Best Mortgage Refinance Companies in Sioux Falls

Frequently Asked Questions

• Introduction

  Refinancing a mortgage can be a complicated process, and hiring a mortgage refinancing broker can make it simpler and faster. There are several things you can do to protect your interests and help your broker complete the process for you.
  

  
  

  Check a potential broker’s online reviews to find one with a good reputation. In addition to the opinions of past clients, check to see if a broker has an online portfolio, which can support the reviews you find from past clients to show a broker’s trustworthiness. This can also help you establish if a broker has handled financing for properties similar to yours.
  

  
  

  Get a written summary of a broker’s rates before committing so you know exactly what hiring your chosen mortgage refinance broker will cost. Find out which lenders work with your broker and what information they need to successfully refinance your mortgage.
  

• How high are the average mortgage rates in Sioux Falls?

  Average mortgage rates in Sioux Falls and the rest of the state have been trending downwards since 2018 for 30-year fixed, 15-year fixed, 7/1 adjustable, and 5/1 adjustable mortgages. In addition, home values have increased by 13.8% since 2022, with the average home value in South Dakota being $306,532.

• Can Sioux Falls physician mortgage loan borrowers refinance their homes?

  Those in Sioux Falls who bought their homes through a physician mortgage loan may still refinance their homes. Certain loan programs, including NEO's Physician Home Loans, carry benefits such as allowing borrowers to take out a cash-out refinance at a 95% loan-to-value ratio for up to $1 million. Physician mortgages are offered to medical practitioners, such as doctors, nurses, dentists, and veterinarians.

• What are the benefits of a Sioux Falls VA streamline refinance?

  One of the benefits of refinancing one’s VA home loan in Sioux Falls is that there is no appraisal or credit underwriting package required. The closing costs of a VA streamline refinance, otherwise known as a VA interest rate reduction refinance loan, can also be folded into the new loan.

• What are the fees associated with Sioux Falls mortgage refinancing?

  Homeowners in Sioux Falls who wish to refinance their mortgages will have to pay for the costs of the application, loan origination, appraisal, survey, title search and insurance, and attorney. They may also have to pay property taxes and Prepayment penalties. In 2021, the average closing cost in South Dakota was $2,388.

• What are the documents required for a Sioux Falls refinance?

  Those in Sioux Falls who wish to refinance their homes will need to submit a copy of their homeowner’s declaration page, their most current mortgage loan statement, debt documentation, pay stubs for the past few months, and tax information from the past two years. Those who are self-employed may submit their profit and loss statements and 1099-MISC information.

• How do you refinance a mortgage?

  Decide why you’re refinancing, such as to get a lower interest rate, pay off your loan faster, or to get a lower monthly payment. Share your credit information with your broker along with information about the equity you have in your home. Review your mortgage refinance broker’s quotes and choose the best loan terms.