The Best Mortgage Lenders in Garfield, MN
Compare verified mortgage lenders serving Garfield, Minnesota. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Garfield
Featured Mortgage Lenders
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation is a top-rated lender renowned for its exceptional customer service and competitive mortgage rates. With over 28 years of experience, they have a strong regional presence in Minnesota and actively serve the Garfield area. Their high customer satisfaction ratings stem from personalized service, a wide range of loan options, and efficient processing. As a locally involved lender, they are trusted for their reliability and community focus, making them a premier choice for homebuyers in Douglas County.
Loan Types:
Movement Mortgage
Movement Mortgage
Movement Mortgage is a highly-regarded lender known for its rapid loan processing and community-centric approach. Founded in 2008, they have expanded to serve Minnesota, including the Garfield area, with a variety of mortgage products at competitive rates. Their emphasis on customer care and local engagement has earned them strong reviews and a reputation for transparency and efficiency. With a commitment to making homeownership accessible, they are a favored option for residents in and around Douglas County.
Loan Types:
Alerus Mortgage
Alerus Mortgage
Alerus Mortgage, a division of Alerus Financial, has been a trusted mortgage provider in the Midwest for over 25 years. They offer tailored loan solutions and have a solid local presence in Douglas County, effectively serving Garfield and surrounding areas. Known for their competitive rates, integrity, and personalized service, they prioritize customer satisfaction and have built a strong track record of reliability. Their deep community ties and comprehensive loan options make them a dependable choice for home financing in the region.
Loan Types:
Frequently Asked Questions
Common questions about mortgage lending in Garfield, MN
What are the current mortgage rates like for homes in Garfield, MN?
Mortgage rates in Garfield typically align with national averages but can be slightly lower due to the rural nature of the area and lower housing costs. Local lenders like Bremer Bank or United Valley Bank often offer competitive rates, with current 30-year fixed rates generally ranging between 6.5-7% depending on credit score and loan type. It's wise to compare both local and online lenders for the best Garfield-specific rates.
Are there any first-time homebuyer programs specifically available in Garfield?
Yes, Garfield homebuyers can access Minnesota Housing's First-Time Homebuyer Program, which offers competitive interest rates and down payment assistance. Additionally, the USDA Rural Development Loan is particularly relevant for Garfield properties since the entire area qualifies for this zero-down-payment program. Local lenders can help you determine which program best fits your situation.
How does Garfield's rural location affect the mortgage approval process?
Garfield's rural status can actually work to your advantage through USDA loans, but it may require additional property verification steps. Lenders will pay close attention to property appraisals since comparable home sales might be limited in the immediate area. Well and septic inspections are often mandatory for rural Garfield properties, adding an extra step to the closing process.
What types of properties in Garfield typically qualify for USDA rural housing loans?
Most residential properties within Garfield city limits and surrounding Douglas County qualify for USDA loans since the entire area is designated rural. This includes single-family homes, townhouses, and approved condos. The property must meet USDA's minimum property standards and be primarily residential, making nearly all of Garfield's housing inventory eligible for these beneficial loans.
Are property taxes in Garfield typically factored into mortgage escrow accounts?
Yes, most Garfield lenders will include property taxes in your escrow account, with Douglas County property taxes generally being reasonable compared to urban areas. Current rates average around 1.0-1.2% of property value annually. Your lender will calculate these payments based on the specific property's tax assessment and include them in your monthly mortgage payment.
Why Choose a Mortgage Lender in Garfield?
Local Market Knowledge
Lenders who understand Garfield'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 Garfield and get competitive rates on your home loan.