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Sioux Falls Mortgage

When looking for a Sioux Falls Mortgage, here's some advice regarding things to take into consideration. There are several things to consider before applying for your next home loan including:

  1. Should you work with a bank or mortgage broker?
  2. Should you finance your purchase with a local lender or a company doing business out of state or online?
  3. What if I'm just starting a job (new physician, for example) and will have a high income but very little cash?
  4. Should you work with a lender that will sell off the servicing rights to your loan or choose a company that services their own loans?

Compare fees between a traditional bank and a mortgage broker. Although banks are sometimes lower, it's not uncommon for a mortgage broker to offer as low, or even a lower rate and fee schedule. All lenders will be required to provide you with a statement outlining the costs associated with your loan within a set number of days of your application being completed. This allows you to compare costs between different lenders.

We firmly believe it is best to finance your home purchase with a local lender for several reasons. We know most of the local lenders and it's easy for us to communicate with them. Local lenders want local real estate agents to refer people to them. Because of this, they're going to feel more accountable to do a good job than some online lender that will never meet you or your real estate agent face to face. Local lenders also have relationships with the title companies and know our local customs when it comes to property tax splits, title insurance, closing costs, etc. Don't just take our word for it, contact one of the local title companies and ask them if they have more problems with the local lenders or with out of state or online lenders.

Here's a local lender with whom we've had positive experiences:


Dave Kelly, Certified Mortgage Planner
Fairway Independent Mortgage
2101 W. 41st St., Suite 10
Sioux Falls, SD  57108
(605) 334-0484

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