Frequently Asked Questions (FAQs)
If you have questions about your loan with Summit Funding, Inc. and would like to speak to someone, please give us a call at (866) 685-7990 . Our team members are available Monday – Friday 8:00 am – 9:00 pm ET and Saturday 8:00 am – 12:00 pm ET to help you.
Terms and Definitions
What is a loan assumption?
An assumption occurs when another person not currently on the existing Note takes over responsibility for the loan exactly as it is. The term, interest rate, principal balance and monthly payments do not change. Payments are made without a lapse. The “new” borrower will be required to qualify for the loan. This involves a review of the credit report as well as employment and income verification. The process can up to 45 days to complete from the time a full assumption application is received.
What is lender-placed insurance?
When adequate homeowner’s insurance coverage has lapsed, or we have been notified of a policy cancelation, we are required to obtain hazard insurance coverage on your behalf. Often this coverage is more expensive than the coverage you are able to purchase on your own. In addition, it only covers the structure. Your personal property is not included in such coverage.