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Historically, there are buyer advantages when rates are higher just as there are when rates are lower. For instance, higher rates may slow the housing market, reducing competition, and enticing sellers to either negotiate on price or contribute to the buyer’s closing costs including a rate buydown. The best advice is to be prepared and that STARTS with a pre-approval at Summit.
There is never a time expectation or an expiration to your pre-approval with Summit Mortgage Corporation. You will have all the time you need to create the best loan option and find the right home. We want to give you the gift of more time to have the best homebuying strategy.
The BENEFITS of getting pre-approved now vs later.
Waiting for lower interest rates may not be the best choice. Historically when rates drop home prices go up as does the competition with other buyers. Here is a rate vs price comparison.
Current Estimate | Future Estimate | |
---|---|---|
INTEREST RATE | 6.75% / 6.983 APR | 6.25% / 6.454 APR |
HOME PRICE | $300,000 | $318,000 |
MONTHLY PAYMENT OVER 30 YEARS | $1,945 | $1,958 |
Assuming a 6% annual appreciation. Income and/or geographic restrictions may apply. Loan and monthly payment scenarios used for informational purposes only, are not a prediction of future rates, and may not be specific to your situation. Rates expressed may not be available at this time. Payments do not include amounts for taxes and insurance premiums; the actual payment obligation will be greater. Rate and information prepared 10/29/2024.
Are you wondering if you qualify for first-time homebuyer programs? The term might be misleading. You don’t actually have to be purchasing your first home to be considered a first-time homebuyer. Confused? Don’t be! First-time homebuyer benefits can offer significant financial savings and help make owning your own home a reality. Don’t let the name hold you back from achieving the American dream of homeownership. Some programs are subject to income limitations. Contact me for more information.
A pre-approval from Summit Mortgage is a great strategy to get your offer to the top of the list. Our company is respected and recognized by real estate agents working hard to get their clients to closing.
Dale Gross
Branch Manager
NMLS: 677577
E: dgross@summit-mortgage.com
O: 218.242.2422
Meet Dale Gross, Branch Manager
Whether you’re looking to buy, build or refinance your home, our team is here to help facilitate a smooth transaction. Here at Summit Mortgage Corporation, we offer a variety of loan options that can help you achieve homeownership with the speed and service you deserve. Plus, we are dedicated to finding the right loan with great rates, terms, and costs to meet your specific needs. Financing a home is one of the biggest commitments you will ever make – let us help guide you throughout the entire loan process from application to closing and beyond. We look forward to putting our mortgage service to work for you!”
Dale has been helping clients with home finance for nearly 25 years. It is truly his passion to help people achieve the goal of homeownership while enjoying the experience.
Dale enjoys dating and traveling with his wife, Kristine. Biking, hiking, and motorcycle rides take up the summer months, and skiing in the winter. Our favorite pastime is pouring into the lives of our grandchildren!
Make an offer with confidence! For qualifying borrowers, if your loan doesn’t close according to the terms of the Guarantee Letter, we’ll purchase the home in cash or pay the seller $10,000 out of our own pocket.
Some limitations may apply.
Loan Officer
NMLS: 1022891
I found my way into the mortgage business in 2003. I started straight out of high school as the Director of First Impressions, giving everyone that warm, feel-good feeling when they called for assistance or walked through the door. While obtaining my degree in Psychology at the University of Minnesota, I continued to work and grow into other roles over the years – Loan Officer Assistant, Loan Processor, Loan Closer, Operations Manager, and now a Loan Officer. I truly understand the ins and outs of the loan process, from beginning to end and even after. I deeply value clients’ trust and ensure that people feel safe, secure, and cared for throughout the loan process, which I understand can be an overwhelming experience.
In my spare time, I enjoy the outdoors with my husband – anything from camping to mountain biking to sitting by a roaring fire.
Mobile: 952.245.3082
Email: rstreiff@summit-mortgage.com
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9600 54th Ave N, Plymouth, MN 55442
Summit Mortgage Corporation licensed as Summit Home Mortgage, Inc. in NC, OR, UT, and WA; 9600 54th Ave N, Suite 100, Plymouth, MN 55442; AZ Mortgage Banker license 1038277; CA – Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act; MN – This is not an offer to enter into an agreement. Any such offer may only be made in accordance with the requirements of MN. Stat. Section 47.206 (3) and (4); Licensed by the N.J. Department of Banking and Insurance; WA – CL-1041; NMLS ID #1041 (www.nmlsconsumeraccess.org)
In New York: Achieve Home Mortgage in lieu of true name Summit Mortgage Corporation.
This site is not authorized by the New York State Department of Financial Services. No mortgage solicitation activity or loan applications for properties located in the State of New York can be facilitated through this site.
THANK YOU!
One of our experienced team members will be in contact with you soon!