situations. As a locally-owned company with two decades of experience, they've developed strong relationships with regional lenders while maintaining a focus on individual client needs.
Loan Types:
Frequently Asked Questions
Common questions about mortgage lending in Farmington, MN
What are the current mortgage rates like for homes in Farmington, MN?
Mortgage rates in Farmington typically align with national averages but can vary based on local lender competition and property types. As of recent trends, rates for 30-year fixed mortgages in Dakota County generally range between 6.5-7.25%, though Farmington's growing community and stable housing market sometimes attract competitive local lender offers. It's best to compare rates from both local Farmington credit unions and larger regional banks.
Are there any first-time homebuyer programs specifically available in Farmington?
Yes, Farmington homebuyers can access Minnesota Housing's first-time homebuyer programs, which offer competitive interest rates and down payment assistance. Additionally, Dakota County offers its own Homebuyer Assistance Program providing up to $10,000 in down payment help for qualifying buyers. These programs are particularly valuable in Farmington's market where median home prices have been steadily increasing.
How does Farmington's growth and development affect mortgage lending requirements?
Farmington's ongoing expansion, particularly with new housing developments like the Heritage Creek and Autumn Hills neighborhoods, means lenders may have specific appraisal requirements for newer construction. Lenders familiar with Farmington's growth patterns often require additional documentation for new builds but may offer construction-to-permanent loan options that benefit buyers in developing areas of the city.
What special considerations should I know about getting a mortgage for Farmington's older historic homes?
For Farmington's historic properties, particularly those in the downtown area or near the historic train depot, lenders often require specialized inspections and may have stricter appraisal requirements. You might need a renovation loan like the FHA 203(k) if the home needs updates, and local lenders with Farmington experience can better navigate the unique characteristics of these properties.
How do Farmington's property taxes impact mortgage affordability and lending?
Farmington's property tax rates, currently around 1.1-1.3% of home value, are generally lower than many Twin Cities suburbs but have been gradually increasing with community improvements. Lenders factor these taxes into your debt-to-income ratio, and the steady tax environment makes mortgage qualification more predictable compared to areas with volatile tax rates.
Why Choose a Mortgage Lender in Farmington?
Local Market Knowledge
Lenders who understand Farmington'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 Farmington and get competitive rates on your home loan.