One of the most popular types of mortgages is the 30-year fixed-rate mortgage. This loan is usually the easiest to qualify for, and provides the maximum interest deduction at tax time. The interest rate stays the same over the life of the loan, which provides unchanging, low monthly payments. Over time, borrowers gain equity in the home as they pay down the principal, or actual loan amount. For borrowers who intend on staying in the home for a long time, this mortgage is particularly helpful and practical. A disadvantage of the 30-year fixed-rate mortgage is paying more interest over time than shorter-period loans.
Largest Cities in Minnesota:
Andover
Apple Valley
Austin
Blaine
Bloomington
Brooklyn Center
Brooklyn Park
Burnsville
Champlin
Chanhassen
Chaska
Coon Rapids
Cottage Grove
Crystal
Duluth
Eagan
Eden Prairie
Edina
Elk River
Faribault
Farmington
Fridley
Hastings
Inver Grove Heights
Lakeville
Lino Lakes
Mankato
Maple Grove
Maplewood
Minneapolis
Minnetonka
Moorhead
New Brighton
Oakdale
Owatonna
Plymouth
Prior Lake
Ramsey
Richfield
Rochester
Roseville
Saint Cloud
Saint Louis Park
Saint Paul
Savage
Shakopee
Shoreview
White Bear Lake
Winona
Woodbury
Disclaimer
Fixed Rate Mortgage/Adjustable Rate Mortgage Conforming
Rates and fees are quoted on a $200,000 loan for a purchase transaction
of an owner occupied, single-family residence with an 80% loan-to-value ratio.
Rates are subject to change without notice.
Fixed Rate Mortgage/Adjustable Rate Mortgage Jumbo
Rates and fees are quoted on a $450,000 loan for a purchase transaction
of an owner occupied, single-family residence with an 80% loan-to-value ratio.
Rates are subject to change without notice.
“Are you searching for a loan amount of more than $417,000?
Please be aware that recent legislation allows lenders to offer conforming loan rates at a higher loan amount limit based on the county the property is located. For details about the new conforming loan limits, click here.
Minnesota
