Ever wondered why a cousin or parent might co-sign on your loan – or why someone might choose to co-borrow with you? Both roles can help you qualify for a mortgage, but they come with different rights, responsibilities, and relationship dynamics. At Summit Mortgage, we’re here to clarify it all, so whether or not someone... View Article

The post Co-Signing and Co-Borrowing: What You Need to Know appeared first on Summit Mortgage.

As a homeowner, your property isn’t just a place to live—it’s a valuable asset. One way to tap into this value is through a cash-out refinance. This financial tool can provide funds for various needs, but it’s essential to understand how it works and whether it’s the right choice for you.

The post Cash out refinancing – is it right for you? appeared first on Summit Mortgage.

What FICO Credit Scores Do Mortgage Lenders Use? Your credit score is a critical factor in determining if you can purchase a house, what programs you will qualify for, how much you’ll need to have saved for a down payment and what interest rate you’ll pay over the life of your home loan. You could... View Article

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When looking for a mortgage, we’re well aware you have a lot of options. However, if knowledgeable loan officers, exceptional customer service, and a flexible process are some of your top priorities, the list really narrows down. Summit Mortgage Corporation is a privately-owned mortgage lender in Minnesota and industry leader, providing the full spectrum of... View Article

The post The Top 5 Reasons You Should Choose Summit Mortgage appeared first on Summit Mortgage.

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 they’re used, how they work, and the pros and... View Article

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If you’re currently renting, the idea of homeownership and taking on the responsibility of a mortgage may seem overwhelming. While buying your first home is a major milestone that requires careful planning and ongoing attention, it isn’t a decision you have to make alone.

The post  From Renter to Homeowner: How Our Workshop Can Help You Get There appeared first on Summit Mortgage.

For many homeowners, the equity they’ve built up in their home can be used as a valuable financial asset. As property values increase and mortgage balances decrease, home equity grows as a valuable tool that can help unlock new opportunities. Whether you’re looking to renovate your home, consolidate debt, start a business or cover education... View Article

The post Leverage Your Home Equity to Unlock Opportunities  appeared first on Summit Mortgage.

If you’re exploring home financing options, you’ve likely come across the names Fannie Mae and Freddie Mac. But what exactly are these entities, and how do they impact the mortgage market? Understanding their role can help you navigate the home loan process with greater confidence.

The post What are Fannie Mae and Freddie Mac? appeared first on Summit Mortgage.