Summit is Wisconsin’s largest credit union. Founded in 1935, the mortgage lender grew considerably after several mergers with other credit unions within the state.
Summit now has over 252,000 members throughout Wisconsin and 57 different branch locations.
The credit union offers fixed- and adjustable-rate mortgages, FHA, and VA loans. With flexible loan options and a variety of opportunities available for borrowers, Summit has something for nearly every mortgage need.
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Summit Credit Union Mortgage Facts
- Fixed and adjustable-rate mortgages, conventional, FHA, and VA options available
- The largest credit union in Wisconsin
- Loans are locally serviced, so borrowers can visit any Summit branch with questions
- Affordable mortgage programs available for first-time homebuyers
- No closing costs loan options are available for those who qualify
- Flexible meeting hours, so applicants can meet with the loan officer during evenings and weekends
Overall
Summit Credit Union is a member-owned financial cooperative founded in 1935 and headquartered in Madison, Wisconsin.
Originally, the credit union began in the state capitol’s basement as State Capitol Employees Credit Union. From there, it grew significantly and expanded through mergers and acquisitions with other credit unions in the area.
With a variety of different mortgage options available, Summit Credit Union has a loan option for just about every borrower and credit history.
The lender’s featured mortgage and refinance options include first-time homebuyers and no closing costs loans to make the purchase process more affordable for applicants.
Right now, Summit Credit Union is not listed or reviewed on Trustpilot. The credit union’s BBB rating is A+ with customer reviews averaging 3/5 stars.
Summit appears to emphasize financial education and take significant steps to make financial education information accessible to borrowers.
In 2017, Summit released a mortgage app, CURB, for smartphones allowing users to manage and track more of the mortgage process.
Badcredit.org awarded Summit Credit Union with an Editor’s Choice award for financial education and wellness information in December 2018.
Summit Credit Union Loan Specifics
Fixed-Rate Loans
Getting a fixed-rate loan gives borrowers a consistent monthly payment that remains the same for the duration of the loan.
For applicants who plan to keep their homes for several years and lock in a low mortgage rate or refinance their loan, a fixed-rate loan from Summit Credit Union may make the most sense.
Summit offers multiple fixed-rate loan options; these may require a significant down payment and high credit scores to qualify.
Adjustable-Rate Loans
With an adjustable-rate mortgage loan, borrowers may experience rate changes as market conditions fluctuate.
This means applicants could end up paying more than they expected for their home. Borrowers planning to refinance or sell their home soon may benefit from an adjustable-rate loan from Summit Credit Union.
FHA Mortgage Loans
Getting an FHA loan from Summit Credit Union may make monthly payments more affordable for applicants who qualify.
FHA mortgages have government backing, making them more accessible through lower interest rates and often lower credit requirements.
As such, Summit Credit Union can offer better terms for these loans than what would otherwise be possible to underwrite.
Borrowers may pay as little as 3.5 percent down with an FHA loan and may qualify for a fixed- or adjustable-rate mortgage.
VA Loans
At Summit Credit Union, VA loans are another option for veterans, members of the armed forces, and surviving spouses.
These are government-backed by the U.S. Department of Veterans Affairs and are generally more affordable and have better terms than conventional loans.
For applicants who qualify, little-to-no down payment options are available.
Construction Loans
Borrowers planning to build a home often need funding to be available before the home is constructed; that’s where construction loans from Summit Credit Union come in.
Applicants can find out how much they qualify for and builders can begin work with access to a predetermined budget.
Summit Credit Union Loan Options Overview
| Loan Type | Description | Key Features |
|---|---|---|
| Fixed-Rate Loans | Consistent Monthly Payments | Ideal for Long-Term Homeowners or Refinancers, Multiple Options with High Credit and Down Payment Requirements |
| Adjustable-Rate Loans | Rates Change with Market Conditions | Beneficial for Short-Term Homeowners or Refinancers, Offered by Summit Credit Union |
| FHA Mortgage Loans | Enhanced Affordability for Qualifying Applicants | Government-Backed for Accessible Terms, Lower Down Payment Options Available |
| VA Loans | Specifically for Veterans and Armed Forces Members | Government-Backed for Favorable Terms, Little-to-No Down Payment for Qualifying Applicants |
| Construction Loans | For Financing Home Construction | Provides Predetermined Budget for Builders, Available Through Summit Credit Union |
Summit Credit Union Mortgage Customer Experience
Summit has several different mortgage products available, as well as mortgage guidance on its website and in person at its branches.
Applicants can learn more about borrowing and obtaining financing by visiting Summit’s website and meeting with a loan officer at a branch.
Summit does offer an online application and has several checklists to help borrowers determine if they have everything they need to begin applying.
Instant online approval for a mortgage is available for some applicants and loan options. In some cases, though, borrowers will need to submit an application for review by a loan officer, who will thoroughly look over the application and return a decision to the applicant.
Mortgage and refinance applicants will need to have information available about their:
- credit histories
- social security numbers
- income
- debt
- personal credit records
Depending on the loan type and other available credit history information, applicants may need additional documentation when applying for a Summit Credit Union loan.
By scheduling an in-person appointment and meeting with a loan specialist or by completing an application online, applicants can start the prequalification process for a mortgage or refinance.
The credit union focuses on financial education and offers a variety of financial education resources for borrowers.
For instance, in December 2018, Badcredit.org awarded Summit Credit Union an Editor’s Choice award for its financial wellness and credit education programs.
In 2017, Summit also released a mortgage app, CURB, for borrowers looking to manage their loans from a smartphone.
Lender Reputation
Summit has a Trustpilot score or reviews of 3.8/5 stars. The credit union’s BBB rating is A+ with 14 customer reviews averaging 1.75/5 stars.
Mortgage Qualifications
| Credit Score | Quality | Ease of Approval |
|---|---|---|
| 760+ | Excellent | Easy |
| 700-759 | Good | Somewhat easy |
| 621-699 | Fair | Moderate |
| 620 and below | Poor | Difficult |
| N/A | No credit score | Difficult |
Borrowers with credit scores of 760 and above generally have the best opportunities and the most loan options from Summit Credit Union.
Applicants with scores in the 700 to 759 range may have fewer options but typically have several mortgage offers to choose from.
Applicants with “fair” credit may need to consider a government-backed loan or alternative mortgage through Summit Credit Union and may not qualify for the credit union’s best offers.
While it’s possible for borrowers to qualify for a loan with no credit history or a low credit score, options are generally very limited.
For a chance to receive the best loan offers at Summit, it helps to have plenty of income and asset documentation available for loan officers to see.
| Debt-to-Income Ratio | Quality | Needs Improvement |
|---|---|---|
| 35% or less | Manageable | Likely |
| 36-49% | Needs improvement | Possible |
| 50% or more | Poor | Unlikely |
Summit Credit Union is much more likely to extend the most favorable terms to applicants with debt-to-income (DTI) ratios at 35 percent and less.
Borrowers applying with higher DTIs may benefit from asking about Summit’s alternative loan and government-backed programs in order to get the best possible offers.
Phone Number & Additional Details
Homepage URL: https://www.summitcreditunion.com/
Company Phone: 1-800-236-5560
Headquarters Address: 4800 American Parkway, Madison, WI 53718
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Summit Credit Union Mortgage Review
Product Name: Summit Credit Union Mortgage
Product Description: Summit Credit Union Mortgage offers a variety of home loan solutions tailored to meet the unique needs of its members. Rooted in community values, the credit union prioritizes member satisfaction and financial education, ensuring that homebuyers and homeowners are equipped with the resources they need. From first-time homebuyers to those looking to refinance, Summit provides competitive rates and personalized service.
Summary of Summit Credit Union Mortgage
With its member-focused approach, Summit Credit Union Mortgage delivers a comprehensive suite of mortgage options, encompassing everything from conventional loans to specialized programs for specific demographics. Recognizing the complexities of the home buying process, Summit’s knowledgeable loan officers work closely with members to navigate each stage, offering insights and guidance. Leveraging both digital tools and face-to-face consultations, the credit union aims to make the mortgage experience as seamless as possible. Moreover, their emphasis on financial education ensures members make informed decisions, aligning with Summit’s commitment to fostering community financial health.
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Pros
- Member-Centric Philosophy: Being a credit union, Summit inherently places its members’ needs at the forefront, leading to a more personalized lending experience.
- Diverse Mortgage Offerings: Summit Credit Union provides a broad spectrum of mortgage options, catering to a wide range of financial situations.
- Financial Education Resources: With a commitment to financial literacy, they offer various tools and workshops to help members make well-informed decisions.
- Competitive Rates: As a not-for-profit institution, Summit often provides competitive mortgage rates that can be more favorable than traditional banks.
Cons
- Limited Geographic Reach: As with many credit unions, Summit may primarily serve specific regions or communities, potentially limiting broader accessibility.
- Membership Requirements: To access mortgage products, individuals typically need to be members, which might come with specific criteria.
- Potentially Longer Processing Times: Given their emphasis on personalized service, some loan processing phases might take longer compared to larger, streamlined institutions.
- Online Services Might Not Match Larger Lenders: While they offer digital tools, Summit’s online platform might not be as robust or sophisticated as those from larger, tech-heavy lenders.
