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Mortgage Purchase

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 , which can help you estimate a home price range based on your financial situation. is another easy way to better understand your budget, explore your options and shop for a home with confidence. 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
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 and we'll help identify the options that fit your goals. 

 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.  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?
and let’s keep moving to get there even faster. 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.  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
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 . We'll review your financial situation and get you started on the next best steps. 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. 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. can help you understand what programs may be available. You can or

on our . Rates, promotions, and fees are subject to change. You are welcome to review our and our at any time. 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. You can request to have your Private Mortgage Insurance (PMI) stopped once the mortgage balance is less than 80% of the value of the home. The request must be made in writing through our Mortgage Servicing department. Depending on your current loan balance and the value of your home, you may be able to stop escrow.
to determine your eligibility.  
 We offer Down Payment Assistance Programs for eligible buyers. We currently offer Home Equity Loans, HELOCs, and Express Refis on homes in Wisconsin, Illinois, Florida, Minnesota, Colorado, Arizona and Michigan.
  • An appraisal is required for properties outside of WI.
  • Closing fees are not covered for properties outside of WI.
We currently offer 1st Mortgages on homes in Wisconsin, Illinois, Florida, Minnesota, Colorado, Arizona and Michigan.
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Mortgage Refinance

Refinancing varies depending on the type of loan, property details and what documentation is required. Typically, the process includes submitting your application, providing financial information, completing any required reviews and finalizing your new loan.You can help keep the process moving forward by getting started early and submitting any requested documents as soon as possible. Plus, you can always reach out to us at any time to get an estimate of how long it will take! Even if you've owned your home for a short period of time, there may still be options available. It all depends on your current mortgage and financial situation. Generally, you want to wait for interest rates to change, your credit score to improve, or you've built up your home's equity.Since every situation is unique, to see if you're eligible to refinance and we'll see if there's an option for your goals.  Refinancing often has similar expenses that you had when purchasing your home. While the exact amount depends on your loan, property and refinancing goals, you may have lender fees, appraisal fees, title-related service fees and other closing costs.You can from a Summit mortgage lender so you can understand the potential benefits of refinancing compared to the potential costs. Refinancing makes the most sense when it helps support your financial goals. Some homeowners refinance to lower their monthly payment, change their loan term, remove a borrower from the loan or access equity for major expenses.When deciding if it's the best time for you to refinance, you may want to consider factors like current mortgage rates, how long you plan to stay in your home and your overall financial situation.One of the best ways to see if refinancing makes sense for you is by . We'll go through your options and opportunities available to you! When you refinance, you replace your current mortgage with a new one. The new mortgage pays off your existing loan, and you'll begin making payments based on the new loan's terms.Homeowners refinance for many reasons, including lowering their monthly payment, securing a different interest rate, changing their loan term or accessing equity in their home. The right refinance strategy depends on your financial goals, how long you plan to stay in your home and your overall financial picture. and we'll work together so you can evaluate your options and decide if refinancing makes sense for your goals. You can or

on our . Rates, promotions, and fees are subject to change. You are welcome to review our and our at any time. Cash out might be an option depending on the value of the home compared to the loan amount.
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Mortgage Servicing

To view your mortgage in , you will need to make sure you are viewing the profile for the account the mortgage is linked to. Here’s how to find it:
  • Mobile app – Select “Menu” in bottom right corner, then tap your name to see your other Summit accounts and choose the one that your mortgage is on.
  • Digital banking – Click the user icon in the top right corner and select your name to see your other Summit accounts. Then, select the one your mortgage is linked to.
Here’s what to send for our mortgagee clause:Summit Credit Union ISAOA
PO Box 924482
Fort Worth TX 76124 While logged in to , select your mortgage loan account, choose “View Activity” to open a new window where you can find your escrow balance under “Your Loan Details.” You can reach out to our team by:
  • Secure message through
  • Email:
  • Phone: 608-243-5000 ext. 2902 
You can find the disbursement amount and date disbursed in :
  • While logged in, click on your mortgage account.
  • Select “View” under Account Activity (this will open a new window or tab).
  • Go to “Payments.”
  • Select “Payment History.”
  • Then, you can scroll to find your Insurance payment with the description “Insurance Disb” and your Tax and Insurance payment with the description “T&I Dis” (Note: You won’t be able to see this in mobile view, only on desktop.)

Home Equity & HELOCs

We currently offer Home Equity Loans, HELOCs, and Express Refis on homes in Wisconsin, Illinois, Florida, Minnesota, Colorado, Arizona and Michigan.
  • An appraisal is required for properties outside of WI.
  • Closing fees are not covered for properties outside of WI.
We currently offer 1st Mortgages on homes in Wisconsin, Illinois, Florida, Minnesota, Colorado, Arizona and Michigan. We offer no or low closing costs for new Home Equity Lines of Credit only. Your closing costs will be determined by your credit and financial situation.If an appraisal and/or title insurance is required, there will be additional charges. The charge for an appraisal is typically $385 - $470, and the charge for title insurance is typically $352. Bring the following documents with you:
  • Two most recent paystubs
  • Unexpired photo identification
  • Current homeowner's insurance declaration page
  • The most recent property tax bill
  • If self employed, the two most recent Personal Federal Tax Returns including all schedules and the two most recent Corporate Federal Tax Returns including all schedules
to meet with our knowledgeable staff. If you would like to increase your Home Equity Line of Credit, apply for an increase through our . You can also or to meet with one of our loan advisors.
 Get pre-approved to refinance your home equity loan via our or to meet with one of our loan advisors today! We currently offer Home Equity Loans and Home Equity Lines of Credit (HELOC) on homes in Wisconsin, Illinois, Florida, Minnesota, Colorado, Arizona and Michigan.Get ! If you're in need of further assistance please contact us or to meet with one of our mortgage loan advisors.
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Homeowners Insurance

You can easily send us your policy through our insurance tracking partner, MyLoanInsurance. They help us verify and maintain insurance information – just use any of these convenient options:
  • Upload: MyLoanInsurance.com/SummitCreditUnion
  • Email: (Note: This is an automated email account that accepts PDF, PNG, TIF or JPG files.)
  • Fax: 1-877-256-8604
  • Mail:
    Summit Credit Union
    Insurance Tracking Center
    PO Box 924482
    Fort Worth, TX 76124
You can reach out with questions through our insurance tracking partner, MyLoanInsurance:
  • Phone: 1-877-576-4289
  • Chat: MyLoanInsurance.com/SummitCreditUnion (Log in with your Reference ID and PIN in the notice you received)
MyLoanInsurance is Summit's insurance tracking partner. They help us verify and maintain insurance information for mortgages, auto loans and more. MyLoanInsurance sends out notices on our behalf if any insurance information is missing, incomplete, expired or needs to be verified. Please provide updated insurance information as soon as possible to help ensure your loan remains in good standing within your loan agreement. Please send us your full insurance policy declaration page and make sure your policy information includes all of the following:
  • Policy Requirements
  • Insured’s Name
  • Property Address
  • Policy Number
  • Policy Period (must be continuous insurance coverage with no lapses)
  • Policy Deductible
  • Dwelling Amount (Coverage Limit should not be less than your loan balance or replacement cost coverage, including deductibles)
  • Insurance Carrier
  • Premium Amount
  • Summit Credit Union listed as Mortgage Lender (often called Mortgagee)
Please note that we can’t accept insurance ID cards because they don’t have all the necessary details listed above. You can request to have your Private Mortgage Insurance (PMI) stopped once the mortgage balance is less than 80% of the value of the home. The request must be made in writing through our Mortgage Servicing department. If you change insurance companies, please and provide the new company information. Yes, we will require proof of insurance.