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Home Buying FAQs
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
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
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.
How does mortgage refinancing work?
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.
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.
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 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.
