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.
