When lawmakers can’t agree on a budget in time, a government shutdown can occur, forcing several parts of the government to “close their doors” until funding is restored. When a shutdown begins, Federal departments must furlough (temporarily lay off) nonessential employees and suspend many public services until a funding deal is reached. Shutdowns can last... View Article

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After years of rate hikes that stretched affordability thin, mortgage rates are finally showing signs of easing. For homeowners and buyers alike, this shift opens the door to opportunities that felt locked just a short time ago. But what exactly do lowering rates mean for your bottom line? Read on to find out.

The post The Impact of Falling Rates on Refinancing and Home Buying appeared first on Summit Mortgage.

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

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