Compare Mortgage Rates icon

Compare Mortgage Rates

Find Mortgage Lenders icon

Find Mortgage Lenders

South Dakota Mortgage Rates

Getting the Best Rates on South Dakota Mortgages

If you love the outdoors, you’ll love living in South Dakota. Something you’ll love even more is the great rates on South Dakota mortgage loans. If you already call South Dakota home maybe you want to tap into the equity you’ve built in your home. Either way, is well-equipped to assist with your search.

South Dakota’s natural beauty is a big attraction for residents and tourists alike. But many people also enjoy the state’s low population. With so much wide open space and so few people, South Dakota offers plenty of room to live a comfortable life. South Dakota has the Black Hills, Mt. Rushmore, a diverse Indian history, 23- to 35-million year old fossil beds, caves, parks, and countless hiking, biking and jogging trails that offer something for everyone.

Overview of South Dakota mortgages and mortgage rates

If you’re buying a new home in South Dakota, you have several mortgage loan options. If you want the security of knowing your payments and interest rate won’t ever change, you can choose a fixed rate mortgage with a 15-, 20-, 30-year or longer structure. If you need low payments initially and feel comfortable with terms that will change, you may wish to look more closely at adjustable-rate mortgages. If you’re looking for a second mortgage, you’ll find both fixed-rate and adjustable-rate structures in the form of home equity loans and home equity lines of credit respectively. Expect interest rates to be higher on second mortgages than on first.

South Dakota refinance mortgages

Refinancing has several benefits. It’s a way to save money and, if you need cash it’s a way to tap into your home’s equity. To get cash, you’d borrow more than the amount owed on the first mortgage. To save money, you’d refinance into a mortgage with a lower interest rate so your monthly payments are lower. If you can’t find a lower rate, a longer-term loan refinance is another way to save money.

Comparing South Dakota mortgages

Always spend time comparing mortgage offers before making a final decision. It’s not that hard when you follow these steps:

  1. Decide the maximum amount you can afford to borrow.
  2. Use the directory of South Dakota brokers to see and compare lender rates, and initiate contact.
  3. Complete and submit mortgage applications.
  4. Compare all offers received from South Dakota lenders.

Popular Areas in South Dakota

Clark County
Rapid City
Sioux Falls