An Adjustable Rate Mortgage may be a good choice if you:
Want to keep your payments lower during the first few years of your loan
Plan to move into a different home within the next 5-10 years
Plan to pay-off your mortgage within the next 5-10 years
Want to avoid mortgage insurance on loan to values up to 90%
Welcome Home Loans are a great option if you have limited funds for a down payment.
10 Year ARM
Best Choice If:
You're looking for a lower interest rate
You don't plan on moving within the next couple of years
You want an affordable way to qualify for a larger loan
Advantages:
Fixed payment and interest rate for the first 10 years
Will likely pay a lower interest rate over the first 10 years of your loan (vs. a fixed rate loan)
No mortgage insurance with equity or a down payment of at least 10%
And like every Summit mortgage, your loan will be serviced directly by Summit
15/15 Year ARM
Best Choice If:
You're looking for a lower interest rate
You want an affordable way to qualify for a larger loan
Advantages:
Fixed payment and interest rate for the first 15 years
Will likely pay a lower interest rate over the first 15 years of your loan (vs. a fixed rate loan)
No mortgage insurance with equity or a down payment of at least 10%
And like every Summit mortgage, your loan will be serviced locally by Summit
10 Year ARM Welcome Home
Best Choice If:
You have limited funds for your down payment
You don't plan on moving within the next couple of years
You're looking for a lower interest rate
Advantages:
0% down payment options available
Fixed payment and interest rate for the first 10 years
Will likely pay a lower interest rate over the first 10 years of your loan (vs. a fixed rate loan)
And like every Summit mortgage, your loan will be serviced directly by Summit
7 Year ARM
Best Choice If:
You want the stability of a fixed lower interest rate and monthly payment for the first 7 years
You want an affordable way to qualify for a larger loan
Advantages:
Fixed payment and interest rate for the first 7 years of your loan
Will likely pay a lower interest rate over the first 7 years (vs. a fixed rate loan)
No mortgage insurance with equity or a down payment of at least 10%
And like every Summit mortgage, your loan will be serviced directly by Summit
Disadvantages:
7 Year ARM Welcome Home
Best Choice If:
You have limited funds for your down payment
You want the stability of a fixed lower interest rate and monthly payment for the first 7 years
Advantages:
0% down payment options available
Fixed payment and interest rate for the first 7 years of your loan
Will likely pay a lower interest rate over the first 7 years (vs. a fixed rate loan)
And like every Summit mortgage, your loan will be serviced directly by Summit
5 Year ARM
Best Choice If:
You want the stability of a fixed lower interest rate and monthly payment for the first 5 years
You want an affordable way to qualify for a larger loan
Advantages:
Fixed payment and interest rate for the first 5 years of your loan
Will likely pay a lower interest rate over the first 5 years (vs. a fixed rate loan)
No mortgage insurance with equity or a down payment of at least 10%
And like every Summit mortgage, your loan will be serviced directly by Summit
5 Year ARM Welcome Home
Best Choice If:
You have limited funds for your down payment
You want the stability of a fixed lower interest rate and monthly payment for the first 5 years
You want an affordable way to qualify for a larger loan
Advantages:
0% down payment options available
Fixed payment and interest rate for the first 5 years of your loan
Will likely pay a lower interest rate over the first 5 years (vs. a fixed rate loan)
And like every Summit mortgage, your loan will be serviced directly by Summit
5 Year ARM Investment Property
Best Choice If:
You want a loan with the intention of earning a return on the investment, either through rental income, the future resale of the property (or both)
You want the stability of a fixed lower interest rate and monthly payment for the first 5 years
You want an affordable way to qualify for a larger loan
Advantages:
Fixed payment and interest rate for the first 5 years of your loan
Will likely pay a lower interest rate over the first 5 years (vs. a fixed rate loan)
And like every Summit mortgage, your loan will be serviced directly by Summit
5 Year ARM Vacant Land
Best Choice If:
You want a loan to buy vacant land
You want the stability of a fixed lower interest rate and monthly payment for the first 5 years
You want an affordable way to qualify for a larger loan
Advantages:
Fixed payment and interest rate for the first 5 years of your loan
Will likely pay a lower interest rate over the first 5 years (vs. a fixed rate loan)
And like every Summit mortgage, your loan will be serviced directly by Summit
5 Year ARM Lot Loan
Best Choice If:
You want to a loan to buy a lot with the intent to build a residence on the property in the near future
You want the stability of a fixed lower interest rate and monthly payment for the first 5 years
You want an affordable way to qualify for a larger loan
Advantages:
Fixed payment and interest rate for the first 5 years of your loan
Will likely pay a lower interest rate over the first 5 years (vs. a fixed rate loan)
And like every Summit mortgage, your loan will be serviced directly by Summit
3 Year ARM
Best Choice If:
You want a loan with low initial interest rate
You need short-term financing
Advantages:
Fixed payment and interest rate for the first 3 years of your loan
or a down payment of at least 10%
Will likely pay a lower interest rate over the first 3 years (vs. a fixed rate loan)
And like every Summit mortgage, your loan will be serviced directly by Summit
3 Year ARM Investment Property
Best Choice If:
You want a loan with the intention of earning a return on the investment, either through rental income, the future resale of the property (or both)
You want a loan with low interest rate
You need short-term financing
You want an affordable way to qualify for a larger loan
Advantages:
Fixed payment and interest rate for the first 3 years of your loan
Will likely pay a lower interest rate over the first 3 years of your loan (vs. a fixed rate loan)
Will likely pay a lower interest rate over the first 3 years (vs. a fixed rate loan)
And like every Summit mortgage, your loan will be serviced directly by Summit
3 Year ARM Vacant Land
Best Choice If:
You want to buy vacant land
You want a loan with low initial interest rate
You need short-term financing
You want an affordable way to qualify for a larger loan
Advantages:
Fixed payment and interest rate for the first 3 years of your loan
Will likely pay a lower interest rate over the first 3 years (vs. a fixed rate loan)
And like every Summit mortgage, your loan will be serviced directly by Summit
3 Year ARM Lot Loan
Best Choice If:
You want to a loan to buy a lot with the intent to build a residence on the property in the near future
You want a loan with low interest rate
You need short-term financing
You want an affordable way to qualify for a larger loan
Advantages:
Fixed payment and interest rate for the first 3 years of your loan
Will likely pay a lower interest rate over the first 3 years (vs. a fixed rate loan)
And like every Summit mortgage, your loan will be serviced directly by Summit
Mortgage Rates
The Loan Consultant feature determines the products and rates that match your needs.
Ready to Start?
To apply for your easy online loan, all you have to do is answer a few simple questions about yourself, your property and your income, debts and assets.
