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What can I afford?
Mortgage and Loan Options for Homebuying
comparison of Fixed-Rate and Adjustable-Rate Mortgages
Fixed-Rate Mortgage
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You love the stability of knowing what your payments will be. -
You expect to stay in your home for a while.
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Adjustable-Rate Mortgage (ARM)
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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 a down payment option as low as 10% and the savings of no mortgage insurance requirement.
How do ARM loans work?
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Bridge Loan
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You don’t want to worry about having to sell your home before buying your next home.
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Jumbo Loan
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You’re looking for a home loan over the conventional loan limit. Conventional Loan LimitThe current limit is $832,750. This amount may change on a yearly basis.
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"It was great! Even though we never met in person he was awesome to work with! Thank you, Adam!! I have told other friends you need to go through Summit!"
"Speedy response and very knowledgeable. Felt taken care of every step of the way."
“I knew my homebuying goals were possible with the right team in my corner.”
“We applied and got approved the next day - within a month we moved into our home!”
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Frequently Asked Questions
What is a mortgage preapproval and why do I need one?
Whether you're a first-time homebuyer in the Midwest or have purchased a home before, a mortgage preapproval can help you understand what you may be able to afford and make your offer more competitive.
When you get a preapproval on your loan, you have the green light to go up to a maximum purchase price – and you have extra credibility on your offer to purchase.
You’ll need:
A government-issued ID
Your most recent 30 days of pay stubs and two years of W-2s
Your statement or account numbers for all bank accounts and loan balances
What is the difference between a fixed rate and adjustable-rate mortgage?
Fixed-rate mortgage: Your principal and interest payments will stay the same throughout your mortgage. A great option if you plan on staying in your home for a while.
Adjustable-Rate Mortgage (ARM): Your rate can change after a locked in period of time. This is a great option if you’re looking for lower monthly payments early on in your mortgage or if you’re only planning on staying in your home for a few years.
Mortgage closing costs – what are they and how much are they?
Closing costs are the fees and expenses you pay when you have finalized your home purchase. These costs usually are 2-5% of your home's purchase price and cover services such as your home appraisal, title search, loan processing and more. They’re paid at the “closing” of your mortgage – when the keys are in your hand to start your new journey.
Here are some common fees that may be included in your closing costs:
Loan origination fee – Charged by your lender to process your mortgage
Appraisal fee – Pays for a professional estimate of the home’s value
Title search and insurance – Ensures the seller legally owns the home
Credit report fee – Covers the cost of pulling your credit
Recording fees – Paid to your local government to record the sale
Prepaid taxes and insurance – Covers property taxes and homeowners’ insurance upfront
What are your mortgage rates?
You canreview our mortgage purchase ratesreview our mortgage refinance rates
on our rates page
Can I make bi-weekly payments on my 1st mortgage?
Automatic payments to a 1st mortgage can only be set up as monthly.
You can make additional payments directly to your principal in online banking at any time, once your regular minimum monthly payment has been satisfied.
Do you have any deals for first time home buyers?
We offer Down Payment Assistance Programs for eligible buyers.
When is the right time to buy a home?
This depends on your financial situation, credit profile, down payment savings and long-term goals – not just interest rates. For many homebuyers in the Midwest, getting preapproved early can help you understand your budget and identify opportunities in your local housing market.
Here are some things to ask yourself before buying a home:
Do you have a down payment?
What’s your credit score?
What are your lifestyle wants and needs?
Are you ready to tackle home maintenance?
Get in touch with us
What are the extra expenses I should plan for?
Your mortgage payment isn’t just your loan. It’s also property taxes, homeowners’ insurance and if your down payment is under 20%, private mortgage insurance (PMI). You’ll also see one-time costs up front, like closing and appraisal fees.
And don't forget other things that go toward your monthly expenses, like utilities or home maintenance needs. Planning ahead means fewer surprises and more confidence down the road.
How much down payment do I need to buy a house?
The amount needed for a down payment depends on the type of mortgage and your financial situation. Many Midwestern homebuyers are surprised to learn they may qualify for mortgage programs that require less than a 20% down payment – some for even much less!
A larger down payment can help lower your monthly payment and reduce borrowing costs, but you might have enough saved already to get started.
Reach out to a Summit mortgage lender
What credit score do I need to qualify for a mortgage?
Mortgage requirements vary by loan type, but your credit score helps determine both your eligibility and the interest rate you may receive. Even if your credit isn't perfect, you may still have mortgage options available.
You can easily find possible options by reaching out to a Summit mortgage lender
How long does it take to buy a house?
The homebuying process can vary depending on the market and your situation, but it typically includes getting preapproved, finding a home, making an offer, completing inspections and finalizing your mortgage.
At Summit, once you have an accepted offer, we have an On-Time Closing Promise so you can be confident you'll close on time – or it's $5,000 on us.
Getting preapproved early can help speed up the process and give you more confidence when you're ready to make an offer.
Can I buy a home if I haven't saved a 20% down payment?
Yes! Many homebuyers in the Midwest purchase a home with less than a 20% down payment.
A common misconception is that you must save 20% before buying a home. Depending on your circumstances, there may be mortgage options that allow you to buy sooner than you expected.
Talking with a mortgage lender
How much house can I afford?
The amount of home you can afford depends on factors such as your income, monthly debts, down payment, credit score and overall financial goals.
Home affordability can also vary depending on where you're looking to buy and the current housing market. A great place to start is with Summit's Home Affordability Calculator
Getting preapproved
Are there special mortgage programs available for Wisconsin homebuyers?
Yes! Depending on your situation, there may be mortgage programs available that can help Wisconsin homebuyers achieve their homeownership goals. Options may include programs designed for first-time homebuyers, lower down payment opportunities and other financing solutions.
Just reach out to a Summit mortgage lender
Other Options to Make Your Home Work for You
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