The Summit Federal Credit Union Mortgage Rates, Fees & Info

ROCHESTER, NY

LEI: 549300ZSFNMHET4KE860

Tax ID: 16-0754720

5 stars - Updated: 6/17/24 - out of 5 stars, based on 29 reviews

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

Jump to:

Mortgage Data

Review & Overview

The Summit Federal Credit Union is a smaller credit union specializing in Home Improvement, Other, and Home Purchase loans. The Summit Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Rochester, Buffalo, Syracuse, Cortland, and Seneca Falls among others. We have data for 15 markets. (Some data included below & more in-depth data is available with an active subscription.)

The Summit Federal Credit Union has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. The Summit Federal Credit Union 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
Home Equity Line of Credit (HELOC) 6.04% 6/17/24
30 Year Conventional Purchase 6.46% 6/17/24
30 Year Conventional Refi 6.43% 6/17/24
30 Year Cash-out Refi 6.53% 6/17/24
15 Year Conventional Purchase 6.08% 6/17/24
15 Year Conventional Refi 6.06% 6/17/24
15 Year Cash-out Refi 6.06% 6/17/24
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.

The Summit Federal Credit Union Mortgage Calculator






Your Estimates

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

This is not an official calculator from The Summit Federal Credit Union. 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

865

Origination Dollar Volume (All Markets)

$70,215,000

Awards

THE SUMMIT Federal Credit Union 30 Year Conventional Loans gold THE SUMMIT Federal Credit Union 30 Year Conventional Loans gold THE SUMMIT Federal Credit Union 30 Year Conventional Loans silver
Show all (3) awards

Relative Rate

The Summit Federal Credit Union's average 30 year fixed mortgage rate was 6.53%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 0.05%.

Relative Fees (Closing Costs)

The Summit Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $2,847.

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
ROCHESTER, NY (FHA|USDA|VA) 515 $43,015,000 $83,524 $2,888 7.27%
BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) 157 $12,495,000 $79,586 $2,696 7.29%
SYRACUSE, NY (FHA|USDA|VA) 122 $9,110,000 $74,672 $2,922 7.32%
Cortland, NY (FHA|USDA|VA) 24 $1,790,000 $74,583 $0 7.04%
Seneca Falls, NY (FHA|USDA|VA) 15 $1,125,000 $75,000 $1,995 6.99%
Batavia, NY (FHA|USDA|VA) 7 $665,000 $95,000 $0 7.42%
WATERTOWN-FORT DRUM, NY (FHA|USDA|VA) 3 $495,000 $165,000 $2,610 6.17%
Auburn, NY (FHA|USDA|VA) 7 $425,000 $60,714 $2,482 7.22%
UTICA-ROME, NY (FHA|USDA|VA) 3 $375,000 $125,000 $5,774 7.96%
Outside of Metro Areas 5 $355,000 $71,000 $2,501 7.25%
Jamestown-Dunkirk-Fredonia, NY (FHA|USDA|VA) 3 $175,000 $58,333 $2,319 7.07%
ITHACA, NY (FHA|USDA|VA) 1 $75,000 $75,000 $1,663 6.75%
Olean, NY (FHA|USDA|VA) 1 $55,000 $55,000 $0 8.00%
BINGHAMTON, NY (FHA|USDA|VA) 1 $35,000 $35,000 $0 5.90%
ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 1 $25,000 $25,000 $0 5.90%
The Summit Federal Credit Union's top markets include Rochester, Buffalo, Syracuse, Cortland, and Seneca Falls among others.

Their top states include:
  • New York (FHA|USDA|VA)
  • Similar Lenders

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

    NIAGARA'S CHOICE
    Similarity Rank: 22
    Pittsford Federal Credit Union
    Similarity Rank: 34
    SECNY Federal Credit Union
    Similarity Rank: 36
    FAMILY FIRST OF NY
    Similarity Rank: 182
    ESL Federal Credit Union
    Similarity Rank: 240

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 443 $32,345,000 $73,014 n/a 7.99%
    Conventional 422 $37,870,000 $89,739 $2,818 6.50%

    For 2023, The Summit Federal Credit Union's most frequently originated type of loan was HELOC, with 443 originations. Their 2nd most popular type was Conventional, with 422 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 300 $16,990,000 $56,633 $0 7.45%
    Other 239 $14,325,000 $59,937 $0 7.31%
    Refi 163 $13,275,000 $81,442 $3,313 7.42%
    Home Purchase 133 $21,565,000 $162,143 $2,899 6.72%
    Cash Out Refi 30 $4,060,000 $135,333 $2,136 6.64%

    For 2023, The Summit Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 300 originations. The 2nd most popular reason was Other, with 239 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 412 $29,930,000 $72,646 $0 7.99%
    10 Year 224 $13,350,000 $59,598 $0 6.77%
    30 Year 135 $23,075,000 $170,926 $2,847 6.53%
    5 Year 85 $3,115,000 $36,647 $0 6.20%
    15 Year 8 $650,000 $81,250 $2,073 7.45%
    20 Year 1 $95,000 $95,000 $0 6.50%

    For 2023, The Summit Federal Credit Union's most frequently cited loan duration was Other, with 412 originations. The 2nd most popular length was 10 Year, with 224 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 125 $20,155,000 $161,240
    $1k-2k 9 $1,455,000 $161,667
    $2k-3k 4 $1,340,000 $335,000
    $5k+ 2 $550,000 $275,000
    $3k-4k 1 $185,000 $185,000

    The Summit Federal Credit Union's average total fees were $2,847, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 125 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    7-8% 323 $27,715,000 $85,805
    6-7% 292 $25,940,000 $88,836
    Over 8% 168 $9,790,000 $58,274
    5-6% 81 $6,665,000 $82,284
    <2.5% 1 $105,000 $105,000

    During 2023, The Summit Federal Credit Union's average interest rate for loans was 6.53%, while their most frequently originated rate bucket for loans was 7-8%, with 323 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 628 $30,000,000 $47,771 $2,295 7.33%
    $100k-200k 173 $23,165,000 $133,902 $2,897 7.09%
    $200k-400k 63 $16,545,000 $262,619 $3,488 7.08%
    $400k-600k 1 $505,000 $505,000 $0 6.88%

    2023 saw The Summit Federal Credit Union place emphasis on $100,000 or less loans with 628 originations, totaling $30,000,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 222 $21,000,000 $94,595 $2,911 7.24%
    $50k-75k 187 $11,605,000 $62,059 $2,535 7.32%
    $75k-100k 186 $13,580,000 $73,011 $3,128 7.22%
    $150k-250k 144 $14,270,000 $99,097 $3,809 7.26%
    $50k or less 79 $4,365,000 $55,253 $2,597 7.18%
    $250k+ 35 $4,475,000 $127,857 $0 7.50%

    The Summit Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 222 originations. The second most popular income band? $50k-75k, with 187 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 221 $15,665,000 $70,882 $2,564 7.21%
    30-36% 172 $14,150,000 $82,267 $2,638 7.18%
    <20% 92 $6,000,000 $65,217 $2,159 7.31%
    44% 86 $6,750,000 $78,488 $5,971 7.35%
    42% 38 $3,480,000 $91,579 $2,653 7.27%
    39% 36 $3,670,000 $101,944 $4,560 7.54%
    40% 35 $2,635,000 $75,286 $2,410 7.33%
    43% 34 $2,720,000 $80,000 $0 7.34%
    41% 31 $3,165,000 $102,097 $2,032 7.22%
    37% 30 $2,240,000 $74,667 $2,345 7.36%
    36% 27 $2,425,000 $89,815 $2,614 7.52%
    38% 26 $1,810,000 $69,615 $3,683 7.44%
    45% 9 $1,365,000 $151,667 $2,151 6.98%
    46% 7 $985,000 $140,714 $2,502 7.07%
    47% 4 $310,000 $77,500 $0 6.98%
    >60% 3 $195,000 $65,000 $0 7.65%
    48% 2 $290,000 $145,000 $2,506 5.94%
    49% 2 $420,000 $210,000 $0 7.13%
    50-60% 1 $45,000 $45,000 $0 6.50%

    The Summit Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 221 originations. The next most common DTI ratio? 30-36%, with 172 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 710 $55,790,000 $78,577 $2,993 7.31%
    Not provided 78 $8,970,000 $115,000 $2,509 6.89%
    Black 58 $3,600,000 $62,069 $2,327 7.29%
    Asian 6 $690,000 $115,000 $2,299 7.08%
    Asian Indian 2 $350,000 $175,000 $0 6.00%
    American Indian 6 $230,000 $38,333 $0 7.30%
    Other Pacific Islander 2 $220,000 $110,000 $2,727 7.23%
    Filipino 1 $205,000 $205,000 $0 7.25%
    Not applicable 2 $160,000 $80,000 $0 6.48%

    Approval Rates

    Total approvals of all applications
    75.47%

    The Summit Federal Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    75.61%

    The Summit Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    0.0 1 $35,000 $35,000
    NA 864 $70,180,000 $81,227

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    865 $70,215,000 $81,173

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 284 $20,460,000 $72,042 $2,104 7.44%
    40-60% 94 $12,060,000 $128,298 $2,634 7.22%
    60-80% 58 $10,600,000 $182,759 $3,142 6.87%
    80-100% 68 $11,590,000 $170,441 $2,671 6.71%
    Under 20% 353 $13,685,000 $38,768 $0 7.32%