Mortgages and Mortgage Rates

A man and a woman holding packing boxes in their new home they purchased with a mortgage from The Summit.

Applying online is as easy as 1-2-3.

Check today’s mortgage rates, then apply online in as little as 20 minutes.

Fixed Mortgage Rates

Rates as of: 04/15/2021

30 Year Fixed Rate


20 Year Fixed Rate


15 Year Fixed Rate


10 Year Fixed Rate


See what your monthly mortgage payment will be

Meet the Mortgage Team

Mary Nannini

Mortgage Account Executive
Office: (585) 453-7287
Cell Phone: (585) 329-4488
Fax: (585) 453-7216


Central New York
Seneca Falls

Kim M. Campbell

Senior Mortgage Loan Originator
Office: (585) 453-7098
Cell Phone: (585) 615-1398
Fax: (585) 453-7216



Central New York
Erie Boulevard
Cortland/ SUNY Cortland

Brittany Linder

Mortgage Loan Originator
Office: (585) 453-7019
Cell Phone: (585) 217-2825
Fax: (585) 453-7216


Mortgage Options

Overhead photo of couple looking at tablet while sitting on moving boxes

No Closing Costs Option

For a slight difference in the mortgage 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.1

Photo of magnifying glass over image of house with keys next to a calculator

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.

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Fixed Rate Mortgages

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

“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.2

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.

Photo of couple holding house floor plans and house keys

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.


Refinance with Cash-Out

A “Cash-Out Refinance” occurs when the amount of the new mortgage exceeds the amount needed to repay the first mortgage and associated costs. The borrower can choose to use the additional cash for a different purpose.

Streamline Refinance

If you have an existing Summit first mortgage, you may be eligible to streamline refinance to a new, lower rate mortgage with reduced closing costs. Certain restrictions apply so please contact us for more information.

Homebuyer Dream Program

What’s more exciting than buying your first home? Getting up to $10,000 in grant funds for the down payment and closing costs3!

Requirements to participate in the program include:

• You are, or become, a member of The Summit Federal Credit Union.
• You have not owned a home for three years prior to the purchase of your new home.
• Your gross household income is 80% or less than your area’s median income
• Your new home, purchased as your primary residence, is located in New York State.

To find out more about the Homebuyer Dream Program, Contact our Mortgage Team today at (800) 836- 7328 extension 7010. We’ll give you information and see if you qualify!

You can also take our quick questionnaire and someone will contact you with more information.

Destination Summit: Owning Your First Home

If you’re a first-time homebuyer or just need a refresher on the ins-and-outs of home purchasing, this is the place for you. We’ll break down every part of the process, provide helpful tips, and connect you with information to help your home dreams come true. 

First-Time Home Buyer Budget Worksheet

A budget is important when buying your first home. It helps to see expected expenses all in one place to plan for what you’ll need from start to finish. This sample Homebuyer Budget Worksheet is a useful tool to track expenses throughout the process; you can download an editable copy here to use for your […]

Think You’re Too (Fill in the Blank) to Buy Your First Home? Think Again.

It’s a great feeling knowing that you’re ready to buy your first home. What happens, though, when you doubt your readiness because of some preconceived assumptions or factors outside of your control? Whether you’re feeling like you’re not old enough, haven’t settled down with a partner, or are not sure about your ability to become […]

Ten House Hunting Tips to Look Out For

The house-hunting process looks different for each person and homebuying experience. Some people fall in love with a home within the first few viewings, and others take a bit longer to choose the one that is best for them. Whether you’re “one and done” in a hot market, or taking your time to find just […]

Need More Information?

For more information about mortgage products, including refinancing, contact us at (585) 453-7010 or (800) 836-7328 extension 7010, or submit the form below. We are happy to assist you.

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. 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.
  2. Closing costs may include, but are not limited to, a title search, abstract redate, mortgage tax, filing fees, 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.
  3. A first-time homebuyer is defined as an individual who has not owned a home during the 3-year period prior to the purchase of the new home. Members must meet qualification requirements and be a first-time home buyer. HDP funds are distributed on a first come first serve basis. There is no guarantee that funds will be available when your Reservation Request is submitted. The grant is administered through Federal Home Loan Bank of NY program and subject to their approval.

Not responsible for typographic errors.

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