The Best Mortgage Lenders in Wells, MN
Compare verified mortgage lenders serving Wells, Minnesota. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Wells
Featured Mortgage Lenders
Mark Schmitz
First National Bank of Fairmont
First National Bank of Fairmont is a highly-rated community bank with deep roots in southern Minnesota, serving Wells and surrounding communities for over 130 years. They offer personalized mortgage services with local underwriting and decision-making, which allows for more flexible lending options. Their mortgage team, led by experienced lenders like Mark Schmitz, provides competitive rates and exceptional customer service. As a community bank, they understand the local real estate market and offer specialized construction and agricultural property loans that larger lenders may not provide.
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Brad Hagedorn
United Prairie Bank
United Prairie Bank has been serving southern Minnesota communities including Wells for over 80 years. They offer a comprehensive range of mortgage products with competitive rates and local processing. Their experienced mortgage team provides personalized service and understands the unique needs of rural and small-town homebuyers. The bank is known for its strong community involvement and commitment to helping customers achieve homeownership through flexible lending criteria and expert guidance throughout the mortgage process.
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Mortgage Department
Altra Federal Credit Union
Altra Federal Credit Union serves members throughout southern Minnesota, including Wells residents, with competitive mortgage products and exceptional member service. As a credit union, they offer lower fees and competitive interest rates compared to many traditional banks. Their mortgage team provides personalized guidance through the entire homebuying process, with special programs for first-time homebuyers and flexible qualification criteria. Altra is known for their responsive service and commitment to helping members achieve their homeownership goals with various loan options tailored to individual financial situations.
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Frequently Asked Questions
Common questions about mortgage lending in Wells, MN
What are the current average mortgage rates for homebuyers in Wells, MN?
Mortgage rates in Wells typically align with national averages but can be slightly influenced by local market conditions and lender competition in the area. As of recent trends, 30-year fixed rates generally range from 6.5% to 7.25%, but it's best to check with local Wells lenders like First National Bank of Wells or United Prairie Bank for the most current offers, as they may have special promotions for local buyers.
Are there any first-time homebuyer programs specifically available in Wells, MN?
Yes, Wells homebuyers can access Minnesota Housing's First-Time Homebuyer Program, which offers competitive interest rates, down payment assistance, and mortgage credit certificates. Additionally, local lenders may offer special programs for first-time buyers purchasing in Faribault County, often with lower down payment requirements and flexible credit guidelines tailored to the area's moderate-income households.
How does Wells' rural location affect mortgage lending requirements?
Wells' designation as a rural area can work to your advantage through USDA Rural Development loans, which offer 100% financing with no down payment required for eligible properties and borrowers. These loans are particularly beneficial in the Wells area since many properties qualify, and they often have more flexible credit requirements than conventional loans, making homeownership more accessible.
What unique closing costs should I expect when getting a mortgage in Wells, MN?
Beyond standard closing costs, Wells homebuyers should budget for specific local expenses including Faribault County recording fees, local transfer taxes, and potentially higher title insurance costs due to the area's agricultural history. Some rural properties may also require additional well and septic inspections that aren't typically required in urban areas, adding $400-$600 to your closing costs.
How does the seasonal economy in Wells affect mortgage approval for agricultural workers?
Lenders in Wells are familiar with seasonal income patterns common in this agricultural community. They'll typically require two years of tax returns to establish income stability and may use a 24-month average rather than just current income. Many local lenders offer special underwriting considerations for farmers and agricultural workers, understanding that income may be concentrated in specific seasons rather than evenly distributed throughout the year.
Why Choose a Mortgage Lender in Wells?
Local Market Knowledge
Lenders who understand Wells'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 Wells and get competitive rates on your home loan.