How to Become a Loan Officers in Minnesota
Loan Officers in Minnesota earn a median salary of $84,480/year, which is 14% above the national average. Minnesota has a state income tax of ~5.1%. After taxes and rent, a loan officers takes home approximately $3,880/month. Most positions require Bachelor's degree.
What a loan officers can afford in Minnesota
Becoming a loan officers in Minnesota
Meet education requirements
Loan Officers positions in Minnesota typically require Bachelor's degree. Programs are available at colleges and training institutions across Minnesota. Research accredited programs in your area.
Gain required experience
Many loan officers positions in Minnesota require hands-on experience through internships, apprenticeships, or entry-level roles. Look for training programs and mentorship opportunities in your metro area.
Obtain Minnesota licensure or certification
Minnesota may require specific licensing or professional certification for loan officerss. Requirements vary by state — contact the Minnesota Department of Labor or relevant licensing board for current requirements, exam schedules, and application procedures.
Find positions in Minnesota
Minnesota employs 6,950 loan officers. The highest concentrations are in Mankato and Minneapolis-St. Paul-Bloomington.
Loan Officers salary by metro area in Minnesota
| Metro area | Median | Hourly | Employment |
|---|---|---|---|
| Mankato | $93K | $44.78/hr | 150 |
| Minneapolis-St. Paul-Bloomington | $92K | $44.18/hr | 4,360 |
| St. Cloud | $85K | $40.88/hr | 280 |
| Rochester | $81K | $39.08/hr | 200 |
| Duluth | $73K | $34.86/hr | 250 |
Loan Officers salary range in Minnesota
Loan Officers careers in other states
Frequently asked questions
How much does a loan officers make in Minnesota?▼
The median loan officers salary in Minnesota is $84,480 per year ($40.62/hr). This is 14% above the national median of $74,180. Salaries range from $51,520 to $152,630.
What are the requirements to become a loan officers in Minnesota?▼
Loan Officers positions in Minnesota typically require Bachelor's degree. Minnesota may have specific licensing or certification requirements. Check with the Minnesota licensing board or department of labor for current requirements.
Can a loan officers afford to live in Minnesota?▼
At the median salary of $84,480, a loan officers in Minnesota would take home approximately $5,292/month after taxes. With median 2-bedroom rent at $1,412/month, that's 26.7% of take-home pay going to housing. This is within the recommended 30% guideline.
What are the best cities for loan officers in Minnesota?▼
The highest paying metro areas for loan officers in Minnesota are Mankato ($93,140), Minneapolis-St. Paul-Bloomington ($91,900), St. Cloud ($85,030). However, cost of living varies significantly between metros — a higher salary may not mean more purchasing power.
Does Minnesota have state income tax for loan officers?▼
Yes, Minnesota has a state income tax rate of approximately 5.1%. On a $84,480 salary, this means roughly $4,318/year in state income tax. Use our take-home pay calculator for a detailed breakdown.