Summit Credit Union Mortgage Rates, Fees & Info
Cottage Grove, WILEI: 254900NTAC4H10MGSU23
Tax ID: 39-0230585
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Mortgage Data
Review & Overview
Summit Credit Union is a small credit union specializing in Refi and Home Purchase loans. Summit Credit Union has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets by origination volume include: Madison, Milwaukee, Watertown, Janesville, and Baraboo among others. We have data for 51 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 a below average pick rate when compared to similar lenders. Summit Credit Union is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.
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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 3.15% | 11/30/23 |
| 30 Year Conventional Purchase | 6.57% | 11/30/23 |
| 30 Year Conventional Refi | 6.27% | 11/30/23 |
| 30 Year Cash-out Refi | 6.43% | 11/30/23 |
| 30 Year FHA Purchase | 7.89% | 11/30/23 |
| 30 Year USDA Purchase | 6.88% | 11/30/23 |
| 15 Year Conventional Purchase | 5.87% | 11/30/23 |
| 15 Year Conventional Refi | 5.78% | 11/30/23 |
| 15 Year Cash-out Refi | 5.78% | 11/30/23 |
| These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates. | ||
Summit Credit Union Mortgage Calculator
Your Estimates
Estimated Loan Payment: Update the calculator values and click calculate payment!
This is not an official calculator from Summit Credit Union. It uses our SimulatedRate™
technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.
The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
13,065Origination Dollar Volume (All Markets)
$1,813,675,000Awards
Summit Credit Union - 2022
Summit Credit Union is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
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Relative Rate
Summit Credit Union's average 30 year fixed mortgage rate was
2.55%.
The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.
This yields a difference of -2.21%.
Relative Fees (Closing Costs)
Summit Credit Union's average total fees/closing costs for a 30 year fixed rate
mortgage were $2,654.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including
both points & up-front fees in addition to origination fees) were $4,750.
Top 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 |
|---|---|---|---|---|---|
| MADISON, WI (FHA|USDA|VA) | 6,070 | $863,630,000 | $142,278 | $2,077 | 2.51% |
| MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) | 3,335 | $481,075,000 | $144,250 | $1,918 | 2.71% |
| Outside of Metro Areas | 679 | $108,055,000 | $159,138 | $2,321 | 3.13% |
| Watertown-Fort Atkinson, WI (FHA|USDA|VA) | 537 | $64,285,000 | $119,711 | $2,062 | 2.85% |
| JANESVILLE-BELOIT, WI (FHA|USDA|VA) | 618 | $61,840,000 | $100,065 | $1,916 | 3.14% |
| Baraboo, WI (FHA|USDA|VA) | 494 | $54,110,000 | $109,534 | $1,784 | 2.67% |
| Beaver Dam, WI (FHA|USDA|VA) | 404 | $39,240,000 | $97,129 | $1,812 | 3.06% |
| RACINE, WI (FHA|USDA|VA) | 214 | $29,160,000 | $136,262 | $2,000 | 2.81% |
| OSHKOSH-NEENAH, WI (FHA|USDA|VA) | 35 | $18,235,000 | $521,000 | $2,261 | 3.59% |
| Whitewater, WI (FHA|USDA|VA) | 128 | $15,360,000 | $120,000 | $1,561 | 2.25% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 111 | $12,925,000 | $116,441 | $2,492 | 3.42% |
| FOND DU LAC, WI (FHA|USDA|VA) | 93 | $12,115,000 | $130,269 | $2,150 | 3.73% |
| SHEBOYGAN, WI (FHA|USDA|VA) | 73 | $10,225,000 | $140,068 | $2,515 | 3.31% |
| GREEN BAY, WI (FHA|USDA|VA) | 33 | $5,475,000 | $165,909 | $1,594 | 3.42% |
| APPLETON, WI (FHA|USDA|VA) | 33 | $4,045,000 | $122,576 | $2,054 | 2.85% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 19 | $3,555,000 | $187,105 | $2,414 | 3.54% |
| WAUSAU-WESTON, WI (FHA|USDA|VA) | 27 | $3,295,000 | $122,037 | $1,957 | 3.88% |
| Stevens Point, WI (FHA|USDA|VA) | 16 | $2,790,000 | $174,375 | $3,941 | 3.13% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 8 | $2,770,000 | $346,250 | $4,359 | 3.56% |
| Wisconsin Rapids-Marshfield, WI (FHA|USDA|VA) | 21 | $2,565,000 | $122,143 | $2,475 | 3.00% |
| Platteville, WI (FHA|USDA|VA) | 22 | $2,240,000 | $101,818 | $2,311 | 3.86% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 9 | $1,915,000 | $212,778 | $2,919 | 2.96% |
| EAU CLAIRE, WI (FHA|USDA|VA) | 11 | $1,575,000 | $143,182 | $2,439 | 2.99% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 3 | $1,265,000 | $421,667 | $4,818 | 3.25% |
| Manitowoc, WI (FHA|USDA|VA) | 8 | $1,250,000 | $156,250 | $2,140 | 2.95% |
| LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA) | 9 | $1,205,000 | $133,889 | $2,742 | 2.71% |
| DULUTH, MN-WI (FHA|USDA|VA) | 3 | $875,000 | $291,667 | $2,733 | 2.75% |
| Shawano, WI (FHA|USDA|VA) | 8 | $780,000 | $97,500 | $1,475 | 3.81% |
| ROCKFORD, IL (FHA|USDA|VA) | 6 | $740,000 | $123,333 | $3,128 | 5.79% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 2 | $720,000 | $360,000 | $3,721 | 2.00% |
| THE VILLAGES, FL (FHA|USDA|VA) | 2 | $630,000 | $315,000 | $4,333 | 4.69% |
| Marinette, WI-MI (FHA|USDA|VA) | 5 | $625,000 | $125,000 | $2,807 | 1.97% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 2 | $620,000 | $310,000 | $3,917 | 5.44% |
| Freeport, IL (FHA|USDA|VA) | 5 | $585,000 | $117,000 | $2,929 | 4.52% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 3 | $495,000 | $165,000 | $2,981 | 2.00% |
| Key West, FL (FHA|USDA|VA) | 1 | $465,000 | $465,000 | $5,009 | 2.38% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $425,000 | $425,000 | $5,341 | 5.88% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 1 | $415,000 | $415,000 | $4,074 | 2.50% |
| TALLAHASSEE, FL (FHA|USDA|VA) | 2 | $410,000 | $205,000 | $3,782 | 4.88% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 2 | $240,000 | $120,000 | $2,692 | 2.94% |
| BLOOMINGTON, IL (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $2,482 | 3.50% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $2,840 | 5.63% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $1,893 | 5.13% |
| PEORIA, IL (FHA|USDA|VA) | 2 | $180,000 | $90,000 | $1,755 | 4.93% |
| GAINESVILLE, FL (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $3,019 | 6.38% |
| Iron Mountain, MI-WI (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 0.00% |
| DECATUR, IL (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $2,202 | 5.50% |
| Rochelle, IL (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $2,435 | 6.88% |
| Sebastian-Vero Beach, FL (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $2,117 | 2.38% |
| Willmar, MN (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 0.00% |
| ROCHESTER, MN (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 2.99% |
Similar Lenders
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Product Mix
For 2022, Summit Credit Union's most frequently originated type of loan was HELOC, with 8,441 originations. Their 2nd most popular type was Conventional, with 4,622 originations.
Loan Reason
For 2022, Summit Credit Union's most frequently cited loan purpose was Other, with 3,377 originations. The 2nd most popular reason was Refi, with 2,947 originations.
Loan Duration/Length
For 2022, Summit Credit Union's most frequently cited loan duration was 30 Year, with 11,510 originations. The 2nd most popular length was 20 Year, with 524 originations.
Origination Fees/Closing Costs
Summit Credit Union's average total fees were $2,654, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 3,399 originations.
Interest Rates
During 2022, Summit Credit Union's average interest rate for loans was 2.55%, while their most frequently originated rate bucket for loans was <2.5%, with 5,086 originations.
Loan Sizing
2022 saw Summit Credit Union place emphasis on $100,000 or less loans with 7,024 originations, totaling $349,130,000 in origination value.
Applicant Income
Summit Credit Union lent most frequently to those with incomes in the $100k-150k range, with 3,843 originations. The second most popular income band? $150k-250k, with 2,487 originations.
Applicant Debt to Income Ratio
Summit Credit Union lent most frequently to those with DTI ratios of 20-30%, with 2,881 originations. The next most common DTI ratio? 30-36%, with 2,310 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications93.05%
Summit Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination81.67%
Summit Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 13,065 | $1,813,675,000 | $138,819 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| 13,065 | $1,813,675,000 | $138,819 |