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About these rates: the lenders whose rates appear in this table are The Mortgage Reports advertising partners. This information may be different from what you see when you visit a lender's site. The terms advertised here are not offers and do not bind any lender. The rates shown here are retrieved via the Mortech rate engine and are subject to change. These rates do not include taxes, fees, and insurance. Your actual rate and loan terms will be determined by the partner's assessment of your creditworthiness and other factors. Any potential savings figures are estimates based on the information provided by you and our advertising partners.

Mortgage Payment Comparison: Top Cities in California

1. Assumes today's average rate, 15 year fixed, 720 credit score, 3.5% down or home equity, and other common loan terms as seen here.

2. Assumes today's average rate, 30 year fixed, 720 credit score, 20% down or home equity, and other common loan terms as seen here.
City	Average Home Price	FHA Monthly Payment¹	Conv. Monthly Payment²
Minneapolis-St. Paul	252000	...	...
Duluth	195650	...	...
Rochester	242114	...	...

Buying a Home in Minnesota

When planning on buying a home in Minnesota, it’s a good idea to take some time to familiarize yourself with the main real estate laws and regulations in the state. Even though real estate transactions are much the same all across the country, each state does have some small differences in its laws. Here’s a few of the notable aspects to Minnesota real estate law:

Property disclosure
- Sellers are required by law to inform prospective buyers of any known, potentially adverse physical problems with the home that could affect the buyer’s enjoyment and/or use of the home.
- In Minnesota, all material facts about a property must be disclosed to any prospective buyer. This means if the local airport has a flight path over the property even just one day a week, the seller is obliged to let the buyer know.
Minnesota Realtor Arbitration System
- Minnesota law states when a dispute breaks out between a seller and a buyer, they can go through an arbitration system managed by the Minnesota Association of Realtors. This is a voluntary decision. It’s an alternative to going through the normal court system. Going through the arbitration system can however save a great deal of time and money. Here are a few of the differences:
  - Under the court system, a buyer has six years in which to file a claim, whereas in arbitration this must be done in 18 months.
  - The district courts can take up to 18 months to hear the case, but in arbitration, the case will be heard within a few months.
  - Arbitration filing fees can be anything from $250 – $1,150, and the court system fees are $20 – $135.

Refinancing in Minnesota

Minnesotans don’t have to worry much about state-level regulations when they want to refinance their mortgages. There seem to be few Minnesota laws to stop you from doing what you want. Of course, you’ll still be bound by federal regulations.

However, some who wish to refinance may face mandatory counseling as a result of a Minnesota law. Whether or not you do will depend on the sort of mortgage you currently have.

The US Department of Housing and Urban Development (HUD) has a long list of approved counselors in Minnesota on its website. So you’ll likely find one who’s convenient for your home or workplace.

You may have to pay a “reasonable and customary fee” for counseling. However, that’s waived if you’re facing foreclosure or can show you can’t afford it. And HUD has other rules for counselors and agencies that employ them:

You must be told the fee before you commit to counseling
That fee must be reasonable for (“commensurate with”) the level of help you get

So you shouldn’t get ripped off. And HUD-approved counselors should be great sources of independent advice.

One last thing. Unusually, the Minnesota Housing Finance Agency offers loans to some homeowners, mainly those who are refinancing and can’t afford closing costs. And its Fix-Up program can help with some home improvement projects.

Top mortgage companies in Minnesota

Minnesota’s top mortgage lenders are a mix of big-name national companies and local ones. According to ValuePenguin, the top five lenders in Minnesota are: Wells Fargo, U.S. Bank, Bell Bank, Quicken Loans, and Amec Home Loans.

Of course, the best mortgage lender for you may or may not be one of these. It depends which company can offer you the best deal based on your credit, down payment, home price, and other factors.

How to get the best mortgage rates in MN

We always recommend comparing personalized rates from at least 3-5 lenders to find out which lender has the best rate and terms for you.

You might start with one of the biggest MN mortgage companies, listed above. For a wider variety of lenders to consider in Minnesota, see: The Best Mortgage Lenders for 2022, and The Best Mortgage Refinance Companies for 2022

Mortgage calculator: Minnesota

Calculate your mortgage payment for a home in Minnesota. Start by finding your current mortgage rate using the filters above. Then enter your rate, home price, down payment, and loan term into the mortgage calculator below to estimate your monthly payment.

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Today’s Mortgage Rates in Minnesota

Today’s mortgage and refinance rates plus current home buying and refinance advice for Minnesota residents