HOME LOAN OPTIONS
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
Refinancing Home Loans
Home Equity Loans & Lines Of Credit
Relocation
JUMBO HOME LOANS
Jumbo home loans are loans whose amount exceed conforming loan limits set by Fannie Mae and Freddie Mac. A jumbo home loan helps qualifying home buyers purchase a high-priced or luxury home.
Conforming High Balance Home Loans
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.
Construction & Lot Loans
Remodel & Rehab Loans
Residential Investment Loans
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 rental home.
Reverse Mortgages
Self-Employed Home Loans
Energy Efficient Mortgages (Green Home Loans)
EnergySpark Home Loan Program
FHA Home Loans
VA Home Loans
USDA Home Loans
Good Neighbor Next Door Program
Home Advantage Loan Program
House Key Opportunity Loan Program
Niche Products
LEARN MORE ABOUT
THE HOME LOAN PROCESS
step one: application
Start the process by choosing to apply online, over the phone with one of our Senior Mortgage Bankers or stop by in person. We’d love to see you! Together, we evaluate your situation to find the most beneficial solution.
step two: processing
The processing step of the home loan application
process involves gathering the required information
in order to help you obtain your specific loan.
step three: underwriting
Next, we underwrite your loan. During this step, our
underwriting professionals will carefully go through
each document submitted and verify the information.
step four: funding
We then schedule the signing of your loan documents.
During the closing, you will sign the final loan documents
and the funding will typically occur in 24 to 72 hours.
step five: celebrate!
The final and most important step is to
celebrate! Whatever your goal, we celebrate
the fact that we reached it together!
UNDERSTANDING HOMEOWNERSHIP COSTS
Navigate the intricacies of homeownership expenses with our monthly payment calculator.
learn more about
Loan Documents
The list below includes common items that are required to obtain home loan financing. These items help verify the information on your application and are required to make a credit decision.
Anything you submit through our website is 100% secure. And we never share it with anyone, except with your permission.
NEEDED FOR ALL LOANS
Social Security Number
For borrower and co-borrower, if any
Employment History
• Current pay stubs or W-2 forms for the last two years
• Employment dates, addresses, and salary
Checking and Savings Accounts and Certificates of Deposit
• Location of bank accounts, account numbers, and balances
• Address of bank, if out of town
• Last 3 months of statements
Stocks, Bonds, and Investment Accounts
• Broker’s name and address
• Description of stocks, bonds, etc.
• Last 3 months of statements or copies of stock certificates
Life Insurance Policies
Insurance company, policy number, face amount, and cash value, if any
Retirement Plan
• Approximate vested interest value
• Copy of latest statement
Automobiles
Make and model of automobiles, including resale value
Other Assets
Market value of personal and household property
Liabilities and Other Non-Mortgage Debt
• Creditor names, addresses, account numbers
• Monthly payments and balances
OTHER INCOME INFORMATION
If you’re self-employed
• Two years of tax returns, profit and loss statements, both company and personal if separate
• Current balance sheet and profit and loss statement, if more than two months into the new fiscal year, signed by CPA
If you have income from*
• Commission
• Overtime
• Bonus
• Partnership
• Rental Property
• Trust
• Notes Receivable
• Interest/Dividends
*Note: You will need to provide two years of personal federal tax returns.
If employed in family business
• Personal federal income tax returns
• All schedules for the past two years
If divorced or separated
• Complete executed divorce decree and settlement agreement
• Payment history of alimony/child support over the past 12 months, if a financial obligation
• Provide 12 months of canceled checks or bank statements reflecting income deposits (if you choose to have this be considered as part of your income)
real estate
If you own real estate
Name and address of all lenders for the past 24 months, account numbers, monthly payments, and balances
If you’ve sold your home but not closed
Copy of the sales contract
If you’ve sold your home, closed, and you will use the proceeds for your new down payment
Copy of the HUD-1 Uniform Settlement Statement
RENTERS
Landlord Information
Name, address, and phone number of landlords for the past 24 months
PURCHASING A HOME
If a source of you’re purchasing a home
• Purchase sales contract or offer to purchase and all addenda
• Furnish contract with original signatures of buyer and seller
If a source of your down payment is a gift*
• Name, address, and relationship to donor
*Note: Gift funds will be verified in both the donor and recipient’s accounts. Not all loan programs allow gifts to be part of your down payment.
For FHA Financing
Evidence of Social Security Number and photo identification
For VA Financing
DD214 and Certificate of Eligibility
For Construction/ Perm Loan
Signed construction with cost breakdown, builder plan, and specification