With nearly 30 years in the mortgage industry, Dan Van Winkle offers expert insight into the Fargo-Moorhead mortgage market. From starting First Class Mortgage with his business partner, Greg Dean, back in 2003, Dan has navigated every type of market—low rates, high rates, and everything in between. He’s passionate about helping buyers make smart, informed decisions and understands the unique factors that make this region a solid investment. In this Q&A, Dan shares his perspective on the current market trends, mortgage myths, budgeting tips, and what buyers need to know to succeed in today’s housing landscape.

About Dan Van Winkle

With nearly three decades of experience in the mortgage and finance industry, Dan brings a wealth of knowledge to every client interaction. He and his business partner, Greg Dean, have owned and operated First Class Mortgage for the past 22+ years, giving him a deep understanding of market cycles. He’s experienced the market crash of 2008-09, the historically low interest rates from 2020 through mid-2022, and the sharp increases that followed mid-2022 into 2023. Dan believes that owning a home in the Fargo-Moorhead area is one of the smartest financial moves you can make when approached thoughtfully. He advises buyers to do their homework, understand the process, ask questions, and to work with a local trusted and experienced lender.

A native of Devils Lake, Dan has witnessed firsthand the explosive growth of the Fargo-Moorhead region. He points to the constant expansion of schools, health care facilities, and infrastructure, making the area a thriving hub. Even when the real estate market is slow, Fargo-Moorhead tends to stabilize rather than decline sharply, offering buyers solid long-term value. No matter the interest rates or economic conditions, Dan sees one constant: people are still eager to buy here. With his guidance, they can do it confidently.

Q&A

How Would You Describe the Current Housing Market in the Metro?

“The current housing market has been doing quite well, especially when taking into consideration how rates have increased since mid-2022. Inventory levels are on the rise in the area, which is good news for all buyers.”

Is There Any Thing Unique Specific Ally to This Region?

“Not in particular—what we’re seeing here in North Dakota is pretty in line with what’s happening across the country. Mortgage rates had started to trend down a bit, but recently we’ve seen them tick back up again. Factors, like ongoing tariff discussions, can definitely influence those shifts. So while the market might feel local, it’s often reacting to national and even global trends.”

Do You Anticipate That Continuing?

“I think these tariff wars will eventually get resolved, and rates will start to improve. But, I don’t see them getting super low anytime soon. I think it’ll be 2026 before we see a refinance boom again.”

What Are the Most Common Mis Conceptions People Have About Getting a Mortgage?

“One of the biggest misconceptions first-time home buyers have about buying a home is that some think they need 20% down. However, there are programs out there that allow first-time home buyers to get into a home with as little as $500 down. Some buyers think they can’t afford to buy a home. I like to remind them that they can’t afford not to buy a home. When you take what you’d spend on rent over a 10-year period compared to what you’d have in market appreciation over that same 10-year period, the numbers speak for themselves, and it really puts things into perspective. Even with increased interest rates and the market cooling from the highs of 2020 and 2021, real estate is still a great investment.”

What Are the Key Steps in the Mortgage Approval Process?

“I think the biggest thing is just making sure people really understand their finances— know what you have, know your credit score. Start saving as early as possible, and if your credit score isn’t where it needs to be, work on improving it before you start the homebuying process. It’s also important to work with someone who’s knowledgeable and someone you feel comfortable with and trust. There are a lot of agents and lenders out there, so take the time to find someone you really feel confident working with.”

What Should Someone Look for in a Mortgage Lender?

“The first thing I would tell everyone is to find a local and reputable lender. That way, if you ever have questions, you can always go in and visit with them face to face. Your lender should be knowledgeable in all programs, from conventional, FHA, VA, USDA, and First Time Home Buyer loans. They should be responsive to your calls, emails, or text messages. Also, when you’re shopping lenders, always make sure you ask for a loan estimate or a fee sheet so you can see all the terms and fees for that particular loan. Lastly, I always like to encourage my borrowers to ask questions and really try to get them to understand their options so they can make an informed decision. People are so busy these days that they don’t always take the time to understand their finances, so we’re here to help them with that.”

Are There Any Tip S You Have for Figuring Out a Realistic Budget?

“The first step is sitting down and going through your income and expenses. Once you know what you have for income and expenses, putting the budget together is quick and easy. I always like to ask borrowers what they think they can afford vs. what the underwriting engines tell them they can afford. Once I know what the borrower can afford from a monthly payment standpoint, then we can work backwards into a house price that fits their budgets. Additionally, borrowers should also think about things such as closing costs, which generally run around 3%, moving expenses, and possible repairs.”

What’s the Minimum Credit Score People Should Try to Get to Before they Start the Process?

“For a conventional loan, you will need at least a 620 credit score. FHA allows lower credit scores, but ideally, you’ll want a credit score above 620. As your score improves, your rates improve, and your mortgage insurance, when required, gets cheaper, so it’s always best to work to improve and maintain a high credit score.”

What Paper Work or Documents Should People Have Ready for Starting the Process?

“The main thing we need to get someone pre-qualified is their most recent 30 days of pay stubs, their last 2 years’ W2s, and their last 2 months’ checking/savings/ investment statements. That gives us everything we need to get someone pre-qualified. By having accurate information upfront, it ensures that we can provide the borrowers with an accurate approval.”

What’s Your Take on Fixed vs. Adjustable Rate Mortgages?

“Where we live, most people are very conservative, so most borrowers are looking for a fixed-rate product. They like the stability and peace of mind that a fixed-rate product allows.”

Are There Any Lesser Known Loan Products People Should Know About?

“Some people aren’t aware of the first-time home buyer products that are available through the North Dakota Housing and Finance Agency. They have many great programs and products to help first time home buyers, single parents, the elderly, and the disabled. Also, for those who are Veterans, I always like to encourage them to take advantage of a VA loan, as that program is an outstanding program for our Veterans. If the borrowers are looking to purchase in a smaller community, there is also a USDA rural housing loan that allows up to 100% financing. The idea behind that is to encourage people to stay in smaller communities, as many are leaving.”

What Are Some of the Biggest Mistakes You See Buyers Make During the Mortgage Process?

“Yeah, I’d say really slow down and take the time to understand what you’re getting into. It’s a big commitment—it’s a 30-year decision—so you want to make sure you understand what you’re signing.”

Is There Any Thing in Particular People Should Know About Down Payment assistance Options? Are There Any Other Programs or Options Out There That We Haven’t Touched on Yet?

“The down payment program through the North Dakota Housing and Finance Agency requires no monthly payment, and it is forgiven after the 96th payment. However, if you sell or refinance prior to the 96th payment, the borrower is required to repay that loan.”

Are There Any Local Work Shops, Education Courses, or Other Resources Like That You’d Recommend?

There are first-time homebuyer workshops available through North Dakota Housing and Finance. Also, many lenders offer local first-time homebuyer classes, so people can check with their local lender or give us a call, and we can help them find those resources.

Is There Any Other Advice You Have?

“I think home ownership in the FM area is a great investment for all. We live in a community that continues to grow, that continues to add and attract new businesses, and continues to prove to be a very stable economy.”