Summit Credit Union Mortgage Rates, Fees & Info
Greensboro, NCLEI: 2549006CSAAG67CX8Z55
Tax ID: 56-0432082
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Jump to:
Mortgage Data
Review & Overview
Summit Credit Union is a smaller credit union specializing in Home Improvement, Other, and Home Purchase loans. Summit Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Greensboro, Winston, Hickory, Raleigh, and Morehead City among others. We have data for 16 markets. (Some data included below & more in-depth data is available with an active subscription.)Summit Credit Union has an average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders.
We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.
Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.
Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.
Originations
314Origination Dollar Volume (All Markets)
$26,440,000Top Markets
Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.
| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) | 102 | $8,160,000 | $80,000 | $0 | 0.00% |
| WINSTON-SALEM, NC (FHA|USDA|VA) | 89 | $6,155,000 | $69,157 | $0 | 0.00% |
| HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) | 51 | $4,665,000 | $91,471 | $0 | 0.00% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 29 | $2,335,000 | $80,517 | $0 | 0.00% |
| Outside of Metro Areas | 13 | $875,000 | $67,308 | $0 | 0.00% |
| Morehead City, NC (FHA|USDA|VA) | 1 | $825,000 | $825,000 | $0 | 0.00% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 5 | $685,000 | $137,000 | $0 | 0.00% |
| Roanoke Rapids, NC (FHA|USDA|VA) | 1 | $485,000 | $485,000 | $0 | 0.00% |
| BURLINGTON, NC (FHA|USDA|VA) | 5 | $475,000 | $95,000 | $0 | 0.00% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 2 | $390,000 | $195,000 | $0 | 0.00% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 7 | $375,000 | $53,571 | $0 | 0.00% |
| WILMINGTON, NC (FHA|USDA|VA) | 2 | $310,000 | $155,000 | $0 | 0.00% |
| FAYETTEVILLE, NC (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $0 | 0.00% |
| Henderson, NC (FHA|USDA|VA) | 3 | $205,000 | $68,333 | $0 | 0.00% |
| Mount Airy, NC (FHA|USDA|VA) | 2 | $170,000 | $85,000 | $0 | 0.00% |
| Pinehurst-Southern Pines, NC (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 0.00% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 314 | $26,440,000 | $84,204 | $0 | 0.00% |
For 2023, Summit Credit Union's most frequently originated type of loan was Conventional, with 314 originations.
Loan Reason
For 2023, Summit Credit Union's most frequently cited loan purpose was Home Improvement, with 171 originations. The 2nd most popular reason was Other, with 113 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 314 | $26,440,000 | $84,204 | $0 | 0.00% |
For 2023, Summit Credit Union's most frequently cited loan duration was Other, with 314 originations.
Loan Sizing
2023 saw Summit Credit Union place emphasis on $100,000 or less loans with 233 originations, totaling $11,375,000 in origination value.
Applicant Income
Summit Credit Union lent most frequently to those with incomes in the $50k-75k range, with 93 originations. The second most popular income band? $100k-150k, with 60 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 314 | $26,440,000 | $84,204 | $0 | 0.00% |
Summit Credit Union lent most frequently to those with DTI ratios of Exempt%, with 314 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications85.83%
Summit Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination99.68%
Summit Credit Union has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 314 | $26,440,000 | $84,204 |