The Best Mortgage Lenders in Milan, MN
Compare verified mortgage lenders serving Milan, Minnesota. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Milan
Featured Mortgage Lenders
Mark Johnson
United Farmers State Bank
United Farmers State Bank has been serving the Milan area and surrounding communities for over a century, establishing deep roots in rural Minnesota. As a community-focused institution with branches in Granite Falls and nearby towns, they specialize in agricultural and rural residential lending. Their experienced mortgage team understands the unique needs of Milan area residents, offering personalized service and competitive rates. They are particularly strong in USDA rural development loans and construction lending, making them an ideal choice for Milan's rural community.
Loan Types:
Mortgage Department
Bremer Bank
Bremer Bank has a strong regional presence throughout southwestern Minnesota with multiple branches serving the Milan area. As a regional financial institution with deep Minnesota roots, they offer comprehensive mortgage services with local decision-making authority. Their mortgage specialists are known for providing exceptional customer service and guiding borrowers through the entire home financing process. Bremer excels in first-time homebuyer programs and offers competitive conventional and government-backed loan options tailored to rural communities like Milan.
Loan Types:
Home Mortgage Team
Bell Bank Mortgage
While headquartered in the Twin Cities, Bell Bank Mortgage has an extensive reach throughout Minnesota and is particularly strong in serving rural communities like Milan. They are consistently ranked among Minnesota's top mortgage lenders with competitive rates and exceptional customer satisfaction ratings. Their "Pay It Forward" philosophy and community-focused approach resonate well with Milan area residents. Bell Bank offers a wide range of mortgage products with digital convenience while maintaining personalized service through local mortgage consultants who understand rural Minnesota real estate markets.
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Frequently Asked Questions
Common questions about mortgage lending in Milan, MN
What are current mortgage rates like for homes in Milan, MN?
Mortgage rates in Milan are typically competitive with national averages, but local lenders may offer slightly different terms based on property types common in the area. For Milan's rural properties and smaller homes, you might find rates ranging from 6.5% to 7.5% for 30-year fixed mortgages as of late 2024. It's wise to compare offers from both local credit unions like Western Bank and regional lenders familiar with Lac qui Parle County.
Are there any first-time homebuyer programs specifically available in Milan?
Yes, Milan 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 Milan since the entire area qualifies for this zero-down-payment program. Local lenders can help you determine which program best fits Milan's housing market.
How does Milan's rural location affect the mortgage approval process?
Milan's rural classification can impact appraisals since comparable properties might be limited in the immediate area. Lenders may need to expand their search radius to nearby towns like Madison or Dawson for comps. USDA loans are especially favorable here since Milan qualifies as rural, offering 100% financing options that urban areas don't provide.
What special considerations should I know about when getting a mortgage for a farm or acreage property near Milan?
Financing acreage properties near Milan requires specialized agricultural or rural property loans rather than conventional mortgages. Lenders will carefully evaluate the land's value, agricultural income potential, and may require larger down payments. It's crucial to work with lenders experienced in Lac qui Parle County's unique property types to navigate these transactions successfully.
Are property taxes in Milan typically included in mortgage escrow accounts?
Yes, most Milan mortgages include property taxes in escrow accounts, with Lac qui Parle County property taxes typically ranging from 1.0% to 1.3% of home value. Given Milan's modest home prices compared to urban Minnesota, this results in relatively affordable monthly escrow payments. Your lender will calculate these amounts based on the specific property's tax assessment.
Why Choose a Mortgage Lender in Milan?
Local Market Knowledge
Lenders who understand Milan'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 Milan and get competitive rates on your home loan.