PURCHASE MORTGAGE
A 30-year fixed at 6.375%, and a person who answers the phone
Summit has financed homes for buyers in this area since 1948. We underwrite in house, we service most of what we write, and your loan officer is the same person from application to closing.
What we offer
Three things that decide how a purchase goes
Rate matters. So does whether the file actually moves.
Down payments from 3%
Our first-time buyer program opens at 3% down on a single-family primary residence. Gift funds from family are allowed for the whole amount.
Underwritten in this building
The person deciding on your file works for Summit and can pick up the phone when your agent calls with a question about the appraisal.
32 days, on average
That is our median from signed contract to keys over the last twelve months. We will tell you on day one if your file looks like it will run longer.
Purchase rates
What a purchase loan costs today
Rates shown assume a primary residence, 20% down, and a credit score of 740 or better.
Program
Interest rate
APR
P and I per $100,000
30-year fixed
6.375%
6.482%
$623.87
20-year fixed
6.125%
6.259%
$723.66
15-year fixed
5.750%
5.912%
$830.41
5/1 adjustable
6.216%
6.874%
$613.51
Payment figures cover principal and interest only. Taxes, homeowners insurance and any mortgage insurance are additional. Rates current as of July 2026 and subject to change. Membership eligibility required. Equal Housing Opportunity Lender. This is a demonstration website; rates, products, and figures shown are illustrative only.
The process
What actually happens, in order
Four stages. We tell you what we need at the start of each one.
Pre-approval, about 3 days
You send income and asset documents, we pull credit, and underwriting issues a real pre-approval letter with a dollar figure on it. Agents and sellers treat that differently than a pre-qualification.
You go under contract
Send us the executed contract and we lock your rate the same day if you want it locked. You get a Loan Estimate within three business days showing every cost.
Appraisal and underwriting, about 3 weeks
We order the appraisal and title work immediately. Your loan officer emails a status update every Friday, whether or not anything has changed.
Closing
You get the Closing Disclosure three business days before signing, so there are no surprises at the table. Bring your ID and a wire confirmation.
First-time buyers
If you have never done this before
Most first-time buyers are not short on motivation. They are short on someone who will explain the parts nobody talks about. That is the job we take seriously.
By the numbers
The timeline in four figures
3 days
To a full pre-approval letter
32 days
Median contract to closing
$0
Lender application fee
60 days
Standard rate lock, free
Get pre-approved before you tour a house
A letter with a number on it is worth more than a strong opinion about your budget.