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Types of Mortgage and Home Loan Options in Portland, Vancouver, and Southwest 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 Vancouver or Portland 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 a type of mortgage that conforms to established guidelines for the size of the loan and your 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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Many counties in the U.S. are considered “high cost” areas, which allows for conforming loan amounts above $417,000 (i.e. San Francisco, Los Angeles, San Diego). Please contact us for more information about this product.

Jumbo home loans are loans whose amount exceed conforming loan limits. A jumbo home loan helps qualifying home buyers purchase a high-priced or luxury home.
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An adjustable interest rate mortgage (ARM) is a loan in which the interest rate charged on the outstanding balance can change as market interest rates change. When the rates change your payments may change as well (as long as your payments are blended with principal and interest).

Fixed interest rate loans are loans in which the interest rate charged on the loan will remain fixed for that loan’s entire term, no matter the market interest rates. The type of loan rate that is best for you will depend on the interest rate environment when the loan was taken out, and on the duration of the loan. We can help lay out your options so you know the best solution for you.

Construction finance is a specialized field. Construction loans have special guidelines and include monitoring to ensure timely completion so your repayment can begin promptly. To better serve your needs, we work with you from the very beginning until the funding day, making the process smooth and seamless. Our powerful one-time close program and competitive rates are effective. Call today to see how we may help you finance your dream home.

Investment properties can be a great way to blend fun vacations with sound investing. If you’re dreaming about vacation homeownership near your favorite location or buying a second home, you’ve come to the right place for financing information and tips.
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FHA loans are designed for people who want to own a home, but don’t have enough saved up for a conventional loan. You pay a lot less in the initial down payment with FHA loans than conventional loans, so this would be a great option for those types of borrowers. Plus, up to 6% of the prepaid expenses (reserves and closing costs) can be paid by the seller. 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 a very affordable way to buy a your dream home a little bit quicker than you normally would otherwise.
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VA loans are government-backed loans for qualifying veterans who have served or who are currently serving in the United States military, are the surviving spouse of a Veteran, and for qualified reservists. There are several advantages to a VA loan. The program does not require a down payment and the seller may pay the buyer’s closing costs and/or prepaid expenses up to 4% of the loan amount. Additionally, the loan limits are significantly higher than the FHA limits and there are many closing costs that VA does not allow the Veteran to pay, which reduces your out of pocket expense. We believe that the men and women who serve our country deserve the best financing available.
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USDA Home Loans are government-backed loans that are structured like conventional loans via Fannie Mae and Freddie Mac. Where they differ is with respect to down payment requirements and mortgage insurance. Unlike conventional loans, USDA mortgages allow a homebuyer to finance a home for 100% of its purchase price. There are geographic and income restrictions with USDA mortgages, so it is important to work with a company who knows the ins and outs of the program. Contact us to see if you may qualify for this great product.
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We understand the entrepreneurial spirit and we specialize in mortgage loan programs available for self-employed borrowers in today’s tougher lending environment.

A Reverse Mortgage (also called an HECM – Home Equity Conversion Mortgage) is an excellent mortgage program that allows borrowers age 62-years and older to withdraw equity on their home.

Green Mortgages, also known as EEM or an Energy Efficient Mortgage, 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. Each are used for similar purposes but have variations in their guidelines and qualifications.

EnergySpark Home Loan Program

EnergySpark home loan is the newest and greenest home loan program from the Washington State Housing Finance Commission.
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We offer a wide array of niche products as well as mortgage loans for future income programs, extended lock options, low interest second mortgages, properties with large acreage, manufactured and modular homes, Homepath, and more.

With mortgage rates still so low, millions of homeowners have decided to refinance. Refinancing your home loan is all about the bottom line: what will it cost and will it make financial sense for you? Knowing when and how to refinance is a much more difficult decision than deciding you want a lower monthly payment. Let us help lay out your options so you know whether a refinance is right for you. We’ll help you learn what steps you should take to prepare for your refinance, and how to choose the right product and term.

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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