May 28, 2020

This paid piece is sponsored by Central Bank.

A new name in the Sioux Falls market has a long history in the mortgage business and established experts ready to help you take advantage of today’s incredible mortgage rates.

Central Bank, which is based in northwest Iowa, recently acquired the community bank division of MetaBank, including its three Sioux Falls branches.

Central’s history dates back to 1877, and its strong emphasis on residential lending allows the bank to identify the best programs and rates available in today’s market.

“Unlike many mortgage firms, we originate, process, underwrite, close and service your mortgage in-house. Our goal is to collaborate and make a difference together,” explained Jeff Richter, senior vice president and chief mortgage officer for Central Bank.

“Sioux Falls is a strong market, and we’re excited to be here. Our lenders have access to more lending programs and digital resources than before to serve all homebuyers whether they’re first-time or experienced buyers.”

Central Bank has remodeled the second floor of its 33rd Street and Minnesota Avenue location to accommodate its growing mortgage operations team and is investing in its team members, their training and a cohesive work environment.

Jason White, vice president and mortgage lending operations manager for Central Bank, is relocating to Sioux Falls from Spirit Lake, Iowa, to lead the team’s efforts.

Established Sioux Falls lenders JoAnn Linn and Peter Jenkins continue to provide unparalleled support and expertise throughout mortgage market changes. We checked in with them for information you need to know if you’re considering a new mortgage or a refinance.

The mortgage-lending landscape keeps changing. What is the latest? How are you adapting?

We’ve seen numerous changes due to COVID-19. Some of these changes are temporary, such as curbside document signing and short-term delays in  closing timelines. Some innovations may prove to be long-lasting, like our greater focus on electronic signing and uploading documents.

We’re also experiencing all-time-low rates. Customers are taking advantage of these rates, and we’re seeing significant increases in rate inquiries, online mortgage application submissions and payment calculations from of our mobile app.

What kind of activity are you seeing from homebuyers?

Mortgage activity tends to increase when the winter eases and it begins to warm up. Despite the current state of affairs, 2020 has been no different. Not only are we seeing the seasonal increase in applications, but the low interest rates are a call to action for buyers, offering them more “buying power.” The low rates may lead to a lower payment and allow buyers to increase their purchase price while staying within their budget.

What about refinancing? Are there opportunities to refinance?

Now is the perfect opportunity to refinance and lock in these low interest rates. We strongly encourage you to contact a lender and see if you could be saving interest in the long run.

What new programs are you able to offer customers now that you’re part of Central Bank?

At Central, we have access to more government programs than before, such as VA, FHA, HomeReady, USDA Rural Development and, soon, South Dakota Housing. With incentives like low down payments, these local and national government programs are appealing to first-time buyers. Some of these programs change annually, so it’s important for prospective homebuyers to develop a relationship with a local lender who’s familiar with the options available to you.

Do you have any sense of where the market is trending? Do you think we’ll continue to see a favorable climate for mortgage lending in the coming months?

What we know is that this is an ideal time to buy a home or refinance your existing mortgage thanks to the current rate environment. First-time buyers, specifically, have more opportunities because they don’t have to sell a home and can make aggressive offers in comparison to buyers who are selling and buying at the same time.

New-home construction continues to flourish.

“Construction crews in the area have continued working on their scheduled projects. So, overall, the market is looking strong for 2020 and onward,” said Keith Portner, senior vice president and business development sales manager for Central Bank.

What would the next steps be if someone would like to learn more about mortgage lending?

Talk to a lender early in the process. They can help you decide if the time is right for you.

Our motto is “make it happen,” but Central Bank is all about the customer experience. YOU make it happen, and we’re here to help you each step of the way. Our lenders are ready to work with you on your home-financing journey and can’t wait to hear from you.

Purchases and refinances

• JoAnn Linn, NMLS #1254154 – [email protected]
• Peter Jenkins, NMLS #1136071 – [email protected]

New-home construction

• Keith Portner, NMLS #464388 – [email protected]

Member FDIC. Equal Housing Lender