Our Local Experts are Here to Help
Summit is not a large impersonal financial institution. Our personable, experienced loan officers are ready to walk you through the home buying process and make sure you move in on time. Whether it’s your first home or your dream home, we have a home loan program to meet your needs.
The Buying Process
The escrow process is a lot like a cross-country airline flight, you’re going to experience some turbulence along the way. It’s a comfort to know you have an experienced professional piloting the aircraft to ensure you land safely at your destination. The friendly staff at Summit has been helping buyers safely reach their real estate goals for more than 30 years, and we’d like to help you.
Get Pre-Approved
What will my payment be? How much do I need for a down payment? How much will I need for closing costs? Should I get a fixed rate or an adjustable rate? Do I have to pay mortgage insurance? We imagine you’ve got questions and our Pre-Approval service is the best place to get answers. If you’re trying to get a leg-up on the competition ask about our “Close with All-Cash” program options.
Shop for a Home
An experienced local real estate professional can help you prepare a competitive offer and our Pre-Approval certificate will show the seller you’re a serious buyer. Once the terms are set we’ll be opening escrow and you’ll need to send your deposit (earnest money deposit) to the escrow/title company. Deposit funds are typically sent via wire transfer but a cashier’s check is also an option.
Loan Application
Once you’re negotiated the terms of your purchase it’s time to get started with your loan application. Typically you’ll need to supply documentation to verify your employment and pay (W-2’s and pay stubs), two months bank account statements, two months statements for other assets (stock, 401k, IRA, etc.), source of down payment, and valid ID. We’ll help you complete the application forms and answer all your questions.
Rates
Mortgage rates change constantly during an average workday so we recommend locking-in a competitive mortgage rate as soon as practical. Most of our clients find comfort knowing their new payment is fixed during the escrow period. If you believe mortgage rates are falling you may elect to float the rate until later in the process. Summit Mortgage and Investment Company is not a bank, we work for you. If we can find you a lower rate we’ll do everything in our power to secure it for you.
Loan Processing
While we are gathering your personal and financial information we’ll be ordering a preliminary title report and an appraisal. The title report shows the chain of title for the property you’re interested in. We want to confirm that the seller is the rightful owner and that all the liens against the property will be paid-off at the time of closing. When the title company is comfortable they will issue an insurance policy to protect your interest. The appraiser’s job is twofold: to verify that the price you have negotiated with the seller is “reasonable” and to verify the condition of the home meets the Lenders guidelines. Once all the reports have been received the underwriter will review the entire file and issue an approval. Underwriting can take hours or days depending upon market volume. After underwriting a few additional conditions are typical.
Closing
As part of the settlement phase the lender will typically wire the loan funds into the escrow account of the closing agent, which may be a title company, attorney, or an escrow agent, depending upon the state where the transaction occurs in. Many times the day before the lender funds, the buyer wires or delivers a cashier’s check in the amount of their down payment (plus closing costs) to the escrow account. When all the buyers funds are in the settlement agent, the escrow agent will ensure the seller has completed their paperwork and facilitate the transfer of ownership, typically the recording of a deed with the county recorder. Congratulations!
Get Pre-Approved Today
Your real estate salesperson is ready to go, but how do you know you’re looking in the correct price range? A Pre-Approval from Summit can give you the peace of mind you’ve been searching for. Just 10 minutes with a friendly and experienced loan officer can build confidence with the process and make you comfortable with the numbers.
