Home Loans In Aberdeen, South Dakota 

Welcome to Capital Home Mortgage. Thank you for visiting our page to learn more about our home loan programs in Aberdeen.

With more than 28,000 residents, Aberdeen is the third most populous city in South Dakota after Sioux Falls and Rapid City.

Like other areas across the state, Aberdeen’s real estate market has endured its ups and downs from the pandemic. However, with new housing projects scheduled for 2022, things may start to pick up again. 

If you’re a potential homebuyer in Aberdeen, you’re likely considering getting a home loan. It’s essential to understand what the process entails so you can avoid unnecessary back-and-forths. 

Understanding The Loan Application Process 

Applying for a home loan requires dedication and compliance. You’re applying to take out a loan on what is likely to be your most expensive purchase ever. You don’t want to get into it unprepared. 

The actual application process will typically vary from lender to lender. However, here are some general steps in the process: 

• Step 1: Pre-approval

This is a crucial step in the home buying process. The lender will pull out your credit report and other essential financial info during pre-approval to assess your creditworthiness. In return, they will provide an estimation of the loan amount they’re willing to give.

• Step 2: Look for homes within your budget

You can begin checking home listings online or talk to real estate agents with a number in mind. Online listing prices aren’t always absolute, so remember to use the amounts as rough estimates only. If you want accurate pricing, get in touch with a real estate agent who can access real-time property prices.

• Step 3: Make an offer and execute a purchase contract loan

Once you find a house that fits your needs and budget, it’s time to make an offer. If the seller accepts your offer to purchase, it’s time to execute a purchase contract. Ask for seller concessions to cover the closing costs and prepaid items, which are typically overlooked.

• Step 4: Processing and underwriting

The underwriter is the decision-maker who will approve or reject your loan. Underwriters will examine your documents and assess the risks of granting the loan to you. They might ask you to provide additional documents until they’ve crossed out all red flags. To avoid unnecessary delays or hiccups, make sure to submit all the requirements needed in Step 3.

• Step 5: Closing

Assuming your loan is approved, it’s time to close the deal. Coordinate with the real estate agent or owner of your prospective home. 

Aberdeen, South Dakota Direct Mortgage Lender

Getting a home loan in Aberdeen, South Dakota, is simple through Capital Home Mortgage. We are a full-service mortgage lender offering loan products that cater to different homebuyer needs. 

We offer competitive interest rates, flexible underwriting policies, and low fees as direct lenders.

Get Your Dream House in Aberdeen Today!

Let Capital Home Mortgage help you become a homeowner in Aberdeen today. Call us at (605) 349-4377 to speak with our expert loan officers and get started with a no-obligation quote on your loan inquiries.