Minnesota Mortgage Refinance

Nicknamed the “Northstar State” Minnesota home owners have access to a myriad of mortgage loan refinance options from local lenders. Minnesota’s estimated population is 5,167,101 with many homes backing up to one of the many lakes throughout the region. When it comes to mortgage loan refinancing, home owners in Minnesota should compare similar products, rates, terms and fees from a variety of lenders. Also, take into account the tax benefits associated with mortgage refinancing in Minnesota--the IRS allows Minnesota home owners to deduct interest, points and property taxes. Begin any mortgage refinance search by comparing rates from a variety of lenders throughout the state. Lenders in Minnesota currently offer a 30 year fixed product beginning at 4.94% APR to 5.28% APR. For a 15 year fixed mortgage, rates run from 4.37% APR to 4.79% APR. Home values throughout the state are approximately $164,500. Homes in Duluth (55801) are valued at $108,500, whereas homes in Minneapolis-St. Paul (55401) are valued at $184,500. Sale prices also vary. The median home sale price state-wide is $177,700 with homes in Cottage Grove (55016) selling for $199,900 and Rockford (55373) for $254,900.