Minnesota Home Mortgage Loans — 3 Ways to Find the Best Lender

November 19th, 2022 by admin Leave a reply »

Finding the Best Minnesota Home Mortgage Loan Lender

When looking to buy a home in Minnesota, there are a few things that you need to look for in a lender in order to ensure that you’re choosing the best lender. This article addresses the three things you need to look for when choosing a Minnesota home mortgage loan lender:

A Good Reputation

First, the lender you choose should be approved by the Better Business Bureau. They shouldn’t have any legitimate complaints logged through the Better Business Bureau database, which can be found specifically for the state of Minnesota through the Better Business Bureau website. Additionally, they should be in business for a substantial amount of time. Predatory lenders are generally only in business for a few years at a time at most.

Reasonable Loan Fees

One benefit of buying a home in Minnesota is that there are certain anti-predatory lending laws set forth by the state in order to protect persons buying a home in the state of Minnesota. For example, Minnesota law prohibits mortgage companies from financing any loan points or fees that exceed 5% of the borrowed amount. However, even though there are laws that protect consumers from unreasonable fees, borrowers should always be aware of what charges are reasonable and what is unreasonable.


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