The Best Mortgage Lenders in Hazel, SD
Compare verified mortgage lenders serving Hazel, South Dakota. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Hazel
Featured Mortgage Lenders
Premier Mortgage Team
First Premier Bank
First Premier Bank has been serving South Dakota communities for over 30 years with a strong focus on personalized mortgage solutions. Their Premier Mortgage Team consistently receives high marks for their expertise in rural and small-town lending, making them an excellent choice for Hazel residents. They offer competitive rates and specialize in USDA loans which are particularly beneficial for rural South Dakota properties. Their local underwriting and decision-making process ensures faster closings and personalized service.
Loan Types:
Mortgage Services
Sioux Falls Federal Credit Union
Sioux Falls Federal Credit Union has deep roots in eastern South Dakota and serves members throughout the region, including Hazel. They are particularly known for their competitive rates and member-focused approach to mortgage lending. Their mortgage specialists have extensive experience with rural property financing and offer flexible terms tailored to individual financial situations. The credit union's not-for-profit structure often results in lower fees and better terms for borrowers.
Loan Types:
Home Mortgage Division
Wells Fargo Bank
Wells Fargo maintains a strong physical presence in South Dakota with multiple branches and dedicated mortgage specialists serving rural communities like Hazel. Their extensive experience with agricultural and rural properties makes them well-suited for Hazel area homes. They offer a comprehensive range of mortgage products with competitive rates and have specialized programs for first-time homebuyers. Their digital mortgage application process combined with local expertise provides a balanced approach to mortgage lending.
Loan Types:
Frequently Asked Questions
Common questions about mortgage lending in Hazel, SD
What are the current mortgage rates like in Hazel, SD, and how do they compare to state or national averages?
Mortgage rates in Hazel are typically very competitive and often slightly below national averages due to South Dakota's strong banking sector and stable economy. However, as a very small rural community, local lenders may have slightly different offerings, so it's wise to compare quotes from both local banks and regional credit unions. Rates can be influenced by the property's location in a rural area and the loan amount relative to the area's lower home prices.
Are there any special loan programs or grants for first-time homebuyers in Hazel, SD?
Yes, South Dakota Housing Development Authority (SDHDA) offers the First-Time Homebuyer Program, which provides competitive fixed-rate mortgages and down payment assistance to eligible buyers in Hazel. This is particularly valuable given the area's modest incomes. Additionally, some local lenders may offer portfolio loans with flexible terms tailored to the agricultural or rural nature of the community.
How does Hazel's rural location and property types affect the mortgage appraisal process?
Appraisals in Hazel can be more challenging due to the limited number of recent, comparable home sales ("comps") in the immediate area. Appraisers often need to look at properties in nearby towns like Clark or Watertown, which can affect the valuation. Unique property types, such as homes on larger lots or with agricultural outbuildings, require appraisers with specific rural expertise, which may slightly extend the loan timeline.
What should I know about property taxes and insurance when budgeting for a mortgage in Hazel?
Property taxes in Hazel and Spink County are generally lower than national averages, which is a benefit for monthly mortgage payments. However, you should budget for higher-than-average homeowners insurance premiums due to the rural fire protection district's service area and the potential for severe weather, including hail and wind. Your lender will help you estimate these costs to ensure an accurate total monthly payment.
Are USDA Rural Development loans a common and good option for mortgages in Hazel, SD?
Absolutely. Given Hazel's population and location, most of the area qualifies for USDA Rural Development loans, which offer 100% financing with no down payment. This is one of the most popular and advantageous loan programs for homebuyers in Hazel, as it is specifically designed for low-to-moderate income households in eligible rural areas. It's a key program to discuss with a local lender familiar with the USDA process.
Why Choose a Mortgage Lender in Hazel?
Local Market Knowledge
Lenders who understand Hazel'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 Hazel and get competitive rates on your home loan.