Summit Mortgage Rates, Fees & Info

MUNCIE, IN

LEI: 549300I25WBRMJIIED23

Tax ID: 35-1956001

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Summit Mortgage is a smaller mortgage company specializing in Home Purchase loans. Summit Mortgage has a high proportion of conventional loans. They have a a high proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Fort Wayne, Auburn, Indianapolis, Elkhart, and Warsaw among others. We have data for 41 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Summit Mortgage has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Summit Mortgage 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.

    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.


    Originations

    748

    Origination Dollar Volume (All Markets)

    $119,060,000

    Awards

    SUMMIT MORTGAGE FHA Loans silver SUMMIT MORTGAGE FHA Loans gold
    Show all (2) awards

    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
    FORT WAYNE, IN (FHA|USDA|VA) 541 $85,915,000 $158,808 $3,646 4.10%
    Auburn, IN (FHA|USDA|VA) 21 $3,415,000 $162,619 $3,159 4.20%
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 15 $2,715,000 $181,000 $4,411 4.15%
    ELKHART-GOSHEN, IN (FHA|USDA|VA) 15 $2,645,000 $176,333 $3,869 3.95%
    Outside of Metro Areas 15 $2,165,000 $144,333 $3,596 4.25%
    Warsaw, IN (FHA|USDA|VA) 12 $2,060,000 $171,667 $3,590 4.23%
    Kendallville, IN (FHA|USDA|VA) 10 $1,930,000 $193,000 $4,809 4.09%
    Angola, IN (FHA|USDA|VA) 8 $1,790,000 $223,750 $2,788 4.09%
    SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 16 $1,740,000 $108,750 $3,920 4.04%
    Decatur, IN (FHA|USDA|VA) 14 $1,660,000 $118,571 $3,628 4.25%
    Huntington, IN (FHA|USDA|VA) 11 $1,525,000 $138,636 $3,870 4.01%
    Bluffton, IN (FHA|USDA|VA) 9 $1,515,000 $168,333 $3,442 3.72%
    MUNCIE, IN (FHA|USDA|VA) 11 $1,055,000 $95,909 $4,191 4.30%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 3 $875,000 $291,667 $7,587 3.75%
    ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 4 $830,000 $207,500 $6,160 4.09%
    Wabash, IN (FHA|USDA|VA) 5 $735,000 $147,000 $5,217 3.95%
    NILES, MI (FHA|USDA|VA) 3 $655,000 $218,333 $5,237 3.88%
    Seymour, IN (FHA|USDA|VA) 4 $580,000 $145,000 $3,718 4.00%
    BLOOMINGTON, IN (FHA|USDA|VA) 3 $525,000 $175,000 $4,559 5.00%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $435,000 $435,000 $5,110 3.99%
    Marion, IN (FHA|USDA|VA) 4 $420,000 $105,000 $4,345 3.91%
    TUCSON, AZ (FHA|USDA|VA) 1 $365,000 $365,000 $8,461 3.63%
    Milledgeville, GA (FHA|USDA|VA) 1 $355,000 $355,000 $3,261 4.75%
    GAINESVILLE, FL (FHA|USDA|VA) 2 $350,000 $175,000 $6,151 3.88%
    LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) 2 $310,000 $155,000 $4,361 3.50%
    St. Marys, GA (FHA|USDA|VA) 1 $295,000 $295,000 $3,879 3.50%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $265,000 $265,000 $7,888 4.50%
    Peru, IN (FHA|USDA|VA) 1 $245,000 $245,000 $2,414 3.88%
    LOUISVILLE, KY (FHA|USDA|VA) 1 $215,000 $215,000 $6,724 4.63%
    LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 1 $165,000 $165,000 $1,999 4.25%
    HOT SPRINGS, AR (FHA|USDA|VA) 1 $165,000 $165,000 $2,630 5.38%
    Plymouth, IN (FHA|USDA|VA) 1 $165,000 $165,000 $5,187 4.38%
    SAGINAW, MI (FHA|USDA|VA) 1 $155,000 $155,000 $5,589 4.00%
    MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 1 $135,000 $135,000 $2,401 3.99%
    DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 1 $125,000 $125,000 $2,785 4.88%
    TERRE HAUTE, IN (FHA|USDA|VA) 2 $120,000 $60,000 $2,895 4.38%
    COLUMBUS, IN (FHA|USDA|VA) 1 $115,000 $115,000 $4,337 3.50%
    CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $105,000 $105,000 $2,790 4.50%
    Defiance, OH (FHA|USDA|VA) 1 $85,000 $85,000 $4,403 4.75%
    North Vernon, IN (FHA|USDA|VA) 1 $75,000 $75,000 $4,186 3.88%
    EVANSVILLE, IN-KY (FHA|USDA|VA) 1 $65,000 $65,000 $4,426 3.88%
    Summit Mortgage's top markets include Fort Wayne, Auburn, Indianapolis, Elkhart, and Warsaw among others.

    Their top states include:
  • Indiana (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Michigan (FHA|USDA|VA)
  • Arkansas (FHA|USDA|VA)

    • Similar Lenders

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

    BEACON CREDIT UNION
    Similarity Rank: 52
    Fire Police City County Federal Credit Union
    Similarity Rank: 72
    Circle Federal Credit Union
    Similarity Rank: 243
    INTERRA CREDIT UNION
    Similarity Rank: 252
    MIDWEST AMERICA
    Similarity Rank: 600
    ProFed Federal Credit Union
    Similarity Rank: 638
    TEACHERS CREDIT UNION
    Similarity Rank: 714
    First Federal Bank of the Midwest
    Similarity Rank: 781
    INOVA FEDERAL CREDIT UNION
    Similarity Rank: 833
    First Federal Savings Bank
    Similarity Rank: 1122

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 425 $73,355,000 $172,600 $2,876 4.18%
    FHA 274 $37,990,000 $138,650 $4,947 3.98%
    USDA 31 $3,755,000 $121,129 $3,749 4.05%
    VA 18 $3,960,000 $220,000 $5,740 4.15%

    For 2019, Summit Mortgage's most frequently originated type of loan was Conventional, with 425 originations. Their 2nd most popular type was FHA, with 274 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 544 $83,600,000 $153,676 $3,862 4.15%
    Refi 109 $19,435,000 $178,303 $3,340 3.83%
    Cash Out Refi 95 $16,025,000 $168,684 $3,579 4.14%

    For 2019, Summit Mortgage's most frequently cited loan purpose was Home Purchase, with 544 originations. The 2nd most popular reason was Refi, with 109 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 681 $108,485,000 $159,302 $3,847 4.14%
    15 Year 47 $7,185,000 $152,872 $2,577 3.69%
    20 Year 15 $2,245,000 $149,667 $2,891 3.93%
    10 Year 2 $310,000 $155,000 $2,372 3.38%
    30+ year 2 $650,000 $325,000 $4,860 4.50%
    Other 1 $185,000 $185,000 $5,303 4.13%

    For 2019, Summit Mortgage's most frequently cited loan duration was 30 Year, with 681 originations. The 2nd most popular length was 15 Year, with 47 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 668 $106,090,000 $158,817
    $2k-3k 43 $7,525,000 $175,000
    $<1k 26 $3,060,000 $117,692
    $3k-4k 5 $1,215,000 $243,000
    $4k-5k 2 $510,000 $255,000
    $5k+ 1 $385,000 $385,000

    Summit Mortgage's average total fees were $3,847, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 668 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 412 $69,670,000 $169,102
    4-5% 321 $47,615,000 $148,333
    5-6% 15 $1,775,000 $118,333

    During 2019, Summit Mortgage's average interest rate for loans was 4.14%, while their most frequently originated rate bucket for loans was 3-4%, with 412 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 427 $60,675,000 $142,096 $3,750 4.07%
    $100,000 or less 154 $12,030,000 $78,117 $3,175 4.25%
    $200k-400k 153 $40,265,000 $263,170 $4,339 4.06%
    $400k-600k 14 $6,090,000 $435,000 $3,535 3.90%

    2019 saw Summit Mortgage place emphasis on $100k-200k loans with 427 originations, totaling $60,675,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 276 $30,650,000 $111,051 $3,557 4.13%
    $50k-75k 215 $33,075,000 $153,837 $3,993 4.14%
    $75k-100k 110 $20,860,000 $189,636 $3,919 4.08%
    $100k-150k 89 $20,255,000 $227,584 $3,568 4.02%
    $150k-250k 34 $8,790,000 $258,529 $3,368 4.09%
    $250k+ 10 $3,190,000 $319,000 $3,943 3.95%

    Summit Mortgage lent most frequently to those with incomes in the $50k or less range, with 276 originations. The second most popular income band? $50k-75k, with 215 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 178 $28,170,000 $158,258 $3,210 4.12%
    30-36% 144 $23,110,000 $160,486 $3,579 4.11%
    <20% 62 $9,180,000 $148,065 $3,313 3.93%
    50-60% 49 $7,915,000 $161,531 $5,294 4.03%
    37% 32 $5,480,000 $171,250 $3,788 4.14%
    44% 29 $4,765,000 $164,310 $4,076 4.19%
    38% 28 $4,750,000 $169,643 $3,990 4.13%
    43% 26 $3,190,000 $122,692 $3,754 4.05%
    39% 24 $3,970,000 $165,417 $4,048 4.21%
    36% 23 $3,725,000 $161,957 $3,778 4.08%
    40% 22 $3,170,000 $144,091 $3,103 4.22%
    45% 21 $3,565,000 $169,762 $3,823 4.17%
    42% 19 $3,635,000 $191,316 $4,623 4.13%
    48% 16 $2,590,000 $161,875 $4,026 3.93%
    41% 16 $2,790,000 $174,375 $4,015 4.30%
    46% 15 $1,985,000 $132,333 $3,901 4.33%
    49% 14 $2,570,000 $183,571 $4,309 4.15%
    47% 12 $1,570,000 $130,833 $4,133 4.10%

    Summit Mortgage lent most frequently to those with DTI ratios of 20-30%, with 178 originations. The next most common DTI ratio? 30-36%, with 144 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 673 $108,915,000 $161,835 $3,705 4.10%
    Black 47 $6,825,000 $145,213 $4,658 4.01%
    Asian 20 $2,290,000 $114,500 $3,282 4.46%
    Not provided 4 $550,000 $137,500 $2,992 3.97%
    American Indian 3 $385,000 $128,333 $3,347 4.46%
    Native Hawaiian or Islander 1 $95,000 $95,000 $0 4.75%

    Approval Rates

    Total approvals of all applications
    94.85%

    Summit Mortgage has an average approval rate.

    Pick Rate

    Approvals leading to origination
    91.71%

    Summit Mortgage has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 748 $119,060,000 $159,171

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 5 $675,000 $135,000
    Single Family (1-4 Units):Site-Built 743 $118,385,000 $159,334

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 8 $730,000 $91,250 $2,572 3.94%
    40-60% 34 $5,280,000 $155,294 $2,559 3.89%
    60-80% 157 $26,985,000 $171,879 $2,907 4.14%
    80-100% 540 $84,380,000 $156,259 $4,046 4.11%
    Over 100% 8 $1,460,000 $182,500 $6,050 4.17%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    Santander Consumer USA Holdings Inc. Conventional home mortgage Trouble during payment process 4 80.0%
    Santander Consumer USA Holdings Inc. Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 20.0%