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Demystifying Home Loans
If you haven’t experienced it before, the home loan process can feel overwhelming, but our agents will help you stay informed throughout the process, from pre-approval to closing. The first thing to do is consult with a mortgage specialist (or two). If you don’t already have someone in mind, we partner with some of the best lenders in the industry, and we’d be happy to introduce you, so you’ll be taken care of.
FEATURED LENDERS
Tim Wermers
American Bank and Trust
(605) 929-7961
(605) 271-3558
6810 S Minnesota Ave
Sioux Falls, SD 57108
Let's Get Started
I have been a mortgage loan originator for 20+ yrs, where I have built my business from many repeat clients and referral partners. Whether you are buying, building, or refinancing, I will find you the best product that fits your goals and will guide you through the home loan process and make sure that you have the best experience possible. Rest assured, me and my team will be there for you to help with all of your home loan needs and we will make it fun!
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Kaleigh Reid
Security National Bank
(605) 770-1353
(605) 977-9004
6601 S Louise Ave
Sioux Falls, SD 57108
Let's Get Started
Kaleigh is a Mortgage Loan Originator for Security National Bank. Her specialties are first time and repeat homebuyer loans, single close construction loans, physician financing as well as refinance loans. She has nearly a decade of financial experience in mortgage lending. Reid’s knowledge and expertise in home financing allow her to help homeowners to the highest standard in finding the best loan program for them, no matter their mortgage need.
Get Pre-Approval
Before you start looking for a home to buy, it’s a good idea to meet with your Loan Officer to get pre-approved for a loan amount. At this stage, the lender gathers information about income, assets and debts of the borrower (you) to determine how much house you may be able to afford. This includes a credit report, W-2 forms, pay stubs, Federal Tax Returns and recent bank statements. There are a variety of different loan programs, so make sure to get pre-qualification for the specific programs that best suit your needs.
Application & Processing
What happens when a loan goes "live"
When you find property you’re ready to buy, your lender will help you complete a full mortgage loan application, and talk you through the various fees and down payment options. The application is submitted to processing, where the documents are reviewed and appraisals and title examination are ordered. Then the loan is sent to an underwriter, who reviews and approves the entire loan if it meets compliance.
Closing
Signing and Finalizing the deal
Don’t be surprised if you’re asked for additional documentation or clarification throughout the process. Once your loan is approved, don’t forget to set up homeowners insurance. Your documents will be sent to the title company, where you’ll sign for the new home and pay any remaining costs. Then the loan is recorded and you get the keys. Congratulations, happy homeowner!
