Should you prequalify?

Yes!

With todays changing economic landscape, lenders are changing their requirements almost daily. Credit score limits and debt-to-income ratios are getting tighter. The best way to determine if you qualify - and how much you qualify for - is to visit and mortgage professional. They are happy to sit down with you and talk about how they can help. That way you will know how much of a home you can get into. See my report on
8 secrets for saving when buying.

The Calculators

Much planning and number crunching needs to be done with a purchase of a home. Here's a series of calculators to help you determine the payment of a mortgage, how much you need to make for the payment, rent vs. buy, and many more. Take a look to see where you will fit in.

the calculators
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Mortgage Professionals

There are many professionals that will do a good job for you. Talk with your banker, ask your friends who they have used, and shop around. Here are 2 that I have used and trust:

 

Tom Lessin, Loan Originator - First National Bank,
Online mortgage application

Aaron Underwood, Premier Home Mortgage
online mortgage application and website

 

Current Mortgage Rates See local rates Mortgages, Home Loans, and Mortgage Quotes at Zillow Mortgage Marketplace Get this widget

 

Your Credit Score and You!

Mortgage Programs for Low Incomes & First Time Homebuyers:

 

South Dakota First Time Homebuyers

South Dakota Rural Development (homes outside Rapid City limits)

Teton Coalition

The closing process is actually a rather simple one - for us anyway. There are these wonderful things called Title Companies that research the property to make sure there are no encumbrances or leins on

the property. They also take the information from all the parties involved and put it on a settlement statement called a HUD-1...read more