Summit Mortgage Corporation Rates, Fees & Info

Plymouth, MN

LEI: 5493001YIUWLFRXQUO81

Tax ID: 41-1726353

5 stars - Updated: 4/5/25 - out of 5 stars, based on 40 reviews

Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

Mortgage Data

Review & Overview

Summit Mortgage Corporation is a smaller mortgage company specializing in Home Purchase loans. Summit Mortgage Corporation has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Minneapolis, Naples, Denver, Colorado Springs, and Duluth among others. We have data for 99 markets. (Some data included below & more in-depth data is available with an active subscription.)

Summit Mortgage Corporation 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 Mortgage Corporation is typically an average 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
30 Year Conventional Purchase 6.31% 4/5/25
30 Year Conventional Refi 6.85% 4/5/25
30 Year Cash-out Refi 7.22% 4/5/25
30 Year FHA Purchase 7.50% 4/5/25
30 Year FHA Refi 7.14% 4/5/25
30 Year VA Purchase 6.55% 4/5/25
30 Year VA Refi 5.79% 4/5/25
30 Year USDA Purchase 6.88% 4/5/25
15 Year Conventional Purchase 4.86% 4/5/25
15 Year VA Purchase 6.39% 4/5/25
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 Mortgage Corporation Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Summit Mortgage Corporation. 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

1,608

Origination Dollar Volume (All Markets)

$418,410,000
Show all (5) awards

Relative Rate

Summit Mortgage Corporation's average 30 year fixed mortgage rate was 6.19%.

The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.

This yields a difference of -0.36%.

Relative Fees (Closing Costs)

Summit Mortgage Corporation's average total fees/closing costs for a 30 year fixed rate mortgage were $7,604.

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 $8,356.

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
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 602 $146,930,000 $244,070 $7,102 5.65%
Outside of Metro Areas 169 $36,545,000 $216,243 $7,042 6.49%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 65 $27,405,000 $421,615 $9,519 7.07%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 76 $23,330,000 $306,974 $5,998 5.69%
COLORADO SPRINGS, CO (FHA|USDA|VA) 44 $19,740,000 $448,636 $7,115 6.22%
DULUTH, MN-WI (FHA|USDA|VA) 138 $19,130,000 $138,623 $5,262 5.18%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 43 $17,025,000 $395,930 $9,381 7.07%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 53 $14,475,000 $273,113 $10,202 5.62%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 31 $7,585,000 $244,677 $7,682 6.25%
BOISE CITY, ID (FHA|USDA|VA) 23 $7,455,000 $324,130 $8,260 6.75%
Hutchinson, MN (FHA|USDA|VA) 34 $7,250,000 $213,235 $6,103 6.18%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 19 $7,165,000 $377,105 $7,744 6.80%
JACKSONVILLE, FL (FHA|USDA|VA) 29 $6,395,000 $220,517 $10,732 5.63%
SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 24 $5,600,000 $233,333 $8,931 6.33%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 9 $4,145,000 $460,556 $7,527 6.55%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 8 $3,820,000 $477,500 $10,251 6.83%
GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 13 $3,485,000 $268,077 $9,550 7.03%
Brainerd, MN (FHA|USDA|VA) 8 $3,380,000 $422,500 $6,398 7.28%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 8 $3,300,000 $412,500 $7,387 6.91%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 10 $3,270,000 $327,000 $5,452 7.04%
LAFAYETTE, LA (FHA|USDA|VA) 16 $2,790,000 $174,375 $8,310 5.68%
SALEM, OR (FHA|USDA|VA) 6 $2,380,000 $396,667 $13,811 6.29%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 8 $2,280,000 $285,000 $6,236 6.00%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 7 $2,255,000 $322,143 $10,895 6.84%
ST. CLOUD, MN (FHA|USDA|VA) 11 $2,255,000 $205,000 $5,546 5.66%
WINSTON-SALEM, NC (FHA|USDA|VA) 9 $1,915,000 $212,778 $7,125 7.29%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 4 $1,790,000 $447,500 $12,541 7.00%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 3 $1,755,000 $585,000 $4,856 6.96%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 5 $1,695,000 $339,000 $8,035 7.30%
Faribault-Northfield, MN (FHA|USDA|VA) 10 $1,430,000 $143,000 $5,487 5.78%
North Wilkesboro, NC (FHA|USDA|VA) 6 $1,310,000 $218,333 $8,761 7.10%
GREELEY, CO (FHA|USDA|VA) 3 $1,135,000 $378,333 $2,124 3.79%
ROCHESTER, MN (FHA|USDA|VA) 4 $1,120,000 $280,000 $21,865 4.97%
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 2 $1,050,000 $525,000 $0 3.81%
EAST STROUDSBURG, PA (FHA|USDA|VA) 5 $1,025,000 $205,000 $8,876 6.35%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $1,015,000 $1,015,000 $20,128 6.50%
Alexandria, MN (FHA|USDA|VA) 3 $975,000 $325,000 $8,961 6.75%
Fergus Falls, MN (FHA|USDA|VA) 1 $905,000 $905,000 $4,278 7.25%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 1 $835,000 $835,000 $4,648 7.00%
Red Wing, MN (FHA|USDA|VA) 3 $825,000 $275,000 $6,336 7.38%
HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) 5 $775,000 $155,000 $7,566 5.20%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $705,000 $705,000 $6,445 6.63%
Opelousas, LA (FHA|USDA|VA) 4 $690,000 $172,500 $10,060 6.25%
Seneca, SC (FHA|USDA|VA) 3 $615,000 $205,000 $6,652 7.04%
Watertown, SD (FHA|USDA|VA) 1 $605,000 $605,000 $9,901 6.88%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 1 $595,000 $595,000 $4,837 6.13%
DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 3 $585,000 $195,000 $4,674 6.75%
Wisconsin Rapids-Marshfield, WI (FHA|USDA|VA) 1 $565,000 $565,000 $2,894 6.63%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 3 $555,000 $185,000 $8,973 7.00%
Ontario, OR-ID (FHA|USDA|VA) 1 $555,000 $555,000 $16,381 6.63%
LAKE CHARLES, LA (FHA|USDA|VA) 2 $550,000 $275,000 $8,293 6.94%
OGDEN-CLEARFIELD, UT (FHA|USDA|VA) 1 $545,000 $545,000 $17,678 6.13%
Prineville, OR (FHA|USDA|VA) 1 $535,000 $535,000 $5,579 7.63%
Grand Rapids, MN (FHA|USDA|VA) 5 $535,000 $107,000 $4,655 4.25%
Newport, OR (FHA|USDA|VA) 1 $475,000 $475,000 $5,120 7.00%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 2 $470,000 $235,000 $9,463 7.06%
Willmar, MN (FHA|USDA|VA) 2 $430,000 $215,000 $4,663 6.69%
Worthington, MN (FHA|USDA|VA) 1 $385,000 $385,000 $8,195 7.13%
PITTSBURGH, PA (FHA|USDA|VA) 3 $375,000 $125,000 $6,979 4.42%
MERCED, CA (FHA|USDA|VA) 2 $370,000 $185,000 $0 6.38%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 1 $365,000 $365,000 $12,622 6.63%
PUEBLO, CO (FHA|USDA|VA) 3 $355,000 $118,333 $4,224 4.63%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 2 $340,000 $170,000 $0 3.00%
FLINT, MI (FHA|USDA|VA) 1 $335,000 $335,000 $3,423 7.63%
POCATELLO, ID (FHA|USDA|VA) 1 $325,000 $325,000 $10,338 7.13%
MANKATO, MN (FHA|USDA|VA) 1 $325,000 $325,000 $5,826 8.00%
SPARTANBURG, SC (FHA|USDA|VA) 1 $325,000 $325,000 $11,417 7.00%
BATON ROUGE, LA (FHA|USDA|VA) 3 $325,000 $108,333 $7,808 4.40%
CaƱon City, CO (FHA|USDA|VA) 1 $325,000 $325,000 $3,748 7.00%
Brookings, SD (FHA|USDA|VA) 1 $305,000 $305,000 $4,481 6.88%
OCALA, FL (FHA|USDA|VA) 2 $300,000 $150,000 $6,822 6.13%
FORT COLLINS, CO (FHA|USDA|VA) 1 $295,000 $295,000 $16,068 5.63%
ASHEVILLE, NC (FHA|USDA|VA) 2 $290,000 $145,000 $0 3.69%
BURLINGTON, NC (FHA|USDA|VA) 1 $285,000 $285,000 $10,486 6.38%
Fort Morgan, CO (FHA|USDA|VA) 2 $270,000 $135,000 $0 3.31%
Owatonna, MN (FHA|USDA|VA) 1 $265,000 $265,000 $4,521 7.00%
APPLETON, WI (FHA|USDA|VA) 1 $265,000 $265,000 $8,785 7.25%
LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) 1 $255,000 $255,000 $7,099 7.13%
LEWISTON, ID-WA (FHA|USDA|VA) 1 $245,000 $245,000 $8,033 6.63%
MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 1 $245,000 $245,000 $2,992 7.13%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $235,000 $235,000 $10,583 6.25%
Cordele, GA (FHA|USDA|VA) 1 $225,000 $225,000 $5,874 6.88%
JANESVILLE-BELOIT, WI (FHA|USDA|VA) 1 $215,000 $215,000 $12,102 7.50%
Breckenridge, CO (FHA|USDA|VA) 1 $205,000 $205,000 $4,572 6.63%
BAKERSFIELD, CA (FHA|USDA|VA) 1 $205,000 $205,000 $9,985 6.75%
Blackfoot, ID (FHA|USDA|VA) 1 $195,000 $195,000 $9,621 6.13%
Mount Airy, NC (FHA|USDA|VA) 1 $195,000 $195,000 $7,886 6.50%
TALLAHASSEE, FL (FHA|USDA|VA) 1 $195,000 $195,000 $10,256 6.50%
NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) 1 $185,000 $185,000 $7,767 6.00%
Marinette, WI-MI (FHA|USDA|VA) 1 $175,000 $175,000 $4,163 5.75%
Austin, MN (FHA|USDA|VA) 2 $170,000 $85,000 $0 3.69%
Pottsville, PA (FHA|USDA|VA) 2 $160,000 $80,000 $0 3.25%
OCEAN CITY, NJ (FHA|USDA|VA) 1 $155,000 $155,000 $8,296 5.50%
SHEBOYGAN, WI (FHA|USDA|VA) 2 $150,000 $75,000 $0 6.13%
Pella, IA (FHA|USDA|VA) 1 $145,000 $145,000 $6,215 6.75%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $125,000 $125,000 $3,871 6.50%
Roseburg, OR (FHA|USDA|VA) 1 $125,000 $125,000 $4,509 6.13%
Albert Lea, MN (FHA|USDA|VA) 2 $120,000 $60,000 $0 3.25%
New Ulm, MN (FHA|USDA|VA) 1 $105,000 $105,000 $3,439 6.63%
Summit Mortgage Corporation's top markets include Minneapolis, Naples, Denver, Colorado Springs, and Duluth among others.

Their top states include:
  • Minnesota (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)
  • Colorado (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Similar Lenders

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

    CALIFORNIA CREDIT UNION
    Similarity Rank: 72
    MYPOINT Credit Union
    Similarity Rank: 81
    County Savings Bank
    Similarity Rank: 82
    Columbia Bank
    Similarity Rank: 96
    N C P D Federal Credit Union
    Similarity Rank: 126
    MY Credit Union
    Similarity Rank: 130
    BNB Bank
    Similarity Rank: 154
    SAN ANTONIO CITIZENS
    Similarity Rank: 156
    Mid-Atlantic Federal Credit Union
    Similarity Rank: 168
    SAN DIEGO COUNTY CREDIT UNION
    Similarity Rank: 184

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,269 $315,155,000 $248,349 $6,504 5.83%
    FHA 225 $64,055,000 $284,689 $12,415 6.61%
    VA 73 $30,655,000 $419,932 $9,882 6.33%
    USDA 41 $8,545,000 $208,415 $8,040 6.17%

    For 2024, Summit Mortgage Corporation's most frequently originated type of loan was Conventional, with 1,269 originations. Their 2nd most popular type was FHA, with 225 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 1,512 $390,030,000 $257,956 $7,667 5.92%
    Cash Out Refi 68 $19,240,000 $282,941 $6,973 6.79%
    Refi 28 $9,140,000 $326,429 $6,320 6.39%

    For 2024, Summit Mortgage Corporation's most frequently cited loan purpose was Home Purchase, with 1,512 originations. The 2nd most popular reason was Cash Out Refi, with 68 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,476 $410,510,000 $278,123 $7,604 6.19%
    10 Year 68 $1,630,000 $23,971 $5,137 5.49%
    20 Year 49 $3,685,000 $75,204 $5,685 0.53%
    15 Year 12 $2,570,000 $214,167 $7,810 5.44%
    5 Year 3 $15,000 $5,000 $0 0.00%

    For 2024, Summit Mortgage Corporation's most frequently cited loan duration was 30 Year, with 1,476 originations. The 2nd most popular length was 10 Year, with 68 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 413 $119,005,000 $288,148
    $5k+ 304 $121,240,000 $398,816
    $<1k 266 $16,120,000 $60,602
    $2k-3k 225 $54,575,000 $242,556
    $3k-4k 217 $54,545,000 $251,359
    $4k-5k 182 $52,710,000 $289,615

    Summit Mortgage Corporation's average total fees were $7,604, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 413 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 814 $231,710,000 $284,656
    7-8% 466 $142,170,000 $305,086
    <2.5% 194 $3,710,000 $19,124
    5-6% 125 $38,355,000 $306,840
    Over 8% 8 $1,750,000 $218,750
    4-5% 1 $715,000 $715,000

    During 2024, Summit Mortgage Corporation's average interest rate for loans was 6.19%, while their most frequently originated rate bucket for loans was 6-7%, with 814 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 754 $214,830,000 $284,920 $7,636 6.79%
    $100k-200k 323 $51,245,000 $158,653 $5,489 6.69%
    $100,000 or less 272 $6,480,000 $23,824 $4,448 2.04%
    $400k-600k 184 $87,980,000 $478,152 $10,002 6.80%
    $600k-1MM 66 $46,810,000 $709,242 $9,365 6.74%
    $1MM+ 9 $11,065,000 $1,229,444 $13,899 6.93%

    2024 saw Summit Mortgage Corporation place emphasis on $200k-400k loans with 754 originations, totaling $214,830,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 441 $74,845,000 $169,717 $6,135 5.30%
    $100k-150k 365 $107,885,000 $295,575 $8,661 6.42%
    $75k-100k 348 $79,040,000 $227,126 $7,244 5.83%
    $150k-250k 222 $85,690,000 $385,991 $8,517 6.83%
    $50k or less 120 $13,920,000 $116,000 $5,828 5.03%
    $250k+ 112 $57,030,000 $509,196 $8,443 6.85%

    Summit Mortgage Corporation lent most frequently to those with incomes in the $50k-75k range, with 441 originations. The second most popular income band? $100k-150k, with 365 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 253 $64,515,000 $255,000 $7,462 6.14%
    20-30% 174 $48,780,000 $280,345 $6,621 6.55%
    49% 101 $28,585,000 $283,020 $6,969 6.43%
    48% 101 $24,515,000 $242,723 $8,151 5.53%
    46% 87 $19,855,000 $228,218 $7,417 5.42%
    47% 85 $20,485,000 $241,000 $8,540 5.39%
    45% 80 $19,650,000 $245,625 $7,211 5.58%
    43% 78 $19,470,000 $249,615 $7,537 5.63%
    42% 77 $21,465,000 $278,766 $7,855 5.98%
    44% 76 $20,210,000 $265,921 $6,831 5.94%
    41% 71 $16,355,000 $230,352 $6,599 5.66%
    40% 68 $17,260,000 $253,824 $7,759 5.71%
    36% 68 $14,650,000 $215,441 $6,718 5.58%
    50-60% 63 $22,265,000 $353,413 $11,985 6.36%
    39% 63 $16,845,000 $267,381 $8,100 6.43%
    37% 61 $16,875,000 $276,639 $8,190 6.10%
    38% 52 $11,540,000 $221,923 $7,555 5.67%
    <20% 48 $14,110,000 $293,958 $6,574 6.47%
    >60% 2 $980,000 $490,000 $18,719 6.38%

    Summit Mortgage Corporation lent most frequently to those with DTI ratios of 30-36%, with 253 originations. The next most common DTI ratio? 20-30%, with 174 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,241 $336,875,000 $271,454 $7,423 6.14%
    Black 152 $31,780,000 $209,079 $9,551 4.98%
    Not provided 137 $30,915,000 $225,657 $7,775 5.69%
    Asian 64 $15,210,000 $237,656 $7,406 5.45%
    American Indian 9 $2,695,000 $299,444 $8,835 7.15%
    Native Hawaiian or Islander 2 $660,000 $330,000 $19,209 5.81%
    Other Asian 3 $275,000 $91,667 $0 4.92%

    Approval Rates

    Total approvals of all applications
    95.82%

    Summit Mortgage Corporation has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    74.32%

    Summit Mortgage Corporation has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,608 $418,410,000 $260,205

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,608 $418,410,000 $260,205

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 47 $8,545,000 $181,809 $5,313 6.23%
    40-60% 98 $26,500,000 $270,408 $6,041 6.67%
    60-80% 348 $110,060,000 $316,264 $6,992 6.85%
    80-100% 849 $261,065,000 $307,497 $8,102 6.76%
    Over 100% 16 $6,450,000 $403,125 $15,825 6.41%
    Under 20% 250 $5,790,000 $23,160 $4,306 1.69%