What Are Mortgage Origination Fees?

As a first-time homebuyer, there may be many mortgage terms that sound foreign to you. For example, when you start looking at interest rates offered by lenders, they will often be accompanied by a number of “points” or “origination fees.” What are these extra fees and do you have to pay them? Mortgage Origination Fees
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The Top 4 Reasons You Should Get a VA Loan

If you are a military veteran or are currently serving active-duty, there is an incredible mortgage loan available to you through the Department of Veterans Affairs – the VA loan. VA mortgages are made through regular lenders but backed by the Department of Veteran Affairs, reducing the risk to the lenders themselves. Here are the
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Should I Pay Mortgage Points?

If you are buying a home or refinancing, you have probably heard about “mortgage points.” This form of pre-paid interest can save you thousands of dollars over the course of your loan but in many circumstances is not worth the upfront cost. How do you know whether to pay points or not? Here’s a quick
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20% Down Loan Assistance Program

When it comes to purchasing a home, the entire process can seem daunting. First you have to go through the realtor to make an offer, then you have to figure out how you are going to come up with the down payment. You are sure to have plenty of questions, but if you are working
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New Low Interest Rates for Qualified Applicants

If you are in the market for a new home, you have come to the right place. No matter what your situation, income, or potential issues that you think you may have, at Summit Funding it is our goal to help you get where you want to be – owning your own home. If you’ve
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Important Changes in FHA MIP Calculations

FHA loans have grown substantially over the past decade, primarily because of the benefits that these loans offer to families with low to modest budgets. The perks to choosing an FHA loan, one that is backed by the Federal Housing Administration, are plentiful and include lower down payments, more forgiveness toward poor credit and the
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Why the New Construction Market is Gaining Strength

In the years following the local housing rush which followed Hurricane Katrina, many home builders have lived through a dramatic slowdown in St. Tammany new construction market. Some experts attribute this to the rapid influx of post-Katrina new residents, and others to the general slowdown in the housing market which has affected the rest of
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An Overview of Rural Development Loan Programs

The mission of rural development programs is to assist low to moderate income rural families qualify for homeownership. Living in rural areas, it can sometimes feel like you’re forgotten and lack many of the resources that families living in the cities and suburbs take for granted. Rural development programs improve the quality of life for
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Top Things You Should Know about FHA Loan Programs

An FHA loan is one that is backed by the Federal Housing Administration. These loan programs have held a steady reputation for their ability to help families with modest budgets, which is why they have become much more popular with the recent housing crisis. FHA loans account for nearly half of the loan market, and
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Fixed Rate and Adjustable Rate Mortgages: What You Should Know

There are a variety of mortgage loans that are available to homeowners who want to purchase a home. It’s important to be aware of the various loan options so that you can make the best decision based on your long term goals and the monthly payment you can afford. Here are the top five mortgages
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