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Goodhue County, Minnesota · 2025

Mortgage lenders in Goodhue County, MN: denial rates and top lenders (2025)

192 lenders acted on 1,447 mortgage applications for properties in Goodhue County in 2025. 12.5% were denied (Minnesota: 13.6%). Median rate on closed loans 6.63%; median loan $205,000; median property value $325,000.

1.4kApplications
12.5%Denial ratestate 13.6%
6.63%Median ratestate 6.63%
$205,000Median loan
$325,000Median property value

Largest lenders in Goodhue County

#LenderGradeApplicationsOriginatedDenial rateMedian rate
1 Merchants Bank A 10289 4.9%6.28%
2 Bell Bank A 7762 6.5%6.63%
3 United Shore Financial Services B 7661 13.2%6.37%
4 Rocket Mortgage C 6948 15.9%6.69%
5 Newrez D 6336 20.6%6.31%
6 Frandsen Bank & Trust B 5847 8.6%6.56%
7 Guaranteed Rate B 5844 3.5%6.53%
8 Affinity Plus C 3221 18.8%6.74%
9 U.S. Bank D 3119 35.5%7.25%
10 Think Mutual Bank C 3021 23.3%6.89%
11 Associated Bank B 2925 6.9%7.00%
12 Trustone Financial Credit Union C 2822 10.7%7.25%
13 Freedom Mortgage B 2713 7.4%6.25%
14 Wells Fargo Bank B 2110 28.6%6.75%
15 Fairway Independent Mortgage B 2017 10.0%7.00%
16 Heritage Bank Minnesota – 1919 0.0%—
17 ALTRA Federal Credit Union B 1817 5.6%6.78%
18 Coastal Community Bank C 185 0.0%10.49%
19 Loandepot.Com D 178 29.4%6.44%
20 Crosscountry Mortgage B 1613 6.3%6.63%
21 Luminate Bank B 1614 6.3%6.63%
22 Prosperity Home Mortgage A 1611 6.3%6.50%
23 Mayo Employees Federal Credit Union C 1510 6.7%6.54%
24 Broker Solutions D 158 6.7%6.81%
25 Servion B 1411 7.1%6.38%

Best approval odds in Goodhue County

Lowest decision denial rate among lenders that decided at least 50 applications here in 2025.

#LenderDecidedDecision denial rate
1Merchants Bank955.3%
2Bell Bank677.5%
3Frandsen Bank & Trust529.6%
4United Shore Financial Services7213.9%
5Rocket Mortgage6317.5%

What Goodhue County borrowers applied for

By loan purpose

Home purchase 696 48% · 5.6% denied
Refinance 238 16% · 13.9% denied
Cash-out refinance 228 16% · 22.4% denied
Home improvement 142 10% · 14.1% denied
Other / HELOC 143 10% · 26.6% denied

By loan type

Conventional 1,156 80% · 12.6% denied
FHA 172 12% · 15.7% denied
VA 101 7% · 7.9% denied
USDA / RHS 18 1% · 0.0% denied

Why applications were denied

Debt-to-income ratio 54 31%
Credit history 39 23%
Collateral 29 17%
Incomplete application 27 16%
Unverifiable information 9 5%
Other 9 5%
Insufficient cash 5 3%
Employment history 1 1%

Goodhue County by year

YearApplicationsOriginatedDenial rateMedian rateMedian loan
20231,12075415.0%6.75%$175,000
20241,21382814.0%6.75%$205,000
20251,44799912.5%6.63%$205,000

Frequently asked questions

12.5% of applications in Goodhue County were denied in 2025, against 13.6% statewide in Minnesota.

Merchants Bank, with 102 applications in 2025 and a denial rate of 4.9%.

The median mortgage application in Goodhue County in 2025 was for $205,000; the median property value on originated loans was $325,000.