The Best Mortgage Lenders in Lakeville, MN
Compare verified mortgage lenders serving Lakeville, Minnesota. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Lakeville
Featured Mortgage Lenders
Guaranteed Rate
Guaranteed Rate, Inc.
Guaranteed Rate is a highly regarded national mortgage lender with a robust local presence in the Twin Cities metro area, including Lakeville. Known for its innovative digital mortgage platform, competitive interest rates, and exceptional customer service, they have consistently high ratings for efficiency and transparency. Their extensive loan options and dedicated local team make them a top choice for homebuyers in Lakeville seeking a seamless and reliable mortgage experience.
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Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage has built a strong reputation in Minnesota for over two decades, with a focus on personalized service and community involvement. Their Savage branch serves Lakeville residents with expertise in a wide range of loan products, and they are praised for their responsive communication, competitive rates, and commitment to educating borrowers. High customer satisfaction and numerous positive reviews highlight their reliability and dedication to helping clients achieve homeownership.
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New American Funding
New American Funding
New American Funding is a diverse and inclusive lender with a significant presence in the Minneapolis-St. Paul region, actively serving Lakeville homebuyers. They are recognized for their flexible lending criteria, educational resources, and efforts to support underserved communities. With a track record of high customer satisfaction, they offer tailored mortgage solutions and are commended for their attentive service and ability to handle complex loan scenarios, making them a trusted option in the area.
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Frequently Asked Questions
Common questions about mortgage lending in Lakeville, MN
What are the current mortgage rates like for homebuyers in Lakeville, MN?
Mortgage rates in Lakeville typically align with national averages but can vary based on lender competition in the Twin Cities metro area. As of recent trends, conventional 30-year fixed rates have been ranging between 6.5-7%, though local credit unions like Trailhead Credit Union often offer competitive rates. It's advisable to get multiple quotes from both local and national lenders operating in the Dakota County area.
Are there any first-time homebuyer programs specifically available in Lakeville?
Yes, Lakeville homebuyers can access Minnesota Housing's First-Time Home Buyer Program, which offers 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 given Lakeville's median home prices, which typically run higher than state averages.
How does Lakeville's property tax structure affect my mortgage payments?
Lakeville has a relatively moderate property tax rate compared to other Twin Cities suburbs, currently around 1.1-1.3% of assessed value. Your mortgage lender will factor this into your monthly escrow payments, and it's important to note that Dakota County reassesses properties annually. Many new construction areas in Lakeville may have additional special assessments that could increase your total monthly payment.
What special considerations should I know about getting a mortgage for Lakeville's newer construction homes?
Lakeville has significant new construction developments, particularly in the northern and eastern parts of the city. For these homes, you'll typically need a construction-to-permanent loan, and builders often have preferred lenders offering incentives. Be aware that appraisals in new developments can be challenging since comparable sales may be limited, and final assessments might differ from initial estimates.
Are there any local down payment assistance programs unique to Lakeville residents?
While Lakeville doesn't have city-specific programs, Dakota County's Workforce and Affordable Housing Program serves Lakeville residents with income-based down payment assistance. Additionally, some local employers like Lakeville Area Schools and the Mayo Clinic Health System have employer-assisted housing programs. Many Lakeville buyers also benefit from Minnesota's Mortgage Credit Certificate program, which provides a federal tax credit.
Nearby Cities
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Why Choose a Mortgage Lender in Lakeville?
Local Market Knowledge
Lenders who understand Lakeville'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 Lakeville and get competitive rates on your home loan.