Understanding The Lending Process

Mortgage loans in Minnesota are a vital part of the economy. They help facilitate the growth of the communities by offering loans for investment properties, homes, and cash with equity for different uses. Yet, for the majority of homeowners with the first-time mortgage, working with mortgage lenders seem to draw a similar feeling as having a dental visit. This could be due to the lack of idea about how we work. Even so, with enough knowledge, dealing with a mortgage company like us could become a worthwhile experience.

Mortgage companies like the Summit Mortgage work with potential borrowers to offer them loans against a new home sale or a current home when refinancing. Moreover, we are required to comply with regulations as stated by the federal government while processing an application for a mortgage loan. Two of the most common compliance guidelines that protect the rights of the borrower is The Truth in Lending Act and the Real Estate Settlement Procedures Act. All mortgage companies should follow these guidelines, and that is what we do.

Summit Mortgage exists for the sole purpose of creating loans against real estate. For most of us, the acceptable types of real estate focus on one-to-four-unit residential properties. Through the loans that we provide against such properties, we enable the creditworthy borrowers to receive many options to deal with their real estate transactions. The borrowers can get a loan to buy a new home either to live in or as an investment property to rent out. Summit Mortgage also allow those who already have homes the flexibility to conduct mortgage rates and term refinance that will lower their monthly payment and experience improvement on their cash flow. Those with a significant amount of equity in their properties can do a cash-out refinance as a way of acquiring a single payment to begin a business, merge high-interest debt, or renovate their home.