Summit Home Mortgage Rates, Fees & Info

WILMINGTON, DE

LEI: 549300K6AZER0SHGEN26

Tax ID: 46-3061185

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

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  • SimulatedRates™
  • Mortgage Calculator

    • 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 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, Holland, Grand Rapids, and Niles among others. We have data for 10 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 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.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.94% 5/4/24
    30 Year Conventional Refi 7.09% 5/4/24
    30 Year Cash-out Refi 7.11% 5/4/24
    30 Year FHA Purchase 7.87% 5/4/24
    30 Year FHA Refi 8.53% 5/4/24
    30 Year VA Purchase 6.82% 5/4/24
    15 Year Conventional Purchase 6.36% 5/4/24
    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






    Your Estimates

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

    This is not an official calculator from Summit Home Mortgage. 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

    168

    Origination Dollar Volume (All Markets)

    $30,720,000

    Awards

    SUMMIT HOME MORTGAGE FHA Loans bronze
    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
    KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 96 $18,550,000 $193,229 $3,342 4.31%
    BATTLE CREEK, MI (FHA|USDA|VA) 26 $3,790,000 $145,769 $3,578 4.68%
    Outside of Metro Areas 20 $3,560,000 $178,000 $4,506 4.71%
    Holland, MI (FHA|USDA|VA) 10 $1,760,000 $176,000 $3,556 4.39%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 4 $1,200,000 $300,000 $3,148 4.06%
    NILES, MI (FHA|USDA|VA) 4 $830,000 $207,500 $4,706 4.77%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 3 $445,000 $148,333 $2,638 3.96%
    Sturgis, MI (FHA|USDA|VA) 3 $305,000 $101,667 $2,894 4.79%
    ANN ARBOR, MI (FHA|USDA|VA) 1 $185,000 $185,000 $2,621 3.99%
    Coldwater, MI (FHA|USDA|VA) 1 $95,000 $95,000 $4,435 4.25%
    Summit Home Mortgage's top markets include Kalamazoo, Battle Creek, Holland, Grand Rapids, and Niles among others.

    Their top states include:
  • Michigan (FHA|USDA|VA)

    • 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.

    KALSEE CREDIT UNION
    Similarity Rank: 400
    County National Bank
    Similarity Rank: 520
    ARBOR FINANCIAL CREDIT UNION
    Similarity Rank: 608
    Kellogg Community Credit Union
    Similarity Rank: 608
    Pacor Mortgage Corp
    Similarity Rank: 740
    OMNI Community Credit Union
    Similarity Rank: 744
    SUMMIT HOME MORTGAGE, LLC
    Similarity Rank: 850
    Mercantile Bank of Michigan
    Similarity Rank: 1050
    Honor Credit Union
    Similarity Rank: 1586
    CONSUMERS
    Similarity Rank: 1608

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 128 $24,510,000 $191,484 $2,995 4.37%
    FHA 26 $3,600,000 $138,462 $5,552 4.68%
    VA 10 $2,120,000 $212,000 $4,803 4.46%
    USDA 4 $490,000 $122,500 $4,712 4.25%

    For 2019, Summit Home Mortgage's most frequently originated type of loan was Conventional, with 128 originations. Their 2nd most popular type was FHA, with 26 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 147 $26,355,000 $179,286 $3,571 4.42%
    Refi 12 $2,870,000 $239,167 $3,027 4.42%
    Cash Out Refi 9 $1,495,000 $166,111 $3,711 4.49%

    For 2019, Summit Home Mortgage's most frequently cited loan purpose was Home Purchase, with 147 originations. The 2nd most popular reason was Refi, with 12 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 157 $28,645,000 $182,452 $3,591 4.48%
    15 Year 8 $1,570,000 $196,250 $2,881 3.67%
    20 Year 3 $505,000 $168,333 $2,590 3.63%

    For 2019, Summit Home Mortgage's most frequently cited loan duration was 30 Year, with 157 originations. The 2nd most popular length was 15 Year, with 8 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 76 $12,450,000 $163,816
    $<1k 67 $12,935,000 $193,060
    $2k-3k 19 $3,965,000 $208,684
    $3k-4k 4 $850,000 $212,500
    $4k-5k 1 $245,000 $245,000
    $5k+ 1 $275,000 $275,000

    Summit Home Mortgage's average total fees were $3,591, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 76 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 77 $13,745,000 $178,506
    3-4% 64 $13,200,000 $206,250
    5-6% 24 $3,030,000 $126,250
    2.5-3% 1 $185,000 $185,000
    6-7% 1 $245,000 $245,000
    Over 8% 1 $315,000 $315,000

    During 2019, Summit Home Mortgage's average interest rate for loans was 4.48%, while their most frequently originated rate bucket for loans was 4-5%, with 77 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 82 $11,820,000 $144,146 $3,441 4.39%
    $200k-400k 58 $15,270,000 $263,276 $3,816 4.32%
    $100,000 or less 24 $1,890,000 $78,750 $3,221 4.83%
    $400k-600k 4 $1,740,000 $435,000 $3,452 4.06%

    2019 saw Summit Home Mortgage place emphasis on $100k-200k loans with 82 originations, totaling $11,820,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 49 $7,355,000 $150,102 $3,365 4.62%
    $50k or less 40 $4,420,000 $110,500 $3,457 4.38%
    $100k-150k 33 $8,125,000 $246,212 $4,132 4.41%
    $75k-100k 29 $5,895,000 $203,276 $3,486 4.21%
    $150k-250k 16 $4,550,000 $284,375 $3,189 4.32%
    $250k+ 1 $375,000 $375,000 $2,936 4.75%

    Summit Home Mortgage lent most frequently to those with incomes in the $50k-75k range, with 49 originations. The second most popular income band? $50k or less, with 40 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 44 $7,720,000 $175,455 $3,270 4.40%
    30-36% 40 $8,050,000 $201,250 $3,481 4.49%
    40% 9 $1,855,000 $206,111 $2,960 4.46%
    <20% 9 $1,675,000 $186,111 $2,797 3.91%
    36% 7 $1,065,000 $152,143 $3,933 4.20%
    50-60% 6 $1,150,000 $191,667 $6,720 4.58%
    39% 6 $1,170,000 $195,000 $2,901 4.45%
    41% 6 $1,250,000 $208,333 $4,256 4.50%
    48% 6 $1,070,000 $178,333 $3,857 4.31%
    43% 5 $755,000 $151,000 $3,080 5.18%
    38% 5 $825,000 $165,000 $3,565 4.20%
    44% 5 $965,000 $193,000 $4,361 4.30%
    49% 5 $835,000 $167,000 $4,968 4.42%
    45% 4 $610,000 $152,500 $3,351 4.44%
    47% 4 $650,000 $162,500 $2,739 4.44%
    42% 3 $245,000 $81,667 $2,988 5.00%
    37% 3 $595,000 $198,333 $2,903 4.25%
    46% 1 $235,000 $235,000 $3,829 4.38%

    Summit Home Mortgage lent most frequently to those with DTI ratios of 20-30%, with 44 originations. The next most common DTI ratio? 30-36%, with 40 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 156 $28,740,000 $184,231 $3,545 4.43%
    Asian 5 $1,065,000 $213,000 $3,039 4.00%
    Black 3 $445,000 $148,333 $3,998 4.63%
    Not provided 3 $325,000 $108,333 $2,845 4.21%
    American Indian 1 $145,000 $145,000 $5,830 5.50%

    Approval Rates

    Total approvals of all applications
    98.98%

    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 origination
    84.52%

    Summit Home Mortgage has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 168 $30,720,000 $182,857

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 4 $490,000 $122,500
    Single Family (1-4 Units):Site-Built 164 $30,230,000 $184,329

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 2 $370,000 $185,000 $2,426 4.29%
    40-60% 6 $860,000 $143,333 $2,425 4.14%
    60-80% 40 $7,950,000 $198,750 $3,165 4.55%
    80-100% 115 $20,455,000 $177,870 $3,687 4.39%
    Over 100% 2 $400,000 $200,000 $7,832 5.38%

    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%