South Dakota Mortgage Rates

July 1, 2015 05:05 PM Eastern

Refinance rates now in RAPID CITY, SD [Change this]

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Home Price (Purchase)
When you get a mortgage to purchase a home, the lender uses the lower of the agreed-upon purchase price or the property's appraised value to determine your maximum loan amount. The loan amount divided by the property home price equals your loan-to-value ratio, or LTV. That ratio is one of the major factors that lenders use to set your mortgage rate. If your LTV exceeds 80 percent, you'll probably be required to pay mortgage insurance, which increases your monthly payment. If the property appraises for less than the agreed-on purchase price, you are not usually required to complete the purchase.
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Home Value (Refinance)
This is your estimate of the current value of your property. When you refinance, your home is almost always evaluated by a licensed appraiser. The refinance loan amount divided by the property's appraised value equals your loan-to-value ratio (LTV), and that number is one of the major factors that determine your mortgage rate. To get an accurate refinance rate quote, your home value estimate must be reasonably accurate.
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Down Payment
The down payment is the amount you pay upfront when you finance property. Your purchase price minus your down payment equals your mortgage amount. The higher your down payment, the more likely you are to be approved for a home loan. If your down payment is less than 20 percent of the purchase price, you'll probably be required to pay for mortgage insurance, which increases your monthly payment.
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Credit Score
Your credit score is a number designed to measure your credit-worthiness. It's based on a formula that combines many factors, including your payment history, amount of credit used and number of accounts. This number is used by lenders to calculate the probability that you'll default on your mortgage. Most lenders won't approve mortgages to applicants with credit scores lower than 620. Your credit score is one of the most important factors that determines your mortgage rate - applicants with higher scores are offered better mortgage rates.

FHA 30 Year Fixed Rates as low as

Interest Rate
3.250%
APR
4.233%
Monthly Payment
$1,005
Consumer Direct Mortgage, a division of FirstBank
Interest Rate
3.250%
APR
4.233%
Monthly Payment
$1,005
(855) 997-1825 Contact
Consumer Direct Mortgage, a division of FirstBank
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 30 Days
Down Payment $50,000
Principal and Interest Payments $871
Estimated Mortgage Insurance Payments $134
Total Monthly Mortgage Payment $1,005
Lender Fees $6,500
Lender Credit $0
Total Closing Fees* $6,500
*Other 3rd party fees may apply
Consumer Direct Mortgage, a division of FirstBank
Email Lender

About the Lender

At Consumer Direct Mortgage, we know that each customer has specific needs, so we strive to meet those specific needs with a wide array of products, investment tools, mortgages and best of all quality service and individual attention.You are our priority and we know that superior service, delivering what was offered, coupled with the lowest overall cost is the way to keep you as a customer for life. In a lending environment where everyone is offering the same core products and programs, we know that we have to separate ourselves with an unwavering commitment to services and delivering the lowest overall total cost to close every day. Our sales and operations team is comprised of veteran Mortgage Professionals that are committed to this philosophy and understand what it takes to get the job done on time and at the agreed upon terms and conditions presented.
Consumer Direct Mortgage, a division of FirstBank
Email Lender Write a Review

Lender Reviews

Highly recommend!

Yes, I recommend this lender

Incredibly attentive. An absolute joy to work with. Highly recommend!

By: hk4394 (Milton, FL)

Mikes Refinance

Yes, I recommend this lender

Had a great experience with Consumer Direct. It was a non painful refinance and a great rate. Pat and Jamie were a pleasure to work with and always responded to me in a timely manner, whether it be by email or phone. 2 thumbs up!!!!

By: Anonymous (Boynton Beach, FL)

Mikes Refinance

Yes, I recommend this lender

I had a great experience working with Consumer Direct. Very professional, caring and actually returned my calls right away when I had any questions or concerns about my loan. I would highly recommend this company. (and I got a great rate!!!!) Mike

By: Robinson (Boynton Beach, FL)
See All Reviews
Aimloan.com
Be the first to write a review.
NMLS: 2890
Interest Rate
3.625%
APR
3.873%
Monthly Payment
$912
(877) 711-0639 Contact
Aimloan.com
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 30 Days
Down Payment $50,000
Principal and Interest Payments $912
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $912
Lender Fees $6,478
Lender Credit $1,002
Total Closing Fees* $5,476
*Other 3rd party fees may apply
Aimloan.com
Email Lender

About the Lender

Internet Direct Lender Since 1998* Over $16 Billion Funded *Fannie Mae and Freddie Mac Approved * View Rates & GFE Online 24/4, Apply & Lock Rate Online 24/7.

One of only 7 Certified UpFront Lenders!

15YearFixed Rates as low as

Interest Rate
2.750%
APR
3.039%
Monthly Payment
$1,357
Aimloan.com
Be the first to write a review.
NMLS: 2890
Interest Rate
2.750%
APR
3.039%
Monthly Payment
$1,357
(877) 711-0639 Contact
Aimloan.com
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 30 Days
Down Payment $50,000
Principal and Interest Payments $1,357
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $1,357
Lender Fees $4,478
Lender Credit $716
Total Closing Fees* $3,762
*Other 3rd party fees may apply
Aimloan.com
Email Lender

About the Lender

Internet Direct Lender Since 1998* Over $16 Billion Funded *Fannie Mae and Freddie Mac Approved * View Rates & GFE Online 24/4, Apply & Lock Rate Online 24/7.

One of only 7 Certified UpFront Lenders!
Consumer Direct Mortgage, a division of FirstBank
Interest Rate
2.875%
APR
3.092%
Monthly Payment
$1,370
(855) 997-1825 Contact
Consumer Direct Mortgage, a division of FirstBank
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 30 Days
Down Payment $50,000
Principal and Interest Payments $1,370
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $1,370
Lender Fees $3,000
Lender Credit $0
Total Closing Fees* $3,000
*Other 3rd party fees may apply
Consumer Direct Mortgage, a division of FirstBank
Email Lender

About the Lender

At Consumer Direct Mortgage, we know that each customer has specific needs, so we strive to meet those specific needs with a wide array of products, investment tools, mortgages and best of all quality service and individual attention.You are our priority and we know that superior service, delivering what was offered, coupled with the lowest overall cost is the way to keep you as a customer for life. In a lending environment where everyone is offering the same core products and programs, we know that we have to separate ourselves with an unwavering commitment to services and delivering the lowest overall total cost to close every day. Our sales and operations team is comprised of veteran Mortgage Professionals that are committed to this philosophy and understand what it takes to get the job done on time and at the agreed upon terms and conditions presented.
Consumer Direct Mortgage, a division of FirstBank
Email Lender Write a Review

Lender Reviews

Highly recommend!

Yes, I recommend this lender

Incredibly attentive. An absolute joy to work with. Highly recommend!

By: hk4394 (Milton, FL)

Mikes Refinance

Yes, I recommend this lender

Had a great experience with Consumer Direct. It was a non painful refinance and a great rate. Pat and Jamie were a pleasure to work with and always responded to me in a timely manner, whether it be by email or phone. 2 thumbs up!!!!

By: Anonymous (Boynton Beach, FL)

Mikes Refinance

Yes, I recommend this lender

I had a great experience working with Consumer Direct. Very professional, caring and actually returned my calls right away when I had any questions or concerns about my loan. I would highly recommend this company. (and I got a great rate!!!!) Mike

By: Robinson (Boynton Beach, FL)
See All Reviews

5YearARM Rates as low as

Interest Rate
2.375%
APR
2.962%
Monthly Payment
$777
Aimloan.com
Be the first to write a review.
NMLS: 2890
Interest Rate
2.375%
APR
2.962%
Monthly Payment
$777
(877) 711-0639 Contact
Aimloan.com
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 30 Days
Down Payment $50,000
Principal and Interest Payments $777
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $777
Lender Fees $4,478
Lender Credit $692
Total Closing Fees* $3,786
*Other 3rd party fees may apply
Aimloan.com
Email Lender

About the Lender

Internet Direct Lender Since 1998* Over $16 Billion Funded *Fannie Mae and Freddie Mac Approved * View Rates & GFE Online 24/4, Apply & Lock Rate Online 24/7.

One of only 7 Certified UpFront Lenders!
Mortgage rate quotes displayed on LendingTree LoanExplorer℠, including loan pricing data, rates and fees, are provided by third party data providers including, but not limited to, Mortech®, a registered trademark of Zillow®, LoanXEngine, a product of Mortgage Builder Software, Inc., and LoanTek, Inc.

Mortgage Rate Trends

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Current South Dakota Mortgage Rates and Statewide Home Buyer Programs
South Dakota is home to the historic Mount Rushmore, and is bisected by the beautiful Missouri river. The West River and East River areas of the state, as they are known, are both home to small, friendly communities. Whether you want to live close to the Black Hills or near the banks of the great river, you can make that dream come true with a home loan at low SD mortgage rates.

SD mortgage interest rates are determined by many different factors. A qualified lender can assist you with understanding mortgage rates and how they’ll affect your future loan payments. South Dakota mortgage interest rates are also a major factor in the size of the mortgage you'll be able to afford.

SD Mortgage Rates and First Time Home Buyer Programs
The South Dakota Housing Development Authority (SDHDA) is in charge of several programs that help residents of the state realize the great American dream of becoming homeowners. One of their flagship programs is the First-Time Homebuyer program.

This program is exclusively for families or individuals who have not purchased a home in SD within the last three years. Participants in the program must live in the home they purchase as their primary residence.

One major feature of the First-Time Homebuyer Program is that it offers rates lower than current South Dakota mortgage rates.

Down Payment Assistance and Low South Dakota Mortgage Interest Rates
The SDHDA offers several options for South Dakota residents who want to get into a home but don’t have the funds for a down payment. If you want to obtain financing to take advantage of low SD mortgage interest rates, any one of these three down payment assistant programs offered by the SDHDA can help you to do so:

• Advance Tax Credit Loan Program: This program allows buyers to use part of their Federal First-Time Homebuyer Tax Credit for the down payment on their home purchase.

• Employer Mortgage Assistance Program: This program offers buyers an extremely low interest rate second position mortgage to cover closing costs and down payment requirements of the first mortgage lender.  Loan funds are provided in part by participating employers, and made available to employees of those companies.

• Loan Assistance Program: This program is available to those who meet certain income qualifications. Eligible participants can expect a low-interest loan for a down payment, closing costs and gap financing. These rates are typically better than current South Dakota mortgage interest rates.