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Types of Loans

Fixed Rate Mortgages
These loans offer a constant interest rate and monthly payments that never change.  They are in terms of 10, 15, 20, and 30 years.   A fixed rate loan is usually a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, adjustable rate loans are usually more affordable. As a rule of thumb, it may be harder to qualify for fixed rate loans than for adjustable rate loans. When interest rates are low, fixed rate loans are generally not that much more expensive than adjustable rate loans and may be a better deal in the long run, because you can lock in the rate for the life of your loan.

Adjustable Rate Mortgages (ARM)
When interest rates are low and you expect your household income will increase in the future an adjustable rate mortgage is worth considering.  On the other hand, when interest rates are high and you expect they may go lower in the future, an ARM may have its advantages.

Government Loans
We offer loans under Rural Development and VA programs.

State Housing Programs
We offer loans under the State Housing Authorities in Minnesota, North Dakota, and South Dakota.


Dacotah Bank
Box 1210, Aberdeen, SD  57401
Toll Free:  (800) 881-5611
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