Summit Mortgage Corporation Rates, Fees & Info
Plymouth, MNLEI: 5493001YIUWLFRXQUO81
Tax ID: 41-1726353
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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, Philadelphia, Cape Coral, and Denver among others. We have data for 85 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.74% | 12/16/24 |
| 30 Year Conventional Refi | 6.61% | 12/16/24 |
| 30 Year Cash-out Refi | 6.86% | 12/16/24 |
| 30 Year FHA Purchase | 7.56% | 12/16/24 |
| 30 Year FHA Refi | 7.69% | 12/16/24 |
| 30 Year VA Purchase | 6.41% | 12/16/24 |
| 30 Year VA Refi | 6.68% | 12/16/24 |
| 30 Year USDA Purchase | 6.80% | 12/16/24 |
| 30 Year USDA Refi | 6.57% | 12/16/24 |
| 15 Year Conventional Purchase | 6.43% | 12/16/24 |
| 15 Year Conventional Refi | 6.21% | 12/16/24 |
| 15 Year Cash-out Refi | 6.21% | 12/16/24 |
| 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 Mortgage Corporation Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
2,558Origination Dollar Volume (All Markets)
$552,230,000Awards
Summit Mortgage Corporation - 2018
Summit Mortgage Corporation is a 2018 , due to their low .
For 2018, less than of lenders were eligible for this award.
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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) | 1,220 | $262,930,000 | $215,516 | $5,195 | 4.77% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 190 | $50,430,000 | $265,421 | $5,836 | 4.80% |
| Outside of Metro Areas | 200 | $33,140,000 | $165,700 | $5,496 | 4.81% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 136 | $32,050,000 | $235,662 | $6,573 | 4.65% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 96 | $21,680,000 | $225,833 | $5,047 | 4.76% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 89 | $21,425,000 | $240,730 | $5,200 | 4.84% |
| LYNCHBURG, VA (FHA|USDA|VA) | 130 | $20,400,000 | $156,923 | $4,663 | 4.79% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 86 | $16,470,000 | $191,512 | $6,787 | 4.78% |
| BOISE CITY, ID (FHA|USDA|VA) | 43 | $11,115,000 | $258,488 | $6,142 | 4.86% |
| PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) | 29 | $9,115,000 | $314,310 | $6,090 | 4.52% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 26 | $7,980,000 | $306,923 | $9,335 | 4.81% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 17 | $7,525,000 | $442,647 | $9,288 | 4.82% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 18 | $6,360,000 | $353,333 | $5,124 | 4.75% |
| EAST STROUDSBURG, PA (FHA|USDA|VA) | 29 | $5,165,000 | $178,103 | $6,136 | 4.51% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 14 | $4,560,000 | $325,714 | $8,386 | 4.59% |
| ROCHESTER, MN (FHA|USDA|VA) | 33 | $4,425,000 | $134,091 | $5,257 | 4.91% |
| HARRISONBURG, VA (FHA|USDA|VA) | 19 | $3,225,000 | $169,737 | $5,255 | 4.87% |
| SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) | 17 | $3,095,000 | $182,059 | $5,844 | 4.73% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 11 | $2,385,000 | $216,818 | $5,053 | 4.66% |
| DULUTH, MN-WI (FHA|USDA|VA) | 11 | $2,205,000 | $200,455 | $5,358 | 4.85% |
| Brainerd, MN (FHA|USDA|VA) | 9 | $2,175,000 | $241,667 | $4,218 | 4.74% |
| ST. CLOUD, MN (FHA|USDA|VA) | 16 | $2,030,000 | $126,875 | $5,705 | 4.75% |
| Faribault-Northfield, MN (FHA|USDA|VA) | 9 | $1,285,000 | $142,778 | $5,143 | 4.77% |
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 3 | $1,205,000 | $401,667 | $9,523 | 5.50% |
| MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) | 4 | $900,000 | $225,000 | $5,240 | 4.53% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 6 | $870,000 | $145,000 | $5,504 | 4.85% |
| BEND, OR (FHA|USDA|VA) | 2 | $760,000 | $380,000 | $4,264 | 4.63% |
| Red Wing, MN (FHA|USDA|VA) | 3 | $715,000 | $238,333 | $4,261 | 4.92% |
| GREELEY, CO (FHA|USDA|VA) | 2 | $710,000 | $355,000 | $5,933 | 4.63% |
| MANKATO, MN (FHA|USDA|VA) | 5 | $645,000 | $129,000 | $5,139 | 4.88% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 4 | $630,000 | $157,500 | $4,223 | 4.92% |
| BOULDER, CO (FHA|USDA|VA) | 2 | $560,000 | $280,000 | $3,289 | 5.56% |
| Hutchinson, MN (FHA|USDA|VA) | 4 | $560,000 | $140,000 | $4,624 | 4.66% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 2 | $550,000 | $275,000 | $4,614 | 4.88% |
| CHARLOTTESVILLE, VA (FHA|USDA|VA) | 4 | $530,000 | $132,500 | $6,426 | 4.63% |
| SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) | 1 | $525,000 | $525,000 | $10,024 | 5.00% |
| ALBANY-LEBANON, OR (FHA|USDA|VA) | 2 | $520,000 | $260,000 | $5,698 | 4.75% |
| Mountain Home, ID (FHA|USDA|VA) | 3 | $515,000 | $171,667 | $4,803 | 4.88% |
| Owatonna, MN (FHA|USDA|VA) | 5 | $515,000 | $103,000 | $4,907 | 4.63% |
| MADISON, WI (FHA|USDA|VA) | 2 | $500,000 | $250,000 | $3,152 | 4.75% |
| OCEAN CITY, NJ (FHA|USDA|VA) | 2 | $470,000 | $235,000 | $3,740 | 5.06% |
| Alexandria, MN (FHA|USDA|VA) | 2 | $460,000 | $230,000 | $3,297 | 4.75% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 3 | $405,000 | $135,000 | $3,900 | 4.88% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 2 | $390,000 | $195,000 | $6,550 | 4.50% |
| SHEBOYGAN, WI (FHA|USDA|VA) | 2 | $390,000 | $195,000 | $2,912 | 5.06% |
| SALEM, OR (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $3,672 | 4.13% |
| La Grande, OR (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $3,392 | 4.63% |
| RICHMOND, VA (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $4,489 | 4.75% |
| COLORADO SPRINGS, CO (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $3,019 | 4.88% |
| Newport, OR (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $5,797 | 4.25% |
| Winona, MN (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $3,424 | 4.88% |
| Austin, MN (FHA|USDA|VA) | 3 | $265,000 | $88,333 | $2,822 | 5.00% |
| FORT COLLINS, CO (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $4,760 | 4.75% |
| Willmar, MN (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $3,450 | 4.13% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $3,832 | 4.25% |
| Sayre, PA (FHA|USDA|VA) | 2 | $250,000 | $125,000 | $5,551 | 5.19% |
| YAKIMA, WA (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $7,815 | 5.25% |
| WINCHESTER, VA-WV (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $4,318 | 4.63% |
| APPLETON, WI (FHA|USDA|VA) | 2 | $210,000 | $105,000 | $6,757 | 5.50% |
| TWIN FALLS, ID (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $7,738 | 4.88% |
| IDAHO FALLS, ID (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $3,837 | 4.75% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $6,918 | 4.63% |
| RACINE, WI (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $3,908 | 4.50% |
| Grand Rapids, MN (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $2,904 | 4.25% |
| JANESVILLE-BELOIT, WI (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $6,042 | 4.88% |
| SEBRING-AVON PARK, FL (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $3,495 | 5.13% |
| ROANOKE, VA (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $5,028 | 4.88% |
| Martinsville, VA (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $7,240 | 4.63% |
| Beaver Dam, WI (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $2,903 | 4.88% |
| WAUSAU-WESTON, WI (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $6,002 | 4.75% |
| WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $2,968 | 4.88% |
| Ontario, OR-ID (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $7,455 | 4.75% |
| PANAMA CITY, FL (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $3,582 | 5.38% |
| STAUNTON, VA (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $4,576 | 4.63% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $6,981 | 4.25% |
| TALLAHASSEE, FL (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $3,521 | 4.63% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $3,314 | 5.00% |
| LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $3,250 | 5.00% |
| Albert Lea, MN (FHA|USDA|VA) | 2 | $120,000 | $60,000 | $0 | 4.75% |
| Fergus Falls, MN (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $2,922 | 4.13% |
| EAU CLAIRE, WI (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $2,597 | 5.38% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $3,476 | 5.00% |
| GRAND FORKS, ND-MN (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $4,092 | 4.25% |
| Danville, VA (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $6,086 | 5.25% |
| STATE COLLEGE, PA (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $3,136 | 5.25% |
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Product Mix
For 2018, Summit Mortgage Corporation's most frequently originated type of loan was Conventional, with 1,797 originations. Their 2nd most popular type was FHA, with 534 originations.
Loan Reason
For 2018, Summit Mortgage Corporation's most frequently cited loan purpose was Home Purchase, with 2,199 originations. The 2nd most popular reason was Cash Out Refi, with 250 originations.
Loan Duration/Length
For 2018, Summit Mortgage Corporation's most frequently cited loan duration was 30 Year, with 2,365 originations. The 2nd most popular length was 15 Year, with 78 originations.
Origination Fees/Closing Costs
Summit Mortgage Corporation's average total fees were $5,598, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 1,474 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 1,857 | $423,785,000 | $228,209 |
| 5-6% | 486 | $97,600,000 | $200,823 |
| 3-4% | 122 | $29,560,000 | $242,295 |
| 6-7% | 4 | $720,000 | $180,000 |
During 2018, Summit Mortgage Corporation's average interest rate for loans was 4.78%, while their most frequently originated rate bucket for loans was 4-5%, with 1,857 originations.
Loan Sizing
2018 saw Summit Mortgage Corporation place emphasis on $200k-400k loans with 1,165 originations, totaling $316,365,000 in origination value.
Applicant Income
Summit Mortgage Corporation lent most frequently to those with incomes in the $50k-75k range, with 773 originations. The second most popular income band? $75k-100k, with 532 originations.
Applicant Debt to Income Ratio
Summit Mortgage Corporation lent most frequently to those with DTI ratios of 30-36%, with 436 originations. The next most common DTI ratio? 20-30%, with 399 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications91.66%
Summit Mortgage Corporation has an average approval rate.
Pick Rate
Approvals leading to origination75.33%
Summit Mortgage Corporation has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 2,558 | $552,230,000 | $215,884 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 25 | $3,135,000 | $125,400 |
| Single Family (1-4 Units):Site-Built | 2,533 | $549,095,000 | $216,777 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| SANTANDER BANK, NATIONAL ASSOCIATION | Home equity loan or line of credit (HELOC) | Trouble during payment process | 9 | 10.8% |
| SANTANDER BANK, NATIONAL ASSOCIATION | Other type of mortgage | Closing on a mortgage | 1 | 1.2% |
| SANTANDER BANK, NATIONAL ASSOCIATION | Other type of mortgage | Struggling to pay mortgage | 6 | 7.2% |
| SANTANDER BANK, NATIONAL ASSOCIATION | Other type of mortgage | Trouble during payment process | 10 | 12.0% |
| SANTANDER BANK, NATIONAL ASSOCIATION | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 2 | 2.4% |
| SANTANDER BANK, NATIONAL ASSOCIATION | Conventional home mortgage | Closing on a mortgage | 2 | 2.4% |
| SANTANDER BANK, NATIONAL ASSOCIATION | Conventional home mortgage | Problem with a credit reporting company's investigation into an existing problem | 2 | 2.4% |
| SANTANDER BANK, NATIONAL ASSOCIATION | Conventional home mortgage | Struggling to pay mortgage | 7 | 8.4% |
| SANTANDER BANK, NATIONAL ASSOCIATION | Conventional home mortgage | Trouble during payment process | 39 | 47.0% |
| SANTANDER BANK, NATIONAL ASSOCIATION | FHA mortgage | Trouble during payment process | 1 | 1.2% |
| SANTANDER BANK, NATIONAL ASSOCIATION | Home equity loan or line of credit (HELOC) | Applying for a mortgage or refinancing an existing mortgage | 2 | 2.4% |
| SANTANDER BANK, NATIONAL ASSOCIATION | Home equity loan or line of credit (HELOC) | Closing on a mortgage | 1 | 1.2% |
| SANTANDER BANK, NATIONAL ASSOCIATION | Home equity loan or line of credit (HELOC) | Struggling to pay mortgage | 1 | 1.2% |