1st Summit Bank Mortgage Rates, Fees & Info

Johnstown, PA

LEI: 5493009HFRW3TN5NRR78

Tax ID: 25-0773370

5 stars - Updated: 3/17/24 - out of 5 stars, based on 25 reviews

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

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Mortgage Data

Review & Overview

1st Summit Bank is a smaller bank specializing in Home Purchase and Refi loans. 1st Summit Bank has a high proportion of conventional loans. Their top markets by origination volume include: Johnstown, Pittsburgh, Somerset, Altoona, and Indiana among others. We have data for 27 markets. (Some data included below & more in-depth data is available with an active subscription.)

1st Summit Bank 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. 1st Summit Bank 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.

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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
Home Equity Line of Credit (HELOC) 6.27% 3/17/24
30 Year Conventional Purchase 6.21% 3/17/24
30 Year Conventional Refi 6.23% 3/17/24
15 Year Conventional Purchase 5.69% 3/17/24
15 Year Conventional Refi 5.37% 3/17/24
15 Year Cash-out Refi 5.37% 3/17/24
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.

1st Summit Bank Mortgage Calculator






Your Estimates

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

This is not an official calculator from 1st Summit Bank. 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

632

Origination Dollar Volume (All Markets)

$92,180,000

Relative Rate

1st Summit Bank's average 30 year fixed mortgage rate was 4.48%.

The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

This yields a difference of -0.28%.

Relative Fees (Closing Costs)

1st Summit Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $3,168.

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 $4,750.

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
JOHNSTOWN, PA (FHA|USDA|VA) 318 $34,110,000 $107,264 $1,240 4.09%
PITTSBURGH, PA (FHA|USDA|VA) 115 $21,295,000 $185,174 $2,057 4.05%
Somerset, PA (FHA|USDA|VA) 103 $16,155,000 $156,845 $2,047 4.32%
ALTOONA, PA (FHA|USDA|VA) 21 $5,715,000 $272,143 $1,400 3.69%
Indiana, PA (FHA|USDA|VA) 36 $3,890,000 $108,056 $1,393 4.46%
Outside of Metro Areas 9 $2,205,000 $245,000 $3,309 4.38%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 4 $2,170,000 $542,500 $6,055 3.62%
OCEAN CITY, NJ (FHA|USDA|VA) 1 $1,095,000 $1,095,000 $0 3.25%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 2 $790,000 $395,000 $4,274 5.68%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $625,000 $625,000 $7,489 3.24%
DuBois, PA (FHA|USDA|VA) 6 $450,000 $75,000 $814 4.11%
PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) 1 $445,000 $445,000 $0 3.24%
HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 1 $395,000 $395,000 $5,243 3.00%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 1 $395,000 $395,000 $4,935 6.13%
READING, PA (FHA|USDA|VA) 1 $365,000 $365,000 $5,453 4.88%
LYNCHBURG, VA (FHA|USDA|VA) 1 $325,000 $325,000 $2,734 3.90%
YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) 1 $285,000 $285,000 $0 5.75%
SEBRING-AVON PARK, FL (FHA|USDA|VA) 1 $265,000 $265,000 $4,252 3.24%
YORK-HANOVER, PA (FHA|USDA|VA) 1 $225,000 $225,000 $3,040 3.24%
NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) 1 $205,000 $205,000 $3,361 5.38%
SPARTANBURG, SC (FHA|USDA|VA) 1 $205,000 $205,000 $2,194 3.74%
STATE COLLEGE, PA (FHA|USDA|VA) 1 $155,000 $155,000 $2,814 3.74%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $125,000 $125,000 $2,787 3.24%
Huntingdon, PA (FHA|USDA|VA) 1 $95,000 $95,000 $0 4.25%
New Castle, PA (FHA|USDA|VA) 1 $85,000 $85,000 $0 4.89%
MORGANTOWN, WV (FHA|USDA|VA) 1 $85,000 $85,000 $2,806 2.99%
HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) 1 $25,000 $25,000 $0 4.24%
1st Summit Bank's top markets include Johnstown, Pittsburgh, Somerset, Altoona, and Indiana among others.

Their top states include:
  • Pennsylvania (FHA|USDA|VA)
  • Maryland (FHA|USDA|VA)
  • New Jersey (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • South Carolina (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against 1st Summit Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 632 $92,180,000 $145,854 $1,639 4.13%

    For 2022, 1st Summit Bank's most frequently originated type of loan was Conventional, with 632 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 268 $56,570,000 $211,082 $3,336 4.57%
    Refi 229 $28,885,000 $126,135 $825 3.60%
    Home Improvement 92 $4,110,000 $44,674 $118 4.20%
    Other 43 $2,615,000 $60,814 $28 4.12%

    For 2022, 1st Summit Bank's most frequently cited loan purpose was Home Purchase, with 268 originations. The 2nd most popular reason was Refi, with 229 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 168 $17,080,000 $101,667 $559 3.96%
    10 Year 153 $9,515,000 $62,190 $80 3.78%
    30 Year 120 $22,630,000 $188,583 $3,168 4.48%
    20 Year 89 $16,695,000 $187,584 $2,466 4.60%
    30+ year 49 $21,755,000 $443,980 $5,872 4.15%
    Other 32 $3,840,000 $120,000 $1,370 4.19%
    5 Year 17 $465,000 $27,353 $258 4.08%
    3 Year 3 $125,000 $41,667 $0 3.16%
    1 Year 1 $75,000 $75,000 $0 6.25%

    For 2022, 1st Summit Bank's most frequently cited loan duration was 15 Year, with 168 originations. The 2nd most popular length was 10 Year, with 153 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 477 $45,165,000 $94,686
    $1k-2k 56 $18,890,000 $337,321
    $2k-3k 16 $8,160,000 $510,000
    $3k-4k 4 $4,250,000 $1,062,500

    1st Summit Bank's average total fees were $3,168, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 477 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 175 $40,675,000 $232,429
    4-5% 113 $14,475,000 $128,097
    5-6% 112 $11,520,000 $102,857
    2.5-3% 97 $13,065,000 $134,691
    <2.5% 84 $6,390,000 $76,071
    6-7% 43 $5,755,000 $133,837
    7-8% 6 $240,000 $40,000
    Over 8% 2 $60,000 $30,000

    During 2022, 1st Summit Bank's average interest rate for loans was 4.48%, while their most frequently originated rate bucket for loans was 3-4%, with 175 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 344 $16,970,000 $49,331 $513 4.20%
    $100k-200k 152 $21,240,000 $139,737 $1,842 4.12%
    $200k-400k 93 $26,775,000 $287,903 $3,537 3.97%
    $400k-600k 30 $14,380,000 $479,333 $5,866 4.21%
    $600k-1MM 8 $6,100,000 $762,500 $7,774 3.52%
    $1MM+ 5 $6,715,000 $1,343,000 $11,202 3.53%

    2022 saw 1st Summit Bank place emphasis on $100,000 or less loans with 344 originations, totaling $16,970,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 123 $7,565,000 $61,504 $919 4.18%
    $100k-150k 113 $19,775,000 $175,000 $2,119 3.97%
    $50k-75k 109 $9,885,000 $90,688 $1,223 4.25%
    $75k-100k 99 $11,155,000 $112,677 $1,501 4.17%
    $150k-250k 83 $19,655,000 $236,807 $2,571 3.92%
    $250k+ 29 $8,015,000 $276,379 $2,771 3.77%

    1st Summit Bank lent most frequently to those with incomes in the $50k or less range, with 123 originations. The second most popular income band? $100k-150k, with 113 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 184 $23,970,000 $130,272 $1,532 4.04%
    30-36% 101 $12,405,000 $122,822 $1,711 4.37%
    <20% 101 $11,895,000 $117,772 $925 3.72%
    41% 24 $2,910,000 $121,250 $1,643 4.36%
    39% 23 $3,525,000 $153,261 $2,338 4.21%
    36% 19 $3,115,000 $163,947 $2,570 4.36%
    38% 17 $2,865,000 $168,529 $2,080 4.22%
    42% 15 $1,595,000 $106,333 $1,011 4.50%
    40% 14 $2,420,000 $172,857 $1,897 4.50%
    >60% 11 $1,535,000 $139,545 $2,386 3.85%
    50-60% 9 $3,285,000 $365,000 $4,466 3.57%
    37% 8 $1,040,000 $130,000 $1,562 3.90%
    45% 6 $2,220,000 $370,000 $4,758 4.74%
    43% 5 $995,000 $199,000 $3,102 3.34%
    49% 4 $700,000 $175,000 $181 3.02%
    44% 4 $490,000 $122,500 $840 3.55%
    46% 3 $595,000 $198,333 $2,485 4.21%
    47% 2 $280,000 $140,000 $2,220 4.12%
    48% 2 $730,000 $365,000 $6,763 3.62%

    1st Summit Bank lent most frequently to those with DTI ratios of 20-30%, with 184 originations. The next most common DTI ratio? 30-36%, with 101 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 569 $78,355,000 $137,707 $1,630 4.06%
    Not applicable 55 $12,695,000 $230,818 $1,645 4.81%
    Black 6 $860,000 $143,333 $1,998 5.48%
    Not provided 1 $145,000 $145,000 $3,012 3.49%
    Asian 1 $125,000 $125,000 $3,094 2.99%

    Approval Rates

    Total approvals of all applications
    88.79%

    1st Summit Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    86.39%

    1st Summit Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 632 $92,180,000 $145,854

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    632 $92,180,000 $145,854

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 76 $4,370,000 $57,500 $153 4.06%
    40-60% 75 $7,835,000 $104,467 $851 3.75%
    60-80% 227 $40,945,000 $180,374 $1,969 4.11%
    80-100% 164 $34,220,000 $208,659 $3,033 4.40%
    Over 100% 6 $2,150,000 $358,333 $4,571 3.60%
    Under 20% 84 $2,660,000 $31,667 $72 4.14%