The Best Mortgage Lenders in Springfield, MN
Compare verified mortgage lenders serving Springfield, Minnesota. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Springfield
Featured Mortgage Lenders
Jason L. Tupy
CrossCountry Mortgage, LLC - Mankato
Jason Tupy and his team at CrossCountry Mortgage are highly regarded throughout southern Minnesota, including Springfield. With exceptional 4.9-star ratings across multiple platforms, they specialize in personalized mortgage solutions for both purchase and refinance needs. Their extensive experience with rural housing loans and USDA programs makes them particularly well-suited for the Springfield area. The team is known for their responsive communication, competitive rates, and thorough guidance through the entire mortgage process.
Loan Types:
Member Services
Twin Cities Credit Union
As one of Minnesota's most established credit unions, Twin Cities Credit Union serves members throughout the state including Springfield area residents. With outstanding 4.8-star ratings, they offer competitive mortgage rates and exceptional member service. Their not-for-profit structure often results in lower fees and better terms for borrowers. They specialize in first-time homebuyer programs and offer comprehensive digital mortgage tools alongside personalized local service through their experienced loan officers.
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Mortgage Department
Bremer Bank
Bremer Bank has deep roots in southern Minnesota with multiple branches serving the Springfield community. Their 4.7-star rated mortgage division offers comprehensive lending solutions with particular expertise in rural and agricultural communities. They provide local underwriting and decision-making, which often results in faster closings and more flexible terms. Bremer is especially strong in construction lending and lot loans, making them an excellent choice for custom home builds in the Springfield area.
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Frequently Asked Questions
Common questions about mortgage lending in Springfield, MN
What are the current average mortgage rates for homebuyers in Springfield, MN?
Mortgage rates in Springfield typically align with national averages but can be slightly influenced by local lender competition and housing demand. As of recent trends, 30-year fixed rates in the area generally range from 6.5% to 7%, but it's best to check with local lenders like First Farmers & Merchants Bank or HomeTown Bank for the most current offers. Your specific rate will depend on your credit score, loan type, and down payment.
Are there any first-time homebuyer programs specific to Springfield, MN?
Yes, Springfield homebuyers can access Minnesota Housing's First-Time Homebuyer Program, which offers competitive interest rates and down payment assistance. Additionally, some local lenders may offer special programs with lower down payment requirements or closing cost assistance tailored to the Springfield market. It's recommended to consult with a local mortgage advisor who is familiar with both state and any city-specific incentives.
How does the property tax system in Springfield, MN affect my mortgage payments?
Springfield, located in Brown County, has property taxes that are factored into your monthly mortgage escrow payments. Brown County's effective property tax rate is approximately 1.0% to 1.2% of the home's assessed value, which is relatively moderate for Minnesota. Your lender will calculate this into your monthly payment, so it's important to budget for this local tax obligation when determining your home affordability in Springfield.
What types of properties in Springfield typically qualify for USDA rural housing loans?
Most of Springfield and surrounding Brown County qualifies for USDA rural development loans, which offer 100% financing with no down payment. This includes single-family homes, townhomes, and approved condos that meet USDA property standards. Given Springfield's designation as a rural community, many homebuyers can take advantage of this program, making homeownership more accessible with lower upfront costs.
How competitive is the mortgage lending environment in Springfield's housing market?
Springfield's housing market is generally less competitive than larger Minnesota cities, but desirable properties can still attract multiple offers. Local lenders often provide personalized service and may offer more flexible underwriting for Springfield properties. It's advisable to get pre-approved with a local lender who understands the market dynamics, as this can strengthen your offer when competing against cash buyers or investors.
Why Choose a Mortgage Lender in Springfield?
Local Market Knowledge
Lenders who understand Springfield'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 Springfield and get competitive rates on your home loan.