The Best Mortgage Lenders in Preston, MN
Compare verified mortgage lenders serving Preston, Minnesota. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Preston
Featured Mortgage Lenders
Mike Krenik
Bell Bank Mortgage
Bell Bank Mortgage is one of the highest-rated regional mortgage lenders serving southeastern Minnesota, with a strong presence in Rochester that extends to Preston and surrounding communities. They consistently receive exceptional reviews for their personalized service, competitive rates, and local decision-making. As a community-focused lender with deep roots in Minnesota, they offer specialized knowledge of rural and small-town property financing, including USDA loans that are particularly relevant for the Preston area. Their team includes experienced loan officers who understand the unique needs of Fillmore County homebuyers.
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Mike Bue
Altra Federal Credit Union
Altra Federal Credit Union has been serving southeastern Minnesota communities for over 90 years and maintains a strong presence throughout the region, including Preston. They are particularly noted for their competitive mortgage rates and exceptional member service. As a credit union, they operate as a not-for-profit financial cooperative, which often translates to lower fees and more favorable terms for borrowers. Their mortgage specialists have extensive experience with rural property financing and offer personalized guidance through the entire homebuying process, making them an excellent choice for Preston area residents.
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Jeff Hegland
Hegland Home Loans - CrossCountry Mortgage
Hegland Home Loans, operating as CrossCountry Mortgage, is a highly-rated local mortgage brokerage with deep connections throughout southeastern Minnesota, including regular service to Preston and Fillmore County. They receive outstanding customer reviews for their responsive service, competitive rates, and expert guidance through complex financing situations. The team specializes in both urban and rural property financing, with particular expertise in USDA loans that are well-suited for the Preston area. Their local ownership and operation mean decisions are made quickly with understanding of local market conditions.
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Frequently Asked Questions
Common questions about mortgage lending in Preston, MN
What are typical mortgage rates for homebuyers in Preston, MN?
Mortgage rates in Preston generally align with national averages, but local lenders may offer competitive rates due to the rural nature of the area. Currently, 30-year fixed rates typically range from 6.5% to 7.25%, though this varies by lender, credit score, and loan type. It's wise to compare offers from both local banks and credit unions in Fillmore County for the best terms.
Are there any first-time homebuyer programs specific to Preston?
Yes, the Southeast Minnesota Housing and Redevelopment Authority (SEMMCHRA) offers down payment and closing cost assistance programs for qualified first-time buyers in Preston and Fillmore County. Additionally, Minnesota Housing's Start Up program provides affordable fixed-rate mortgages with down payment assistance, which can be particularly helpful given Preston's moderate home prices compared to larger cities.
How does Preston's rural location affect mortgage lending requirements?
Preston's rural designation can work to your advantage through USDA Rural Development loans, which offer 100% financing with no down payment required for eligible properties and borrowers. However, some lenders may require additional documentation for rural property appraisals, particularly for homes with unique features like acreage or agricultural elements common in the area.
What special considerations should I know about when getting a mortgage for Preston's historic homes?
Many homes in Preston's historic districts may require specialized lending approaches. FHA 203(k) rehabilitation loans can be beneficial for updating historic properties while preserving their character. Be prepared for potentially stricter appraisal requirements and ensure any renovations comply with Preston's historic preservation guidelines to maintain property value.
How do seasonal employment patterns in Preston affect mortgage qualification?
Given Preston's tourism industry and seasonal agricultural employment, lenders may require two years of consistent seasonal income documentation for qualification. Self-employed individuals and seasonal workers should provide thorough tax returns and profit-loss statements. Local lenders familiar with Preston's economy often have more flexible underwriting for seasonal income patterns than national lenders.
Why Choose a Mortgage Lender in Preston?
Local Market Knowledge
Lenders who understand Preston'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 Preston and get competitive rates on your home loan.