Summit Home Mortgage Rates, Fees & Info
WILMINGTON, DELEI: 549300K6AZER0SHGEN26
Tax ID: 46-3061185
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Mortgage Data
Review & Overview
Summit Home Mortgage is a smaller mortgage company specializing in Home Purchase loans. Summit Home 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: Kalamazoo, Battle Creek, Grand Rapids, Detroit, and Holland among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)Summit Home 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 Home 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 relatively high 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 | 6.94% | 4/21/24 |
| 30 Year Conventional Refi | 7.09% | 4/21/24 |
| 30 Year Cash-out Refi | 7.11% | 4/21/24 |
| 30 Year FHA Purchase | 7.87% | 4/21/24 |
| 30 Year FHA Refi | 8.53% | 4/21/24 |
| 30 Year VA Purchase | 6.82% | 4/21/24 |
| 15 Year Conventional Purchase | 6.36% | 4/21/24 |
| 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 Home Mortgage Mortgage Calculator
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This is not an official calculator from Summit Home Mortgage. It uses our SimulatedRate™
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
76Origination Dollar Volume (All Markets)
$16,200,000Relative Rate
Summit Home Mortgage's average 30 year fixed mortgage rate was
7.04%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.56%.
Relative Fees (Closing Costs)
Summit Home Mortgage's average total fees/closing costs for a 30 year fixed rate
mortgage were $4,633.
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 $9,089.
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 |
|---|---|---|---|---|---|
| KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) | 38 | $8,490,000 | $223,421 | $4,420 | 6.90% |
| BATTLE CREEK, MI (FHA|USDA|VA) | 19 | $3,285,000 | $172,895 | $4,477 | 7.25% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 4 | $1,620,000 | $405,000 | $6,730 | 6.03% |
| Outside of Metro Areas | 5 | $825,000 | $165,000 | $3,350 | 7.52% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 2 | $710,000 | $355,000 | $9,773 | 7.31% |
| Holland, MI (FHA|USDA|VA) | 3 | $585,000 | $195,000 | $5,843 | 6.88% |
| SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) | 2 | $320,000 | $160,000 | $3,778 | 7.31% |
| Coldwater, MI (FHA|USDA|VA) | 2 | $220,000 | $110,000 | $2,321 | 7.62% |
| Sturgis, MI (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $3,818 | 7.88% |
Similar Lenders
We use machine learning to identify the top lenders compared against SUMMIT HOME MORTGAGE based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 90
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Similarity Rank: 750
Similarity Rank: 1508
Product Mix
For 2023, Summit Home Mortgage's most frequently originated type of loan was Conventional, with 63 originations. Their 2nd most popular type was FHA, with 9 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 75 | $15,895,000 | $211,933 | $4,594 | 7.01% |
| Cash Out Refi | 1 | $305,000 | $305,000 | $5,518 | 8.63% |
For 2023, Summit Home Mortgage's most frequently cited loan purpose was Home Purchase, with 75 originations. The 2nd most popular reason was Cash Out Refi, with 1 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 75 | $15,915,000 | $212,200 | $4,633 | 7.04% |
| 15 Year | 1 | $285,000 | $285,000 | $2,698 | 6.88% |
For 2023, Summit Home Mortgage's most frequently cited loan duration was 30 Year, with 75 originations. The 2nd most popular length was 15 Year, with 1 originations.
Origination Fees/Closing Costs
Summit Home Mortgage's average total fees were $4,633, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 30 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 35 | $8,425,000 | $240,714 |
| 7-8% | 35 | $6,245,000 | $178,429 |
| 5-6% | 3 | $825,000 | $275,000 |
| Over 8% | 2 | $400,000 | $200,000 |
| 4-5% | 1 | $305,000 | $305,000 |
During 2023, Summit Home Mortgage's average interest rate for loans was 7.04%, while their most frequently originated rate bucket for loans was 6-7%, with 35 originations.
Loan Sizing
2023 saw Summit Home Mortgage place emphasis on $100k-200k loans with 34 originations, totaling $5,250,000 in origination value.
Applicant Income
Summit Home Mortgage lent most frequently to those with incomes in the $50k-75k range, with 23 originations. The second most popular income band? $50k or less, with 14 originations.
Applicant Debt to Income Ratio
Summit Home Mortgage lent most frequently to those with DTI ratios of 20-30%, with 14 originations. The next most common DTI ratio? 30-36%, with 12 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.12%
Summit Home 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 origination71.05%
Summit Home Mortgage has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 76 | $16,200,000 | $213,158 |