Purchasing a home is perhaps the most important personal financial investment that you will make in your life. Summit Bank is dedicated to making this experience as easy and efficient as possible. We'll take the time to listen and understand your personal needs and customize the mortgage loan to fit those needs.
Contact us and let one of our experienced Mortgage Officers help determine the loan that's right for you.
A Mortgage Revenue Bond Loan or bond loan is a type of mortgage loan where the cost of borrowing is partially subsidized by a mortgage revenue bond. Mortgage revenue bond loan programs are in general designed to lower the cost of home ownership for low to medium income borrowers.
Some borrowers my also qualify for loan assistance with the initial payment on their home.
Contact us and let one of our experienced Mortgage Officers help determine the loan that's right for you.
Fixed and Adjustable Rate Products
A fixed rate mortgage features a preset rate of interest for a specific period of time. As the years advance, more of the mortgage payment goes against the principal and less goes towards the interest.
A variable rate mortgage has fixed payments, but the interest rate fluctuates with any adjustments in interest rates. If interest rates go down, more of the payment goes to principal and when interest rates rise, more of the payment goes against the interest.
Contact us and let one of our experienced Mortgage Officers help determine the loan that's right for you.
In some cases, a borrower will want to negotiate a loan with their Summit Bank loan officer to buy or build a home that's secured by other assets. Or you may want to negotiate a loan for a specific period of time while a home is being remodeled or constructed.
Contact us and let one of our experienced Mortgage Officers help determine the loan that's right for you.
Construction Loans
For people who are building homes from scratch and need construction financing or purchasing a lot or a newly built home from a developer or a builder.
Three good reasons to arrange construction financing when building your new home:
Simplicity. Secure financing with one application, one appraisal and one approval process.
Convenience. Buy the land, close your construction loan and secure permanent financing, when the construction is complete you have can increase or decrease your loan amount, or even change to a different loan type.
Flexibility. Available as fixed- or adjustable-rate.
Contact us and let one of our experienced Mortgage Officers help determine the loan that's right for you.
A home equity loan is a type of loan in which the borrower uses the equity in their home as collateral. These loans are useful to finance major expenses such as home repairs, medical bills or college education.
Contact us and let one of our experienced Mortgage Officers help determine the loan that's right for you.
A HELOC differs from a conventional home equity loan in that you are not advanced the entire sum up front, but use a line of credit to borrow sums as you need them that total no more than the credit limit, similar to a credit card. Your HELOC will have a minimum monthly payment requirement but you may make a repayment of any amount so long as it is greater than the minimum payment.
Contact us and let one of our experienced Mortgage Officers help determine the loan that's right for you.
