The Best Mortgage Lenders in Racine, MN
Compare verified mortgage lenders serving Racine, Minnesota. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Racine
Featured Mortgage Lenders
Mortgage Department
The Mortgage Department
The Mortgage Department is a highly-rated Rochester-based mortgage broker serving southeastern Minnesota, including Racine. With over two decades of experience, they specialize in personalized service and have exceptional customer reviews praising their responsiveness and competitive rates. Their team of experienced loan officers provides comprehensive mortgage solutions with a focus on first-time homebuyers and rural property financing, making them an excellent choice for Racine residents seeking local expertise with a personal touch.
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Think Bank Mortgage
Think Bank
Think Bank is a Rochester-based community bank with a strong mortgage division that serves the entire southeastern Minnesota region, including Racine. They consistently receive high marks for customer service and offer competitive rates with local underwriting decisions. As a community-focused institution, they understand the unique needs of rural Minnesota homebuyers and offer specialized USDA and rural development loans that are particularly relevant for Racine area properties.
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Wells Fargo Home Mortgage
Wells Fargo Bank
Wells Fargo maintains a strong presence in southeastern Minnesota with multiple branches serving the Racine area. Their Rochester mortgage office provides comprehensive lending services with the backing of a national lender's resources and competitive rate offerings. While being a large national bank, they maintain local loan officers who understand the Racine market and can provide personalized service. Their extensive loan product portfolio and digital mortgage tools make them a reliable option for Racine homebuyers seeking both local service and national lender capabilities.
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Frequently Asked Questions
Common questions about mortgage lending in Racine, MN
What are current mortgage rates like for homebuyers in Racine, MN?
Mortgage rates in Racine typically align with national averages but can vary based on local lender competition and property types. Given Racine's rural nature, some lenders may offer slightly different rates than urban areas. It's best to compare offers from local credit unions like Citizens State Bank of Waseca alongside regional lenders for the most competitive rates.
Are there any first-time homebuyer programs specifically available in Racine?
Yes, Racine homebuyers can access Minnesota Housing's First-Time Homebuyer Program, which offers competitive interest rates and down payment assistance. Additionally, local lenders may offer special programs for Racine residents purchasing their first home, particularly for properties that need minor renovations in this historic community.
How does Racine's rural location affect the mortgage approval process?
Racine's rural setting can impact appraisals since comparable properties may be limited, potentially requiring appraisers to look at nearby communities like Stewartville or Pine Island. Some lenders might have stricter requirements for rural properties, particularly if they're on well and septic systems, which are common in the Racine area.
What types of properties typically qualify for USDA loans in Racine?
Most properties in Racine qualify for USDA rural development loans since the community meets USDA's rural designation criteria. These zero-down-payment loans are excellent for moderate-income buyers looking at single-family homes in Racine, though the property must meet USDA's safety and condition standards.
Are there any local property tax considerations that affect mortgage payments in Racine?
Racine homeowners benefit from Minnesota's property tax system, which includes homestead exemptions that can reduce your tax burden. However, since Racine is in Olmsted County, property taxes may be slightly higher than in more rural counties, which can affect your overall monthly mortgage payment calculation.
Nearby Cities
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Why Choose a Mortgage Lender in Racine?
Local Market Knowledge
Lenders who understand Racine'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 Racine and get competitive rates on your home loan.