Loan Options

Conventional Home Loans

Conventional home loans are mortgages that conform to established guidelines for the size of the loan and specific financial situation. Conventional home loans are the most commonly used and most widely known loan types. These home loans are often fixed-rate or adjustable-rate mortgages (ARM).

Fixed & Adjustable Rate Mortgages

Fixed-rate home loans are loans in which the interest rate will remain fixed for that loan’s entire term, no matter the market interest rates. An adjustable-rate mortgage (ARM) is a loan in which the interest rate on the outstanding balance of your home loan can change as market interest rates change. The type of loan that is best for you will depend on the interest rate environment when the loan was taken out and the duration of the loan. Contact me to learn the best home loan solution for you.

Refinancing Home Loans

Refinancing a home is a reassessment of your current home loan in order to possibly obtain a better loan term and interest rate. Refinancing your home loan is all about the bottom line: What will it cost and will it make financial sense for you? Let me help lay out your options so you know whether a refinance is right for you. I’ll help you learn what steps you should take to prepare for your refinance, and how to choose the right product and term.

Relocation

Obtaining a home loan in a different state can be a challenging process and may take a bit longer than if you were to apply for a mortgage in your home state. I have the right tools and available resources to help you with the relocation process.

Jumbo Home Loans

Jumbo home loans are loans whose amount exceed conforming loan limits set by Fannie Mae and Freddie Mac. The conforming loan limit in Portland, and most other areas around the U.S., is currently $417,000. A jumbo home loan helps qualifying home buyers purchase a high-priced or luxury home. While many lenders don’t have access to these loan products, Summit Mortgage Corporation has programs available with competitive rates.

Conforming High Balance Home Loans

High-balance loans are conventional mortgages in which the loan amount exceeds conforming loan limits, but does not exceed loan limits for the high-cost area where the property is located. These loans are for high-cost areas like San Francisco, Los Angeles, San Diego, etc.

Construction & Lot Loans

Construction finance is a specialized field. Construction loans have special guidelines and include monitoring to ensure timely completion so your repayment can begin promptly. To better serve your needs, I work with you from the very beginning until the funding day – making the process smooth and seamless. Summit Mortgage Corporation has a powerful one-time close program and competitive rates. Call me today to see how I may help you finance your dream home.

Remodel & Rehab Loans

Remodel and rehab loans allow homeowners or home buyers to finance the purchase or refinance with the renovation of a home through a single mortgage. These programs allow homeowners or home buyers to borrow based on the home’s expected value after the renovations are completed.

Residential Investment Loans

Investment properties can be a great way to blend fun vacations with sound investing. Residential investment loans may be for you if you’re dreaming about vacation homeownership near your favorite location or buying a second home. You’ve come to the right place for financing information and tips. Contact me for more information about investing in a second or vacation home.

Reverse Mortgages

Reverse mortgages, also known as Home Equity Conversion Mortgages (HECM), are excellent mortgage programs that allow borrowers aged 62-years and older to withdraw equity on their home.

Self-Employed Home Loans

Self-employed individuals can qualify for home loans in today’s tougher lending environment. As a local mortgage banker, I understand the entrepreneurial spirit of the Northwest and specialize in mortgage loan programs for self-employed borrowers.

Energy Efficient Mortgages (Green Home Loans)

An Energy Efficient Mortgage (EEM) or Green Home Loan, is an emerging option for the environmentally friendly and energy-conscious borrower. Energy Efficient Mortgages are offered under a variety of lending programs, including FHA, VA, and Freddie Mac.

EnergySpark Home Loan Program

The EnergySpark home loan is a type of Energy Efficient Mortgage (EEM) and is among the newest and greenest home loan programs from the Washington State Housing Finance Commission. Contact me today if you are a Washington resident and would like to learn more about qualifying for this program.

FHA Home Loans

FHA home loans are designed for people who want to own a home, but don’t have enough saved up for a conventional loan. The initial down payment is a lot less than a conventional home loan. You might have to pay a little bit more in the long run because of higher interest rates and mortgage insurance, but this can be an affordable option to buy a your dream home a little bit more quickly.

VA Home Loans

Veterans Affairs (VA) home loans are mortgages designed to offer long-term financing to eligible veterans (or surviving spouses) of the United States military. Advantages to VA home loans include no required down payment and the seller may pay the buyer’s closing costs and/or prepaid expenses up to 4% of the loan amount. I believe the men and women who serve our country deserve the best financing available. Call me today to learn more.

USDA Home Loans

U.S. Department of Agriculture (USDA) home loans are special loans designed for eligible properties in rural areas. These home loans provide affordable homeownership opportunities with the benefits of zero down payment and fixed interest rates. USDA home loans have special geographic and income restrictions. Contact me today to find out if you qualify.

Good Neighbor Next Door Program

The Good Neighbor Next Door (GNND) sales program is a HUD sponsored incentive that offers a 50% discount on the list price of eligible single family homes for law enforcement officers, pre-Kindergarten through 12th grade teachers, firefighters, and emergency medical technicians.

Home Advantage Loan Program

The Home Advantage loan program is available for qualified residents of Washington State. This program offers below market interest rates to low- to moderate-income home buyers who meet program qualifications. This loan program also offers down payment assistance of up to 4% of the first mortgage loan amount in the form of a deferred second mortgage at 0% interest. Contact me today to learn more about this opportunity for Washington residents and to find out about eligibility requirements.

House Key Opportunity Loan Program

House Key Opportunity is a program funded by the state of Washington and offers below market mortgage rates for a select group of first-time home buyers and is often combined with a second mortgage for down payment assistance. Contact me today if you are a Washington resident and want to learn more about eligibility requirements.

Niche Products

Niche products are less common types of mortgages. I specialize in a variety of niche products and am able to provide options for your unique financial situation. Just some of the niche products that Summit Mortgage Corporation offers are home loans for future income programs, extended lock options, low interest second mortgages, properties with large acreage, manufactured and modular homes, and HomePath.