Summit Mortgage Bankers, Inc. is a full service mortgage banking entity. We have been in the mortgage business since 1992 and helped thousands of customers achieve their dream of homeownership in America. We serve our customers with honesty, integrity and competence. We provide home loans to our customers with the lowest interest rates and closing costs possible.
Furthermore, we pledge to help borrowers overcome roadblocks that can arise while securing a loan. Summit Mortgage Banker, Inc strives to ensure that its services are accessible to people with disabilities. Summit Mortgage Banker, Inc has invested a significant amount of resources to help ensure that its website is made easier to use and more accessible for people with disabilities, with the strong belief that every person has the right to live with dignity, equality, comfort and independence.
Summit Mortgage Banker, Inc makes available the UserWay Website Accessibility Widget that is powered by a dedicated accessibility server.
Furthermore, we pledge to help borrowers overcome roadblocks that can arise while securing a loan. Summit Mortgage Banker, Inc strives to ensure that its services are accessible to people with disabilities. Summit Mortgage Banker, Inc has invested a significant amount of resources to help ensure that its website is made easier to use and more accessible for people with disabilities, with the strong belief that every person has the right to live with dignity, equality, comfort and independence.
Summit Mortgage Banker, Inc makes available the UserWay Website Accessibility Widget that is powered by a dedicated accessibility server.
Services
Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice.
We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances.
All examples are hypothetical and are for illustrative purposes.
We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
Summit Mortgage Banker, Inc strives to ensure that its services are accessible to people with disabilities.
We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances.
All examples are hypothetical and are for illustrative purposes.
We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
Summit Mortgage Banker, Inc strives to ensure that its services are accessible to people with disabilities.
Applying for a mortgage can seem like a daunting and scary process.
To help, we've created a checklist of things for you to compile, complete and acknowledge before applying.
Credit history is a recorded file of past and current credit that is utilized to compile a credit score.
A closing cost is a payment required to finalize a home loan and is separate from a down-payment.
An appraisal is an estimate of a property's fair market value and is required by a lender to ensure the loan amount is not more than the property value.
To help, we've created a checklist of things for you to compile, complete and acknowledge before applying.
Credit history is a recorded file of past and current credit that is utilized to compile a credit score.
A closing cost is a payment required to finalize a home loan and is separate from a down-payment.
An appraisal is an estimate of a property's fair market value and is required by a lender to ensure the loan amount is not more than the property value.
The most common type of loan option, the traditional fixed-rate mortgage includes monthly principal and interest payments which never change during the loan's lifetime.
Adjustable-rate mortgages include interest payments which shift during the loan's term, depending on current market conditions.
Typically, these loans carry a fixed-interest rate for a set period of time before adjusting.
Hybrid ARM mortgages combine features of both fixed-rate and adjustable rate mortgages and are also known as fixed-period ARMs.
Adjustable-rate mortgages include interest payments which shift during the loan's term, depending on current market conditions.
Typically, these loans carry a fixed-interest rate for a set period of time before adjusting.
Hybrid ARM mortgages combine features of both fixed-rate and adjustable rate mortgages and are also known as fixed-period ARMs.
The first step in obtaining a loan is to determine how much money you can borrow.
In case of buying a home, you should determine how much home you can afford even before you begin looking.
By answering a few simple questions, we will calculate your buying power, based on standard lender guidelines.
You may also elect to get pre-approved for a loan which requires verification of your income, credit, assets and liabilities.
Be in a better position when negotiating with the seller (seller knows your loan is already approved).
In case of buying a home, you should determine how much home you can afford even before you begin looking.
By answering a few simple questions, we will calculate your buying power, based on standard lender guidelines.
You may also elect to get pre-approved for a loan which requires verification of your income, credit, assets and liabilities.
Be in a better position when negotiating with the seller (seller knows your loan is already approved).
It's generally a good time to refinance when mortgage rates are 2% lower than the current rate on your loan.
It may be a viable option even if the interest rate difference is only 1% or less.
Any reduction can trim your monthly mortgage payments.
Example: Your payment, excluding taxes and insurance, would be about $770 on a $100,000 loan at 8.5%; if the rate were lowered to 7.5%, your payment would then be $700, now you're saving $70 per month.
Your savings depends on your income, budget, loan amount, and interest rate changes.
It may be a viable option even if the interest rate difference is only 1% or less.
Any reduction can trim your monthly mortgage payments.
Example: Your payment, excluding taxes and insurance, would be about $770 on a $100,000 loan at 8.5%; if the rate were lowered to 7.5%, your payment would then be $700, now you're saving $70 per month.
Your savings depends on your income, budget, loan amount, and interest rate changes.
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