If you’re looking for the best South Dakota mortgage lenders, you’re in the right place! Take a look at a few quotes in your area and read through our mortgage shopping tips before you decide on a mortgage lender.
How Should I Compare the Best South Dakota Mortgage Lenders?
There are many things you should consider when choosing a mortgage lender in South Dakota.
- Digital Mortgage Application
- Competitive Mortgage Rates
- Online Mortgage Lender Reviews
- Mortgage Brokers vs Mortgage Lenders
Digital Mortgage Application
One of the most frustrating parts of applying for a mortgage is providing all of your financial documents. Before you decide on a lender, make sure they have an online portal that makes it easy to upload documents and verify where you are in the process.
Competitive Mortgage Rates
You should always get quotes from at least three mortgage lenders. This simple step could save you thousands of dollars over the course of your mortgage. Many lenders share their rates on their website or you can compare mortgage rates side by side here.
Online Mortgage Lender Reviews
While you’re researching mortgage lenders there are many online reviews you can check out to make sure a significant number of customers haven’t had a bad experience. Take a look at Zillow’s mortgage lender directory or if you are going for a local lender use Google Maps.
Mortgage Brokers vs Mortgage Lenders
A mortgage lender is a company that will wire the money to the closing agent on the day you buy your home. A broker is an experienced mortgage professional that can help you find the best mortgage lender. Sometimes the mortgage lender will pay the mortgage broker a fee, but sometimes the buyer pays the fee directly. In both cases the mortgage broker is getting paid.
Many lenders will sell your mortgage a few weeks after they originate it. This can be frustrating for consumers so ask your mortgage loan officer if your mortgage will be sold or if you’ll be able to maintain the relationship with their company to send in your monthly payments.