With you every step of the way.
Start your journey. Our Mortgage Team will guide you through the process from start to finish.
Step 1: Getting Pre-Qualified
The first step to a new home or refinance is to fill out an application.
Step 2: Processing
Your home is within reach! We will help you finalize the application details, getting you closer to crossing the threshold of your new home.
Step 3: Underwriting
Once your loan file is complete, it is submitted to an underwriter for review. Lock in your rate and finalize details.
Step 4: Closing
You are now in the final step. Home ownership is just around the corner.
How much home can I afford... should I rent or buy? Need additional mortgage calculators?
CalculatorsFlexible loan options make your dreams a possibility.
Rely on our expert guidance to get you into the home you've always wanted.
Conventional Loans
A conventional mortgage is any type of homebuyer’s loan available through or guaranteed by a private lender such as banks, credit unions, mortgage companies, or the two government-sponsored enterprises; Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac).
Fixed Rate / Adjustable Rate
With a fixed interest rate loan, the interest rate does not change during the lifetime of the loan.
An adjustable rate mortgage, also known as a variable rate mortgage, is a mortgage loan with the interest rate on the note periodically adjusted based on an index which reflects the cost of funds to the lender.
First-Time Homebuyer
A first-time homebuyer is defined as an individual who has had no ownership interest in a principal residence during the prior 3-year period. Programs typically offer lower rates and have income limitations.
USDA Rural Development Loan
USDA’s 502 Guaranteed Loan Program assists approved lenders in providing low- and moderate-income households the opportunity to own primary residences located in eligible rural areas. Eligible applicants may build, rehabilitate, improve, or relocate a home in an eligible rural area.
Veterans Administration Loan
The Veterans Administration (VA) helps service members, veterans, and eligible surviving spouses become homeowners. VA loans offer 0% down payment and have no Private Mortgage Insurance (PMI) requirement.
FHA Loan
A Federal Housing Administration (FHA) loan is a government backed home loan for homebuyers wanting a low down payment and lower interest rates. FHA loans offer more flexible credit requirements and are a good option for first-time homebuyers.
Construction Loans
Typically a short-term loan used to pay for the cost of building a home, covering the costs of the project before obtaining long-term financing.
Bridge Loan
Temporary financing, such as bridge loans, are interest-only loans taken out for 12 months or less. This gives you the ability to purchase your new home while waiting for your current home to sell.
Home Equity Options
A home equity account is a second mortgage. Your first mortgage is typically the mortgage used to purchase your home. You can use home equity accounts to borrow against the property if you have built up enough equity. The down payment you made when you purchased your home and the monthly principal payments you’ve made since that time, along with any potential increase in property value, creates equity. You can use this equity to make home improvements, pay for college tuition, consolidate debt or go on vacation. Dacotah Bank offers the following home equity accounts:
Home Equity Loan
With a home equity loan, you borrow one lump sum and make fixed monthly payments on that amount for the life of the loan.
Home Equity Line of Credit (HELOC)
A home equity line of credit provides a pre-approved amount of credit, available to use for a fixed term. You make payments and pay interest only on the amount you use. You can borrow the funds from the HELOC; pay it back; and borrow it again.
Ready to get started?
Our mortgage team is available to take the worry out of your financing today. Contact a Mortgage Banker
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Chad was consistently assisting and guiding us from the very beginning application until closing. He was very personable, knowledgeable, and easy to contact via phone, text, or email. We would highly recommend Chad.
Chad VetterAberdeen Mortgage Banker - NMLS#1672072
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I thoroughly enjoyed my home mortgage experience with Sue Kapaun. She is very professional and knowledgable. She handles all the details of a mortgage with ease and explains everything so it's very easy to understand. Sue is very friendly and down to earth. She is very easy to contact and is prompt at returning calls and correspondence.
Sue KapaunJamestown / Valley City Mortgage Banker - NMLS#608987
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Courtney is very knowledgeable about mortgage lending. She helped my husband and I find the best loan program to fit our needs. Courtney explained the whole process to us and made our new home dreams come true!
Courtney PardonMinot Mortgage Banker - NMLS#1809821
