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. Their top markets by origination volume include: Kalamazoo, Battle Creek, Holland, Detroit, and Traverse City among others. We have data for 13 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.94% | 12/16/24 |
| 30 Year Conventional Refi | 7.09% | 12/16/24 |
| 30 Year Cash-out Refi | 7.11% | 12/16/24 |
| 30 Year FHA Purchase | 7.87% | 12/16/24 |
| 30 Year FHA Refi | 8.53% | 12/16/24 |
| 30 Year VA Purchase | 6.82% | 12/16/24 |
| 15 Year Conventional Purchase | 6.36% | 12/16/24 |
| 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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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
209Origination Dollar Volume (All Markets)
$42,075,000Awards
SUMMIT HOME MORTGAGE - 2021
SUMMIT HOME MORTGAGE is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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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) | 130 | $28,170,000 | $216,692 | $3,736 | 3.18% |
| BATTLE CREEK, MI (FHA|USDA|VA) | 39 | $5,635,000 | $144,487 | $3,374 | 3.62% |
| Outside of Metro Areas | 16 | $3,440,000 | $215,000 | $4,172 | 3.22% |
| Holland, MI (FHA|USDA|VA) | 7 | $1,365,000 | $195,000 | $4,194 | 3.48% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 2 | $750,000 | $375,000 | $3,203 | 2.81% |
| Traverse City, MI (FHA|USDA|VA) | 2 | $630,000 | $315,000 | $3,078 | 3.31% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 3 | $625,000 | $208,333 | $4,046 | 3.17% |
| Coldwater, MI (FHA|USDA|VA) | 2 | $420,000 | $210,000 | $4,186 | 3.31% |
| Sturgis, MI (FHA|USDA|VA) | 3 | $325,000 | $108,333 | $2,566 | 3.25% |
| JACKSON, MI (FHA|USDA|VA) | 2 | $310,000 | $155,000 | $3,188 | 3.13% |
| SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $3,018 | 3.25% |
| MUSKEGON, MI (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $5,358 | 4.38% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $3,933 | 4.50% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 176 | $36,090,000 | $205,057 | $3,329 | 3.21% |
| FHA | 25 | $3,895,000 | $155,800 | $6,129 | 3.83% |
| VA | 8 | $2,090,000 | $261,250 | $4,224 | 3.26% |
For 2021, Summit Home Mortgage's most frequently originated type of loan was Conventional, with 176 originations. Their 2nd most popular type was FHA, with 25 originations.
Loan Reason
For 2021, Summit Home Mortgage's most frequently cited loan purpose was Home Purchase, with 169 originations. The 2nd most popular reason was Refi, with 28 originations.
Loan Duration/Length
For 2021, Summit Home Mortgage's most frequently cited loan duration was 30 Year, with 188 originations. The 2nd most popular length was 15 Year, with 17 originations.
Origination Fees/Closing Costs
Summit Home Mortgage's average total fees were $3,761, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 118 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 118 | $23,290,000 | $197,373 |
| 2.5-3% | 63 | $13,225,000 | $209,921 |
| 4-5% | 17 | $2,815,000 | $165,588 |
| <2.5% | 11 | $2,745,000 | $249,545 |
During 2021, Summit Home Mortgage's average interest rate for loans was 3.36%, while their most frequently originated rate bucket for loans was 3-4%, with 118 originations.
Loan Sizing
2021 saw Summit Home Mortgage place emphasis on $100k-200k loans with 105 originations, totaling $16,175,000 in origination value.
Applicant Income
Summit Home Mortgage lent most frequently to those with incomes in the $50k or less range, with 59 originations. The second most popular income band? $50k-75k, with 51 originations.
Applicant Debt to Income Ratio
Summit Home Mortgage lent most frequently to those with DTI ratios of 20-30%, with 56 originations. The next most common DTI ratio? 30-36%, with 35 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications94.96%
Summit Home Mortgage has an average approval rate.
Pick Rate
Approvals leading to origination74.64%
Summit Home Mortgage has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 209 | $42,075,000 | $201,316 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| SENTE MORTGAGE | Conventional home mortgage | Trouble during payment process | 1 | 100.0% |