Skip to main content
To help you determine if a fixed-rate or adjustable-rate mortgage is the best fit for your financial goals, see our quick, side-by-side comparison below. Our mortgage experts are also happy to talk through the many mortgage options at Summit and answer all your questions so you’re confident in getting the right choice for you. Adjustable-Rate Mortgage (ARM) Fixed-Rate Mortgage This Option May Be a Good Fit If…
  • You’re looking for a more affordable payment early on.
  • You don’t plan to stay in your home for the long haul.
  • You want the flexibility to be able to change to a lower ARM rate for just $300 – a unique Summit advantage. (Great if rates go down after you've locked in, before closing or even years later!)
  • You love the stability of knowing what your payments will be.
  • You expect to stay in your home for a while.
Rate Stability Lock in a rate for an initial term, then your rates and payments may go up or down after that. Lock in the same rate for the life of the loan. Loan Term Options 15/15 – Your rate is fixed for the first 15 years, then your rate and payment could change (and lasts another 15 years to the end of the loan).10/1 – Your rate is fixed for the first 10 years, then your rate and payment could change yearly until the end of your loan.7/1 – Your rate is fixed for the first 7 years, then your rate and payment could change yearly until the end of your loan.5/1 – Your rate is fixed for the first 5 years, then your rate and payment could change yearly until the end of your loan.3/1 – Your rate is fixed for the first 3 years, then your rate and payment could change yearly until the end of your loan. 30, 20, 15 or 10 years When Can You Lock In a Rate? Anytime from application up to 7 days before closing Anytime from application up to 7 days before closing Is There a Prepayment Penalty? No No Is the Mortgage Serviced Locally for the Life of the Loan? Yes Yes Wherever you’re at in your mortgage journey, reach out! We’re here to talk through your goals and questions and offer guidance so you can move forward, stress-free. We make it easy to connect with us: Over 40 Mortgage Loan Officers In-person, video or phone 800-236-5560
ITIN Lending - Summit Credit Union is proud to accept ITIN for mortgage applications. .
Get Started with the Credit Union That Does More for You More Tools & Resources FAQs