Make a Payment Rates About Careers Contact Locations
To help you determine if a fixed-rate or adjustable-rate mortgage is the best fit for your financial goals, see our quick, side-by-side comparison below. Our mortgage experts are also happy to talk through the many mortgage options at Summit and answer all your questions so you’re confident in getting the right choice for you. Adjustable-Rate Mortgage (ARM) Fixed-Rate Mortgage This Option May Be a Good Fit If…
  • You’re looking for a more affordable payment early on.
  • You don’t plan to stay in your home for the long haul.
  • You want the flexibility to be able to change to a lower ARM rate for just $300 – a unique Summit advantage. (Great if rates go down after you've locked in, before closing or even years later!)
  • You love the stability of knowing what your payments will be.
  • You expect to stay in your home for a while.
Rate Stability Lock in a rate for an initial term, then your rates and payments may go up or down after that. Lock in the same rate for the life of the loan. Loan Term Options 15/15 – Your rate is fixed for the first 15 years, then your rate and payment could change (and lasts another 15 years to the end of the loan).10/1 – Your rate is fixed for the first 10 years, then your rate and payment could change yearly until the end of your loan.7/1 – Your rate is fixed for the first 7 years, then your rate and payment could change yearly until the end of your loan.5/1 – Your rate is fixed for the first 5 years, then your rate and payment could change yearly until the end of your loan.3/1 – Your rate is fixed for the first 3 years, then your rate and payment could change yearly until the end of your loan. 30, 20, 15 or 10 years When Can You Lock In a Rate? Anytime from application up to 7 days before closing Anytime from application up to 7 days before closing Is There a Prepayment Penalty? No No Is the Mortgage Serviced Locally for the Life of the Loan? Yes Yes Wherever you’re at in your mortgage journey, reach out! We’re here to talk through your goals and questions and offer guidance so you can move forward, stress-free. We make it easy to connect with us: Over 40 Mortgage Loan Officers In-person, video or phone 800-236-5560 Get Started with the Credit Union That Does More for You More Tools & Resources FAQs
Featured Products Certificates Checking Accounts Home Equity Loans Home Loans Business Banking Certificates Checking Accounts Home Equity Loans Home Loans Business Banking Financial Education Upcoming Events Programs Tools & Calculators On-demand Webinars Podcasts Upcoming Events Programs Tools & Calculators On-demand Webinars Podcasts About Equity in Money™ About Summit Careers News Community Giving Equity in Money™ About Summit Careers News Community Giving Help & Support Contact Us Member Support Center Schedule an Appointment Find a Branch Contact Us Member Support Center Schedule an Appointment Find a Branch
Please read the following before proceeding to: The website you are about to visit is solely the responsibility of the merchant or other party providing the site. The content of this third-party site, including materials and information, is solely the responsibility of the provider of the site. The Credit Union is not responsible for any such third-party content. Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site.
NCUA Insurance Estimator Privacy, Security & Accessibility Rates Terms and Fees Routing Number
* The Wisconsin's #1 Mortgage Lender designation is based on the number of loans in 2023, gathered from the Home Mortgage Disclosure Act data compiled annually by the Consumer Financial Protection Bureau. The results of the data were obtained through the LEI: 254900NTAC4H10MGSU23 ** SBA Lender of the Year Award for Credit Unions as awarded by the Small Business Administration of Wisconsin in 2024. Copyright 2025 © Summit Credit Union. All rights reserved. If you are using a screen reader and are having problems using this website, please call 608-243-5000 for assistance. Insured by NCUA