Summit Mortgage Corporation Reviews

Summit Mortgage is a good fit for borrowers who want a lender with in-house servicing and a more personal experience from application to closing. The company emphasizes that one loan officer guides the process and provides real-time status updates throughout the mortgage journey.

However, its biggest drawback is limited geographic availability. Summit Mortgage’s services are only available in 28 states, meaning nearly half the country won’t be able to take advantage of the company’s offerings.

Summit Mortgage offers several loan products, which you can find on its site by name or by selecting the type of loan you’re looking for — for example, a loan with a small down payment or a loan for a home in a rural area. Here are some of the loan options available:

• Conventional fixed-rate loans: Best for buyers with good or better credit. Interest rates stay the same for the entire loan. Summit generally requires a 620 FICO score for these loans, though manual underwriting is available if you don’t have a credit history.
• FHA loans: Backed by the Federal Housing Administration (FHA), these loans help borrowers with lower credit scores or who lack a down payment get a home loan. Qualified buyers can secure an FHA loan with a FICO score as low as 580.
• Home improvement loans: Designed to bundle your mortgage with a smaller loan to help pay for home repairs. These are ideal if you’re buying a fixer-upper.
• Adjustable-rate loans: These loans start with a lower introductory interest rate that can adjust after the initial fixed-rate period, typically lasting one to 10 years, depending on the loan terms.
• Jumbo loans: For loans above conventional limits, including primary homes, second homes and investment properties. Qualifying requires higher income and lower debt levels.
• USDA loans: Help low- to very-low-income borrowers buy eligible rural and suburban homes with 0% down. Generally, communities with fewer than 20,000 residents qualify as rural.
• VA loans: Offered by the U.S. Department of Veterans Affairs (VA) to eligible veterans, active-duty service members and spouses, with less strict credit score and down payment requirements.

You can also refinance your loan with Summit Mortgage. It offers rate-and-term refinances to change your loan terms to more favorable ones and cash-out refinances to tap into your home equity.

To get started on a mortgage loan with Summit Mortgage, you’ll need to gather the following:

• Income sources
  • W-2s from the past two years
  • Tax returns from the past two years, or longer in some cases
  • Recent bank statements (all pages)
  • Recent pay stubs, usually from the last 30 days
  • Your business tax returns (if self-employed)
• Property information
  • Property address (or city and state if there is no specific address yet)
  • Purchase price
  • Loan amount
• Assets and liabilities
  • Other account statements, such as savings and retirement accounts
  • Real estate and vehicles owned
  • Life insurance policies
  • Information on other debts and monthly obligations
• Other information
  • Purchase contract
  • Rental history or landlord contact information (if applicable)
  • Insurance agent’s name and phone number
  • Additional documents as requested

While Summit Mortgage doesn’t list its rates or a detailed fee schedule online, it notes that low down payment options may be available with as little as 3% down. It also offers down payment assistance programs that may help reduce your upfront costs.

As with most mortgage lenders, total closing costs will depend on the loan type, property and your financial profile, so you’ll need to request a personalized quote. In general, fees may include:

• Loan origination fees for your lender, such as administration and processing fees
• Appraisal fee
• Credit report fee
• Title fees
• Recording fees
• Transfer taxes
• Realtor broker fees
• Homeowners insurance
• Property taxes
• HOA fees

Most of these fees aren’t negotiable, but your loan origination fee may be. This fee typically ranges from 0.5% to 1% of the loan amount. Don’t forget to budget your down payment and closing costs when calculating your total out-of-pocket expenses.