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 Danielle Engels from Dakotaland FCU. Today, she explained where portions of loan payments are allocated, as well as how the government shut down may affect certain loans.  You can reach Danielle at 605.697.5922 or daniellee@dakotalandfcu.com  Her office is located at 2423 6th St., Brookings SD 57006 or on the web at www.DakotalandFCU.com


 What Does a Loan Payment Consist of?


- Hey, good morning everybody, Shane here from the Brookings Home Team, powered by Century 21, we are back in the saddle again. It's 8:15, it's Monday morning and that means it's Monday Morning Mortgage Tip. And to kick off 2019 I got Dani here with Dakotaland Federal Credit Union to talk about this year's first Monday Morning Mortgage Tip. So go ahead.

- Good morning! Well, today I thought we could talk a little bit about what your payment is all made up of. So, based on your loan amount, you're gonna have a payment and it's gonna be broken down by your principal and interest then typically people will escrow for their taxes and their home owner's insurance. So your property taxes and home owner's insurance. Depending if you're in a flood zone you may have to escrow for flood insurance and then any time you put less than 20% down for a down payment, then you would have to carry that private mortgage insurance and that would be part of your payment as well. Or on the flip side, if you're a first time home buyer they call like that rural development fee which is similar to private mortgage insurance. So, that would be part of your payment as well.

- Good, okay. And you were gonna talk a little bit about the shutdown, and I know we talked, I talked to somebody else before but, wanna give us a quick update on the shutdown?

- So, the government is still shut down so that is right now currently affecting all USDA loans. It's been kind of periodically letting us go online to submit preliminary underwriting but it's been very touchy. Yeah, touch and go. So for anybody that currently has a rural development like a USDA loan, which usually is for those first time home buyers, if you have any closings coming up or if you're gonna be looking at getting pre-approved just know that you could possibly get pushed back a little bit, just depending on when the government decides to start back up and running again.

- Hopefully pretty soon, lets cross our fingers. Would you say the second longest shutdown so far?

- Second longest shutdown, yeah. That's what I just read about it this morning.

- Okay, well, let's hope that they get this taken care of here quickly so we can get back on track with those loans and everything else.

- Absolutely.

- So as normal, everybody, I'll have Dani's information here on the top, on the bottom, on the sides, wherever your device allows you to see that, so feel free to reach out to her. There's candy here, she's even got some candy, so come on in and have a piece of candy too and chat with her there. But hope you had a great 2018 and look forward to a 2019, happy new year and look forward to continuing on here with the Monday Morning Mortgage Tip. So, anything else before we sing off?

- I think that's all. So have a good Monday!

- Alright guys, thanks again and we'll talk to you later.


Thinking of selling and/or moving to Brookings, Volga, or any surrounding areas? Got questions? I’m here to help! Visit BrookingsHomeTeam.com for more details!

Posted by Shane Andersen on
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