[ad_1]
When you’re on the lookout for personalised service, as a substitute of a call-center residence mortgage, you would possibly wish to try Summit Mortgage.
The privately-owned direct lender was began by husband and spouse mortgage originators Diana and Robert Carter means again in 1992.
The purpose was to create a enterprise from an originator’s point-of-view, centered on offering an “unparalleled homebuying expertise.”
That meant figuring out the normal ache factors of getting a house mortgage and taking steps to keep away from them.
In any case, shopping for a house is meant to be an thrilling second, one they consider shouldn’t be overshadowed by a depressing mortgage expertise.
Summit Mortgage Quick Info
- Direct-to-consumer mortgage lender
- Presents residence buy loans and mortgage refinancing
- Based in 1992, headquartered in Plymouth, MN
- Licensed to do enterprise in 17 states
- Funded greater than $6 billion in residence loans final yr
- About two-thirds of final yr’s quantity was residence
Summit Mortgage Corp. is a direct-to-consumer mortgage lender that gives residence buy financing and mortgage refinances.
The Plymouth, Minnesota-based firm obtained its begin means again in 1992, making them one of many older lenders in existence.
Final yr, they produced greater than $6 billion in residence loans, with a 67% residence buy share and 33% refinance share.
This tells me they’ve robust relationships with native actual property brokers, and the power to shut loans on time.
Summit Mortgage is a big-time mortgage lender of their residence state of Minnesota, which accounts for about 40% of whole manufacturing.
In truth, they ranked sixth there in 2021 behind solely the large gamers corresponding to Rocket Mortgage, U.S. Financial institution, and Wells Fargo.
They’re additionally very lively within the states of Florida, Pennsylvania, and Colorado.
In the meanwhile, the corporate is licensed in 17 states nationwide, together with California, Colorado, Florida, Idaho, Minnesota, Montana, New Jersey, North Dakota, Oregon, Pennsylvania, South Dakota, Texas, Utah, Virginia, Washington, Wisconsin, and Wyoming.
For the report, they’re often known as “Summit House Mortgage” within the states of Oregon, Utah, and Washington.
The best way to Apply with Summit Mortgage
To start, you possibly can go to their web site to discover a mortgage officer close to you. Their on-line listing means that you can search by property location or mortgage officer identify (in the event you’ve been referred).
You’ll be able to evaluate profiles on-line and procure licensing and make contact with data. As soon as you discover the person you wish to work with, you possibly can apply for a house mortgage immediately from their private webpage.
Whenever you’re prepared to maneuver ahead, you’ll be prompted to create an “Ascent App” account, which may also provide the choice to obtain a free smartphone app.
Whether or not you apply on a pc or smartphone, there’s a simple to observe step-by-step software course of.
Advantages of utilizing the app embody a doc scanner to add required paperwork, together with a built-in auto-save function.
The Ascent App will mechanically save all knowledge entered so that you gained’t must re-enter fields which have already been accomplished.
And you’ll even take a break and return to the mortgage software from a special machine, which lets you work at your individual tempo.
It’s all powered by SimpleNexus, a frontrunner within the digital mortgage area.
Except for a digital software, you need to have the ability to eSign disclosures and shutting paperwork, message your mortgage officer, and monitor mortgage standing from begin to end.
Your Summit Mortgage mortgage officer can even get you a pre-approval letter in the event you’re presently looking for a house.
To that finish, Summit Mortgage additionally gives a $10,000 underwriting assure through which they’ll pay the vendor $10k in case your mortgage doesn’t shut.
This will help your supply stand out in a aggressive housing market and even compete with all-cash buyers.
Summit Mortgage Charges
However earlier than you start the applying course of, it could be clever to get a mortgage charge quote.
There’s a charge quote request kind on the Summit Mortgage web site, but it surely’s in all probability faster simply to name a mortgage officer immediately.
When you give them the main points of your mortgage state of affairs, they’ll have the ability to present a real-time mortgage rate quote.
You’ll want to be aware of any lender charges related along with your charge, corresponding to an software charge or loan origination fee.
Additionally take note of any discount points required for the quoted charge, as they may enhance your closing prices.
Sadly, Summit Mortgage doesn’t listing each day pattern mortgage charges on their web site, nor do they listing their lender charges.
So that you’ll must get all these particulars from a mortgage officer earlier than you proceed.
Take the time to buy round and collect quotes from different banks, lenders, and mortgage brokers to make sure they’re competitively priced.
Mortgage Applications Provided by Summit Mortgage
- House buy loans
- Refinance loans: charge and time period, money out, streamline
- House renovation loans: FHA 203k and Fannie Mae HomeStyle
- Conforming loans
- Jumbo loans
- FHA loans
- USDA loans
- VA loans
- Down cost help: State grants and tax credit
- Fastened-rate and adjustable-rate mortgages in numerous mortgage phrases
Summit Mortgage Corp. gives a variety of mortgage packages to go well with aspiring residence patrons and current owners.
When you’re brief on funds, they will faucet into a wide range of down cost help packages that can assist you throughout the end line.
Those that are buying a fixer-upper can benefit from packages like Fannie Mae’s HomeStyle Renovation or the FHA 203k loan program.
They obtained the complete suite of government-backed residence loans out there, together with FHA, VA and USDA.
And jumbo loans are a chance in the event you’re buying an costly residence.
All main property varieties are acceptable, together with single-family properties, condos/townhomes, trip properties, and funding properties.
Each fixed-rate and adjustable-rate mortgages can be found in numerous mortgage phrases, corresponding to 15-year mortgages and 5/1 ARMs.
In brief, you need to have loads of choices to select from irrespective of your private state of affairs or choice.
Summit Mortgage Evaluations
On Expertise.com, Summit Mortgage has a stable 4.94-star ranking out of 5 from roughly 15,000 buyer opinions.
You’ll be able to fine-tune these opinions by particular person if you wish to slim down your listing of mortgage officers.
They’ve an excellent higher 4.98-star ranking on Zillow from over 1,500 opinions, which is just about flawless.
However wait, there’s extra! An ideal 5.0-rating from over 250 Google opinions, together with a 4.9-star ranking on Trustpilot from about 500 opinions.
Moreover, they’re an accredited firm with the Higher Enterprise Bureau (BBB) and presently maintain an ‘A+’ ranking primarily based on buyer criticism historical past.
In closing, Summit Mortgage seems to be a great candidate for residence patrons due to their personalised service, $10,000 underwriting assure, wide selection of mortgage packages, and lots of 5-star opinions.
If their pricing can be on level, they might be a wonderful alternative for an current home-owner in want of a refinance as properly.
Summit Mortgage Professionals and Cons
The Good
- Can apply for a house mortgage on-line or by way of smartphone
- Provide a digital mortgage software course of
- $10,000 underwriting assure
- Good number of mortgage varieties to select from
- 1000’s of fantastic buyer opinions
- A+ BBB ranking, accredited enterprise
- Free smartphone app
- Free mortgage calculator and residential mortgage guides
The Possibly Not
- Solely licensed in 17 states presently
- Don’t publicize mortgage charges or lender charges
(photograph: Andy Harbach)
[ad_2]
Source link