Home Loans In Sioux Falls, South Dakota 

Welcome to Capital Home Mortgage – Sioux Falls. With over 200,000 residents, Sioux Falls is South Dakota’s most populous city. Its metro area alone accounts for over 30% of the population in the state. This makes the city a prime location for people looking to buy homes in South Dakota. 

Are you planning on becoming a homeowner in Sioux Falls? You’ll likely need a home loan to get you there. Though incredibly exciting, buying a home may well be the most significant financial investment in one’s lifetime. 

That’s why it’s important to know what you’re getting into from the start. 

What You Should Know About Home Loans In Sioux Falls, SD

Home loan programs differ significantly, especially regarding eligibility requirements, interest rates, and loan terms. 

By taking the time to understand what kind of loan is most appropriate for your situation, you become better prepared to talk to lenders and get a good deal. 

Home Loan Eligibility Requirements 

Before applying for a home loan, you should have a stable source of income, a decent debt level, and a good-enough credit score. These are the things all lenders will consider when processing your application. 

Of course, several other requirements are specific to certain types of loans. But at the end of the day, lenders want to know that you can afford to repay the loan within the agreed period fully. 

Interest Rate Types

There are two primary mortgage interest rate types— fixed and adjustable.

Fixed rates mean that the amount of interest you are required to pay doesn’t change throughout the loan’s lifetime. Even if there are variabilities in the interest rate environment and mortgage rates begin to change, your interest rates on that loan will remain fixed. 

On the other hand, adjustable rates mean that the interest payable on a particular mortgage is subject to change as market interest rates fluctuate periodically. Under this agreement, rates adjust annually after the initial teaser period. 

You’ll need to dig into the fine print of your loan agreement, so you don’t get blindsided when the adjustments take effect. 

Loan Terms

The term refers to how long you have to repay the loan. Because of the high amounts typically involved with buying a home, many loans have a term of 30 years. 

Longer loan terms mean lower monthly payments but higher interest rates. Conversely, shorter-term loans will usually have higher monthly payments but lower interest rates. 

Sioux Falls, South Dakota Mortgage Lender 

Finding the right home loan always begins with finding the right lender. At Capital Home Mortgage, we make it easy to get the perfect home loan program for your situation. We offer various mortgage products, including Conventional, FHA, USDA, VA, Jumbo, and Native American loans. 

Our mortgage professionals work tirelessly to ensure that you find what you need and that your home buying experience is as stress-free as possible. 

Capital Home Mortgage is also a direct lender, which means we can offer competitive rates and low fees on our mortgage offerings.

Get Started

Our experienced loan officers are here to support you every step of the way. Get started today by calling (605) 349-4377. 

Thank you for visiting our page, and we look forward to providing you with your next Sioux Falls home loan.