The Best Mortgage Lenders in Chancellor, SD
Compare verified mortgage lenders serving Chancellor, South Dakota. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Chancellor
Featured Mortgage Lenders
Mortgage Department
First National Bank Sioux Falls
First National Bank Sioux Falls is one of South Dakota's most established and highly-rated mortgage lenders with over 135 years of banking experience. They maintain a strong presence throughout eastern South Dakota and specifically serve the Chancellor area with personalized mortgage solutions. Their local underwriting and decision-making process allows for quick closings and competitive rates. Customers consistently praise their knowledgeable loan officers, transparent communication, and commitment to community banking values. They offer a comprehensive range of loan products including USDA loans which are particularly relevant for rural areas like Chancellor.
Loan Types:
Mortgage Services
Tower Loan
Tower Loan has been serving South Dakota communities for decades with multiple branches throughout the state, including their Mitchell location that serves the Chancellor area. They specialize in providing mortgage solutions to rural communities and have extensive experience with properties in smaller towns. Their local loan officers understand the unique aspects of South Dakota real estate and offer personalized service with competitive rates. Customers highlight their straightforward application process, flexible terms, and commitment to helping borrowers achieve homeownership. They're particularly noted for their excellent customer service and willingness to work with various financial situations.
Loan Types:
Mortgage Division
Plains Commerce Bank
Plains Commerce Bank has built a strong reputation across South Dakota for their expertise in rural and agricultural lending, making them an excellent choice for Chancellor area homebuyers. They understand the unique needs of smaller communities and offer specialized loan programs including USDA rural development loans. Their experienced mortgage team provides local decision-making and personalized service throughout the entire loan process. Customers consistently rate them highly for their responsiveness, competitive rates, and knowledge of South Dakota's housing market. They're particularly strong in construction lending and financing for properties with acreage.
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Frequently Asked Questions
Common questions about mortgage lending in Chancellor, SD
What are the typical mortgage rates and down payment requirements for homes in Chancellor, SD?
Mortgage rates in Chancellor are generally aligned with national averages, but local lenders may offer competitive rates due to the community-focused market. Down payments can be as low as 3% for conventional loans, but many local homes are priced accessibly, making 10-20% down payments common. It's advisable to check with local credit unions like Reliabank or First Dakota National Bank for specific, personalized rate quotes.
Are there any first-time homebuyer programs or grants specifically available for Chancellor residents?
Yes, the South Dakota Housing Development Authority (SDHDA) offers the *First-Time Homebuyer Program* and the *Housing Access Program*, which are available statewide, including in Chancellor. These programs provide competitive fixed-rate mortgages, down payment assistance, and closing cost help for eligible buyers. Additionally, some local lenders may have their own incentives for first-time buyers in the Turner County area.
How does the property tax structure in Chancellor and Turner County affect my mortgage payments?
Turner County has relatively low property tax rates compared to national averages, which is a benefit for Chancellor homeowners. Your lender will typically roll estimated annual property taxes into your monthly mortgage payment, holding them in an escrow account. It's important to factor in this escrow payment, as it can significantly impact your total monthly housing cost, even with Chancellor's favorable rates.
What should I know about getting a mortgage for a rural property or acreage just outside Chancellor?
Financing acreage or rural properties near Chancellor may require a different loan type, such as a USDA Rural Development loan, which offers 100% financing for eligible properties and borrowers in designated rural areas. Alternatively, if the property is over 10 acres or has agricultural income, you might need a specialized "non-conforming" or agricultural loan. Local lenders with experience in the area are best equipped to navigate these specific requirements.
How competitive is the mortgage lending process in Chancellor's housing market, and how can I prepare?
Chancellor's market is less frenetic than major cities, but desirable properties can move quickly. To be competitive, get pre-approved with a local lender who understands the area, as sellers often favor buyers with local financing. Having your down payment ready and a clear understanding of your budget for homes in the $200,000 to $350,000 range—typical for the area—will put you in a strong position.
Why Choose a Mortgage Lender in Chancellor?
Local Market Knowledge
Lenders who understand Chancellor's housing market can offer better guidance and competitive rates.
Multiple Loan Options
Access to conventional, FHA, VA, USDA, and jumbo loans tailored to your financial situation.
Proven Track Record
Work with lenders who have years of experience and hundreds of satisfied customers in South Dakota.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Chancellor and get competitive rates on your home loan.