Types of Mortgages

Which One is Right for Me?

With so many mortgage types to choose from, how can you know what’s best? Really, it depends on your personal financial situation. Here’s a quick guide to common mortgage types. If you’d like to talk about your options, our friendly mortgage bankers are here to help.

Conventional Mortgages

Fixed-rate mortgages have a consistent interest rate and monthly payment for the term of your home loan. Typical fixed-rate mortgages last 15 or 30 years. Adjustable-rate mortgages have a variable payment and interest rate. They can be a good option for homeowners who expect to move before rates change. Both offer low down-payment options.  

First-Time Homebuyer

As a South Dakota Housing Development Authority participating lender, we offer a first-time homebuyer loan. With options for no down payment and low rates, it can be a good option for new homeowners and those who haven’t owned a home in the last three years. Talk with a mortgage banker about restrictions that apply.

Insurers and Guarantors

Insurers and guarantors allow lenders, like us, to provide better home financing terms to more potential homebuyers. Talk with our mortgage bankers today about how Federal Housing Authority, Veterans Administration, USDA Rural Development, and Private Mortgage Insurance programs may benefit you.

Construction Loans

Looking to build the home of your dreams? A construction loan can get you started. These short-term loans can often be converted into a mortgage upon your home’s completion. 


Sometimes it makes sense to refinance or pay off your original mortgage and create a new one. Refinancing may help lower your monthly payment and your interest rate depending on the market. Talk with a mortgage professional to see if refinancing is right for you.

Home Equity

Home equity loans are secured by using your home equity as collateral. The equity is the difference between the current value of the home and your current mortgage balance. Sometimes called a "second mortgage", a home equity loan typically has a shorter term.