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
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Mortgage Data
Review & Overview
Summit Credit Union is a smaller credit union specializing in Home Improvement and Other loans. Summit Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Greensboro, Winston, Hickory, Raleigh, and Charlotte among others. We have data for 14 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.
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Originations
286Origination Dollar Volume (All Markets)
$20,370,000Top 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) | 107 | $7,295,000 | $68,178 | $0 | 0.00% |
| WINSTON-SALEM, NC (FHA|USDA|VA) | 65 | $4,215,000 | $64,846 | $0 | 0.00% |
| HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) | 47 | $3,835,000 | $81,596 | $0 | 0.00% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 27 | $1,675,000 | $62,037 | $0 | 0.00% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 8 | $940,000 | $117,500 | $0 | 0.00% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 13 | $935,000 | $71,923 | $0 | 0.00% |
| Outside of Metro Areas | 8 | $510,000 | $63,750 | $0 | 0.00% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 3 | $345,000 | $115,000 | $0 | 0.00% |
| Henderson, NC (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $0 | 0.00% |
| BURLINGTON, NC (FHA|USDA|VA) | 3 | $145,000 | $48,333 | $0 | 0.00% |
| Wilson, NC (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 0.00% |
| Shelby, NC (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 0.00% |
| NEW BERN, NC (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 0.00% |
| Mount Airy, NC (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $0 | 0.00% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 286 | $20,370,000 | $71,224 | $0 | 0.00% |
For 2022, Summit Credit Union's most frequently originated type of loan was Conventional, with 286 originations.
Loan Reason
For 2022, Summit Credit Union's most frequently cited loan purpose was Home Improvement, with 161 originations. The 2nd most popular reason was Other, with 102 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 286 | $20,370,000 | $71,224 | $0 | 0.00% |
For 2022, Summit Credit Union's most frequently cited loan duration was Other, with 286 originations.
Loan Sizing
2022 saw Summit Credit Union place emphasis on $100,000 or less loans with 231 originations, totaling $11,615,000 in origination value.
Applicant Income
Summit Credit Union lent most frequently to those with incomes in the $50k-75k range, with 85 originations. The second most popular income band? $50k or less, with 62 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 286 | $20,370,000 | $71,224 | $0 | 0.00% |
Summit Credit Union lent most frequently to those with DTI ratios of Exempt%, with 286 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications85.42%
Summit Credit Union has an average approval rate.
Pick Rate
Approvals leading to originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 286 | $20,370,000 | $71,224 |