Summit Mortgage Rates, Fees & Info

MUNCIE, IN

LEI: 549300I25WBRMJIIED23

Tax ID: 35-1956001

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

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 Refi and Home Purchase loans. Summit Mortgage 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: Fort Wayne, Kendallville, Auburn, Indianapolis, and Elkhart among others. We have data for 22 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 a below 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

    138

    Origination Dollar Volume (All Markets)

    $26,780,000

    Awards

    SUMMIT MORTGAGE FHA Loans silver
    Show all (1) 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) 99 $19,905,000 $201,061 $3,820 3.30%
    Kendallville, IN (FHA|USDA|VA) 6 $940,000 $156,667 $4,079 3.23%
    Auburn, IN (FHA|USDA|VA) 5 $885,000 $177,000 $4,183 3.30%
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 3 $685,000 $228,333 $5,923 3.50%
    ELKHART-GOSHEN, IN (FHA|USDA|VA) 3 $575,000 $191,667 $4,151 3.13%
    Angola, IN (FHA|USDA|VA) 1 $495,000 $495,000 $0 3.00%
    CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $395,000 $395,000 $2,885 4.38%
    Decatur, IN (FHA|USDA|VA) 3 $385,000 $128,333 $3,179 3.38%
    Warsaw, IN (FHA|USDA|VA) 2 $370,000 $185,000 $2,569 3.56%
    Plymouth, IN (FHA|USDA|VA) 1 $305,000 $305,000 $0 3.38%
    Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 1 $275,000 $275,000 $5,499 2.63%
    Outside of Metro Areas 2 $230,000 $115,000 $4,910 4.09%
    MUNCIE, IN (FHA|USDA|VA) 2 $230,000 $115,000 $4,098 4.38%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $165,000 $165,000 $2,770 4.45%
    New Castle, IN (FHA|USDA|VA) 1 $155,000 $155,000 $4,490 3.25%
    SAGINAW, MI (FHA|USDA|VA) 1 $145,000 $145,000 $5,228 3.50%
    SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 1 $135,000 $135,000 $5,081 3.50%
    Marion, IN (FHA|USDA|VA) 1 $125,000 $125,000 $4,182 3.75%
    Seymour, IN (FHA|USDA|VA) 1 $115,000 $115,000 $4,743 3.75%
    LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 1 $105,000 $105,000 $0 3.63%
    WHEELING, WV-OH (FHA|USDA|VA) 1 $105,000 $105,000 $4,769 4.13%
    BAY CITY, MI (FHA|USDA|VA) 1 $55,000 $55,000 $3,252 3.88%
    Summit Mortgage's top markets include Fort Wayne, Kendallville, Auburn, Indianapolis, and Elkhart among others.

    Their top states include:
  • Indiana (FHA|USDA|VA)
  • Virginia (FHA|USDA|VA)
  • Michigan (FHA|USDA|VA)
  • Ohio (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.

    Circle Federal Credit Union
    Similarity Rank: 240
    Fire Police City County Federal Credit Union
    Similarity Rank: 315
    MIDWEST AMERICA
    Similarity Rank: 380
    ProFed Federal Credit Union
    Similarity Rank: 528
    OAK MORTGAGE, LLC
    Similarity Rank: 644
    PARTNERS 1ST Federal Credit Union
    Similarity Rank: 858
    CONSUMERS
    Similarity Rank: 952
    INTERRA CREDIT UNION
    Similarity Rank: 990
    BEACON CREDIT UNION
    Similarity Rank: 1209
    MutualBank
    Similarity Rank: 1300

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 94 $19,100,000 $203,191 $3,093 3.41%
    FHA 31 $5,185,000 $167,258 $5,598 3.25%
    USDA 8 $970,000 $121,250 $4,152 3.46%
    VA 5 $1,525,000 $305,000 $4,994 3.03%

    For 2020, Summit Mortgage's most frequently originated type of loan was Conventional, with 94 originations. Their 2nd most popular type was FHA, with 31 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 63 $13,505,000 $214,365 $3,666 3.20%
    Home Purchase 56 $9,930,000 $177,321 $4,444 3.52%
    Cash Out Refi 19 $3,345,000 $176,053 $3,152 3.47%

    For 2020, Summit Mortgage's most frequently cited loan purpose was Refi, with 63 originations. The 2nd most popular reason was Home Purchase, with 56 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 115 $22,325,000 $194,130 $4,105 3.45%
    15 Year 14 $2,750,000 $196,429 $3,068 2.78%
    20 Year 5 $835,000 $167,000 $2,510 3.28%
    10 Year 2 $550,000 $275,000 $2,782 2.88%
    Other 2 $320,000 $160,000 $2,410 3.13%

    For 2020, Summit Mortgage's most frequently cited loan duration was 30 Year, with 115 originations. The 2nd most popular length was 15 Year, with 14 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 96 $18,180,000 $189,375
    $2k-3k 2 $390,000 $195,000
    $3k-4k 2 $690,000 $345,000

    Summit Mortgage's average total fees were $4,105, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 96 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 93 $17,275,000 $185,753
    2.5-3% 34 $7,540,000 $221,765
    4-5% 7 $1,175,000 $167,857
    <2.5% 3 $715,000 $238,333
    5-6% 1 $75,000 $75,000

    During 2020, Summit Mortgage's average interest rate for loans was 3.45%, while their most frequently originated rate bucket for loans was 3-4%, with 93 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 67 $9,955,000 $148,582 $3,817 3.44%
    $200k-400k 44 $12,050,000 $273,864 $4,645 3.18%
    $100,000 or less 20 $1,540,000 $77,000 $3,101 3.57%
    $400k-600k 7 $3,235,000 $462,143 $3,341 3.20%

    2020 saw Summit Mortgage place emphasis on $100k-200k loans with 67 originations, totaling $9,955,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 45 $6,065,000 $134,778 $3,787 3.43%
    $50k-75k 32 $5,530,000 $172,813 $4,268 3.32%
    $100k-150k 25 $5,895,000 $235,800 $4,554 3.28%
    $75k-100k 21 $4,205,000 $200,238 $3,752 3.50%
    $150k-250k 9 $3,315,000 $368,333 $3,174 3.40%
    $250k+ 6 $1,770,000 $295,000 $2,784 2.92%

    Summit Mortgage lent most frequently to those with incomes in the $50k or less range, with 45 originations. The second most popular income band? $50k-75k, with 32 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 35 $6,925,000 $197,857 $3,078 3.33%
    30-36% 21 $4,265,000 $203,095 $3,815 3.47%
    <20% 19 $3,305,000 $173,947 $3,361 3.33%
    43% 6 $1,120,000 $186,667 $4,923 3.17%
    37% 6 $1,120,000 $186,667 $3,772 3.42%
    39% 5 $1,095,000 $219,000 $4,951 3.38%
    38% 4 $860,000 $215,000 $4,164 3.56%
    40% 4 $660,000 $165,000 $4,900 3.03%
    47% 4 $690,000 $172,500 $3,861 3.31%
    36% 4 $480,000 $120,000 $4,350 3.76%
    45% 3 $425,000 $141,667 $4,245 3.29%
    44% 3 $645,000 $215,000 $3,861 3.33%
    46% 3 $955,000 $318,333 $3,679 3.79%
    50-60% 3 $555,000 $185,000 $6,026 3.08%
    48% 2 $460,000 $230,000 $5,146 3.44%
    49% 2 $480,000 $240,000 $2,735 3.81%
    41% 2 $410,000 $205,000 $6,824 3.50%
    >60% 1 $175,000 $175,000 $2,310 2.50%

    Summit Mortgage lent most frequently to those with DTI ratios of 20-30%, with 35 originations. The next most common DTI ratio? 30-36%, with 21 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 129 $24,745,000 $191,822 $3,905 3.38%
    Not provided 4 $1,110,000 $277,500 $4,177 2.94%
    Black 3 $615,000 $205,000 $6,036 3.13%
    Asian 2 $310,000 $155,000 $2,785 3.63%

    Approval Rates

    Total approvals of all applications
    96.36%

    Summit Mortgage has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    86.96%

    Summit Mortgage has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 138 $26,780,000 $194,058

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 138 $26,780,000 $194,058

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 4 $550,000 $137,500 $2,785 3.41%
    40-60% 12 $1,910,000 $159,167 $2,667 3.18%
    60-80% 39 $8,705,000 $223,205 $3,004 3.32%
    80-100% 83 $15,615,000 $188,133 $4,486 3.41%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    Summit Mortgage Group, LLC Other type of mortgage Closing on a mortgage 1 100.0%