Cottage Grove, MN Mortgage Rates today
Minnesota's appeal lies in its blend of urban amenities and natural beauty. With strong job prospects, top-rated schools, and a welcoming community, it's an ideal place to buy a home. Ensure you compare our current rates to secure a mortgage that aligns with your Minnesota dream home and lifestyle.
If you have any questions about securing the best mortgage rates in Minnesota, please contact us today. We are here to assist you in finding the mortgage rates that best suit your needs.
Compare today's mortgage rates for Cottage Grove, MN
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5.625%
6.377% APR
$2,965/mo
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6.500%
6.961% APR
$2,275/mo
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5.750%
6.786% APR
$2,287/mo
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5.750%
6.880% APR
$2,101/mo
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5.750%
6.360% APR
$2,127/mo
infoLatest revision - March 06 2025 12:30pm EST.We update the table twice every day with the current mortgage rates.
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Minnesota first-time homebuyer loan programs
Minnesota Housing Start-Up
Minnesota Housing's Start-Up first-time homebuyer program provides low fixed-rate loans, which can comprise a conventional, FHA, VA, and USDA loan as long as you are working with an agency-approved mortgage lender. You can use this program in conjunction with other closing costs and down payment assistance in MN through the agency. Additionally, the following requirements are mandatory for one to qualify for this Minnesota down payment assistance initiative:
- You must be a first-time home buyer in Minnesota who has not owned a home in the last 3 years.
- Your total income should not exceed the agency's income limits and the purchase price limit for each loan type
- You are required to complete and pass the homeowner education course.
The Start-Up conventional loan only needs a 3 percent down payment, but it does come with the additional cost of private mortgage insurance (PMI). FHA, VA, and USDA loans each have their own distinct requirements.
Minnesota down payment assistance
Minnesota Housing Monthly Payment Loan
Minnesota Housing's monthly payment loan is available to MN first-time home buyers. It provides up to $18,000 for the down payment or closing expenses of the Minnesota Housing loan you qualified for, among other conditions. The MHFA down payment assistance loan must be repaid over a decade and in monthly amounts at the same interest as your first mortgage. You must contribute $1,000 of your own money to the acquisition of the Start-Up loan or another out from Minnesota Housing.
Minnesota Housing Deferred Payment Loans
Minnesota first-time homebuyers could secure down payment assistance with a Deferred Payment or Deferred Payment Plus Loan. A Deferred Payment Loan is good for up to $16,500 of down payment or closing costs, whereas its relative can reach up to $18,000.One must pay the money back at once when he pays off the first mortgage or sells or moves the home.
Other first-time homebuyer loan programs
FHA Loan
If a borrower's credit is less than stellar or savings are slim, they may choose to investigate an FHA loan. Such first-time home buyer MN grants provide widespread access and only necessitate a minimum credit score of 580 alongside a down payment as low as 3.5 percent.
VA Loan
Military personnel or veterans looking to purchase real estate should examine VA loans, as they require no money down.
USDA Loan
Borrowers searching in a rural area designated by the USDA have the option of a USDA loan with no down payment required. However, a credit score of around 640 or higher is generally expected for approval.
The Good Neighbor Next Door Program
Opportunity through HUD presents an extremely low equity requirement combined with half-price savings on eligible homes located in selected communities.
Inclusion of a program on this website does not constitute an endorsement by Total Mortgage and does not guarantee your eligibility or approval for the program.
*Terms and Conditions Apply. For complete details click here.
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Mortgage rates are volatile and subject to change without notice. All rates shown are for 30-day rate locks with two and a half points for a single family owner-occupied primary residence with 750 or higher FICO and 80 LTV over a 30-year loan term except where otherwise noted and are subject to mortgage approval with full documentation of income. The APR for a 30-year and 15-year conventional fixed-rate mortgage loans are calculated using a loan amount of $360,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, a $10 flood certification fee, and a $82 credit report fee.* 15-year conventional mortgage rates are calculated with a 15-year loan term.* The APR for jumbo mortgage rates is calculated using a loan amount of $500,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, $10 flood certification fee, and a $82 credit report fee.* The APR for FHA mortgage rates is calculated using a loan amount of $360,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, $10 flood certification fee, and a $82 credit report fee. Some rates and fees may vary by state.* The APR for adjustable rate mortgages (ARMs) is calculated using a loan amount of $360,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, $10 flood certification fee and a $82 credit report fee. Some rates and fees may vary by state. Products are subject to availability on a state-by-state basis. By refinancing your existing loan, your total finance charge may be higher over the life of the loan.
