Getting to know ESCROW
If you’re a current homeowner or in the process of buying a home, you’ve probably heard the word “escrow”. It’s one of those mortgage terms that gets used often but isn’t always clearly explained. So, let’s break it down. More
Preparing For a Home Sale or Purchase in Winter
Winter may not be the first season that comes to mind when you think about buying or selling a home, but for many homeowners and buyers, it can be one of the smartest times to make a move. At Summit Mortgage, we work with clients year-round and see firsthand ... More
Summit Perspectives: USDA/ Rural Development Loans
When most people hear the term “rural home loan”, they picture remote farmland or a life far from modern conveniences. In reality, USDA / Rural Development loans are one of the most powerful (and often misunderstood) home financing options available today. At Summit Mortgage, we believe great home financing decisions ... More
Longer Terms, Lower Payments? Understanding the 50-Year Mortgage Debate
As home prices continue to rise and affordability becomes one of the biggest hurdles for buyers, a new idea has re-entered the national conversation: the 50-year mortgage. Supports argue that longer terms could ease monthly payments and help more Americans achieve homeownership. Critics warn it could make housing even more ... More
Rising Homeowners Insurance Costs: How They Impact Mortgage Affordability—and What You Can Do
For years, the focus on home affordability has been dependent on two things: mortgage rates and home prices. Recently, a third factor has been quietly - but significantly - eating into monthly budgets: homeowners insurance. According to the Insurance Information Institute, the average annual homeowners insurance premium in the ... More
The Homebuyers Privacy Protection Act Explained: What Homebuyers Need to Know
Buying a home is a milestone filled with excitement and, let’s be honest, a fair amount of stress. Between balancing budgets, paperwork, and the whirlwind of emotions, the last thing any homebuyer needs is a flood of unsolicited calls, texts, or emails as soon as they've applied for a ... More
Facing the Divide: How we can create a more equitable housing market
Homeownership has long been considered a key part of the American Dream - serving as a symbol of stability, opportunity, and a major stepping stone to building generational wealth. But for far too many individuals and families, especially those from historically marginalized communities, that dream has remained out of reach. &... More
Rent-back agreement and how they impact the buyers and sellers
In the ever-evolving real estate landscape, flexibility is key for both buyers and sellers. One arrangement that offers this kind of flexibility is the rent-back agreement—a strategy that can benefit both home buyers and sellers when used wisely. Let’s break down what rent-back agreements are, when ... More
