Summit Credit Union Mortgage Rates, Fees & Info

Cottage Grove, WI

LEI: 254900NTAC4H10MGSU23

Tax ID: 39-0230585

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • 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 low ratio of USDA loans. Their top markets by origination volume include: Madison, Milwaukee, Baraboo, Watertown, and Janesville among others. We have data for 41 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 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.

    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.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    Home Equity Line of Credit (HELOC) 3.15% 4/21/24
    30 Year Conventional Purchase 6.57% 4/21/24
    30 Year Conventional Refi 6.27% 4/21/24
    30 Year Cash-out Refi 6.43% 4/21/24
    30 Year FHA Purchase 7.89% 4/21/24
    30 Year USDA Purchase 6.88% 4/21/24
    15 Year Conventional Purchase 5.87% 4/21/24
    15 Year Conventional Refi 5.78% 4/21/24
    15 Year Cash-out Refi 5.78% 4/21/24
    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

    11,667

    Origination Dollar Volume (All Markets)

    $1,350,495,000
    Show all (8) awards

    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) 7,017 $875,075,000 $124,708 $1,863 3.39%
    MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 1,923 $208,515,000 $108,432 $1,582 3.61%
    Baraboo, WI (FHA|USDA|VA) 604 $53,400,000 $88,411 $1,803 3.52%
    Watertown-Fort Atkinson, WI (FHA|USDA|VA) 463 $50,335,000 $108,715 $1,452 3.65%
    JANESVILLE-BELOIT, WI (FHA|USDA|VA) 492 $45,440,000 $92,358 $1,793 3.65%
    Outside of Metro Areas 393 $38,255,000 $97,341 $1,890 3.75%
    Beaver Dam, WI (FHA|USDA|VA) 338 $27,500,000 $81,361 $1,502 3.87%
    RACINE, WI (FHA|USDA|VA) 112 $13,390,000 $119,554 $1,628 3.68%
    Whitewater, WI (FHA|USDA|VA) 79 $9,655,000 $122,215 $1,723 4.04%
    FOND DU LAC, WI (FHA|USDA|VA) 53 $4,225,000 $79,717 $1,525 4.10%
    OSHKOSH-NEENAH, WI (FHA|USDA|VA) 16 $3,720,000 $232,500 $2,102 4.16%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 29 $3,425,000 $118,103 $2,879 3.91%
    APPLETON, WI (FHA|USDA|VA) 16 $2,480,000 $155,000 $1,559 3.75%
    WAUSAU-WESTON, WI (FHA|USDA|VA) 21 $1,515,000 $72,143 $1,544 3.93%
    GREEN BAY, WI (FHA|USDA|VA) 11 $1,375,000 $125,000 $1,847 3.35%
    Platteville, WI (FHA|USDA|VA) 12 $1,200,000 $100,000 $1,994 3.69%
    Stevens Point, WI (FHA|USDA|VA) 10 $1,180,000 $118,000 $2,516 3.80%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 7 $1,125,000 $160,714 $2,236 3.03%
    LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA) 8 $1,070,000 $133,750 $2,537 3.57%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 5 $985,000 $197,000 $3,325 3.95%
    SHEBOYGAN, WI (FHA|USDA|VA) 8 $960,000 $120,000 $1,250 2.98%
    Manitowoc, WI (FHA|USDA|VA) 8 $540,000 $67,500 $1,461 3.58%
    Wisconsin Rapids-Marshfield, WI (FHA|USDA|VA) 9 $535,000 $59,444 $810 3.40%
    EAU CLAIRE, WI (FHA|USDA|VA) 6 $500,000 $83,333 $758 4.02%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 2 $500,000 $250,000 $5,175 3.94%
    Marinette, WI-MI (FHA|USDA|VA) 5 $465,000 $93,000 $1,731 3.47%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 3 $395,000 $131,667 $2,094 3.75%
    LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 2 $320,000 $160,000 $2,633 3.81%
    ROCKFORD, IL (FHA|USDA|VA) 2 $230,000 $115,000 $2,094 3.56%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $225,000 $225,000 $3,301 4.00%
    PUNTA GORDA, FL (FHA|USDA|VA) 1 $215,000 $215,000 $4,381 4.13%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $215,000 $215,000 $2,958 3.50%
    HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 1 $215,000 $215,000 $2,095 3.50%
    Menomonie, WI (FHA|USDA|VA) 1 $205,000 $205,000 $4,212 3.50%
    PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $205,000 $205,000 $2,781 3.13%
    PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $205,000 $205,000 $3,682 4.13%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $195,000 $195,000 $3,031 4.13%
    DULUTH, MN-WI (FHA|USDA|VA) 2 $150,000 $75,000 $0 2.24%
    OCALA, FL (FHA|USDA|VA) 1 $145,000 $145,000 $2,188 3.75%
    Iron Mountain, MI-WI (FHA|USDA|VA) 1 $105,000 $105,000 $1,970 4.13%
    Shawano, WI (FHA|USDA|VA) 1 $105,000 $105,000 $0 1.99%
    Summit Credit Union's top markets include Madison, Milwaukee, Baraboo, Watertown, and Janesville among others.

    Their top states include:
  • Wisconsin (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Illinois (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Summit Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    AppleTree Credit Union
    Similarity Rank: 8
    PROSPERA Credit Union
    Similarity Rank: 35
    Prevail Bank
    Similarity Rank: 48
    Liberty Bank for Savings
    Similarity Rank: 85
    NORTHWESTERN MUTUAL
    Similarity Rank: 117
    FOX COMMUNITIES
    Similarity Rank: 144
    Empower Credit Union
    Similarity Rank: 144
    UNITEDONE Credit Union
    Similarity Rank: 165
    Fox Valley Savings Bank
    Similarity Rank: 182
    UNISON CREDIT UNION
    Similarity Rank: 216

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 6,990 $422,650,000 $60,465 n/a 3.30%
    Conventional 4,673 $927,295,000 $198,437 $1,791 3.79%
    USDA 4 $550,000 $137,500 $3,581 3.84%

    For 2019, Summit Credit Union's most frequently originated type of loan was HELOC, with 6,990 originations. Their 2nd most popular type was Conventional, with 4,673 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 3,569 $420,845,000 $117,917 $884 3.24%
    Home Improvement 2,647 $147,885,000 $55,869 $414 3.26%
    Home Purchase 2,399 $499,465,000 $208,197 $2,612 3.77%
    Other 1,876 $79,800,000 $42,537 $450 3.72%
    Cash Out Refi 1,176 $202,500,000 $172,194 $1,687 3.90%

    For 2019, Summit Credit Union's most frequently cited loan purpose was Refi, with 3,569 originations. The 2nd most popular reason was Home Improvement, with 2,647 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 10,017 $1,097,205,000 $109,534 $2,323 3.49%
    Other 862 $104,190,000 $120,870 $54 3.49%
    15 Year 510 $100,010,000 $196,098 $1,668 3.39%
    20 Year 179 $35,205,000 $196,676 $2,017 3.70%
    10 Year 71 $11,345,000 $159,789 $1,140 4.73%
    5 Year 24 $2,350,000 $97,917 $96 5.89%
    1 Year 2 $120,000 $60,000 $0 6.38%
    3 Year 2 $70,000 $35,000 $101 4.02%

    For 2019, Summit Credit Union's most frequently cited loan duration was 30 Year, with 10,017 originations. The 2nd most popular length was Other, with 862 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 3,452 $637,720,000 $184,739
    $1k-2k 722 $179,300,000 $248,338
    $2k-3k 193 $45,655,000 $236,554
    $3k-4k 86 $20,760,000 $241,395
    $5k+ 23 $7,025,000 $305,435
    $4k-5k 18 $5,530,000 $307,222

    Summit Credit Union's average total fees were $2,323, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 3,452 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 4,805 $708,255,000 $147,400
    <2.5% 3,970 $299,510,000 $75,443
    4-5% 1,544 $268,370,000 $173,815
    5-6% 765 $40,415,000 $52,830
    Over 8% 192 $6,630,000 $34,531
    2.5-3% 145 $15,035,000 $103,690
    6-7% 139 $7,225,000 $51,978
    7-8% 99 $3,295,000 $33,283

    During 2019, Summit Credit Union's average interest rate for loans was 3.49%, while their most frequently originated rate bucket for loans was 3-4%, with 4,805 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 6,604 $304,650,000 $46,131 $678 3.44%
    $100k-200k 2,837 $404,825,000 $142,695 $1,613 3.48%
    $200k-400k 1,990 $525,350,000 $263,995 $2,312 3.71%
    $400k-600k 207 $92,975,000 $449,155 $2,566 3.45%
    $600k-1MM 27 $18,535,000 $686,481 $2,640 3.22%
    $1MM+ 2 $4,160,000 $2,080,000 $0 4.69%

    2019 saw Summit Credit Union place emphasis on $100,000 or less loans with 6,604 originations, totaling $304,650,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 3,318 $416,330,000 $125,476 $1,871 3.44%
    $50k-75k 2,528 $242,910,000 $96,088 $1,760 3.56%
    $75k-100k 2,494 $264,240,000 $105,950 $1,802 3.52%
    $150k-250k 1,599 $246,505,000 $154,162 $1,838 3.33%
    $50k or less 1,269 $98,595,000 $77,695 $1,637 3.62%
    $250k+ 276 $52,870,000 $191,558 $1,717 3.33%

    Summit Credit Union lent most frequently to those with incomes in the $100k-150k range, with 3,318 originations. The second most popular income band? $50k-75k, with 2,528 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 2,736 $316,000,000 $115,497 $1,734 3.36%
    30-36% 2,285 $272,625,000 $119,311 $1,836 3.50%
    <20% 861 $95,335,000 $110,726 $1,480 3.15%
    50-60% 798 $66,350,000 $83,145 $1,642 3.33%
    42% 472 $55,770,000 $118,157 $1,503 3.61%
    41% 422 $48,380,000 $114,645 $1,649 3.62%
    40% 407 $46,145,000 $113,378 $1,658 3.62%
    38% 387 $45,215,000 $116,835 $1,979 3.65%
    39% 382 $46,100,000 $120,681 $1,751 3.65%
    36% 376 $47,380,000 $126,011 $1,749 3.72%
    37% 355 $43,225,000 $121,761 $1,841 3.64%
    43% 321 $40,705,000 $126,807 $2,050 3.66%
    44% 311 $39,495,000 $126,994 $2,361 3.73%
    45% 272 $32,500,000 $119,485 $2,085 3.71%
    >60% 256 $30,730,000 $120,039 $939 3.27%
    46% 253 $28,225,000 $111,561 $2,154 3.52%
    49% 247 $31,225,000 $126,417 $2,371 3.79%
    48% 237 $22,695,000 $95,759 $2,372 3.69%
    47% 232 $29,800,000 $128,448 $2,114 3.73%

    Summit Credit Union lent most frequently to those with DTI ratios of 20-30%, with 2,736 originations. The next most common DTI ratio? 30-36%, with 2,285 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 10,742 $1,190,280,000 $110,806 $1,756 3.47%
    Not provided 321 $73,215,000 $228,084 $2,270 3.77%
    Asian 282 $44,220,000 $156,809 $1,830 3.54%
    Black 205 $21,845,000 $106,561 $1,619 3.89%
    Not applicable 49 $11,735,000 $239,490 $0 5.26%
    American Indian 42 $4,410,000 $105,000 $1,791 3.83%
    Asian Indian 7 $2,215,000 $316,429 $2,737 3.79%
    Other Asian 4 $990,000 $247,500 $2,313 4.41%
    Native Hawaiian or Islander 12 $980,000 $81,667 $3,855 3.30%
    Vietnamese 1 $295,000 $295,000 $2,229 3.88%
    Japanese 1 $185,000 $185,000 $1,253 3.13%
    Chinese 1 $125,000 $125,000 $2,728 3.50%

    Approval Rates

    Total approvals of all applications
    89.36%

    Summit Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    88.75%

    Summit Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 11,667 $1,350,495,000 $115,753

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 5 $5,005,000 $1,001,000
    Single Family (1-4 Units):Manufactured 23 $3,165,000 $137,609
    Single Family (1-4 Units):Site-Built 11,639 $1,342,325,000 $115,330

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 2,671 $207,335,000 $77,624 $533 3.20%
    40-60% 1,034 $154,080,000 $149,014 $994 3.29%
    60-80% 1,897 $380,975,000 $200,830 $1,772 3.67%
    80-100% 1,941 $453,735,000 $233,764 $2,394 3.90%
    Over 100% 6 $1,510,000 $251,667 $3,757 5.27%
    Under 20% 4,098 $149,750,000 $36,542 $163 3.47%