Summit Mortgage Corporation Rates, Fees & Info
Plymouth, MNLEI: 5493001YIUWLFRXQUO81
Tax ID: 41-1726353
Latest/2023 | 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, Philadelphia, Denver, and Cape Coral among others. We have data for 95 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 | 6.74% | 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
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
3,092Origination Dollar Volume (All Markets)
$714,290,000Awards
Summit Mortgage Corporation - 2019
Summit Mortgage Corporation is a 2019 , due to their low .
For 2019, less than of lenders were eligible for this award.
Work for Summit Mortgage Corporation?
Use this award on your own site. Either save and use the images below, or pass the provided image embed code to your development team.
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) | 1,300 | $308,010,000 | $236,931 | $5,049 | 3.97% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 211 | $56,955,000 | $269,929 | $5,564 | 4.30% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 173 | $43,675,000 | $252,457 | $6,714 | 4.10% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 149 | $42,935,000 | $288,154 | $4,921 | 4.03% |
| Outside of Metro Areas | 249 | $41,995,000 | $168,655 | $5,553 | 4.15% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 90 | $20,520,000 | $228,000 | $5,100 | 4.41% |
| BOISE CITY, ID (FHA|USDA|VA) | 71 | $18,965,000 | $267,113 | $7,036 | 4.31% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 88 | $16,750,000 | $190,341 | $6,126 | 4.26% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 37 | $16,665,000 | $450,405 | $7,072 | 4.39% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 82 | $13,110,000 | $159,878 | $6,018 | 3.68% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 23 | $10,225,000 | $444,565 | $5,806 | 4.21% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 30 | $9,250,000 | $308,333 | $7,402 | 3.97% |
| READING, PA (FHA|USDA|VA) | 62 | $8,810,000 | $142,097 | $5,411 | 3.71% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 25 | $8,205,000 | $328,200 | $7,461 | 3.92% |
| PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) | 24 | $7,770,000 | $323,750 | $4,993 | 3.94% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 26 | $6,070,000 | $233,462 | $5,697 | 4.11% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 27 | $5,575,000 | $206,481 | $5,178 | 4.04% |
| EAST STROUDSBURG, PA (FHA|USDA|VA) | 35 | $5,425,000 | $155,000 | $6,130 | 4.26% |
| SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) | 31 | $5,115,000 | $165,000 | $6,258 | 4.35% |
| ROCHESTER, MN (FHA|USDA|VA) | 25 | $4,755,000 | $190,200 | $4,812 | 3.90% |
| DULUTH, MN-WI (FHA|USDA|VA) | 33 | $4,585,000 | $138,939 | $4,208 | 3.63% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 24 | $4,430,000 | $184,583 | $5,347 | 4.02% |
| Pottsville, PA (FHA|USDA|VA) | 38 | $4,420,000 | $116,316 | $5,233 | 3.52% |
| HARRISONBURG, VA (FHA|USDA|VA) | 24 | $4,360,000 | $181,667 | $4,912 | 4.33% |
| Moses Lake, WA (FHA|USDA|VA) | 16 | $3,840,000 | $240,000 | $7,235 | 4.40% |
| LYNCHBURG, VA (FHA|USDA|VA) | 25 | $3,835,000 | $153,400 | $4,855 | 4.78% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 12 | $3,770,000 | $314,167 | $5,989 | 3.96% |
| GREELEY, CO (FHA|USDA|VA) | 8 | $2,350,000 | $293,750 | $6,048 | 3.50% |
| Faribault-Northfield, MN (FHA|USDA|VA) | 11 | $2,225,000 | $202,273 | $5,510 | 3.86% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 10 | $1,810,000 | $181,000 | $5,612 | 4.20% |
| Brainerd, MN (FHA|USDA|VA) | 8 | $1,730,000 | $216,250 | $3,340 | 4.11% |
| BOULDER, CO (FHA|USDA|VA) | 5 | $1,435,000 | $287,000 | $6,015 | 3.55% |
| ST. CLOUD, MN (FHA|USDA|VA) | 10 | $1,300,000 | $130,000 | $5,502 | 3.35% |
| SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) | 2 | $1,290,000 | $645,000 | $7,748 | 4.50% |
| OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) | 2 | $1,220,000 | $610,000 | $4,397 | 4.50% |
| STAUNTON, VA (FHA|USDA|VA) | 8 | $1,060,000 | $132,500 | $3,901 | 4.25% |
| COLORADO SPRINGS, CO (FHA|USDA|VA) | 4 | $1,030,000 | $257,500 | $3,988 | 4.25% |
| SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) | 2 | $920,000 | $460,000 | $3,590 | 3.87% |
| Hutchinson, MN (FHA|USDA|VA) | 6 | $900,000 | $150,000 | $3,920 | 4.21% |
| KENNEWICK-RICHLAND, WA (FHA|USDA|VA) | 4 | $870,000 | $217,500 | $8,841 | 4.00% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 4 | $710,000 | $177,500 | $5,114 | 4.44% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 2 | $670,000 | $335,000 | $3,096 | 4.81% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 2 | $570,000 | $285,000 | $4,990 | 4.56% |
| MANKATO, MN (FHA|USDA|VA) | 2 | $520,000 | $260,000 | $4,834 | 4.63% |
| YAKIMA, WA (FHA|USDA|VA) | 2 | $490,000 | $245,000 | $10,105 | 4.00% |
| Red Wing, MN (FHA|USDA|VA) | 3 | $445,000 | $148,333 | $6,190 | 4.66% |
| Austin, MN (FHA|USDA|VA) | 3 | $425,000 | $141,667 | $3,203 | 4.29% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 2 | $420,000 | $210,000 | $4,864 | 4.25% |
| ROANOKE, VA (FHA|USDA|VA) | 2 | $390,000 | $195,000 | $4,621 | 4.69% |
| WAUSAU-WESTON, WI (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $3,330 | 4.50% |
| FORT COLLINS, CO (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $3,469 | 3.75% |
| Menomonie, WI (FHA|USDA|VA) | 2 | $370,000 | $185,000 | $4,174 | 3.75% |
| SALEM, OR (FHA|USDA|VA) | 2 | $370,000 | $185,000 | $4,813 | 4.63% |
| Winona, MN (FHA|USDA|VA) | 3 | $355,000 | $118,333 | $2,987 | 3.17% |
| OCALA, FL (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $5,499 | 4.75% |
| OCEAN CITY, NJ (FHA|USDA|VA) | 2 | $340,000 | $170,000 | $4,184 | 4.31% |
| Key West, FL (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $13,285 | 4.99% |
| Montrose, CO (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $4,099 | 4.00% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $4,894 | 4.63% |
| Sayre, PA (FHA|USDA|VA) | 2 | $310,000 | $155,000 | $6,544 | 4.13% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 2 | $300,000 | $150,000 | $4,641 | 4.00% |
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $4,904 | 4.88% |
| MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) | 2 | $290,000 | $145,000 | $4,338 | 5.06% |
| Sebastian-Vero Beach, FL (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $10,001 | 3.50% |
| CHARLOTTESVILLE, VA (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $6,439 | 4.50% |
| BAKERSFIELD, CA (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $9,508 | 3.50% |
| HARRISBURG-CARLISLE, PA (FHA|USDA|VA) | 3 | $275,000 | $91,667 | $7,119 | 3.04% |
| ALBANY-LEBANON, OR (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $4,010 | 3.88% |
| AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $6,717 | 5.00% |
| Alexandria, MN (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $2,472 | 4.00% |
| Baraboo, WI (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $5,882 | 3.88% |
| Martinsville, VA (FHA|USDA|VA) | 3 | $245,000 | $81,667 | $4,191 | 4.67% |
| EAU CLAIRE, WI (FHA|USDA|VA) | 2 | $240,000 | $120,000 | $2,766 | 4.19% |
| YORK-HANOVER, PA (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $7,148 | 4.38% |
| SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $3,556 | 5.00% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $4,847 | 4.25% |
| Burley, ID (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $8,513 | 4.99% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $4,144 | 4.50% |
| WINCHESTER, VA-WV (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $2,466 | 3.88% |
| ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $10,986 | 4.00% |
| HOMOSASSA SPRINGS, FL (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $7,614 | 3.75% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $2,495 | 3.63% |
| Fort Morgan, CO (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $4,244 | 4.63% |
| APPLETON, WI (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $2,878 | 5.38% |
| JANESVILLE-BELOIT, WI (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $6,658 | 4.38% |
| GRAND JUNCTION, CO (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $3,459 | 4.38% |
| BLOOMSBURG-BERWICK, PA (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $9,923 | 4.25% |
| PANAMA CITY, FL (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $4,024 | 4.25% |
| Owatonna, MN (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $8,165 | 5.13% |
| Fergus Falls, MN (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $2,700 | 4.63% |
| Lock Haven, PA (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $3,243 | 3.99% |
| Albert Lea, MN (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $4,650 | 4.00% |
| LANCASTER, PA (FHA|USDA|VA) | 2 | $130,000 | $65,000 | $5,462 | 1.94% |
| Willmar, MN (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $4,782 | 4.75% |
| Danville, VA (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $4,310 | 5.13% |
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.
Similarity Rank: 42
Similarity Rank: 56
Similarity Rank: 104
Similarity Rank: 122
Similarity Rank: 147
Similarity Rank: 150
Similarity Rank: 162
Similarity Rank: 192
Similarity Rank: 212
Similarity Rank: 228
Product Mix
For 2019, Summit Mortgage Corporation's most frequently originated type of loan was Conventional, with 2,243 originations. Their 2nd most popular type was FHA, with 586 originations.
Loan Reason
For 2019, Summit Mortgage Corporation's most frequently cited loan purpose was Home Purchase, with 2,340 originations. The 2nd most popular reason was Refi, with 454 originations.
Loan Duration/Length
For 2019, Summit Mortgage Corporation's most frequently cited loan duration was 30 Year, with 2,874 originations. The 2nd most popular length was 15 Year, with 94 originations.
Origination Fees/Closing Costs
Summit Mortgage Corporation's average total fees were $5,530, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 1,758 originations.
Interest Rates
During 2019, Summit Mortgage Corporation's average interest rate for loans was 4.10%, while their most frequently originated rate bucket for loans was 3-4%, with 1,395 originations.
Loan Sizing
2019 saw Summit Mortgage Corporation place emphasis on $200k-400k loans with 1,493 originations, totaling $412,545,000 in origination value.
Applicant Income
Summit Mortgage Corporation lent most frequently to those with incomes in the $50k-75k range, with 911 originations. The second most popular income band? $75k-100k, with 615 originations.
Applicant Debt to Income Ratio
Summit Mortgage Corporation lent most frequently to those with DTI ratios of 30-36%, with 547 originations. The next most common DTI ratio? 20-30%, with 532 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications94.67%
Summit Mortgage Corporation has an average approval rate.
Pick Rate
Approvals leading to origination76.07%
Summit Mortgage Corporation has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 3,092 | $714,290,000 | $231,012 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 23 | $3,185,000 | $138,478 |
| Single Family (1-4 Units):Site-Built | 3,069 | $711,105,000 | $231,706 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| SANTANDER BANK, NATIONAL ASSOCIATION | Other type of mortgage | Trouble during payment process | 5 | 6.7% |
| SANTANDER BANK, NATIONAL ASSOCIATION | VA mortgage | Trouble during payment process | 1 | 1.3% |
| SANTANDER BANK, NATIONAL ASSOCIATION | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 5 | 6.7% |
| SANTANDER BANK, NATIONAL ASSOCIATION | Conventional home mortgage | Closing on a mortgage | 3 | 4.0% |
| SANTANDER BANK, NATIONAL ASSOCIATION | Conventional home mortgage | Incorrect information on your report | 1 | 1.3% |
| SANTANDER BANK, NATIONAL ASSOCIATION | Conventional home mortgage | Struggling to pay mortgage | 9 | 12.0% |
| SANTANDER BANK, NATIONAL ASSOCIATION | Conventional home mortgage | Trouble during payment process | 24 | 32.0% |
| SANTANDER BANK, NATIONAL ASSOCIATION | FHA mortgage | Applying for a mortgage or refinancing an existing mortgage | 2 | 2.7% |
| SANTANDER BANK, NATIONAL ASSOCIATION | FHA mortgage | Trouble during payment process | 1 | 1.3% |
| SANTANDER BANK, NATIONAL ASSOCIATION | Home equity loan or line of credit (HELOC) | Applying for a mortgage or refinancing an existing mortgage | 5 | 6.7% |
| SANTANDER BANK, NATIONAL ASSOCIATION | Home equity loan or line of credit (HELOC) | Closing on a mortgage | 2 | 2.7% |
| SANTANDER BANK, NATIONAL ASSOCIATION | Home equity loan or line of credit (HELOC) | Struggling to pay mortgage | 3 | 4.0% |
| SANTANDER BANK, NATIONAL ASSOCIATION | Home equity loan or line of credit (HELOC) | Trouble during payment process | 8 | 10.7% |
| SANTANDER BANK, NATIONAL ASSOCIATION | Other type of mortgage | Applying for a mortgage or refinancing an existing mortgage | 2 | 2.7% |
| SANTANDER BANK, NATIONAL ASSOCIATION | Other type of mortgage | Closing on a mortgage | 3 | 4.0% |
| SANTANDER BANK, NATIONAL ASSOCIATION | Other type of mortgage | Struggling to pay mortgage | 1 | 1.3% |