- Here we are. Good morning, and it is Monday morning, 8:15, which means Monday Morning Mortgage Tip. And this is Shane Andersen with the Brookings Home Team powered by Century 21. I'm here with Barb from BankStar Financial, and she will give us our Monday morning mortgage tip here for ya. First of all, I just want to give my condolences to all those Vikings fans out there. So there you go. I said it. Your turn.

- Hey, just lately we've had a whole lot of people calling around about rates. And I think that they may think that there's a rate for mortgage lending, and there's sure not. So, while it's smart to compare, you need to know a few things in order to get a good answer as you call from lender to lender. There are many different kinds of mortgages, many different programs, and each lender's gonna have a whole handful of choices for you. So, you need to kind of know what kind of mortgage loan you're talking about. Then that will help them start to zero in on what the rate will be for you. It's also important, like let's just say you're buying a house. It's important to know if you're interested in any special programs. So you might be looking at a VA loan or a loan that's backed by the FHA, and there are many other programs. Each one of those will have a different kind of rate structure. So you need to know what kind of mortgage loan you're talking about, and then how long will you want to repay your loan. Lots of people take the 30-year, but some people want a 15 or a 20, and those are all available, and they have different rates too. Then your credit score has a part to play in the whole thing and how much you wanna borrow compared to the price of the house. So, a few things that you could answer will help you get a better answer from your lender. When you call from lender to lender, if you're not asking the same questions, you'll get different answers, and then you might be disappointed later. Another thing that would be important to know is that there's one place you call that seemed a lot lower than every place else, you need to ask if you are being charged a fee to buy that lower rate. Because you wanna be sure you're comparing apples to apples as you go across in all the different ways. A good lender will spend a few minutes with you and ask you all those questions, and it's better to know that they're coming so you won't be frustrated. For those of you who are interested in those government programs, well, the government has shut down. There may be some fluctuations or some stalls, so be sure and contact your lender if you're getting close to an offer so that you know if it's time to go or if there's gonna be an issue about waiting.

- Good, yeah. I'm glad you mentioned the government shutdown there. That can affect some of those loans. So it's just best to talk with your lender. Give Barb a call here and find out where they're at, 'cause depending on when you're viewing this video, the government, like you said, could still be shut down, or they might be open and running for business. So, all great information. Thanks, Barb.

- Super.

- If you'd like to get in touch with Barb, I'll have all of her information on the top, on the bottom, on the sides, wherever your device will show it to you there. So reach out to her. Ask her any type of question that you have as far as mortgage. She'd be happy to answer that for you. If you have any questions for us, please let us know. Reach out to Barb or myself or any of my lenders here that I talk with. We'd all be happy to answer that question on our next episode. So there you have it. Vikings fans, I'm sorry, again. Maybe next year. But that is the Monday Morning Mortgage Tip. Until next Monday, we'll see you guys later. Stay warm. We'll talk to you later.

- Bye.


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

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