At Summit Community Bank, we’re your local neighborhood experts. We know the mortgage process can be complicated. We’ll answer your questions, provide advice and help you with the terms and the types of loans you’ll need to know about during your entire home-buying process. Whether you’re a first-time home buyer, purchasing a second home or ready to refinance, we offer competitive interest rates and a number of home loan programs to make sure you select a loan that is the best for you and your lifestyle.
Conventional Fixed Rate Mortgages
Traditional fixed-rate mortgages are available 10, 15, 20 and 30 years. The interest rate remains the same for the length of your loan so you never have to worry about the rate changing. A fixed rate may be best if you plan to stay in your home for many years.
Jumbo Loans are available to well-qualified buyers needing loans that exceed the conventional loan limits.
Adjustable Rate Mortgages (ARMs)
Adjustable rate mortgages are available for 1, 3, 5, 7 and 10 year terms. The interest rate is usually lower; therefore your monthly payments are lower. The rate will adjust up or down based on the terms of the loan and market conditions. ARMs may be ideal if you want lower monthly payments initially and plan to keep your home for a shorter period of time.
Construction Permanent Loans
At Summit Community Bank, you can build your dream home or significantly remodel your existing home with a construction to permanent loan. We will send draws to your builder and give you the opportunity to lock in an interest rate for your permanent mortgage - all with one application, approval, appraisal and closing.
Home Improvement Loans
Summit has many loan options to consider when you are thinking of remodeling your existing home…think new kitchen, bathroom, extended family room…it’s possible!
Government Loans - FHA, VA
FHA loans are insured by the government, and are typically used to purchase or refinance a home with a lower interest rate and lower down payment, as little as 3.5 percent down.
If you have served in the U.S. Military, a VA loan is an excellent consideration. These loans are also insured by the government and typically offer a lower interest rate and lower down payment, as little as 3.5 percent down.
Rural Development (RD) & MSHDA Loans
The Single Family Housing Program, for a RD loan, provides homeownership opportunities to low and moderate-income rural Americans through several loan and guarantee programs. The program also makes loan and grant funding available to individuals to finance improvements. http://www.rurdev.usda.gov/mi/sfh/sfhmain.htm
MSHDA offers a variety of loan products for low to moderate income homebuyers. All of the following products are 30-year, fixed-rate mortgages, and allow the use of gift funds.
- Unique Situations
- Home Equity Loan Programs
- The Buyers Edge Pre-Qualification
- Mortgage Products
- First Time Home Buyer
- Free Mortgage Review
- Find A Mortgage Banker