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Mortgage Purchase

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on our . Rates, promotions, and fees are subject to change. You are welcome to review our and our at any time. The specific amount of your closing costs will vary because appraisal fees, title charges, and closing fees may all vary from state to state and also from lender to lender.

To assist you in evaluating our fees, we've grouped them as third-party fees, taxes and other unavoidable costs, and lender fees:
  • Third-party fees include the appraisal fee, the credit report fee, the settlement or closing fee, the survey fee, tax service fees, title insurance fees, flood certification fees, and courier/mailing fees.
    • We will collect these fees and pass them on to the person who actually performed the service.
    • For example, an appraiser is paid the appraisal fee, a credit bureau is paid the credit report fee, and a title company or an attorney is paid the title insurance fees.
  • Taxes and other unavoidable costs include State/Local Taxes and recording fees.
    • These fees will most likely have to be paid regardless of the lender you choose.
    • If some lenders don't quote you fees that include taxes and other unavoidable fees, don't assume that you won't have to pay them. It probably means that those lenders have not done the research necessary to provide accurate closing costs.
  • Lender fees such as points, document preparation fees, and loan processing fees.
    • These fees are retained by the lender and used to provide you with the lowest rates possible.
    • This is the category of fees that you should compare very closely from lender to lender before making a decision.
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. A pre-approval tells you how much the lender is willing to let you borrow based on your income, expenses and credit score using an automated underwriting process. But more importantly, you’ll look at those numbers too and get a feel for how much you are comfortable paying each month. Nothing says you have to borrow up to the limit. Leave yourself a cushion, because you’ll probably want to buy a couch—and who knows what else.

Pre-approval also gives you more credibility than other potential buyers who aren't yet approved. Once you decide it’s time to start looking at a home, or to meet with a mortgage loan officer. 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. The timeframe can vary based on the type of loan and whether the member is purchasing or refinancing. For purchases, we follow the terms of the purchase contract and ask for a minimum of 3 weeks to complete the process. Generally, a refinance can be done in 30 days however this can take longer if we are extremely busy. There are other factors that can affect the process and change the timeframe, such as how quickly members provide supporting documents. We highly recommend the member discusses their personal situation with a Mortgage Loan Officer. 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

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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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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.
Related Links

Homeowners Insurance

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.
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* 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