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Niche products are less common types of home loan options. At Summit Mortgage Corporation, we specialize in a variety of niche products, so that we can provide you with the best possible options for your individual financial situation. Below are just a few of the niche products that we offer.


Niche Home Loan Products

Extended Rate Lock Options: Typically, a borrower’s quoted interest rate is reserved or “locked” for 30-45 days. This is a commitment to offer a specific rate and points for a set period. If rates rise, the “locked-in” rate is honored. An extended lock usually applies to borrowers who are under a contract with a home builder or are under contract to purchase a new home with a contingency on the sale of their current home. An extended lock allows peace of mind for the borrower if their closing date is 90 days or more in the future (or past the standard lock period). Contact us to find out if an extended rate lock option may be a possibility for you.

Second Mortgage or Home Equity Line of Credit (HELOC): A second mortgage is an additional mortgage on your home and is typically used for home improvements or to pay off large debts. There are two main types of second mortgages: a home equity loan and a home equity line of credit (HELOC). With a home equity loan, the lender gives you the entire loan amount at once and you repay it in regular intervals. A HELOC works much like a credit card, you spend the money borrowed as needed. Learn more about second mortgages by contacting one of our experienced mortgage bankers today.

Manufactured & Modular Home: If you’re looking to finance or refinance a manufactured home purchase, there are options available. We have the knowledge and resources to help you find the right home loan for your manufactured or modular home.

Home Buying Assistance Programs: The states of Oregon, Washington, and California offer a variety of local home buying programs to help low-income individuals become homeowners. Contact us to learn about programs, tax credits, and grants available in your state. We can help find the best program for your unique financial situation.

Down Payment & Closing Cost Assistance: One of the most challenging parts about buying a new home is saving up for a down payment or paying closing costs. Down Payment Assistance (DPA) programs are designed to help home buyers purchase a home with less out-of-pocket costs. Find out if you qualify for a DPA program or grant by contacting one of our team members today.
Contact us to learn even more about these specialty loan products and to find out which would be the best solution for your home loan needs.


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