Rates, terms and the things that surround them
Payments assume $250,000 financed on a primary residence with 20% down and a 740 score.
Rates current as of July 2026 and subject to change. Payments cover principal and interest only; taxes, homeowners insurance and mortgage insurance are additional. Equal Housing Opportunity Lender. Membership eligibility required. This is a demonstration website; rates, products, and figures shown are illustrative only.
How much house the numbers actually support
Underwriting looks at two ratios. The first compares your proposed housing payment — principal, interest, taxes, insurance and any HOA dues — to your gross monthly income. The second adds every other debt payment on your credit report to that figure. Most approvals keep the second ratio at or under 43%, though a strong reserve position or a large down payment can support more.
The maximum the ratios allow is rarely the number you want. A payment that consumes every spare dollar leaves nothing for a water heater, a roof, or the year the property tax assessment jumps. We have watched enough files to say that plainly. Run your own figure through the affordability calculator, then subtract what you genuinely spend on everything else, and buy under that.
Closing costs are the other number people underestimate. Budget roughly 2% to 4% of the purchase price for title work, recording fees, the appraisal, prepaid taxes and the initial escrow deposit. Some of it is negotiable with the seller, and all of it appears in writing on your Loan Estimate within three business days of application. Bring questions to a loan officer at any of our 42 branches, or call 800.555.7846.
We keep the servicing on most of what we write so your loan does not get sold away
The most common complaint about a mortgage is that the company collecting the payment is not the company that made the promises. Summit retains servicing on the majority of its portfolio. The escrow analysis, the payoff quote and the person who answers at 800.555.7846 all come from the same credit union you closed with.
What underwriting will ask you for
Gather these early and the file moves without a single delay on our side.
Buying a home with Summit
What is the difference between pre-qualification and pre-approval?
A pre-qualification is an estimate based on what you tell us. A pre-approval means an underwriter has reviewed verified income, assets and credit and issued a letter with a specific dollar figure. Sellers in a competitive market take the second one seriously.
Should I take the 15-year if I can afford it?
It saves roughly $123,000 in interest on a $250,000 loan, which is enormous. The catch is that the higher payment is mandatory. Some members take the 30-year and pay it like a 15, keeping the flexibility to fall back in a hard month.
When does it make sense to consider the ARM?
Mainly when you have a concrete reason to expect the loan to end within five to seven years, such as a planned relocation. If you intend to stay put, the fixed rate removes a risk you cannot control.
How do I get rid of mortgage insurance?
It cancels automatically once the balance reaches 78% of the original value. You can request removal earlier at 80%, and a new appraisal showing appreciation sometimes gets you there sooner than the amortisation schedule does.
Can I lock my rate before I find a house?
No. A lock is tied to a specific property and contract. What you can do is get fully pre-approved so the lock happens the same day you go under contract, which is where most of the delay usually sits.
What if the appraisal comes in low?
You can renegotiate the price, bring the difference in cash, or walk away if your contract has an appraisal contingency. Your loan officer will call you the day the report lands rather than letting you find out from your agent.
Ready when you are
Start the pre-approval now and you will have a letter in hand before the weekend's open houses.