Every Monday Morning at 8:15am, join me on my Facebook page as I sit down with a local lender, and do a live interview and talk about a Mortgage Tip that may help YOU with your next Real Estate Purchase. 

This morning I sat down with Stephanie Murray from Dacotah Bank. Listen as Stephanie talks about the different disclosures you will receive during the home loan process. You can reach her at 605.692.8600 or stephanie.murray@dacotahbank.com  Her office is located at 1441 6th St., Brookings SD 57006 or on the web at https://www.dacotahbank.com/brookings

 Disclosures

- Here we go, good morning everybody, how you doing? Shane here, from the Brookings Home Team, powered by Century 21, and I got Stephanie here from Dacotah Bank for our new Monday morning mortgage tip, what is it, March 9th? I think it is, so March 9th, 2020, our new Monday morning mortgage tip here. Is this the second time, that you've done this?

- Yes, second.

- Okay, so be kind, number two here, for Stephanie. Before you guys, before we begin, if you guys could just let us know, as you jump on, give us a heart, give us a thumbs up, if you have any questions, and you'd like to try to get them answered here, we will try to do that, otherwise, we'll try to answer them on our next episode. But, with that being said, what do you have for us today, Steph?

- Yes, good morning. Today we're gonna talk about some disclosures that you'll receive during your home loan process, when you should receive them. First one would be that loan estimate, and that'll be coming to you within three days of a completed application, so included in that loan estimate is your loan amount, loan term that you applied for, it's gonna have information on your monthly payment, what the projected interest rate is, and escrow information as well. The other piece to it is, loan closing costs, it's an estimate of your loan closing cost. And your prepaid items, such as getting that escrow account set up. So it gives you an idea of what to bring, that what you'll be required to bring to closing. It'll also have information on if your bank is, if your lender's gonna service that loan. So that's the loan estimate. Next disclosure will be your pre-closing disclosure, and you'll get that at least three days before closing, and that's a more finalized of the loan estimate, of those closing costs, so that has that actual number on there, most times, of what it'll have. And then closing disclosure, then closing.

- Yeah .

- Yeah.

- Or another term, HUD.

- Yes, that's what--

- Is what they call it. You know what HUD stands for?

- Good question.

- Yeah, okay. I'm drawing a blank myself, so--

- Oh, you too, no I--

- So we just threw each other under the bus on that one, but, so no, it, good information, there is obviously some paperwork that's involved with purchasing a house, which I'm sure a lot of you know, and I do get a questions every once in a while, "Boy, do I really have to give you that? "That document?" Or, "They're asking for everything plus my first born." Well, sometimes it feels like it, but there's a lot of information, details that the bank or the lender needs to make sure that they get you into the right program, and get you the right payment and interest rate that you deserve, so--

- Right, yeah.

- There's a lot of working parts behind the scenes on that, so anything else you wanna add on to there?

- I don't think so, no.

- So be sure to let Stephanie know if you have any questions. Come on in and talk with her if you are looking to refinance or purchase a house. She's got a lot of information to give to you, and like I said before, a lot of different programs. We've said this before, the rates are low, guys, and it's unbelievable. And, or are they projecting to go down again this week, do you know, or?

- Consistent, or go down, yeah.

- Okay, alright. Off the top of your head, well, never mind. Just come on in and talk with Stephanie if you have questions. Like I said, the different programs have different rate options for you, and some of them are under 3%, I believe, so just gotta get in here and take a look. So, got questions for her, look for her information on the top, on the bottom, on the sides, wherever your device allows you to see that, and that will conclude this week's Monday morning mortgage tip. We'll be back next week with a new one. Until then, guys, have a great week. Go Jacks. Summit League Tournament tonight, so into tomorrow, too, so good luck Jacks in that. Have a great week, guys, talk to you later.

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