MAKE MONEY ONLINE POSTS: Summit Credit Union Mortgage Rates Review

الثلاثاء، 25 يونيو 2019

Summit Credit Union Mortgage Rates Review

Summit is Wisconsin’s largest credit union. Founded in 1935, the mortgage lender grew considerably after several mergers with other credit unions within the state.

Summit now has over 168,000 members throughout Wisconsin and 34 different branch locations.

The credit union offers fixed- and adjustable-rate mortgages, FHA, and VA loans. With flexible loan options and a variety of opportunities available for borrowers, Summit has something for nearly every mortgage need.

Summit Credit Union Mortgage Facts

Fixed and adjustable-rate mortgages, conventional, FHA, and VA options available
The largest credit union in Wisconsin
Loans are locally-serviced, so borrowers can visit any Summit branch with questions
Affordable mortgage programs available for first-time homebuyers
No closing costs loan options available for those who qualify
Flexible meeting hours, so applicants can meet with the loan officer during evenings and weekends

Overall

Summit Credit Union is a member-owned financial cooperative founded in 1935 and headquartered in Madison, Wisconsin.

Originally, the credit union began in the state capitol’s basement as State Capitol Employees Credit Union. From there, it grew significantly and expanded through mergers and acquisitions with other credit unions in the area.

With a variety of different mortgage options available, Summit Credit Union has a loan option for just about every borrower and credit history.

The lender’s featured mortgage and refinance options include first-time homebuyer and no closing costs loans to make the purchase process more affordable for applicants.

Right now, Summit Credit Union is not listed or reviewed on Trustpilot. The credit union’s BBB rating is A+ with customer reviews averaging 3/5 stars.

Summit appears to emphasize financial education and take significant steps to make financial education information accessible to borrowers.

In 2017, Summit released a mortgage app, CURB, for smartphones allowing users to manage and track more of the mortgage process.

Badcredit.org awarded Summit Credit Union with an Editor’s Choice award for financial education and wellness information in December 2018.

Summit Credit Union Loan Specifics

Fixed-Rate Loans

Getting a fixed-rate loan gives borrowers a consistent monthly payment that remains the same for the duration of the loan.

For applicants who plan to keep their homes for several years and lock in a low mortgage rate or refinance their loan, a fixed-rate loan from Summit Credit Union may make the most sense.

Summit offers multiple fixed-rate loan options; these may require a significant down payment and high credit scores to qualify.

Adjustable-Rate Loans

With an adjustable-rate mortgage loan, borrowers may experience rate changes as market conditions fluctuate.

This means applicants could end up paying more than they expected for their home. Borrowers planning to refinance or sell their home soon may benefit from an adjustable-rate loan from Summit Credit Union.

FHA Mortgage Loans

Getting an FHA loan from Summit Credit Union may make monthly payments more affordable for applicants who qualify.

FHA mortgages have government backing, making them more accessible through lower interest rates and often lower credit requirements.

As such, Summit Credit Union can offer better terms for these loans than what would otherwise be possible to underwrite.

Borrowers may pay as little as 3.5 percent down with an FHA loan and may qualify for a fixed- or adjustable-rate mortgage.

VA Loans

At Summit Credit Union, VA loans are another option for veterans, members of the armed forces, and surviving spouses.

These are government-backed by the U.S. Department of Veterans Affairs and are generally more affordable and have better terms than conventional loans.

For applicants who qualify, little-to-no down payment options are available.

Construction Loans

Borrowers planning to build a home often need funding to be available before the home is constructed; that’s where construction loans from Summit Credit Union come in.

Applicants can find out how much they qualify for and builders can begin work with access to a predetermined budget.

Summit Credit Union Mortgage Customer Experience

Summit has several different mortgage products available, as well as mortgage guidance on its website and in person at their branches.

Applicants can learn more about borrowing and obtaining financing by visiting Summit’s website and meeting with a loan officer at a branch.

Summit does offer an online application and has several checklists to help borrowers determine if they have everything they need to begin applying.

Instant online approval for a mortgage is available for some applicants and loan options. In some cases, though, borrowers will need to submit an application for review by a loan officer, who will thoroughly look over the application and return a decision to the applicant.

Mortgage and refinance applicants will need to have information available about their:

credit histories
social security numbers
income
debt
personal credit records

Depending on the loan type and other available credit history information, applicants may need additional documentation when applying for a Summit Credit Union loan.

By scheduling an in-person appointment and meeting with a loan specialist or by completing an application online, applicants can start the prequalification process for a mortgage or refinance.

The credit union focuses on financial education and offers a variety of financial education resources for borrowers.

For instance, in December 2018, Badcredit.org awarded Summit Credit Union an Editor’s Choice award for their financial wellness and credit education programs.

In 2017, Summit also released a mortgage app, CURB, for borrowers looking to manage their loan from a smartphone.

Lender Reputation

Summit does not have a Trustpilot score or reviews yet. The credit union’s BBB rating is A+ with customer reviews averaging 3/5 stars.

Information collected December 11, 2018

Mortgage Qualifications

Credit Score	Quality	Ease of Approval
760+	Excellent	Easy
700-759	Good	Somewhat easy
621-699	Fair	Moderate
620 and below	Poor	Difficult
N/A	No credit score	Difficult

Borrowers with credit scores at 760 and above generally have the best opportunities and the most loan options from Summit Credit Union.

Applicants with scores in the 700 to 759 range may have fewer options, but typically have several mortgage offers to choose from.

Applicants with “fair” credit may need to consider a government-backed loan or alternative mortgage through Summit Credit Union and may not qualify for the credit union’s best offers.

While it’s possible for borrowers to qualify for a loan with no credit history or a low credit score, options are generally very limited.

For a chance to receive the best loan offers at Summit, it helps to have plenty of income and asset documentation available for loan officers to see.

Debt-to-income ratio	Quality	Likelihood to get approved by lender
35% or less	Manageable	Likely
36-49%	Needs improvement	Possible
50% or more	Poor	Unlikely

Summit Credit Union is much more likely to extend the most favorable terms to applicants with debt-to-income (DTI) ratios at 35 percent and less.

Borrowers applying with higher DTIs may benefit from asking about Summit’s alternative loan and government-backed programs in order to get the best possible offers.