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HELOC SPECIAL OFFER!
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HELOC SPECIAL OFFER!
0% APR for the first 3 Months
Apply Now
HELOC SPECIAL OFFER!
0% APR for the first 3 Months
Apply Now
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Why should I consider getting pre-approved before buying a home?
A pre-approval tells you how much the lender is willing to let you borrow based on your income, expenses and credit score using an automated underwriting process. But more importantly, you’ll look at those numbers too and get a feel for how much you are comfortable paying each month. Nothing says you have to borrow up to the limit. Leave yourself a cushion, because you’ll probably want to buy a couch—and who knows what else.
Pre-approval also gives you more credibility than other potential buyers who aren't yet approved. Once you decide it’s time to start looking at a home, Get Preapproved or schedule an appointment to meet with a mortgage loan officer.
Do you have any deals for first time home buyers?
Yes. Summit offers options that help first-time home buyers, depending on your situation.
First-time home buyers who meet certain income requirements may qualify for down payment assistance programs. These can help with down payment and closing costs through options like WHEDA, USDA Guaranteed Rural Development, VA loan programs and more.
You may be able to buy a home with as little as 3% down. Summit also has some loan programs that allow eligible members to avoid PMI costs, even without a 20% down payment.
A Summit Mortgage Loan Officer can help you understand which loan program may work best for you.
What are your mortgage rates?
You can review our mortgage purchase rates or review our mortgage refinance rates on our rates page.
What are the closing costs for my mortgage?
The specific amount of your closing costs will vary because appraisal fees, title charges, and closing fees may all vary from state to state and also from lender to lender.
To assist you in evaluating our fees, we've grouped them as third-party fees, taxes and other unavoidable costs, and lender fees:
Third-party fees include the appraisal fee, the credit report fee, the settlement or closing fee, the survey fee, tax service fees, title insurance fees, flood certification fees, and courier/mailing fees.
We will collect these fees and pass them on to the person who actually performed the service.
For example, an appraiser is paid the appraisal fee, a credit bureau is paid the credit report fee, and a title company or an attorney is paid the title insurance fees.
Taxes and other unavoidable costsinclude State/Local Taxes and recording fees.
These fees will most likely have to be paid regardless of the lender you choose.
If some lenders don't quote you fees that include taxes and other unavoidable fees, don't assume that you won't have to pay them. It probably means that those lenders have not done the research necessary to provide accurate closing costs.
Lender fees such as points, document preparation fees, and loan processing fees.
These fees are retained by the lender and used to provide you with the lowest rates possible.
This is the category of fees that you should compare very closely from lender to lender before making a decision.
Can I make bi-weekly payments on my 1st mortgage?
Once your regular minimum monthly payment has been satisfied, you can make additional payments directly to your principal in online banking at any time. Automatic payments to a 1st mortgage can only be set up as monthly.
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