Eric Otterness

Mortgage Loan Officer


1200 West County Rd. E
Suite 200
Arden Hills, MN 55112


Meet Eric

Eric Otterness has over 30 years of experience in the real estate industry. Eric worked as a carpenter and a real estate professional before becoming a mortgage loan in 1995. Specializing in products for first-time homebuyers, Eric is an expert on subsidized loan programs and down payment assistance options for to families in Minnesota. His extensive past client list and referrals from real estate professionals are his main sources of business. Eric strives to exceed expectations by delivering a full menu of mortgage options to help Minnesota families realize their dreams.

Steven S.
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"Eric was great, available, responsive and made the entire process seamless."
Kelley B.
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"Eric is amazing! He was very helpful, patient and hands-on from start to finish. I couldn’t have asked for a better experience!"
Fortino R.
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"Eric was amazing. He made the process easy to understand and went above and beyond to answer my questions and concerns."
Peter G.
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"Eric took care of our needs with the highest level of professionalism, dedication and care. He made the process smooth and kept us informed throughout. We are glad that we worked with him."
Amy P.
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"Eric Otterness was amazing! He was actually the third mortgage officer I tried – third time’s the charm! He put me at ease, made all the paperwork easy to get through and met me on my time (which isn’t always easy). I am so grateful I was referred to him. Thank you, Eric! You are truly the best!"


Homebuying Solutions

For first-time homebuyers, move-up buyers, second home purchases, and investment properties. Lake Area Mortgage is dedicated to making the entire process smooth and simple.


Building Your Dream Home?

Lake Area Mortgage makes financing easy with our Single-Close Construction Loan – one loan, one set of closing costs.


Thinking About Refinancing Your Mortgage?

We’re here to help you take the next step. Lake Area Mortgage can help you determine whether refinancing is right for you.


Don’t Move. Improve!

The Lake Area Mortgage Renovation Loan provides a simple and convenient way for borrowers to finance home improvements and renovations.

Mortgage Calculators To Help Plan Your Home Purchase

Our Easy Loan Process

Let’s Talk About You

Set up a meeting with your mortgage loan officer to discuss your home financing needs, goals, and current fiscal situation. Be prepared to provide information on your current income, assets, and liabilities. You’ll also need to agree to a review of your credit report. We’ll use this information to provide a pre-qualification for a loan, including the loan amount that you qualify for.

Shopping for a home with pre-qualification is shopping with confidence!

Apply Online

Your loan officer will provide you with a more detailed list of required documents for your official loan application. The documents required to approve and underwrite your loan can vary depending on program, credit score, and job type.

During this step, you’ll also be looking to make an offer on your new home.

Let Us Do The Work

Once your offer to purchase a home has been accepted, your loan officer and their team will begin processing your file for underwriting. During this time, we may request additional items that we need to approve your loan.

Generally, your rate will be locked at this time and an appraisal will be ordered.

Underwriting Process

Our in-house underwriting team will review the file to issue a loan decision. Your approval may require you to submit additional items. Once these extra items are submitted, we’ll be able to obtain final approval in 24 to 48 hours and your loan will be clear to close!

After your loan is clear to close, you will be notified of the exact amount of money you will need to bring to closing.

Clear to Close

Once you sign the final loan documents, the transaction will be completed and closed.

If your loan was a purchase, you’re a new homeowner! Your real estate professional will have your house keys at closing or schedule a time to deliver them.

If your loan was a refinance, enjoy the benefits of your new loan!

Our History

Lake Area Mortgage is proud to have been a top local lender with a reputation for providing expert mortgage loan services since 2007. Lake Area Mortgage is a division of Royal Credit Union, meaning that by obtaining a Lake Area Mortgage loan you also become a Member of Royal Credit Union. During the loan process, you’ll open a Royal Credit Union savings account as your share in the credit union and gain access to all the accounts, loans, and services that Royal Credit Union offers.

Our #1 Priority is your Satisfaction

All stages of the loan process are handled here, at Lake Area Mortgage. You’ll appreciate our experienced staff, in-house processing, underwriting and closing department to help ensure the loan process goes smoothly.

We pride ourselves on having award-winning loan officers who are dedicated to helping customers land their dream homes. Our local market knowledge can be key during your homebuying process.

Eric Otterness

Mortgage Loan Officer | NMLS#695809