In the event you’re in search of personalised service, as a substitute of a call-center residence mortgage, you would possibly need to take a look at Summit Mortgage.
The privately-owned direct lender was began by husband and spouse mortgage originators Diana and Robert Carter method again in 1992.
The purpose was to create a enterprise from an originator’s point-of-view, targeted on offering an “unparalleled homebuying expertise.”
That meant figuring out the standard 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 method 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 flexibility 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 complete manufacturing.
Actually, they ranked sixth there in 2021 behind solely the large gamers comparable to Rocket Mortgage, U.S. Financial institution, and Wells Fargo.
They’re additionally very energetic within the states of Florida, Pennsylvania, and Colorado.
In the mean time, 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 called “Summit Residence Mortgage” within the states of Oregon, Utah, and Washington.
How one can 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 lets you search by property location or mortgage officer identify (should you’ve been referred).
You may assessment profiles on-line and acquire licensing and phone data. As soon as you discover the person you need to work with, you possibly can apply for a house mortgage instantly from their private webpage.
While 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 may be a straightforward 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 characteristic.
The Ascent App will routinely save all information entered so that you received’t have to re-enter fields which have already been accomplished.
And you may even take a break and return to the mortgage software from a special system, which lets you work at your individual tempo.
It’s all powered by SimpleNexus, a pacesetter within the digital mortgage house.
Other than a digital software, you must be capable to eSign disclosures and shutting paperwork, message your mortgage officer, and observe mortgage standing from begin to end.
Your Summit Mortgage mortgage officer may get you a pre-approval letter should you’re at the moment looking for a house.
To that finish, Summit Mortgage additionally provides 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 patrons.
Summit Mortgage Charges
However earlier than you start the applying course of, it could be sensible to get a mortgage fee quote.
There’s a fee quote request type on the Summit Mortgage web site, however it’s most likely faster simply to name a mortgage officer instantly.
When you give them the main points of your mortgage state of affairs, they’ll be capable to present a real-time mortgage fee quote.
You’ll want to pay attention to any lender charges related together with your fee, comparable to an software charge or mortgage origination charge.
Additionally take note of any low cost factors required for the quoted fee, as they’ll improve your closing prices.
Sadly, Summit Mortgage doesn’t checklist day by day pattern mortgage charges on their web site, nor do they checklist their lender charges.
So that you’ll have to 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
- Residence buy loans
- Refinance loans: fee and time period, money out, streamline
- Residence 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
- Mounted-rate and adjustable-rate mortgages in numerous mortgage phrases
Summit Mortgage Corp. provides a variety of mortgage applications to swimsuit aspiring residence patrons and current householders.
In the event you’re quick on funds, they will faucet into a wide range of down cost help applications that can assist you throughout the end line.
Those that are buying a fixer-upper can benefit from applications like Fannie Mae’s HomeStyle Renovation or the FHA 203k mortgage program.
They obtained the total suite of government-backed residence loans out there, together with FHA, VA and USDA.
And jumbo loans are a risk should you’re buying an costly residence.
All main property sorts are acceptable, together with single-family houses, condos/townhomes, trip houses, and funding properties.
In brief, you must have loads of choices to select from irrespective of your private scenario or desire.
Summit Mortgage Critiques
On Expertise.com, Summit Mortgage has a stable 4.94-star score out of 5 from roughly 15,000 buyer critiques.
You may fine-tune these critiques by particular person if you wish to slim down your checklist of mortgage officers.
They’ve an excellent higher 4.98-star score on Zillow from over 1,500 critiques, which is just about flawless.
However wait, there’s extra! An ideal 5.0-rating from over 250 Google critiques, together with a 4.9-star score on Trustpilot from about 500 critiques.
Moreover, they’re an accredited firm with the Higher Enterprise Bureau (BBB) and at the moment maintain an ‘A+’ score based mostly on buyer grievance historical past.
In closing, Summit Mortgage seems to be a superb candidate for residence patrons because of their personalised service, $10,000 underwriting assure, wide selection of mortgage applications, and plenty of 5-star critiques.
If their pricing can also be on level, they could possibly be a superb alternative for an current home-owner in want of a refinance as nicely.
Summit Mortgage Execs and Cons
- Can apply for a house mortgage on-line or by way of smartphone
- Supply a digital mortgage software course of
- $10,000 underwriting assure
- Good choice of mortgage sorts to select from
- Hundreds of wonderful buyer critiques
- A+ BBB score, accredited enterprise
- Free smartphone app
- Free mortgage calculator and residential mortgage guides
The Perhaps Not
- Solely licensed in 17 states at the moment
- Don’t publicize mortgage charges or lender charges
(picture: Andy Harbach)