The Summit Federal Credit Union

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Rates	Points	APR
The Summit Federal Credit Union offers a full line of mortgage products and services to meet your needs. Talk to the people you trust for: Fixed Rate Mortgages We offer 10, 15, 20, 30 and 40-year terms on both primary and secondary residences. Loan to value as high as 95%. NO closing costs* option available on standard fixed rate products up to 30 year terms. 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 anniversary date. Available on both primary and secondary homes for 15- and 30-year terms. Loan to value as high as 95%. NO closing costs* option available on standard adjustable rate products. "No closing costs option" Thinking about buying a home or refinancing your mortgage but don't want to pay all the closing costs associated with a new mortgage? Our "no closing costs" option may be right for you. For a slight difference in the interest rate, we will pay the closing costs associated with your new mortgage including the appraisal, credit report fee, attorney fee, title insurance, mortgage tax and recording fees. You pay only for the escrow deposit for your taxes and insurance and the daily interest due from the day you close until the end of the month. Low Downpayment Options** Designed for borrower(s) with minimal funds for the down payment and closing costs* for the purchase of a home that will be their principal residence. Fixed rate mortgages available for a variety of terms. The Summit also offers these convenient options: Construction-to-Permanent Mortgage This fixed rate mortgage allows you to borrow money to build a new home by providing financing at the end of the construction phase of your new home. You save money because there is one set of closing costs, compared to having separate loans for construction and occupancy. Refinance (with cash out) A refinance with "cash out" 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 any purpose. 80/10/10 or 80/15/5 With an 80-10-10 or 80-15-5, you 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 allows you to avoid paying PMI, possibly reducing your monthly mortgage payment. 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 contact us for more information to see you qualify. "2 for 1" Mortgage and Home EquityCombo Open both a Summit mortgage and a Summit home equity, and you'll receive a special preferred rate and closing costs. The Summit FCU 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, and 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. * 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% - 5.0% of the amount borrowed. ** Termination fees; you must keep your mortgage for three years from the anniversary date of the mortgage recording to avoid repayment of the closing costs. If you pay off your loan prior to the 3rd anniversary date of the mortgage recording, you must reimburse us the cost of the fees we paid on your behalf. You must be a member of The Summit Federal Credit Union to access any products and services. Contact us for information about eligibility for membership.

30 year fixed rate
20 year fixed rate
15 year fixed rate
10 year fixed rate
40 year fixed rate
One Year Adjustable Rate Mortgage
Home Starter
Flex 97
Streamline Refinance Program
Rates last updated on Thursday, July 03, 2008
30 year fixed rate Rates quoted assume that the standard closing costs are paid. For our no closing costs option, add .625 to the corresponding rate with closing costs. Term: 30 years Maximum Amount: $417,000
6%	1.875%	6.473%
6.125%	1.25%	6.538%
6.25%	0.625%	6.603%
6.375%	0%	6.668%

All fixed rates quoted apply to purchase mortgages, refinance mortgages with cash-out which are limited to 70% loan-to-value and no cash-out refinance mortgages where the loan proceeds are used to pay off an existing first mortgage and closing costs only. If you are using the proceeds of a refinance mortgage for any other purpose, you may be subject to a higher rate and points. Contact us for exact information about rates which apply to refinance mortgage transactions. At 6.50%, the monthly principal and interest payment would be approximately $6.32 per thousand dollars borrowed.

20 year fixed rate Rates quoted assume that the standard closing costs are paid. For our no closing costs option, add .625 to the corresponding rate with closing costs. Term: 20 years Maximum Amount: $417,000
Rates	Points	APR
6%	1.25%	6.545%
6.125%	0.75%	6.607%
6.25%	0.125%	6.651%
6.375%	0%	6.762%

All fixed rates quoted apply to purchase mortgages, refinance mortgages with cash-out which are limited to 70% loan-to-value and no cash-out refinance mortgages where the loan proceeds are used to pay off an existing first mortgage and closing costs only. If you are using the proceeds of a refinance mortgage for any other purpose, you may be subject to a higher rate and points. Contact us for exact information about rates which apply to refinance mortgage transactions. At 6.375%, the monthly principal and interest payment would be approximately $7.38 per thousand dollars borrowed.

15 year fixed rate Rates quoted assume that the standard closing costs are paid. For our no closing costs option, add .625 to the corresponding rate with closing costs. Term: 15 years Maximum Amount: $417,000
Rates	Points	APR
5.5%	1.375%	6.196%
5.625%	0.875%	6.241%
5.75%	0.375%	6.287%
5.875%	0%	6.352%

All fixed rates quoted apply to purchase mortgages, refinance mortgages with cash-out which are limited to 70% loan-to-value and no cash-out refinance mortgages where the loan proceeds are used to pay off an existing first mortgage and closing costs only. If you are using the proceeds of a refinance mortgage for any other purpose, you may be subject to a higher rate and points. Contact us for exact information about rates which apply to refinance mortgage transactions. At 5.875% the monthly principal and interest payment would be approximately $8.37 per thousand dollars borrowed.

10 year fixed rate Rates quoted assume that the standard closing costs are paid. For our no closing costs option, add .625 to the corresponding rate with closing costs. Term: 10 years Maximum Amount: $417,000
Rates	Points	APR
5.375%	1%	6.275%
5.5%	0.625%	6.315%
5.625%	0.125%	6.327%
5.75%	0%	6.425%

All fixed rates quoted apply to purchase mortgages, refinance mortgages with cash-out which are limited to 70% loan-to-value and no cash-out refinance mortgages where the loan proceeds are used to pay off an existing first mortgage and closing costs only. If you are using the proceeds of a refinance mortgage for any other purpose, you may be subject to a higher rate and points. Contact us for exact information about rates which apply to refinance mortgage transactions. At 5.75%, the monthly principal and interest payment would be approximately $10.98 per thousand dollars borrowed.

40 year fixed rate Rates quoted assume that the standard closing costs are paid. Term: 40 years Maximum Amount: $417,000
Rates	Points	APR
6.25%	2%	6.67%
6.375%	1.25%	6.733%
6.5%	0.625%	6.807%
6.625%	0%	6.88%

All fixed rates quoted apply to purchase mortgages, refinance mortgages with cash-out which are limited to 70% loan-to-value and no cash-out refinance mortgages where the loan proceeds are used to pay off an existing first mortgage and closing costs only. If you are using the proceeds of a refinance mortgage for any other purpose, you may be subject to a higher rate and points. Contact us for exact information about rates which apply to refinance mortgage transactions. At 6.625%, the monthly principal and interest payment would be approximately $5.95 per thousand ollars borrowed.

One Year Adjustable Rate Mortgage Rates quoted assume that the standard closing costs are paid. For our no closing costs option, add .625 to the corresponding rate with closing costs. Term: 30 years Maximum Amount: $417,000
Rates	Points	APR
4.125%	0%	4.34%

At 4.125%, the monthly principal and interest payment would be approximately $4.85 per thousand dollars borrowed.

Home Starter This is a fixed rate mortgage with a no downpayment option. Contact The Summit FCU for information on whether or not you qualify for this unique mortgage program. Term: 30 years Maximum Amount: $417,000
Rates	Points	APR
6.625%	1%	7.025%
6.75%	0.375%	7.088%
6.875%	0%	7.177%

At 6.875%, the monthly principal and interest payment would be approximately $6.57 per thousand dollars borrowed.

Flex 97 Term: 30 years Maximum Amount: $417,000
Rates	Points	APR
6.875%	0%	7.177%

At 6.8750% the monthly principal and interest payment would be approximately $6.57 per thousand dollars borrowed.

Streamline Refinance Program If you have an existing Summit mortgage, you may be eligible to streamline refinance your first mortgage to a lower rate with reduced closing costs. Certain restrictions apply. Contact us for details. Term: 15 years Maximum Amount: $417,000
Rates	Points	APR
5.875%	0%	6.352%

Other terms are available; contact us for more information. At 5.875%, the monthly principal and interest payment would be approximately $8.37 per thousand dollars borrowed.

All mortgage rates quoted are for a 60 day lock-in period. Rates are not guaranteed until locked in with a Summit mortgage representative. Rates quoted are subject to change daily without notice. Annual Percentage Rate (APR) calculations are based on conforming loans whose maximum mortgage amount is $417,000 with closing costs representing approximately 3.0% of the loan amount. Your actual APR and closing costs may be different depending on the actual amount you borrow, the amount of your downpayment and any other discount points you may pay in connection with your loan.