Homeownership can feel out of reach for some, but the money needed to close doesn’t always have to come entirely from your savings. Depending on your loan program, you may be able to combine gift funds, down payment assistance, retirement withdrawals, or loans, seller contributions, and low-down-payment loans to bring the amount of upfront cash.. View Article

The post How Today’s Homebuyers Are Making Homeownership Happen appeared first on Summit Mortgage.

Millions of homeowners locked in mortgage rates between 2% and 4% during 2020-2022, so many are choosing to stay put rather than trade up to a higher rate. This has tightened housing inventory. Buyers face fewer options and more competition, but with preparation, flexibility, and the right financing, homeownership is still within reach.   If.. View Article

The post Homeowners Aren’t Selling:  What It Means for Today’s Buyers appeared first on Summit Mortgage.

Many buyers associate purchasing a home with getting a new mortgage. You find a property, apply for a loan, and lock in whatever rate the market is offering that day. But there’s another path that’s worth knowing about: the loan assumption.   A loan assumption (when available) allows a buyer to take over a seller’s.. View Article

The post Can You Take Over Someone Else’s Mortgage? Understanding Loan Assumptions appeared first on Summit Mortgage.

If you’ve ever Googled something at 11p.m., just to avoid feeling unprepared, you get the appeal of AI. It doesn’t judge you for not knowing what “escrow” means, it’s available whenever you need it, and it’ll explain the same concept five different ways until it clicks. For homebuyers stepping into an unfamiliar process, that can.. View Article

The post AI and Your Mortgage: What Homebuyers Should—and Shouldn’t—Ask ChatGPT appeared first on Summit Mortgage.

Summit Mortgage is proud to celebrate Toshie Metzger, who has been recognized as the latest Member Spotlight by the Asian Real Estate Association of America (AREAA).

The post Summit Mortgage’s Toshie Metzger Recognized as AREAA Member Spotlight appeared first on Summit Mortgage.

You’ve found the perfect home in the ideal location. The layout is just right, the neighborhood is exactly what you wanted, and you can already picture yourself living there. The only downside? It needs some serious TLC. The good news is you don’t have to let a home’s current condition stand in the way of.. View Article

The post Turning a Fixer Upper Home into Your Dream Home with a Renovation Loan appeared first on Summit Mortgage.

  If you’re like most people, your home is likely one of the largest financial assets you own. As retirement approaches, your home can play an important role in your overall financial strategy. Whether you’re planning to stay put, downsize, or move to be closer to family, understanding how homeownership fits into your retirement plan.. View Article

The post Retirement Planning for Homeowners: What to Know Before You Retire appeared first on Summit Mortgage.

  Is bigger always better? For decades, that was the general sentiment when it came to buying a home. More square footage, more bedrooms, and more storage space were common goals for many buyers.   Today, however, a growing percentage of homebuyers are intentionally choosing smaller homes and in many cases, it’s not because they.. View Article

The post Why Some Buyers Are Choosing Smaller Homes on Purpose appeared first on Summit Mortgage.

A common question many homebuyers ask is, “What if I buy a home and then mortgage rates go down?”   It’s a fair concern. Nobody wants to feel like they missed out on a better deal. The good news is that lower rates after closing don’t mean you’re stuck. In fact, there are several options.. View Article

The post What Happens if Mortgage Rates Drop After You Buy? appeared first on Summit Mortgage.

 Relocating, regardless of the reason, is typically an exciting time. But, if you’re also trying to buy a home at the same time, things can become complicated quickly.   You’re juggling timelines, logistics, finances, and big decisions, often from a distance. The good news is that with the right approach and the right team by.. View Article

The post Relocating for Work? How to Navigate Buying in a New City appeared first on Summit Mortgage.