During the home-buying process, you should find a property you like and then get a mortgage pre-approval, right? Not exactly. While both of those are important steps in your journey, getting pre-approved needs to be at the top of your homebuyer’s to-do list, especially in the current market.  Without a pre-approval letter, you run the... View Article

The post The Importance of Mortgage Pre-Approval in Today’s Market appeared first on Summit Mortgage.

Buying a home involves a lot of moving parts, especially if you are putting in offers that involve a home sale contingency. However, if your ability to purchase a property is not contingent on another transaction, the entire process becomes a bit simpler.  There are a few different scenarios where your purchase is not contingent... View Article

The post What to Know About Buying a Home That’s Not Contingent on the Sale of Your Current Home appeared first on Summit Mortgage.

The current U.S. weekly average for mortgage rates on a 30-year loan as of 4/26/2024 is 7.17%. Like most homebuyers, you probably find these high mortgage rates discouraging.  That’s understandable, as high mortgage rates negatively impact your purchasing power and may make it harder to afford your dream home. The good news is that there... View Article

The post Advice for Homebuyers Concerned About High Mortgage Rates appeared first on Summit Mortgage.

The housing market has been turbulent over the last few years, to say the least. Homebuilders were finally ramping up construction to keep up with surging demand. Then, mortgage rates shot into the stratosphere. As a result, many homebuilders pumped the brakes, which made the shortage worse. With new homes hard to come by, you... View Article

The post A Boost in Homebuilder Sentiment as Mortgage Rates Trend Down appeared first on Summit Mortgage.

Is your stress about making the down payment stopping you from taking the plunge and buying a home? We get it; the thought of putting a huge sum of money down can be daunting. The good news, though, is that there are some great down payment assistance programs out there to help first-time homebuyers keep... View Article

The post Down Payment Assistance Programs in 2024: Support for First-Time Homebuyers appeared first on Summit Mortgage.

Learn how top real estate agents find and vet the loan officers they recommend to their clients. Even if you’re not a real estate agent, you can learn from the pros what to look for in a mortgage loan officer as you secure the financing to buy your home or vacation property.

The post How Top Real Estate Agents Vet Loan Officers appeared first on Summit Mortgage.

What comes to mind when you think of a “starter home”? “Cheap,” “run-down,” and “bad investment” are all popular associations with the term. However, more first-time buyers are turning the notion of a starter home on its head. If you’re buying your first home for the long run, there are a few great strategies to... View Article

The post Your First Home Can Be Your Dream Home, Here’s How appeared first on Summit Mortgage.

The homebuying process can be a lot like a movie story structure. There’s the exposition of deciding to buy, the rising action of mortgage applications and house hunting, and the climax of closing day. While new homeowners may be ready for the story to end after the document-signing marathon of closing day, there are still... View Article

The post Your Do’s and Don’ts After Closing Day appeared first on Summit Mortgage.