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Don't Put Your (future) Dream Home At Risk

October 8, 2018 Get preapproved for your next mortgage now! Thinking about swapping your current house for a different one? Then it’s important to know just how much money you can actually borrow — especially if your hunt is happening in a hot market. A preapproval letter from Summit tells the seller, “Hey, this buyer can get a loan! Pick them!” (Ok, we added that last part). Unless you have the cash to buy a home outright (and if you do, please adopt us), you’ll need to get approved for a loan at some point. Do it before your search begins and you’ll not only streamline the buying process, you’ll know whether this move is a good choice. Considering a new mortgage? Follow these four steps. 1. Set up an appointment with a Summit mortgage lender. Use our handy .  Summit has loan officers in every branch — pick the location that’s convenient to your home or work. 2. Be prepared. Your Summit lender will provide a list of everything you need for your appointment. Bring the documents on this list and you’ll be ready for anything. 3. Don’t assume this change makes sense for you. Our lenders will do everything they can to help make this mortgage happen — if it’s the right choice for you and your current situation. Count on them to help you consider:
  • What it will really cost to own a different house. A bigger home likely means bigger everything: mortgage payment, real estate taxes and the expenses related to cleaning, furnishing and maintaining a larger place.
    But a smaller house won’t necessarily save you money — especially if you’re looking at a more expensive neighborhood, the market has heated up since you first bought or a smaller home means you’ll have to update many of your furnishings and appliances. Then it might make sense to sit tight, unless there’s a pressing reason you need to get out of your current home.
  • If now’s the right time for a new mortgage. Maybe your current budget can accommodate a bigger mortgage payment. But if you’re on the verge of having kids in college or getting closer to retirement, now might not be the time to bump up a fixed expense.
  • What size mortgage makes sense. The preapproval tells you how much Summit is willing to lend you and what your monthly payment would be. If you have time, give this new loan amount a test drive for a couple months to see if it truly fits your budget. And you don’t have to borrow everything you qualify for: sometimes it’s better to have a cushion so you’re ready for the unexpected or so you can make improvements or take a vacation.
4. Get a preapproval. When you find great service, low rates and a mortgage lender that can educate you throughout the homebuying process, it’s time to pull your paperwork together and get preapproved! Summit has been the #1 mortgage lender in Dane County for eight consecutive years (wow!) and is the #1 mortgage lender in Columbia County too.* So you can feel confident you’re getting a great deal on your when you work with Summit. Time to buy? Count on Summit to help you decide — and help make it happen. Smart money tips brought to you by  , Summit’s exclusive financial wellness program. *#1 mortgage lender based on number of mortgages recorded with Dane County register of deeds. You might also be interested in An easier, more affordable way to buy, build or refinance a home A house is one of the biggest purchases you’ll probably ever make. Which means you really (really!) want to be sure you’re getting the home loan that’s right for you, and that just might be a 15/15 Adjustable-Rate Mortgage (ARM)! But first, let’s look at some helpful background, starting with the two main categories of mortgages – fixed-rate and adjustable-rate. Home equity loan or line of credit (HELOC) — which one’s right for you? Thinking about making some home improvements this fall — or planning ahead so you’re first in line with your contractors next spring? Then you’re probably on the lookout for affordable financing. One option that could be a good fit: tapping into the equity of your home. Your home is your castle, your refuge and—let’s face it—a place where it can be very easy to sink a big chunk of money. Which is why you’re always on the lookout for “sweet spots”:  those home improvements that add comfort, safety or a little zing of style while you’re living in your house and will boost the asking price when it’s time to sell. And if you can find a way to save money on those improvements or cut home expenses at the same time, well that sweet spot just got a little sweeter! Buying your first home can be intimidating, so we asked real people to share their new homeowner tips. Find out their strategies to ace the homebuying process. Using less energy is good for the environment and it can help you save money on your monthly bills. Try these tips to reduce your energy use around the house. Use our three-step budget hack to clean up your house and yard without cleaning out your accounts. While you’re dreaming of the ways you’ll get your house and yard ready for spring, don’t forget to keep your budget front and center. It’s fun to get carried away by the thrill of mulch, plants and shiny new garden hoses. But not so fun to spend the summer digging out from under a big credit card bill. Here’s how you can own your spring cleanup in just three steps! Thinking about swapping your current house for a different one? Then it’s important to know just how much money you can actually borrow — especially if your hunt is happening in a hot market. Follow these four steps if you're considering a new mortgage. Yes, it’s possible to create the home of your dreams, and it may be easier than you think with a home equity loan. But how does it work? Get up to speed with these tips from our very own Kim Sponem. As you work on getting your house and yard ready for spring, take the time to do the same with your finances. Now is as good a time as any to organize your records, throw away old paperwork and take a look at your finances to see how you can improve in 2018. Read on for four home organization tips to help you live your best financial life. 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