Summit Credit Union Mortgage Rates, Fees & Info
Greensboro, NCLEI: 2549006CSAAG67CX8Z55
Tax ID: 56-0432082
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Mortgage Data
Review & Overview
Summit Credit Union is a smaller credit union specializing in Home Improvement, Cash Out Refi, and Home Purchase loans. Summit Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Greensboro, Hickory, Winston, Raleigh, and Henderson among others. We have data for 13 markets. (Some data included below & more in-depth data is available with an active subscription.)Summit Credit Union has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders.
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Originations
195Origination Dollar Volume (All Markets)
$14,455,000Top 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) | 68 | $5,140,000 | $75,588 | $0 | 0.00% |
| HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) | 42 | $3,310,000 | $78,810 | $0 | 0.00% |
| WINSTON-SALEM, NC (FHA|USDA|VA) | 50 | $3,150,000 | $63,000 | $0 | 0.00% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 14 | $820,000 | $58,571 | $0 | 0.00% |
| Henderson, NC (FHA|USDA|VA) | 2 | $470,000 | $235,000 | $0 | 0.00% |
| WILMINGTON, NC (FHA|USDA|VA) | 2 | $430,000 | $215,000 | $0 | 0.00% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 3 | $295,000 | $98,333 | $0 | 0.00% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 2 | $220,000 | $110,000 | $0 | 0.00% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 6 | $220,000 | $36,667 | $0 | 0.00% |
| Outside of Metro Areas | 3 | $135,000 | $45,000 | $0 | 0.00% |
| BURLINGTON, NC (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $0 | 0.00% |
| NEW BERN, NC (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 0.00% |
| Rockingham, NC (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 0.00% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 195 | $14,455,000 | $74,128 | $0 | 0.00% |
For 2018, Summit Credit Union's most frequently originated type of loan was Conventional, with 195 originations.
Loan Reason
For 2018, Summit Credit Union's most frequently cited loan purpose was Home Improvement, with 68 originations. The 2nd most popular reason was Cash Out Refi, with 58 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 195 | $14,455,000 | $74,128 | $0 | 0.00% |
For 2018, Summit Credit Union's most frequently cited loan duration was Other, with 195 originations.
Loan Sizing
2018 saw Summit Credit Union place emphasis on $100,000 or less loans with 144 originations, totaling $6,200,000 in origination value.
Applicant Income
Summit Credit Union lent most frequently to those with incomes in the $50k or less range, with 58 originations. The second most popular income band? $50k-75k, with 53 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 195 | $14,455,000 | $74,128 | $0 | 0.00% |
Summit Credit Union lent most frequently to those with DTI ratios of Exempt%, with 195 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications94.02%
Summit Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination96.41%
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 | 195 | $14,455,000 | $74,128 |