The Best Mortgage Lenders in Prior Lake, MN
Compare verified mortgage lenders serving Prior Lake, Minnesota. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Prior Lake
Featured Mortgage Lenders
Fairway Independent Mortgage
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage is a top-rated lender known for its exceptional customer service and competitive rates, with a strong local presence in the Twin Cities metro area. They specialize in a wide range of loan products and have a reputation for quick closings and personalized guidance, making them a trusted choice for homebuyers in Prior Lake. Their high ratings reflect consistent customer satisfaction and reliability in the mortgage industry.
Loan Types:
New American Funding
New American Funding
New American Funding is a highly regarded mortgage lender with a focus on diversity and community inclusion, offering flexible loan options and competitive rates. They have a solid track record in the Minneapolis-Saint Paul area, including Prior Lake, and are praised for their efficient processing and dedicated support. Their customer-centric approach and extensive experience make them a reliable option for various mortgage needs.
Loan Types:
Movement Mortgage
Movement Mortgage, LLC
Movement Mortgage is known for its rapid loan approvals and strong community involvement, with a reputation for transparency and excellent customer service. Serving the Prior Lake area through their local Edina office, they offer a variety of loan products and are committed to making the mortgage process smooth and stress-free. Their high customer ratings and innovative technology support make them a top choice for home financing.
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Frequently Asked Questions
Common questions about mortgage lending in Prior Lake, MN
What are the current mortgage rates like in Prior Lake, MN?
Mortgage rates in Prior Lake are generally competitive with national averages but can vary based on the specific lender and your financial profile. Currently, rates for 30-year fixed mortgages in the Twin Cities metro area typically range from 6.5% to 7.25%. It's important to shop around with both local Prior Lake lenders and national institutions to find the best rate for your situation.
Are there any special mortgage programs for first-time homebuyers in Prior Lake?
Yes, Prior Lake homebuyers can access Minnesota Housing's first-time homebuyer programs, which offer competitive interest rates and down payment assistance. The City of Prior Lake itself doesn't offer specific programs, but being part of the Twin Cities metro area means you can also explore metro-wide initiatives. These programs are particularly valuable given Prior Lake's median home prices being above state averages.
How does Prior Lake's location on the lakes affect mortgage lending requirements?
Waterfront properties in Prior Lake often require additional considerations, including higher down payments (sometimes 20% or more) and specialized appraisals. Lenders may require additional inspections for shoreline conditions and flood insurance assessments, even if not in a designated flood zone. These factors can affect both loan approval and the amount you can borrow for lakeside properties.
What should I know about property taxes when getting a mortgage in Prior Lake?
Prior Lake has property tax rates that are generally higher than many surrounding communities, currently around 1.2-1.4% of home value. Your lender will factor these taxes into your debt-to-income ratio calculations, which could affect your borrowing power. Scott County's property tax structure means your escrow payments will need to account for both city and county tax obligations.
Are there any local Prior Lake considerations for jumbo loans given the higher-priced housing market?
Yes, with Prior Lake's median home price above $500,000, many buyers need jumbo loans which typically require higher credit scores (700+) and larger down payments (often 20% or more). Local lenders familiar with Prior Lake's market can provide guidance on jumbo loan options that work well for the area's specific property values and appreciation trends.
Why Choose a Mortgage Lender in Prior Lake?
Local Market Knowledge
Lenders who understand Prior Lake'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 Prior Lake and get competitive rates on your home loan.