South Dakota Mortgage Rates

August 29, 2016 10:37 AM 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.

30 Year Fixed

Interest Rate
3.250%
APR
3.416%
Monthly Payment
$871
First Internet Bank
30 Year Fixed
Interest Rate
3.250%
APR
3.416%
Monthly Payment
$871
(844) 325-8590 Contact
First Internet Bank
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 45 Days
Down Payment $50,000
Principal and Interest Payments $871
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $871
Lender Fees $4,137
Lender Credit $0
Total Closing Fees* $4,137
*Other 3rd party fees may apply
First Internet Bank
Email Lender

About the Lender

At First Internet Bank, we focus on helping our customers achieve their dreams of homeownership. We know that it is more than a house to you; it is where you raise your families, make lasting memories and build financial security. And we know that your family and home is unique and special, so we treat each and every application individually.
1. Your home loan experience – better, faster, easier – Our team has helped thousands of people like you afford the home of their dreams. You can rely on our deep knowledge and experience because our loan officers are seasoned professionals. They’re not sales people; they are “skilled mortgage advisors.” We take the time to explain each step to you – forms, paper work, the home appraisal and the final closing. First IB is there for you and will guide, support and advise you every step of the way.
2. Great rates and low fees – We know that once you find that perfect home in that perfect neighborhood, you’ll need a mortgage partner to help you design the perfect payment plan. First IB consistently delivers competitive mortgage rates to home owners across the nation. And unlike some lenders, we won’t just show you “some” of the fees, we show you everything. Put us to the test!
First Internet Bank
Email Lender Write a Review

Lender Reviews

Great loan officer

Yes, I recommend this lender

Very knowledgeable, patient and friendly. I would definitely try to work with her again should the need arise.

By: Scott (Kingwood, TX)

Straight Forward and Honest

Yes, I recommend this lender

Debbie was very professional and provided great customer service. Whenever I had questions, she made sure that I received an answer within 24 hours. This helped keep the refinancing process moving along and allowed me to close my loan in just over four weeks. I you live in Indiana, you know that people typically do business in an honest and straight forward way, and Debbie is no exception. Thanks!

By: Thomas (Indianapolis, IN)

Excellent Advisor

Yes, I recommend this lender

James was very patient with me and always answered my calls immediately. He made me feel important in that he was really there to help me with whatever questions I had.

By: Myriam (Sugar Land, TX)
See All Reviews

15 Year Fixed

Interest Rate
2.500%
APR
2.781%
Monthly Payment
$1,334
First Internet Bank
15 Year Fixed
Interest Rate
2.500%
APR
2.781%
Monthly Payment
$1,334
(844) 325-8590 Contact
First Internet Bank
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 45 Days
Down Payment $50,000
Principal and Interest Payments $1,334
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $1,334
Lender Fees $3,911
Lender Credit $0
Total Closing Fees* $3,911
*Other 3rd party fees may apply
First Internet Bank
Email Lender

About the Lender

At First Internet Bank, we focus on helping our customers achieve their dreams of homeownership. We know that it is more than a house to you; it is where you raise your families, make lasting memories and build financial security. And we know that your family and home is unique and special, so we treat each and every application individually.
1. Your home loan experience – better, faster, easier – Our team has helped thousands of people like you afford the home of their dreams. You can rely on our deep knowledge and experience because our loan officers are seasoned professionals. They’re not sales people; they are “skilled mortgage advisors.” We take the time to explain each step to you – forms, paper work, the home appraisal and the final closing. First IB is there for you and will guide, support and advise you every step of the way.
2. Great rates and low fees – We know that once you find that perfect home in that perfect neighborhood, you’ll need a mortgage partner to help you design the perfect payment plan. First IB consistently delivers competitive mortgage rates to home owners across the nation. And unlike some lenders, we won’t just show you “some” of the fees, we show you everything. Put us to the test!
First Internet Bank
Email Lender Write a Review

Lender Reviews

Great loan officer

Yes, I recommend this lender

Very knowledgeable, patient and friendly. I would definitely try to work with her again should the need arise.

By: Scott (Kingwood, TX)

Straight Forward and Honest

Yes, I recommend this lender

Debbie was very professional and provided great customer service. Whenever I had questions, she made sure that I received an answer within 24 hours. This helped keep the refinancing process moving along and allowed me to close my loan in just over four weeks. I you live in Indiana, you know that people typically do business in an honest and straight forward way, and Debbie is no exception. Thanks!

By: Thomas (Indianapolis, IN)

Excellent Advisor

Yes, I recommend this lender

James was very patient with me and always answered my calls immediately. He made me feel important in that he was really there to help me with whatever questions I had.

By: Myriam (Sugar Land, TX)
See All Reviews
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.