Medford, MN

The Best Mortgage Lenders in Medford, MN

Compare verified mortgage lenders serving Medford, Minnesota. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.

Top Lenders

4.8

Avg Rating

545+

Reviews

Loan Types

Available Loan Programs in Medford

Conventional

FHA

USDA

Jumbo

Refinance

First-time Homebuyer

Construction

Investment Property

Investment

Featured Mortgage Lenders

Affinity Plus Federal Credit Union

★★★★☆

4.8/5

Affinity Plus Federal Credit Union stands out as one of southern Minnesota's most trusted mortgage lenders with nearly a century of service. While headquartered in St. Paul, they maintain a strong presence throughout southern Minnesota with multiple branches serving the Medford area. They consistently receive exceptional ratings for their personalized service, competitive rates, and comprehensive mortgage options. Their mortgage specialists provide local expertise with the backing of a substantial financial institution, offering everything from first-time homebuyer programs to jumbo loans and specialized VA lending. Members consistently praise their transparent process, knowledgeable loan officers, and commitment to finding the right mortgage solution for each borrower's unique situation.

Experience:92 years

Reviews:185 customer reviews

(507) 282-3456

130 West Bridge Street, Owatonna, MN 55060

Loan Types:

ConventionalFHAVAUSDAJumboRefinanceFirst-time Homebuyer

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Old National Bank (formerly KleinBank)

Old National Bank

★★★★☆

4.7/5

With deep roots in southern Minnesota dating back to 1907 as KleinBank, Old National Bank brings over a century of community banking expertise to Medford area homebuyers. They maintain the local decision-making and personalized service that made KleinBank a regional favorite while offering the resources of a larger institution. Their mortgage team specializes in rural and small-town lending, understanding the unique needs of communities like Medford. Customers consistently rate them highly for their responsive communication, local underwriting, and competitive construction loan programs. Their long-standing presence in the region ensures they understand local market conditions and can provide tailored mortgage solutions.

Experience:115 years (KleinBank legacy)

Reviews:142 customer reviews

(952) 944-4141

202 Main Street East, Le Sueur, MN 56058

Loan Types:

ConventionalConstructionFHAVAUSDARefinanceInvestment Property

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CrossCountry Mortgage

CrossCountry Mortgage, LLC

★★★★☆

4.9/5

CrossCountry Mortgage has built an exceptional reputation throughout southern Minnesota with local loan officers specifically serving the Medford area. They combine the efficiency of a national mortgage lender with personalized local service, offering some of the most competitive rates in the region. Their high rating reflects consistently excellent customer experiences, with particular praise for their streamlined digital process, responsive communication, and expertise in navigating complex loan scenarios. They offer an extensive range of mortgage products and have particular strength in first-time homebuyer programs and refinancing. Their local team understands the southern Minnesota housing market and provides dedicated support throughout the entire mortgage process.

Experience:18 years

Reviews:218 customer reviews

(507) 226-4657

Serving Southern Minnesota Region

Loan Types:

ConventionalFHAVAUSDAJumboRefinanceFirst-time HomebuyerInvestment

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Frequently Asked Questions

Common questions about mortgage lending in Medford, MN

What are current mortgage rates like for homes in Medford, MN compared to the national average?

Mortgage rates in Medford typically align closely with national averages, but local lenders may offer competitive rates due to the smaller market. Currently, 30-year fixed rates in Medford are generally in the 6.5-7% range, though this can vary based on credit score and loan type. It's wise to compare offers from both local credit unions and larger regional banks serving Southern Minnesota.

Are there any first-time homebuyer programs specifically available in Medford?

Yes, first-time homebuyers in Medford can access Minnesota Housing's programs, which offer competitive interest rates and down payment assistance. The city's location in Steele County also makes you eligible for local initiatives like the Southern Minnesota Initiative Foundation's homeownership programs. These programs are particularly valuable given Medford's affordable housing market compared to larger Twin Cities suburbs.

How does Medford's rural location affect mortgage lending requirements?

Medford's rural classification can work to your advantage through USDA Rural Development loans, which offer 100% financing with no down payment required. However, some lenders may require additional documentation for property assessments in rural areas. The town's steady growth and proximity to Rochester and Owatonna generally make financing straightforward for qualified buyers.

What unique closing costs should I expect when buying a home in Medford?

Beyond standard closing costs, Medford homebuyers should budget for local transfer taxes and recording fees specific to Steele County. You'll also encounter typical Minnesota costs like mortgage registration tax, which varies by county but generally runs about 0.23% of your loan amount in Steele County. Title insurance and local inspection costs are comparable to other Southern Minnesota communities.

How does Medford's growing community affect mortgage appraisal values?

Medford's steady growth and proximity to major employers in Owatonna and Rochester have supported stable property values, which generally helps with appraisals meeting purchase prices. However, because Medford remains a smaller community, appraisers often use comparable properties from nearby towns like Owatonna, which can sometimes create valuation challenges for unique properties. Working with lenders familiar with the local market is beneficial.

Mortgage Insights

Finding Your Perfect Fit: Your Guide to the Best Mortgage Broker in Medford, MN

Searching for the "best mortgage broker near me" in Medford, Minnesota, is more than just finding the lowest rate. It's about partnering with a local expert who understands the unique rhythm of our Southern Minnesota community. Whether you're eyeing a historic home near the Cannon River or a new build on the outskirts, the right broker is your key to a smooth and successful home purchase.

In Medford's competitive market, where desirable properties can move quickly, having a responsive and well-connected mortgage broker is a strategic advantage. They don't just process paperwork; they act as your financial advocate. A top-tier local broker understands the nuances of appraisals in our area, from the value of acreage to the charm of well-maintained older homes. They can accurately assess what you can afford in the 55049 zip code, helping you craft a strong, compelling offer that stands out to sellers.

So, how do you find this ideal partner? Start by looking beyond online search results. Ask for personal referrals from your real estate agent, friends, or family who have recently bought in Steele or Rice County. A broker consistently recommended by local professionals has a proven track record. When you interview potential candidates, ask specific, local questions: "How familiar are you with Medford's recent sales trends?" or "Can you walk me through the closing process timeline with our county recorder's office?" Their answers will reveal their depth of local experience.

Minnesota offers several programs that a knowledgeable Medford broker should highlight. The Minnesota Housing Finance Agency (MHFA) provides first-time homebuyer programs with competitive rates and down payment assistance. There are also specific programs for veterans, teachers, and those buying in targeted areas. A truly dedicated broker will help you explore if you qualify for these opportunities, potentially saving you thousands.

Your actionable advice begins today. First, get your financial documents in order—pay stubs, tax returns, and bank statements. This preparation speeds up the pre-approval process immensely. Second, choose a broker who communicates clearly and promptly; in a fast-moving market, you need someone who answers your calls and explains terms like "escrow" and "private mortgage insurance" without jargon. Finally, remember that the "best" broker is the one who listens to your goals, whether you're a first-time buyer looking at Medford's cozy ranches or a growing family needing space to expand.

By taking the time to find a mortgage broker who is deeply embedded in the Medford community, you're not just securing a loan—you're gaining a trusted guide for one of life's most significant investments. Welcome home

Nearby Cities

Explore mortgage lenders in cities near Medford, MN

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Warsaw

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Why Choose a Mortgage Lender in Medford?

Local Market Knowledge

Lenders who understand Medford'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 Medford and get competitive rates on your home loan.

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