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Category: Mortgage Basics (64 Articles)

Jul 10, 2025 | 3 min. read

Co-Signing and Co-Borrowing: What You Need to Know

Ever wondered why a cousin or parent might co-sign on your loan - or why someone might choose to co-borrow with you? Both roles can help you qualify for a mortgage, but they come with different rights, responsibilities, and relationship dynamics. At Summit Mortgage, we’re here to clarify it ... More

Jun 26, 2025 | 4 min. read

Cash out refinancing – is it right for you?

As a homeowner, your property isn't just a place to live—it's a valuable asset. One way to tap into this value is through a cash-out refinance. This financial tool can provide funds for various needs, but it's essential to understand how it works and whether it's the right choice ... More

Jun 24, 2025 | 5 min. read

What Credit Score Do I Need to Buy a House?

What FICO Credit Scores Do Mortgage Lenders Use? Your credit score is a critical factor in determining if you can purchase a house, what programs you will qualify for, how much you’ll need to have saved for a down payment and what interest rate you’ll pay ... More

Jun 15, 2025 | 2 min. read

The Top 5 Reasons You Should Choose Summit Mortgage

When looking for a mortgage, we’re well aware you have a lot of options. However, if knowledgeable loan officers, exceptional customer service, and a flexible process are some of your top priorities, the list really narrows down. Summit Mortgage Corporation ... More

Jun 12, 2025 | 2 min. read

Rent-back agreement and how they impact the buyers and sellers

In the ever-evolving real estate landscape, flexibility is key for both buyers and sellers. One arrangement that offers this kind of flexibility is the rent-back agreement—a strategy that can benefit both home buyers and sellers when used wisely. Let’s break down what rent-back agreements are, when ... More

May 23, 2025 | 1 min. read

 From Renter to Homeowner: How Our Workshop Can Help You Get There

If you’re currently renting, the idea of homeownership and taking on the responsibility of a mortgage may seem overwhelming. While buying your first home is a major milestone that requires careful planning and ongoing attention, it isn’t a decision you have to make alone. More

May 9, 2025 | 3 min. read

Leverage Your Home Equity to Unlock Opportunities 

For many homeowners, the equity they’ve built up in their home can be used as a valuable financial asset. As property values increase and mortgage balances decrease, home equity grows as a valuable tool that can help unlock new opportunities. Whether you’re looking to renovate your home, consolidate ... More

Apr 23, 2025 | 3 min. read

What are Fannie Mae and Freddie Mac?

If you're exploring home financing options, you've likely come across the names Fannie Mae and Freddie Mac. But what exactly are these entities, and how do they impact the mortgage market? Understanding their role can help you navigate the home loan process with greater confidence. More

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