When you’re searching for customized service, as a substitute of a call-center residence mortgage, you may wish to take a look at Summit Mortgage.
The privately-owned direct lender was began by husband and spouse mortgage originators Diana and Robert Carter approach again in 1992.
The objective was to create a enterprise from an originator’s point-of-view, centered 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 spite of everything, shopping for a house is meant to be an thrilling second, one they imagine shouldn’t be overshadowed by a depressing mortgage expertise.
Summit Mortgage Quick Details
- Direct-to-consumer mortgage lender
- Gives 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 acquired its begin approach 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 sturdy 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 complete manufacturing.
In reality, they ranked sixth there in 2021 behind solely the massive gamers resembling Rocket Mortgage, U.S. Financial institution, and Wells Fargo.
They’re additionally very energetic 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 document, they’re referred to as “Summit House Mortgage” within the states of Oregon, Utah, and Washington.
How one can Apply with Summit Mortgage
To start, you may go to their web site to discover a mortgage officer close to you. Their on-line listing permits you to search by property location or mortgage officer title (for those who’ve been referred).
You’ll be able to evaluate profiles on-line and procure licensing and call data. As soon as you discover the person you wish to work with, you may apply for a house mortgage immediately from their private webpage.
If you’re prepared to maneuver ahead, you’ll be prompted to create an “Ascent App” account, which may even provide the choice to obtain a free smartphone app.
Whether or not you apply on a pc or smartphone, there may be a simple to observe step-by-step utility 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 mechanically save all information entered so that you gained’t have to re-enter fields which have already been accomplished.
And you may even take a break and return to the mortgage utility from a special machine, which lets you work at your personal tempo.
It’s all powered by SimpleNexus, a frontrunner within the digital mortgage area.
Apart from a digital utility, you need to have the ability to eSign disclosures and shutting paperwork, message your mortgage officer, and observe mortgage standing from begin to end.
Your Summit Mortgage mortgage officer also can get you a pre-approval letter for those who’re at the moment searching for a house.
To that finish, Summit Mortgage additionally affords a $10,000 underwriting assure wherein they’ll pay the vendor $10k in case your mortgage doesn’t shut.
This can assist 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 may be clever to get a mortgage charge quote.
There’s a charge quote request kind on the Summit Mortgage web site, however it’s most likely faster simply to name a mortgage officer immediately.
When you give them the small print of your mortgage state of affairs, they’ll have the ability to present a real-time mortgage charge quote.
Make sure to be aware of any lender charges related together with your charge, resembling an utility price or mortgage origination price.
Additionally take note of any low cost factors required for the quoted charge, as they are going to improve your closing prices.
Sadly, Summit Mortgage doesn’t record day by day pattern mortgage charges on their web site, nor do they record 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 Supplied 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 fee help: State grants and tax credit
- Fastened-rate and adjustable-rate mortgages in numerous mortgage phrases
Summit Mortgage Corp. affords a variety of mortgage packages to go well with aspiring residence patrons and present householders.
When you’re quick on funds, they’ll faucet into a wide range of down fee help packages that will help you throughout the end line.
Those that are buying a fixer-upper can make the most of packages like Fannie Mae’s HomeStyle Renovation or the FHA 203k mortgage program.
They acquired the complete suite of government-backed residence loans out there, together with FHA, VA and USDA.
And jumbo loans are a risk for those who’re buying an costly residence.
All main property varieties are acceptable, together with single-family properties, condos/townhomes, trip properties, and funding properties.
Briefly, you need to have loads of choices to select from irrespective of your private scenario or desire.
Summit Mortgage Evaluations
On Expertise.com, Summit Mortgage has a stable 4.94-star score out of 5 from roughly 15,000 buyer critiques.
You’ll be able to fine-tune these critiques by particular person if you wish to slim down your record of mortgage officers.
They’ve a fair 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 very good candidate for residence patrons because of their customized service, $10,000 underwriting assure, big selection of mortgage packages, and plenty of 5-star critiques.
If their pricing can also be on level, they might be a superb alternative for an present 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
- Provide a digital mortgage utility course of
- $10,000 underwriting assure
- Good choice of mortgage varieties to select from
- Hundreds of wonderful buyer critiques
- A+ BBB score, accredited enterprise
- Free smartphone app
- Free mortgage calculator and residential mortgage guides
The Possibly Not
- Solely licensed in 17 states at the moment
- Don’t publicize mortgage charges or lender charges
(photograph: Andy Harbach)