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Types of Mortgage and Home Loan Options in Oregon and Washington

Home loans are not one size fits all. At Summit Mortgage Corporation, we have many different home loan options to help you find the right mortgage for your situation. If you’re a family looking for a loan for the house you will raise your kids in, you’re probably going to be looking at a different type of mortgage than a wealthy individual looking to invest in Oregon or Washington real estate. Our mortgage bankers can help you decide on the right loan for your unique situation. Click on a home loan option below to learn more.

Conventional home loans are mortgages that conform to established guidelines for the size of the loan and specific financial situation. Conventional home loans are the most commonly used and most widely known loan types. These home loans are often fixed-rate or adjustable-rate mortgages (ARM).
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Refinancing a home is a reassessment of your current home loan in order to possibly obtain a better loan term and interest rate. Refinancing your home loan is all about the bottom line: What will it cost and will it make financial sense for you?
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Obtaining a home loan in a different state can be a challenging process and may take a bit longer than if you were to apply for a mortgage in your home state. Summit Mortgage Corporation has the right tools and resources to help you with the relocation process.
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Jumbo home loans are loans whose amount exceed conforming loan limits set by Fannie Mae and Freddie Mac. The conforming loan limit in Portland, and most other areas around the U.S., is currently $417,000. A jumbo home loan helps qualifying home buyers purchase a high-priced or luxury home.
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High-balance loans are conventional mortgages in which the loan amount exceeds conforming loan limits, but does not exceed loan limits for the high-cost area where the property is located. These loans are for high-cost areas like San Francisco, Los Angeles, San Diego, etc.
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Construction finance is a specialized field. Construction loans have special guidelines and include monitoring to ensure timely completion so your repayment can begin promptly.
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Remodel and rehab loans allow homeowners or home buyers to finance the purchase or refinance with the renovation of a home through a single mortgage. These programs allow homeowners or home buyers to borrow based on the home’s expected value after the renovations are completed.

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Investment properties can be a great way to blend fun vacations with sound investing. Residential investment loans may be for you if you’re dreaming about vacation homeownership near your favorite location or buying a second home.
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Reverse mortgages, also known as a Home Equity Conversion Mortgages (HECM), are excellent mortgage programs that allow borrowers aged 62-years and older to withdraw equity on their home.
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Self-employed individuals can qualify for home loans in today’s tougher lending environment. We understand the entrepreneurial spirit of the Northwest and specialize in mortgage loan programs for self-employed borrowers.
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An Energy Efficient Mortgage (EEM) or Green Home Loan, is an emerging option for the environmentally friendly and energy-conscious borrower. Energy Efficient Mortgages are offered under a variety of lending programs, including FHA, VA, and Freddie Mac.
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The EnergySpark home loan is a type of Energy Efficient Mortgage (EEM) and is among the newest and greenest home loan programs from the Washington State Housing Finance Commission.
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FHA home loans are designed for people who want to own a home, but don’t have enough saved up for a conventional loan. You might have to pay a little bit more in the long run because of higher interest rates and mortgage insurance, but this can be an affordable option to buy a your dream home a little bit more quickly.
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Veterans Affairs (VA) home loans are mortgages designed to offer long-term financing to eligible veterans (or surviving spouses) of the United States military.
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U.S. Department of Agriculture (USDA) home loans are special loans designed for eligible properties in rural areas. These home loans provide affordable home ownership opportunities with the benefits of zero down payment and fixed interest rates.
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The Good Neighbor Next Door (GNND) sales program is a HUD sponsored incentive that offers a 50% discount on the list price of eligible single family homes for law enforcement officers, pre-Kindergarten through 12th grade teachers, firefighters, and emergency medical technicians.
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House Key Opportunity is a program funded by the state of Washington and offers below market mortgage rates for a select group of first-time home buyers and is often combined with a second mortgage for down payment assistance.
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Niche products are less common types of mortgages. We specialize in a variety of niche products and are able to provide options for your unique financial situation.