Understanding Traditional Mortgages

When shopping for a Sioux Falls mortgage, consumers have more choices than ever before. Many lenders now offer specialty mortgages that help make homeownership more affordable but have risks that consumers should fully consider (see our brochure on specialty mortgages). But for most consumers, the traditional fixed-rate mortgage and adjustable-rate mortgage (ARM) continue to be excellent options. However, even these traditional financing options require a number of important decisions. Should you get a 15- or 30-year loan? Should you get a fixed-rate mortgage to lock in today’s interest rates for the term of the loan-or take an adjustable-rate loan with a lower current rate and payment, but with the risk of rate and payment increases in the years ahead?

You can also tap the equity in your home by refinancing your existing mortgage, taking out a second mortgage, or obtaining a home equity line of credit. This brochure helps you consider these options as well.

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Learn About FHA Mortgages

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REALTORS® AND FHA – WORKING TOGETHER TO HELP PEOPLE
FULFILL THE AMERICAN DREAM 

This brochure illustrates improvements in FHA programs that will benefit you.

Many aspects of the FHA mortgage application process have been streamlined to make the process more user-friendly and efficient. Upon reading this brochure, you will see that FHA programs are a valuable asset to REALTORS®, other real estate professionals, and most importantly, those seeking to own a home.

Backed by the full faith and credit of the Federal government, FHA-insured mortgages are one of the safest and most affordable types of mortgages available to homebuyers. Working together, REALTORS® and FHA help millions of families come home.

WHAT IS FHA MORTGAGE INSURANCE?

The Federal Housing Administration (FHA) insures mortgages offered by banks, savings
associations, and other financial institutions. An FHA-insured mortgage is backed by the
full faith and credit of the United States government. While FHA does not make loans, it
benefits the homebuyer by providing mortgage insurance which encourages financial
institutions to make affordable financing available.

What are the benefits of an FHA mortgage?

FHA offers low down payment options, eligibility with less than perfect credit, a loan at a
reasonable cost, and help if there is ever trouble making the mortgage payment. Because
an FHA mortgage insures the lender against loss, an FHA mortgage typically has an
interest rate that is competitive with the best in your market and lower than the rates
charged for subprime and other non-prime mortgages.

FHA not only helps people buy a home, but helps them keep it as well. In return for
protecting lenders against loss, FHA requires financial institutions to offer assistance to
borrowers experiencing difficulty making mortgage payments.

DOWNLOAD the brochure to read all of the information.

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Sioux Falls Home Guide.com

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Visit Sioux Falls Home Guide.com to search for homes that are for sale in Sioux Falls and the surrounding communities such as Harrisburg, Tea and Brandon.

What is my Home Worth?

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It is easy to learn about the current housing values in your neighborhood.

How do actual selling prices compare to the listing prices in your area?

What houses are for sale near my home?

How does my home compare to similiar homes currently for sale, or that have recently sold?

It is quick and easy to access a Market Snapshot. Complete the information below to establish your criteria. You will then be sent access to an online snapshot of the homes that are for sale in your neighborhood, and the purchase price for homes have recently sold.

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