Summit Mortgage Corporation Reviews

Summit Mortgage is ideal for people who want to use the same lender and loan servicer for their conventional loan. Once you get your mortgage, the company won’t sell off your loan to a loan servicer, allowing you to continue using the systems and support services with which you’re familiar.

However, Summit Mortgage’s services are only available in 24 states, meaning a little over half the country won’t be able to take advantage of the company’s offerings.

Summit Mortgage Corporation 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, if you want 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. Manual underwriting is available for people with no credit scores due to a lack of credit history.
• FHA loans: Insured by the Federal Housing Administration (FHA), these loans help people with lower credit scores or who lack down payment funds get a home loan.
• Home improvement loans: Designed to bundle your mortgage with a smaller loan to help pay for home repairs — these are ideal for buying a fixer-upper.
• Adjustable-rate loans: These loans have interest rates that fluctuate after the initial fixed-rate period ends, which can last between one and ten years, depending on the loan terms.
• Jumbo loans: For borrowers needing more than the conventional loan limits set for their area. Qualifying requires higher income and lower debt levels.
• USDA loans: Help low- to very-low-income families buy homes with 0% down in eligible rural areas. 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 military members and their spouses, with less stringent 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 a mortgage loan with Summit Mortgage, you’ll need to gather the following:

• Income sources
  • Past two years of W-2s
  • Past two years of tax returns (all schedules)
  • Past two months of bank statements (all pages)
  • Past 30 days of pay stubs
  • Your business tax returns (if self-employed)
• Property information
  • Property address (or city and state if no specific address yet)
  • Purchase price
  • Loan amount
• Assets and liabilities
  • Other accounts, such as savings and retirement accounts
  • Real estate and vehicles owned
  • Life insurance policies
  • Any other loans in your name
• Other information
  • Purchase contract
  • Realtor’s phone numbers (if applicable)
  • Insurance agent’s name and phone
  • Additional documents, as requested

While Summit Mortgage doesn’t break down its closing costs, it provides general guidelines that homebuyers can expect to pay 2.5% to 6% of the total loan amount. This fee 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.