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FAQ's

What are the steps to getting a mortgage?

1. Determine your budget and get pre-approved for a mortgage.

Before starting your home search, take a realistic look at your finances and figure out how much you can afford to spend on a home. Consult with a mortgage lender to determine the maximum loan amount you qualify for and get pre-approved for a mortgage. This will provide you with a clearer picture of your budget and give you an advantage when making offers on homes.

2. Contact a Real Estate Agent.

A real estate agent is a professional who helps individuals buy, sell, or rent properties. They act as a liaison between buyers and sellers, providing guidance and expertise throughout the real estate transaction process.

3. Start house hunting.

Begin searching for homes that suit your needs and preferences. Consider factors such as location, size, amenities, and proximity to schools, work, and other important places. Utilize online real estate websites, work with a real estate agent, and visit open houses to find potential properties.

4. Make an offer and negotiate.

Once you find a home you like, make an offer to the seller. Your real estate agent can guide you through the negotiation process to help you secure the best deal. Be prepared for counteroffers, and negotiate terms and price until both parties reach an agreement.

5. Conduct a home inspection and appraisal.

Once your offer is accepted, hire a professional home inspector to thoroughly examine the property for any structural or mechanical issues. Additionally, we will likely require an appraisal to verify that the home's value matches the purchase price.

6. Finalize your mortgage.

Work with your lender to finalize your mortgage application. Submit all required documents, pay any applicable fees, and review the terms and conditions of your loan. Once approved, you will receive approval from our underwriter.

7. Obtain homeowner's insurance.

Contact insurance companies to receive quotes for homeowner's insurance coverage. You will need to provide proof of insurance to your lender before closing.

8. Prepare for closing.

Coordinate with your real estate agent, mortgage lender, and title

company to ensure all necessary paperwork and documentation are in order. This includes obtaining the title search, completing a final walkthrough of the property, and securing funds for closing costs.

9. Close on the home.

On the closing day, you'll review and sign all the necessary documents to officially transfer ownership of the property. This typically includes signing the mortgage,

mortgage note, paying closing costs, and receiving the keys to your new home.

10. Move-in and enjoy your new home.

After closing, you can begin moving into your new home. Update your address with relevant institutions and service providers, unpack your belongings, and settle into your new space.

What are the documents needed to apply for a mortgage?

Lenders require several documents when applying for a mortgage. Have your pay stubs, W-2s, tax returns, bank statements, investment account statements and brokerage account information ready. Your lender will also provide a list of required documents so you can gather them ahead of time. Be sure to send everything in a timely manner to help keep your loan moving forward smoothly.

How much mortgage can I afford?

You'll need to take several things into account when determining how much you can comfortably afford. Consider how much you make, your monthly expenses, how much money you have saved, how much you can put towards a down payment, current interest rates and current home values.

How long is a pre-approval good for?

120 days

What is required to get pre-approval?

1. Fill out an application

2. Submit required documents (income documents, bank statements, and photo ID, etc

3. Lender to review and go over approval with you

How can I submit an application?

1. In person

2. Over the phone

3. Online secure application

What credit score do I need?

Your credit score plays an important role in determining whether or not you qualify for a loan, as well as the type of loan you may qualify for and the interest rate. Lenders use your credit score to determine risk. While higher credit scores usually mean better rates, you may still qualify for a mortgage loan even if your score is less than perfect.

What is a debt-to-income ratio?

Your debt-to-income ratio compares your gross monthly income with how much you owe each month (e.g. your estimated mortgage, credit cards, student loans and car loans). To get this ratio, divide your monthly expenses by your gross monthly income. This number turns into a percentage and becomes your debt-to-income ratio. Lenders typically want the number to be below 43%, but some programs allow it to be higher. Your lender can help you determine your debt-to-income ratio and review which loan programs you may qualify for.

Why should I use you?

As a Loan Originator, I am confident in my ability to provide excellent customer service and make a positive impact on your borrowing experience. When I’m not busy helping my clients, I enjoy adventures with my children and my husband including camping, hunting, and spending time in the beautiful Black Hills.

I have extensive knowledge of the lending industry, including various loan programs, interest rates, and loan qualifications. With my expertise, I can guide you through the loan process, answer your questions, and provide you with the best options based on your unique financial situation. I believe in building relationships with my clients and providing personalized services. I will take the time to understand your goals, preferences, and financial needs. Not only will I work closely with you to find the loan product that suits you best, but I will also provide tailored advice throughout the application process.

Transparency is a core value to my work. I believe in open and honest communication. I will explain the lending process to you in detail, ensuring that you understand every step of the way. I will provide all the necessary information regarding fees, terms, and conditions, so you can make informed decisions. I understand that time is valuable, and I strive to make the loan application process as smooth and efficient as possible. I will work diligently to gather all the necessary documentation, submit your application promptly, and keep you informed about the progress of your loan.

My promise is to prioritize the trust and confidence of my clients. I am dedicated to always acting with integrity and professionalism. I will handle your personal and financial information with utmost care and ensure that your privacy is protected. I am committed to helping you secure the loan that meets your needs and guiding you through the lending process with ease.

Please reach out to me at any time and let us get you on the path to your new home!

Do you have any special loans for first time home buyers?

We have several first time home buyer programs that include South Dakota Housing, NeighborWorks and GrowSD!

When during the home buying process is it best to reach out?

You should reach out to a loan originator when you're ready to explore your options for obtaining a loan, whether it's for a home purchase, refinancing, or another financial need. I can provide guidance on the loan process and help you find the best loan product for your situation.

Do you have specials loans or rates for Veterans?

We offer VA Home Loans. We have a special program called Granite Gives back, which is a closing cost credit on your final closing disclosure. Granite Mortgage provides $100 for every $100,000 in loan amount. In addition, you get 0.25% of your loan amount from your loan originator as a final closing credit.

Work with a local Mortgage Expert.

What's your timeframe to buy a home?

I can help you get the right home loan to buy your dream home...

Ready to buy now?

I'm ready. Let's do this.

Congratulations on finding a home! Now, let's get you approved for a mortgage that helps you get the keys soon!

Just getting started?

I just started looking.

If you're looking at homes and making offers, let's get you pre-approved to set you apart as a serious buyer.

I need expert advice.

I'd like to talk to an expert.

I can answer any mortgage or home loan questions you have. We won't even need to pull your credit to start talking.

Ready to buy now?

I'm ready. Let's do this.

Congratulations on finding a home! Now, let's get you approved for a mortgage that helps you get the keys soon!

Just getting started?

I just started looking.

If you're looking at homes and making offers, let's get you pre-approved to set you apart as a serious buyer.

I need expert advice.

I'd like to talk to an expert.

I can answer any mortgage or home loan questions you have. We won't even need to pull your credit to start talking.

Hannah Beachem

Mortgage Expert

Ready to Buy a Home?

Take our 60 second smart homebuyer quiz to find out how much you may qualify for.

Hannah Beachem

Mortgage Expert

Ready to Buy a Home?

Take our 60 second smart homebuyer quiz to find out how much you may qualify for.

Get In Touch

Hannah Beachem | NMLS 1990704

HannahB@granite-mortgage.com

(605) 209-2809

1818 W Fulton St #101, RC, SD 57702

Loan Resources

Hannah Beachem,

Mortgage Expert NMLS# 1990704
Granite Mortgage NMLS #405434