Looking to purchase a new home? The most important tip we can give is to make sure you are working with an experienced, professional mortgage lender. One of the largest financial transactions of your life is too important to place into the hands of someone who is not capable of advising you properly. Once you are satisfied you are working with a top-quality professional mortgage lender, here are the rules and secrets you must know to “shop” effectively. First, if it seems too good to be true, it probably is. Mortgage money and interest rates come from the same places, and if something sounds unbelievable, please ask a few more questions and find the hook. Second, you get what you pay for. If you are looking for the cheapest deal out there, understand you are placing an important process into the hands of the lowest bidder. Most importantly, remember the cheapest rate on the wrong strategy can cost you thousands more over time. At First Dakota, our rates and costs are very competitive, but we have also invested in the best mortgage systems and have built a lending team to provide you the top quality experience you deserve.We will be here for you to answer any questions before and after the loan is closed. Third, make correct comparisons.When looking at estimates, don’t simply look at the bottom line.You must compare fees to fees. Call us and we will help you compare and answer your questions. Fourth, understand interest rates and closing costs go hand in hand.This means you can have any interest rate you want – but you may pay more in costs if the rate is lower than the norm. On the other hand, you can pay less in fees, but understand this comes at the expense of a higher interest rate. A professional lender will be able to offer the best advice Gloria Bohn and Sandy Brown and options in terms of the balance between interest rate and closing costs that best fits your personal goals. Fifth, understand interest rates change daily, even hourly. If you have two lenders you can’t decide between – you must get quotes from each of them at the exact same time on the exact same day with the exact same terms or it will not be an accurate comparison. If you have any mortgage lending questions, please contact Sandy Brown, 624-5845; or Gloria Bohn, 665-4951, at First Dakota National Bank. Or go to www.firstdakota.com to complete our prequalification application. First Dakota is your community bank with 14 locations in Chamberlain, Kimball, Mitchell, Oacoma, Parkston, Salem, Sioux Falls,Vermillion, Wagner and Yankton. Editorial provided by First Dakota National Bank As your home and family change, so do your insurance needs. If it’s time to update your homeowners policy, call us today. •Home • Business • Auto • Life • Bond “Don’t Gamble”... Insure with M.T. & R.C. SMITH INSURANCE, INC. 204 West 4th, Yankton 605.665.3611 8 ? TODAY’S HOME – WINTER 2011