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 U.S. rose 21% between 2022... View Article

The post Rising Homeowners Insurance Costs: How They Impact Mortgage Affordability—and What You Can Do appeared first on Summit Mortgage.

Becoming a homeowner means more than just buying four walls and a roof to call your own. Transitioning from renting to owning a home represents an investment in your future and is one of the most exciting financial milestones in life.   Before taking the leap, however, it’s important to understand how your budget might... View Article

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Imagine your child’s teacher, the police officer next door, or a nurse at your local clinic – all struggling to find home’s they can afford in the community they serve. That’s the “middle housing gap” in action. This sector is often squeezed between low-income subsidized units and high-end market homes. At Summit Mortgage, we believe... View Article

The post Solving the Middle Housing Gap: A Look at Workforce Housing appeared first on Summit Mortgage.

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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