Minnesota
Mortgage Loan Application
Totals and Details
in 2020

Find mortgage statistics and mortgage data for Minnesota.
Our lists allow you to explore the total number of mortgage applications and mortgage application details for 2003-2020 in all of Minnesota.
You can organize this information by metropolitan area and by county.

Years 2020  2019  2018  2017  2016  2015  2014  2013  2012  2011  2010  2009  2008  2007  2006  2005  2004  2003  
Total Number of Mortgage Applications 487,956
Total Mortgage Loan Application Amount $119,126,795,000
Average Mortgage Loan Application Amount $244,000
Highest Mortgage Loan Application Amount $57,805,000
Average Applicant Income $119,000
Highest Applicant Income $8,640,000

Mortgage stats and application averages for each year are shown below, as well as highest application amount and the income of the highest applicant.
If you are looking for a mortgage or loan application data statistics in Minnesota, these numbers will give you an idea of what to expect as you begin to look for a lender.

These lists can also be organized by various details about Mortgage Loan Applications for each year, with categories such as loan purpose, race of mortgage applicant, loan type, the outcome of the application, and reason for denial.

Each category breaks down the total number of mortgage applications, the total dollar amount for those applications, the average mortgage amount, and the highest mortgage within that category. You can also look at information regarding the average income of the mortgage applicants and the highest income of the mortgage applicants. If you're looking for a certain type of mortgage, these numbers will give you a better gauge of what to expect in various situations.

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Mortgage Loan Application Detail Totals for Minnesota in 2020

Loan Purpose

Total Number of Mortgage Applications Total Dollar Amount of Mortgage Loan Applications Average Mortgage Loan Amount Highest Mortgage Loan Amount Average Applicant Income Highest Applicant Income
Refinancing 228,612 $57,491,235,000 $251,000 $57,805,000 $126,000 $8,640,000
Home Purchase 145,182 $38,823,945,000 $267,000 $56,005,000 $106,000 $8,044,000
Cash-out Refinancing 75,876 $18,456,305,000 $243,000 $43,755,000 $116,000 $6,790,000
Other Purpose 16,320 $1,712,930,000 $104,000 $3,005,000 $136,000 $7,547,000
Home Improvement 15,421 $1,638,065,000 $106,000 $34,385,000 $132,000 $8,116,000
Not Applicable 6,545 $1,004,315,000 $153,000 $1,915,000 $52,000 $162,000

Applicant Race

Total Number of Mortgage Applications Total Dollar Amount of Mortgage Loan Applications Average Mortgage Loan Amount Highest Mortgage Loan Amount Average Applicant Income Highest Applicant Income
White 344,742 $80,514,225,000 $233,000 $16,415,000 $119,000 $8,640,000
Not Provided 53,482 $12,947,865,000 $242,000 $13,015,000 $128,000 $8,116,000
Not applicable 41,327 $14,309,190,000 $346,000 $57,805,000 $124,000 $1,337,000
Asian 18,616 $4,782,140,000 $256,000 $2,815,000 $115,000 $2,717,000
Black or African American 12,758 $2,895,440,000 $226,000 $2,485,000 $93,000 $8,579,000
Hispanic 11,932 $2,467,870,000 $206,000 $2,105,000 $90,000 $2,388,000
American Indian or Alaskan Native 2,247 $473,765,000 $210,000 $1,355,000 $104,000 $900,000
Native Hawaiian or Other Pacific Islander 332 $69,590,000 $209,000 $755,000 $99,000 $924,000

Loan Type

Total Number of Mortgage Applications Total Dollar Amount of Mortgage Loan Applications Average Mortgage Loan Amount Highest Mortgage Loan Amount Average Applicant Income Highest Applicant Income
Conventional (any loan other than FHA, VA, FSA, or RHS loans) 405,726 $100,065,745,000 $246,000 $57,805,000 $124,000 $8,640,000
FHA-insured (Federal Housing Administration) 45,386 $9,774,770,000 $215,000 $38,455,000 $67,000 $1,260,000
VA-guaranteed (Veterans Administration) 31,583 $8,390,795,000 $265,000 $1,375,000 $80,000 $1,848,000
FSA/RHS (Farm Service Agency or Rural Housing Service) 5,261 $895,485,000 $170,000 $1,505,000 $57,000 $1,090,000

Outcome

Total Number of Mortgage Applications Total Dollar Amount of Mortgage Loan Applications Average Mortgage Loan Amount Highest Mortgage Loan Amount Average Applicant Income Highest Applicant Income
Loan Originated 312,478 $78,722,895,000 $251,000 $57,805,000 $120,000 $8,640,000
Application Withdrawn By Applicant 57,388 $14,134,180,000 $246,000 $42,005,000 $125,000 $8,300,000
Loan Purchased By The Institution 49,306 $12,074,700,000 $244,000 $3,665,000 $118,000 $2,185,000
Application Denied By Financial Institution 39,643 $7,747,545,000 $195,000 $28,755,000 $99,000 $8,579,000
File Closed For Incompleteness 18,942 $4,102,870,000 $216,000 $5,005,000 $118,000 $6,790,000
Application Approved But Not Accepted 9,487 $2,195,325,000 $231,000 $18,655,000 $124,000 $7,772,000
Preapproval Approved but not Accepted 487 $119,505,000 $245,000 $1,235,000 $105,000 $832,000
Preapproval Denied by Financial Institution 225 $29,775,000 $132,000 $515,000 $52,000 $202,000

Denial Reason

Total Number of Mortgage Applications Total Dollar Amount of Mortgage Loan Applications Average Mortgage Loan Amount Highest Mortgage Loan Amount Average Applicant Income Highest Applicant Income
Not applicable 431,351 $106,945,930,000 $247,000 $57,805,000 $120,000 $8,640,000
Debt-To-Income Ratio 28,113 $6,650,805,000 $236,000 $36,005,000 $101,000 $8,044,000
Credit History 9,058 $1,351,700,000 $149,000 $2,485,000 $93,000 $2,900,000
Credit Application Incomplete 6,854 $1,588,330,000 $231,000 $3,755,000 $123,000 $3,632,000
Collateral 5,062 $952,890,000 $188,000 $8,305,000 $125,000 $2,041,000
Other 4,280 $963,360,000 $225,000 $28,755,000 $123,000 $8,579,000
Unverifiable Information 1,721 $338,205,000 $196,000 $2,005,000 $123,000 $7,547,000
Employment History 847 $177,765,000 $209,000 $1,745,000 $76,000 $1,478,000
Insufficient Cash (Downpayment, Closing Cost) 663 $155,785,000 $234,000 $1,505,000 $113,000 $2,080,000
Mortgage Insurance Denied 7 $2,025,000 $289,000 $385,000 $84,000 $160,000
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Mortgage Loan Application Totals in 2020 by Minnesota Metropolitan Area

Metro Area Total Number of Mortgage Loan Applications Total Dollar Amount of Mortgage Loan Applications Average Mortgage Loan Application Amount Average Applicant Income
DULUTH, MN-WI 15,948 $ 2,995,850,000 $ 187,000 $ 105,000
MANKATO-NORTH MANKATO, MN 6,591 $ 1,431,385,000 $ 217,000 $ 100,000
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI 350,408 $ 92,484,955,000 $ 263,000 $ 124,000
ROCHESTER, MN 18,006 $ 3,962,040,000 $ 220,000 $ 119,000
ST. CLOUD, MN 13,849 $ 2,662,935,000 $ 192,000 $ 96,000
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Mortgage Loan Application Totals in 2020 by Minnesota County

County Total Number of Mortgage Loan Applications Total Dollar Amount of Mortgage Loan Applications Average Mortgage Loan Application Amount Average Applicant Income
Aitkin 1,576 $ 300,750,000 $ 190,000 $ 123,000
Anoka 38,632 $ 8,899,250,000 $ 230,000 $ 101,000
Becker 2,970 $ 676,620,000 $ 227,000 $ 129,000
Beltrami 1,715 $ 314,175,000 $ 183,000 $ 102,000
Benton 3,063 $ 584,945,000 $ 190,000 $ 87,000
Big Stone 183 $ 26,165,000 $ 142,000 $ 92,000
Blue Earth 4,256 $ 925,640,000 $ 217,000 $ 99,000
Brown 1,578 $ 227,980,000 $ 144,000 $ 77,000
Carlton 2,568 $ 473,290,000 $ 184,000 $ 92,000
Carver 13,647 $ 3,981,805,000 $ 291,000 $ 145,000
Cass 2,703 $ 636,715,000 $ 235,000 $ 151,000
Chippewa 435 $ 55,035,000 $ 126,000 $ 76,000
Chisago 6,251 $ 1,391,795,000 $ 222,000 $ 98,000
Clay 5,169 $ 1,022,305,000 $ 197,000 $ 96,000
Clearwater 308 $ 43,480,000 $ 141,000 $ 76,000
Cook 426 $ 106,840,000 $ 250,000 $ 176,000
Cottonwood 474 $ 61,790,000 $ 130,000 $ 81,000
Crow Wing 5,955 $ 1,416,715,000 $ 237,000 $ 136,000
Dakota 46,309 $ 11,601,220,000 $ 250,000 $ 118,000
Dodge 1,903 $ 362,615,000 $ 190,000 $ 96,000
Douglas 3,052 $ 664,960,000 $ 217,000 $ 110,000
Faribault 536 $ 62,930,000 $ 117,000 $ 74,000
Fillmore 1,235 $ 201,775,000 $ 163,000 $ 87,000
Freeborn 1,310 $ 188,510,000 $ 143,000 $ 85,000
Goodhue 3,348 $ 707,220,000 $ 211,000 $ 100,000
Grant 354 $ 48,890,000 $ 138,000 $ 81,000
Hennepin 118,329 $ 34,740,735,000 $ 293,000 $ 142,000
Houston 1,144 $ 193,790,000 $ 169,000 $ 92,000
Hubbard 1,472 $ 296,190,000 $ 201,000 $ 120,000
Isanti 4,239 $ 890,785,000 $ 210,000 $ 87,000
Itasca 3,120 $ 549,940,000 $ 176,000 $ 100,000
Jackson 424 $ 58,860,000 $ 138,000 $ 85,000
Kanabec 1,196 $ 202,220,000 $ 169,000 $ 80,000
Kandiyohi 2,569 $ 524,355,000 $ 204,000 $ 107,000
Kittson 112 $ 12,870,000 $ 114,000 $ 74,000
Koochiching 444 $ 65,550,000 $ 147,000 $ 90,000
Lac qui Parle 214 $ 27,300,000 $ 127,000 $ 86,000
Lake 842 $ 153,750,000 $ 182,000 $ 113,000
Lake of the Woods 231 $ 36,895,000 $ 159,000 $ 91,000
Le Sueur 2,600 $ 549,110,000 $ 211,000 $ 105,000
Lincoln 258 $ 34,800,000 $ 134,000 $ 89,000
Lyon 1,237 $ 186,565,000 $ 150,000 $ 91,000
Mahnomen 135 $ 19,565,000 $ 144,000 $ 88,000
Marshall 343 $ 43,225,000 $ 126,000 $ 84,000
Martin 954 $ 145,070,000 $ 152,000 $ 97,000
McLeod 2,439 $ 447,685,000 $ 183,000 $ 84,000
Meeker 1,388 $ 249,670,000 $ 179,000 $ 89,000
Mille Lacs 2,256 $ 411,320,000 $ 182,000 $ 85,000
Morrison 1,922 $ 342,670,000 $ 178,000 $ 91,000
Mower 2,072 $ 317,030,000 $ 153,000 $ 83,000
Murray 345 $ 54,625,000 $ 158,000 $ 99,000
Nicollet 2,335 $ 506,725,000 $ 217,000 $ 101,000
Nobles 504 $ 83,550,000 $ 165,000 $ 77,000
Norman 224 $ 27,140,000 $ 121,000 $ 70,000
Olmsted 13,342 $ 3,118,730,000 $ 233,000 $ 128,000
Otter Tail 4,637 $ 1,005,745,000 $ 216,000 $ 120,000
Pennington 623 $ 99,455,000 $ 159,000 $ 82,000
Pine 2,456 $ 426,120,000 $ 173,000 $ 87,000
Pipestone 351 $ 52,825,000 $ 150,000 $ 90,000
Polk 1,695 $ 300,205,000 $ 177,000 $ 99,000
Pope 757 $ 148,825,000 $ 196,000 $ 107,000
Ramsey 39,673 $ 9,492,920,000 $ 239,000 $ 112,000
Red Lake 116 $ 15,530,000 $ 133,000 $ 80,000
Redwood 678 $ 88,880,000 $ 131,000 $ 82,000
Renville 609 $ 78,725,000 $ 129,000 $ 79,000
Rice 4,488 $ 968,340,000 $ 215,000 $ 99,000
Rock 536 $ 85,230,000 $ 159,000 $ 90,000
Roseau 545 $ 78,075,000 $ 143,000 $ 78,000
Scott 18,336 $ 5,077,760,000 $ 276,000 $ 128,000
Sherburne 11,587 $ 2,623,325,000 $ 226,000 $ 99,000
Sibley 928 $ 156,150,000 $ 168,000 $ 83,000
St. Louis 12,538 $ 2,368,810,000 $ 188,000 $ 108,000
Stearns 10,786 $ 2,077,990,000 $ 192,000 $ 99,000
Steele 2,554 $ 458,190,000 $ 179,000 $ 92,000
Stevens 396 $ 59,420,000 $ 150,000 $ 86,000
Swift 318 $ 38,050,000 $ 119,000 $ 76,000
Todd 1,165 $ 204,005,000 $ 175,000 $ 91,000
Traverse 88 $ 10,910,000 $ 123,000 $ 80,000
Wabasha 1,526 $ 278,790,000 $ 182,000 $ 100,000
Wadena 503 $ 73,925,000 $ 146,000 $ 77,000
Waseca 932 $ 143,840,000 $ 154,000 $ 77,000
Washington 31,670 $ 8,753,995,000 $ 276,000 $ 130,000
Watonwan 467 $ 68,045,000 $ 145,000 $ 84,000
Wilkin 384 $ 58,450,000 $ 152,000 $ 89,000
Winona 2,776 $ 446,520,000 $ 160,000 $ 91,000
Wright 16,878 $ 4,069,870,000 $ 241,000 $ 110,000
Yellow Medicine 314 $ 43,740,000 $ 139,000 $ 85,000

We hope these mortgage application details and statistics will give you a better idea of what to expect when applying for a mortgage.
Whether you are looking for a home loan, for home financing or refinancing, or for home improvement loan statistics, we have the information you need.
These mortgage application stats give you everything you need to know as you start your search for the best mortgage lender in Minnesota.

If you prefer, you can download a copy of the entire list of mortgage lenders in Minnesota and search similar information back through 2003.

Download the Minnesota Lender List