the SUMMIT FEDERAL CREDIT UNION

MORTGAGES & REFINANCING

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You can apply now in as little as 20 minutes!

Now is the perfect time to apply for a Summit Mortgage!

All qualified mortgages will receive $250 off their closing costs. To qualify, you must apply between September 1st and October 31st and must close by December 31st.

When you close by 12/31 will be entered to win one of three prizes2:

Grand prize drawing - $2,500 Visa gift card
Second place - $1,000 Visa gift card
Third place - $500 Visa gift card

1 You must be a member of The Summit to take advantage of its products and services. All rates and terms are subject to change without notice. Loans are subject to credit approval and certain limitations may apply. This is a limited time offer. $250 off closing costs for purchases and refinances with application dates between September 1, 2017 and October 31, 2017 that close by December 31, 2017. Refinances of Summit Mortgages, no closing costs mortgages and First Home Club Program loans are not eligible for this offer. The mortgaged property must be an owner-occupied 1-4 family dwelling located in New York State, and occupied by an owner who is a member of the Credit Union. 2 NO PURCHASE OR TRANSACTION NECESSARY TO ENTER OR WIN. Non-Purchase Entries and Purchase Entries have an Equal Chance of Winning. There are three (3) ways to enter the sweepstakes during the Promotional Period (9/1/17-12/31/17): 1) Automatic Entry, 2) U.S. Mail, or 3) Phone. Automatic Entry: An eligible Summit mortgage will automatically receive one (1) sweepstakes entry during the Promotional Period. Only eligible Summit mortgages are eligible for automatic entry. Prize winners will be chosen Tuesday, January 16, 2018. Employees, directors and officers are not eligible to participate in sweepstakes. Prizes will be awarded as a Visa® gift card. No substitutions. To enter without purchase or obligation: Send a self-addressed, stamped envelope to The Summit FCU, Canal Ponds Business Park, 100 Marina Dr., Rochester, NY 14626, Attn: Marketing/ 2017 Mortgage Promotion, or by Phone: Call toll-free at (800) 836-SFCU, ext. 7030. See a branch or summitfcu.org for Official Rules. Your odds of winning will depend on the number of eligible entries. For example, if there are 100 entries, your odds of winning will be 1 in 100. Gift will be reported to the IRS. Any Applicable taxes are the responsibility of the member/consumer. Full drawing rules.

Mortgages

No Closing Costs Option1

For a slight difference in the interest rate, we will pay the typical closing costs associated with the new mortgage including the appraisal, credit report fee, attorney fee, title insurance, mortgage tax and recording fees.2

3% Down Payment Mortgage Option

This is a great option for homebuyers who are interested in making a lower payment. Speak to a Mortgage Originator for details.

Fixed Rate Mortgages

We offer 10, 15, 20, and 30 year terms for both primary and secondary residences.

One-Year Adjustable Rate (ARM) Mortgages

The initial rate on this mortgage is fixed for a one-year period. The rate is adjusted annually thereafter on the loan's anniversary date.

"2 for 1" Mortgage & Home Equity Combo

By opening both a Summit mortgage and a Summit home equity loan, buyers receive a special preferred home equity rate with no closing costs.1

80/10/10 or 80/15/5 Mortgages

With an 80/10/10 or 80/15/5, buyers get a standard mortgage for 80% of the purchase price, put 5% or 10% down, and borrow the remaining 10% or 15% in a separate second mortgage. This option let's buyers avoid Private Mortgage Insurance (PMI), possibly reducing their monthly mortgage payment.

New! First Home Club

The Summit makes it easier than ever to buy your first home3. For every $1 saved, you could be eligible to receive $4 in matching grant funds up to $7,500. Put these matching funds towards a down payment and closing costs for the purchase of your first home.

The Summit is an Equal Housing Lender. We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act. All mortgage programs at The Summit Federal Credit Union require credit and property approval. You must be a Summit member to apply. All terms and conditions may change at anytime without prior notice. Mortgage loans are only available for owner-occupied 1-4 family properties located in New York State. The Summit Federal Credit Union, NMLS#: 454066 1 Closing costs may include, but are not limited to, a title search, mortgage tax, filing fees, abstract redate, flood certification fee, credit union attorney fee, and title insurance and are estimated to range from 3.0% to 5.0% of the amount borrowed. 2 Termination fees apply; buyer must keep mortgage for three years from the anniversary date of the mortgage recording to avoid repayment of the closing costs. If buyer pays off the loan prior to the third anniversary date of the mortgage recording, buyer must reimburse The Summit the costs of the fees it paid on the buyer’s behalf. 3 The First Home Club is a program provided through the Federal Home Loan Bank of New York to help members save money toward down payment and closing costs. Households may earn a grant of up to $7,500 towards down payment and closing costs by completing a dedicated savings plan through The Summit. A list of preliminary qualifications associated with the First Home Club can be found here. A first-time homebuyer is defined as an individual who has had not owned a home during the 3-year period prior to the purchase of the new home.

Refinancing

Our low mortgage rates can help you refinance your existing higher-interest mortgage for valuable savings. You’ll lower your payments each month, and you could save thousands over the life of your loan. You may even be able to shorten the term to help you pay even less in interest costs in the long run.

NCUA

Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government.
National Credit Union Administration, a U.S. Government Agency

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You must be a member of The Summit FCU to take advantage of its products and services
Serving Central & Western New York
2012 by The Summit Federal Credit Union. All rights reserved

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