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 small 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, Orlando, Philadelphia, and Denver among others. We have data for 122 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% | 4/22/24 |
| 30 Year Conventional Refi | 6.61% | 4/22/24 |
| 30 Year Cash-out Refi | 6.86% | 4/22/24 |
| 30 Year FHA Purchase | 7.56% | 4/22/24 |
| 30 Year FHA Refi | 7.69% | 4/22/24 |
| 30 Year VA Purchase | 6.41% | 4/22/24 |
| 30 Year VA Refi | 6.68% | 4/22/24 |
| 30 Year USDA Purchase | 6.80% | 4/22/24 |
| 30 Year USDA Refi | 6.57% | 4/22/24 |
| 15 Year Conventional Purchase | 6.43% | 4/22/24 |
| 15 Year Conventional Refi | 6.21% | 4/22/24 |
| 15 Year Cash-out Refi | 6.21% | 4/22/24 |
| 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
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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
5,793Origination Dollar Volume (All Markets)
$1,527,445,000Awards
Summit Mortgage Corporation - 2021
Summit Mortgage Corporation is a 2021 , due to their low .
For 2021, 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) | 2,326 | $602,710,000 | $259,119 | $4,379 | 2.97% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 410 | $126,080,000 | $307,512 | $5,367 | 3.09% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 458 | $118,550,000 | $258,843 | $6,146 | 3.15% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 359 | $92,135,000 | $256,643 | $6,494 | 2.87% |
| Outside of Metro Areas | 402 | $88,190,000 | $219,378 | $5,640 | 3.02% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 250 | $77,320,000 | $309,280 | $4,897 | 2.99% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 218 | $57,420,000 | $263,394 | $4,969 | 3.11% |
| BOISE CITY, ID (FHA|USDA|VA) | 113 | $36,605,000 | $323,938 | $7,934 | 3.10% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 151 | $32,585,000 | $215,795 | $5,680 | 3.08% |
| PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) | 80 | $27,280,000 | $341,000 | $5,261 | 2.88% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 79 | $24,995,000 | $316,392 | $7,385 | 3.07% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 51 | $22,535,000 | $441,863 | $6,456 | 3.07% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 42 | $18,000,000 | $428,571 | $6,557 | 3.01% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 32 | $12,570,000 | $392,813 | $6,131 | 3.03% |
| DULUTH, MN-WI (FHA|USDA|VA) | 72 | $12,250,000 | $170,139 | $4,087 | 2.97% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 57 | $12,075,000 | $211,842 | $7,060 | 3.03% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 54 | $11,090,000 | $205,370 | $4,864 | 3.02% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 45 | $10,195,000 | $226,556 | $6,372 | 3.15% |
| SALEM, OR (FHA|USDA|VA) | 38 | $10,040,000 | $264,211 | $7,460 | 3.21% |
| EAST STROUDSBURG, PA (FHA|USDA|VA) | 31 | $7,515,000 | $242,419 | $5,771 | 3.05% |
| SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) | 38 | $7,200,000 | $189,474 | $5,331 | 3.00% |
| ST. CLOUD, MN (FHA|USDA|VA) | 35 | $6,465,000 | $184,714 | $4,728 | 3.00% |
| ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) | 30 | $6,380,000 | $212,667 | $6,327 | 3.11% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 21 | $6,075,000 | $289,286 | $5,928 | 3.07% |
| BOULDER, CO (FHA|USDA|VA) | 19 | $5,625,000 | $296,053 | $3,493 | 3.14% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 25 | $5,545,000 | $221,800 | $5,011 | 3.15% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 20 | $5,190,000 | $259,500 | $5,484 | 2.93% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 19 | $4,965,000 | $261,316 | $5,736 | 2.75% |
| OCALA, FL (FHA|USDA|VA) | 23 | $4,445,000 | $193,261 | $5,020 | 3.39% |
| Brainerd, MN (FHA|USDA|VA) | 16 | $3,960,000 | $247,500 | $4,145 | 3.09% |
| Hutchinson, MN (FHA|USDA|VA) | 19 | $3,335,000 | $175,526 | $4,797 | 2.64% |
| ROCHESTER, MN (FHA|USDA|VA) | 12 | $2,980,000 | $248,333 | $5,317 | 2.63% |
| Faribault-Northfield, MN (FHA|USDA|VA) | 12 | $2,880,000 | $240,000 | $5,299 | 3.02% |
| KENNEWICK-RICHLAND, WA (FHA|USDA|VA) | 10 | $2,480,000 | $248,000 | $8,239 | 3.09% |
| FORT COLLINS, CO (FHA|USDA|VA) | 6 | $2,420,000 | $403,333 | $4,397 | 3.10% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 9 | $2,295,000 | $255,000 | $5,754 | 3.06% |
| GREELEY, CO (FHA|USDA|VA) | 7 | $2,115,000 | $302,143 | $5,272 | 2.96% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 5 | $1,655,000 | $331,000 | $6,377 | 3.25% |
| THE VILLAGES, FL (FHA|USDA|VA) | 9 | $1,635,000 | $181,667 | $6,484 | 3.40% |
| OCEAN CITY, NJ (FHA|USDA|VA) | 5 | $1,515,000 | $303,000 | $4,575 | 2.93% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 6 | $1,480,000 | $246,667 | $5,907 | 2.69% |
| COLORADO SPRINGS, CO (FHA|USDA|VA) | 6 | $1,450,000 | $241,667 | $4,782 | 2.90% |
| AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) | 4 | $1,370,000 | $342,500 | $5,337 | 3.34% |
| PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) | 3 | $1,365,000 | $455,000 | $4,567 | 3.38% |
| TALLAHASSEE, FL (FHA|USDA|VA) | 7 | $1,305,000 | $186,429 | $6,672 | 2.96% |
| ALBANY-LEBANON, OR (FHA|USDA|VA) | 4 | $1,270,000 | $317,500 | $8,308 | 2.53% |
| Newport, OR (FHA|USDA|VA) | 4 | $1,250,000 | $312,500 | $7,451 | 3.22% |
| Ontario, OR-ID (FHA|USDA|VA) | 3 | $1,195,000 | $398,333 | $9,975 | 3.00% |
| CHEYENNE, WY (FHA|USDA|VA) | 3 | $1,145,000 | $381,667 | $9,269 | 3.46% |
| Owatonna, MN (FHA|USDA|VA) | 4 | $1,120,000 | $280,000 | $2,957 | 2.62% |
| Coos Bay, OR (FHA|USDA|VA) | 3 | $1,105,000 | $368,333 | $8,575 | 2.92% |
| Red Wing, MN (FHA|USDA|VA) | 6 | $1,070,000 | $178,333 | $4,066 | 3.27% |
| SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) | 3 | $1,065,000 | $355,000 | $6,191 | 3.33% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 4 | $1,040,000 | $260,000 | $5,132 | 3.41% |
| MADISON, WI (FHA|USDA|VA) | 3 | $975,000 | $325,000 | $4,078 | 3.41% |
| SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) | 2 | $950,000 | $475,000 | $9,049 | 2.31% |
| Alexandria, MN (FHA|USDA|VA) | 3 | $875,000 | $291,667 | $4,329 | 3.21% |
| PITTSBURGH, PA (FHA|USDA|VA) | 4 | $850,000 | $212,500 | $6,250 | 3.53% |
| Fergus Falls, MN (FHA|USDA|VA) | 4 | $830,000 | $207,500 | $5,350 | 2.28% |
| SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) | 2 | $780,000 | $390,000 | $2,803 | 2.81% |
| READING, PA (FHA|USDA|VA) | 4 | $780,000 | $195,000 | $4,697 | 2.97% |
| VINELAND-BRIDGETON, NJ (FHA|USDA|VA) | 5 | $775,000 | $155,000 | $6,886 | 3.15% |
| HARRISONBURG, VA (FHA|USDA|VA) | 3 | $765,000 | $255,000 | $7,145 | 2.67% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 3 | $755,000 | $251,667 | $4,599 | 2.96% |
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 2 | $740,000 | $370,000 | $10,191 | 2.75% |
| RICHMOND, VA (FHA|USDA|VA) | 4 | $700,000 | $175,000 | $4,277 | 3.09% |
| BEND, OR (FHA|USDA|VA) | 2 | $700,000 | $350,000 | $4,954 | 3.00% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 4 | $700,000 | $175,000 | $4,593 | 3.12% |
| GAINESVILLE, FL (FHA|USDA|VA) | 2 | $670,000 | $335,000 | $10,363 | 3.75% |
| SHEBOYGAN, WI (FHA|USDA|VA) | 2 | $650,000 | $325,000 | $4,604 | 4.00% |
| Sebastian-Vero Beach, FL (FHA|USDA|VA) | 4 | $630,000 | $157,500 | $5,043 | 3.19% |
| GRAND JUNCTION, CO (FHA|USDA|VA) | 2 | $630,000 | $315,000 | $2,723 | 3.06% |
| OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) | 1 | $615,000 | $615,000 | $3,954 | 3.75% |
| MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) | 2 | $610,000 | $305,000 | $2,665 | 3.44% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 2 | $570,000 | $285,000 | $3,326 | 3.19% |
| Grand Rapids, MN (FHA|USDA|VA) | 3 | $565,000 | $188,333 | $3,476 | 3.25% |
| PUEBLO, CO (FHA|USDA|VA) | 2 | $540,000 | $270,000 | $4,032 | 3.06% |
| Palatka, FL (FHA|USDA|VA) | 3 | $535,000 | $178,333 | $5,486 | 2.75% |
| LEBANON, PA (FHA|USDA|VA) | 3 | $525,000 | $175,000 | $5,118 | 3.08% |
| SALT LAKE CITY, UT (FHA|USDA|VA) | 1 | $525,000 | $525,000 | $9,655 | 3.38% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 1 | $515,000 | $515,000 | $3,876 | 2.88% |
| Clewiston, FL (FHA|USDA|VA) | 1 | $515,000 | $515,000 | $8,173 | 2.88% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 2 | $490,000 | $245,000 | $3,489 | 3.31% |
| Lake City, FL (FHA|USDA|VA) | 1 | $485,000 | $485,000 | $4,094 | 2.50% |
| Baraboo, WI (FHA|USDA|VA) | 1 | $465,000 | $465,000 | $2,992 | 2.99% |
| WALLA WALLA, WA (FHA|USDA|VA) | 2 | $450,000 | $225,000 | $7,244 | 3.00% |
| POCATELLO, ID (FHA|USDA|VA) | 2 | $410,000 | $205,000 | $10,882 | 3.25% |
| Klamath Falls, OR (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $5,339 | 2.75% |
| CORVALLIS, OR (FHA|USDA|VA) | 1 | $395,000 | $395,000 | $10,788 | 3.13% |
| HOMOSASSA SPRINGS, FL (FHA|USDA|VA) | 2 | $390,000 | $195,000 | $7,960 | 2.94% |
| MANKATO, MN (FHA|USDA|VA) | 2 | $380,000 | $190,000 | $4,595 | 2.56% |
| Watertown, SD (FHA|USDA|VA) | 2 | $380,000 | $190,000 | $3,638 | 3.13% |
| JANESVILLE-BELOIT, WI (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $4,414 | 3.13% |
| Brookings, OR (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $11,877 | 3.00% |
| EAU CLAIRE, WI (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $2,642 | 2.63% |
| RACINE, WI (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $2,887 | 3.13% |
| Sayre, PA (FHA|USDA|VA) | 2 | $330,000 | $165,000 | $6,225 | 3.19% |
| STAUNTON, VA (FHA|USDA|VA) | 3 | $325,000 | $108,333 | $5,298 | 2.71% |
| TWIN FALLS, ID (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $11,922 | 3.13% |
| FRESNO, CA (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $5,021 | 2.88% |
| Hermiston-Pendleton, OR (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $7,511 | 3.25% |
| EUGENE-SPRINGFIELD, OR (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $10,478 | 3.00% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $3,776 | 3.38% |
| BAKERSFIELD, CA (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $5,211 | 2.75% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $5,241 | 2.63% |
| Willmar, MN (FHA|USDA|VA) | 3 | $265,000 | $88,333 | $2,990 | 3.21% |
| Mountain Home, ID (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $7,109 | 3.63% |
| Outside of Metro Areas | 1 | $245,000 | $245,000 | $7,585 | 3.63% |
| Fort Morgan, CO (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $7,583 | 2.25% |
| VISALIA, CA (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $3,721 | 3.00% |
| LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $2,801 | 3.38% |
| The Dalles, OR (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $3,275 | 2.88% |
| Aberdeen, SD (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $3,531 | 3.63% |
| Winona, MN (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $3,589 | 3.00% |
| Granbury, TX (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $4,597 | 3.25% |
| Prineville, OR (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $3,928 | 3.00% |
| Brookings, SD (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $9,993 | 3.00% |
| Price, UT (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $6,014 | 3.13% |
| Bemidji, MN (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $1,945 | 2.50% |
| ERIE, PA (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $4,173 | 3.38% |
| HARRISBURG-CARLISLE, PA (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $4,061 | 3.25% |
| EL PASO, TX (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $3,506 | 2.88% |
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Product Mix
For 2021, Summit Mortgage Corporation's most frequently originated type of loan was Conventional, with 4,756 originations. Their 2nd most popular type was FHA, with 684 originations.
Loan Reason
For 2021, Summit Mortgage Corporation's most frequently cited loan purpose was Home Purchase, with 3,855 originations. The 2nd most popular reason was Refi, with 1,135 originations.
Loan Duration/Length
For 2021, Summit Mortgage Corporation's most frequently cited loan duration was 30 Year, with 5,057 originations. The 2nd most popular length was 15 Year, with 411 originations.
Origination Fees/Closing Costs
Summit Mortgage Corporation's average total fees were $5,425, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 3,754 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 2,999 | $791,885,000 | $264,050 |
| 2.5-3% | 2,074 | $580,400,000 | $279,846 |
| <2.5% | 637 | $135,375,000 | $212,520 |
| 4-5% | 82 | $19,770,000 | $241,098 |
| 7-8% | 1 | $15,000 | $15,000 |
During 2021, Summit Mortgage Corporation's average interest rate for loans was 3.06%, while their most frequently originated rate bucket for loans was 3-4%, with 2,999 originations.
Loan Sizing
2021 saw Summit Mortgage Corporation place emphasis on $200k-400k loans with 3,061 originations, totaling $864,735,000 in origination value.
Applicant Income
Summit Mortgage Corporation lent most frequently to those with incomes in the $50k-75k range, with 1,606 originations. The second most popular income band? $100k-150k, with 1,154 originations.
Applicant Debt to Income Ratio
Summit Mortgage Corporation lent most frequently to those with DTI ratios of 20-30%, with 1,097 originations. The next most common DTI ratio? 30-36%, with 1,054 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.36%
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 origination77.92%
Summit Mortgage Corporation has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 5,793 | $1,527,445,000 | $263,671 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5,793 | $1,527,445,000 | $263,671 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| SENTE MORTGAGE | Conventional home mortgage | Trouble during payment process | 1 | 100.0% |