Summit Mortgage Bankers Rates, Fees & Info

NEW YORK, NY

LEI: 549300QPD4M26VIOFU53

Tax ID: 13-3654244

4.6 stars - Updated: 4/5/25 - out of 5 stars, based on 22 reviews

Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • 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 Bankers is a smaller bank specializing in Home Purchase loans. Summit Mortgage Bankers has a high proportion of conventional loans. Their top markets by origination volume include: New York, Los Angeles, San Jose, San Francisco, and Riverside among others. We have data for 15 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Summit Mortgage Bankers 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 Bankers is typically an average 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 6.85% 4/5/25
    30 Year Conventional Refi 6.79% 4/5/25
    30 Year Cash-out Refi 6.79% 4/5/25
    15 Year Conventional Purchase 6.09% 4/5/25
    15 Year Conventional Refi 5.94% 4/5/25
    15 Year Cash-out Refi 5.94% 4/5/25
    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 Mortgage Bankers Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Summit Mortgage Bankers. 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

    482

    Origination Dollar Volume (All Markets)

    $263,750,000

    Awards

    SUMMIT MORTGAGE BANKERS 30 Year Conventional Loans silver SUMMIT MORTGAGE BANKERS 30 Year Conventional Loans gold
    Show all (2) awards

    Relative Rate

    Summit Mortgage Bankers's average 30 year fixed mortgage rate was 6.68%.

    The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.

    This yields a difference of 0.13%.

    Relative Fees (Closing Costs)

    Summit Mortgage Bankers's average total fees/closing costs for a 30 year fixed rate mortgage were $8,356.

    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 $8,356.

    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
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 356 $185,200,000 $520,225 $9,165 6.63%
    Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 51 $33,305,000 $653,039 $6,125 6.66%
    SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 13 $12,155,000 $935,000 $4,987 6.81%
    San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 15 $10,115,000 $674,333 $6,286 6.52%
    RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 18 $9,420,000 $523,333 $4,780 6.55%
    TRENTON-PRINCETON, NJ (FHA|USDA|VA) 7 $4,005,000 $572,143 $6,679 6.68%
    POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 5 $1,885,000 $377,000 $9,857 6.93%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 7 $1,765,000 $252,143 $6,950 6.86%
    SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 2 $1,720,000 $860,000 $6,620 6.93%
    OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 2 $1,530,000 $765,000 $3,112 5.94%
    SALINAS, CA (FHA|USDA|VA) 1 $845,000 $845,000 $13,171 6.99%
    ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 2 $670,000 $335,000 $3,816 6.31%
    SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) 1 $655,000 $655,000 $2,943 6.38%
    AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 1 $275,000 $275,000 $7,467 7.25%
    HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 1 $205,000 $205,000 $2,377 5.99%
    Summit Mortgage Bankers's top markets include New York, Los Angeles, San Jose, San Francisco, and Riverside among others.

    Their top states include:
  • New York (FHA|USDA|VA)
  • California (FHA|USDA|VA)
  • New Jersey (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)

    • Similar Lenders

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

    Los Angeles Federal Credit Union
    Similarity Rank: 42
    VENTURA COUNTY
    Similarity Rank: 56
    Columbia Bank
    Similarity Rank: 64
    MYPOINT Credit Union
    Similarity Rank: 81
    N C P D Federal Credit Union
    Similarity Rank: 126
    BNB Bank
    Similarity Rank: 154
    SAN DIEGO COUNTY CREDIT UNION
    Similarity Rank: 184
    MISSION
    Similarity Rank: 205
    SOUTHLAND CREDIT UNION
    Similarity Rank: 216
    ISLAND
    Similarity Rank: 260

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 482 $263,750,000 $547,199 $8,333 6.64%

    For 2024, Summit Mortgage Bankers's most frequently originated type of loan was Conventional, with 482 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 410 $224,610,000 $547,829 $8,527 6.66%
    Refi 62 $34,340,000 $553,871 $6,540 6.48%
    Cash Out Refi 10 $4,800,000 $480,000 $11,190 6.54%

    For 2024, Summit Mortgage Bankers's most frequently cited loan purpose was Home Purchase, with 410 originations. The 2nd most popular reason was Refi, with 62 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 449 $250,225,000 $557,294 $8,356 6.68%
    15 Year 32 $13,140,000 $410,625 $7,838 5.95%
    20 Year 1 $385,000 $385,000 $13,781 7.50%

    For 2024, Summit Mortgage Bankers's most frequently cited loan duration was 30 Year, with 449 originations. The 2nd most popular length was 15 Year, with 32 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $5k+ 160 $93,660,000 $585,375
    $1k-2k 144 $83,370,000 $578,958
    $<1k 102 $56,860,000 $557,451
    $3k-4k 32 $11,810,000 $369,063
    $4k-5k 24 $8,620,000 $359,167
    $2k-3k 17 $7,995,000 $470,294

    Summit Mortgage Bankers's average total fees were $8,356, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 160 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 346 $194,350,000 $561,705
    7-8% 78 $41,160,000 $527,692
    5-6% 54 $26,150,000 $484,259
    Over 8% 3 $1,835,000 $611,667
    4-5% 1 $255,000 $255,000

    During 2024, Summit Mortgage Bankers's average interest rate for loans was 6.68%, while their most frequently originated rate bucket for loans was 6-7%, with 346 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $400k-600k 166 $81,900,000 $493,373 $8,023 6.63%
    $600k-1MM 146 $108,450,000 $742,808 $10,320 6.62%
    $200k-400k 127 $39,895,000 $314,134 $6,894 6.64%
    $1MM+ 24 $30,360,000 $1,265,000 $7,805 6.89%
    $100k-200k 18 $3,050,000 $169,444 $6,013 6.51%
    $100,000 or less 1 $95,000 $95,000 $5,078 6.38%

    2024 saw Summit Mortgage Bankers place emphasis on $400k-600k loans with 166 originations, totaling $81,900,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 154 $92,020,000 $597,532 $8,625 6.50%
    $100k-150k 142 $64,160,000 $451,831 $8,385 6.66%
    $250k+ 99 $77,775,000 $785,606 $8,383 6.78%
    $75k-100k 52 $17,980,000 $345,769 $7,515 6.73%
    $50k-75k 29 $9,645,000 $332,586 $7,502 6.62%
    $50k or less 6 $2,170,000 $361,667 $10,316 6.52%

    Summit Mortgage Bankers lent most frequently to those with incomes in the $150k-250k range, with 154 originations. The second most popular income band? $100k-150k, with 142 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 78 $42,670,000 $547,051 $7,250 6.57%
    20-30% 60 $31,530,000 $525,500 $7,919 6.54%
    42% 36 $19,560,000 $543,333 $8,074 6.72%
    43% 32 $17,970,000 $561,563 $8,639 6.86%
    41% 31 $15,545,000 $501,452 $8,249 6.65%
    44% 31 $17,755,000 $572,742 $10,016 6.56%
    45% 28 $14,650,000 $523,214 $9,595 6.81%
    40% 26 $15,590,000 $599,615 $9,145 6.61%
    46% 24 $13,250,000 $552,083 $9,050 6.75%
    49% 21 $10,225,000 $486,905 $7,406 6.57%
    38% 19 $11,765,000 $619,211 $8,676 6.66%
    <20% 19 $12,425,000 $653,947 $10,156 6.72%
    48% 19 $9,615,000 $506,053 $6,673 6.44%
    47% 18 $11,380,000 $632,222 $9,408 6.51%
    36% 14 $6,320,000 $451,429 $6,746 6.62%
    39% 13 $6,255,000 $481,154 $8,600 6.78%
    37% 13 $7,245,000 $557,308 $8,213 6.65%

    Summit Mortgage Bankers lent most frequently to those with DTI ratios of 30-36%, with 78 originations. The next most common DTI ratio? 20-30%, with 60 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Asian 458 $249,460,000 $544,672 $8,394 6.64%
    White 19 $11,325,000 $596,053 $6,712 6.63%
    Chinese 2 $910,000 $455,000 $5,857 6.44%
    Not provided 1 $905,000 $905,000 $5,444 6.63%
    American Indian 1 $755,000 $755,000 $18,085 6.88%
    Black 1 $395,000 $395,000 $9,895 6.63%

    Approval Rates

    Total approvals of all applications
    98.53%

    Summit Mortgage Bankers 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
    88.80%

    Summit Mortgage Bankers has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 482 $263,750,000 $547,199

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    482 $263,750,000 $547,199

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 62 $22,570,000 $364,032 $6,346 6.47%
    40-60% 137 $74,625,000 $544,708 $8,796 6.54%
    60-80% 250 $148,060,000 $592,240 $8,665 6.73%
    80-100% 29 $17,665,000 $609,138 $7,822 6.72%
    Under 20% 4 $830,000 $207,500 $6,743 6.31%