The Summit Federal Credit Union Mortgage Rates, Fees & Info

ROCHESTER, NY

LEI: 549300ZSFNMHET4KE860

Tax ID: 16-0754720

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • 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

    The Summit Federal Credit Union is a smaller credit union specializing in Refi and Cash Out Refi loans. The Summit Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Rochester, Buffalo, Syracuse, Seneca Falls, and Batavia among others. We have data for 16 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 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
    Home Equity Line of Credit (HELOC) 6.04% 4/18/24
    30 Year Conventional Purchase 6.46% 4/18/24
    30 Year Conventional Refi 6.43% 4/18/24
    30 Year Cash-out Refi 6.53% 4/18/24
    15 Year Conventional Purchase 6.08% 4/18/24
    15 Year Conventional Refi 6.06% 4/18/24
    15 Year Cash-out Refi 6.06% 4/18/24
    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

    1,435

    Origination Dollar Volume (All Markets)

    $152,765,000
    Show all (5) 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
    ROCHESTER, NY (FHA|USDA|VA) 927 $95,845,000 $103,393 $1,567 3.27%
    BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) 251 $32,245,000 $128,466 $1,532 3.27%
    SYRACUSE, NY (FHA|USDA|VA) 161 $17,305,000 $107,484 $1,415 3.23%
    Seneca Falls, NY (FHA|USDA|VA) 24 $1,750,000 $72,917 $1,095 3.38%
    Batavia, NY (FHA|USDA|VA) 20 $1,420,000 $71,000 $1,484 3.45%
    Cortland, NY (FHA|USDA|VA) 18 $1,240,000 $68,889 $342 3.31%
    Outside of Metro Areas 13 $905,000 $69,615 $1,709 3.40%
    Auburn, NY (FHA|USDA|VA) 8 $580,000 $72,500 $476 3.84%
    Malone, NY (FHA|USDA|VA) 1 $335,000 $335,000 $2,464 2.50%
    Jamestown-Dunkirk-Fredonia, NY (FHA|USDA|VA) 4 $260,000 $65,000 $0 3.03%
    ELMIRA, NY (FHA|USDA|VA) 2 $250,000 $125,000 $1,787 2.69%
    WATERTOWN-FORT DRUM, NY (FHA|USDA|VA) 2 $180,000 $90,000 $0 2.81%
    ITHACA, NY (FHA|USDA|VA) 1 $155,000 $155,000 $0 3.25%
    UTICA-ROME, NY (FHA|USDA|VA) 1 $145,000 $145,000 $0 3.00%
    Olean, NY (FHA|USDA|VA) 1 $95,000 $95,000 $0 3.00%
    BINGHAMTON, NY (FHA|USDA|VA) 1 $55,000 $55,000 $0 3.00%
    The Summit Federal Credit Union's top markets include Rochester, Buffalo, Syracuse, Seneca Falls, and Batavia 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.

    Pittsford Federal Credit Union
    Similarity Rank: 70
    ONTARIO SHORES
    Similarity Rank: 111
    Bank of Akron
    Similarity Rank: 114
    RIVERSIDE
    Similarity Rank: 128
    SECNY Federal Credit Union
    Similarity Rank: 165
    RELIANT COMMUNITY FEDERAL CREDIT UNION
    Similarity Rank: 190
    Moog Employees Federal Credit Union
    Similarity Rank: 192
    GREATER WOODLAWN FEDERAL CREDIT UNION
    Similarity Rank: 228
    ESL Federal Credit Union
    Similarity Rank: 276
    COUNTRYSIDE Federal Credit Union
    Similarity Rank: 310

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 844 $116,870,000 $138,472 $1,509 3.10%
    HELOC 591 $35,895,000 $60,736 n/a 3.52%

    For 2020, The Summit Federal Credit Union's most frequently originated type of loan was Conventional, with 844 originations. Their 2nd most popular type was HELOC, with 591 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 528 $62,260,000 $117,917 $1,507 3.12%
    Home Improvement 267 $12,935,000 $48,446 $58 3.62%
    Cash Out Refi 246 $41,450,000 $168,496 $2,147 2.98%
    Other 227 $10,565,000 $46,542 $59 3.67%
    Home Purchase 167 $25,555,000 $153,024 $2,657 3.10%

    For 2020, The Summit Federal Credit Union's most frequently cited loan purpose was Refi, with 528 originations. The 2nd most popular reason was Home Improvement, with 267 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 592 $36,180,000 $61,115 $1,276 3.52%
    30 Year 283 $48,305,000 $170,689 $2,394 3.08%
    15 Year 277 $42,585,000 $153,736 $1,995 2.69%
    10 Year 174 $11,550,000 $66,379 $538 3.63%
    20 Year 68 $13,040,000 $191,765 $2,155 3.01%
    5 Year 41 $1,105,000 $26,951 $57 3.91%

    For 2020, The Summit Federal Credit Union's most frequently cited loan duration was Other, with 592 originations. The 2nd most popular length was 30 Year, with 283 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 827 $113,205,000 $136,886
    $1k-2k 10 $2,270,000 $227,000
    $2k-3k 4 $850,000 $212,500
    $4k-5k 2 $400,000 $200,000
    $3k-4k 1 $145,000 $145,000

    The Summit Federal Credit Union's average total fees were $2,394, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 827 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 658 $55,470,000 $84,301
    2.5-3% 416 $62,230,000 $149,591
    4-5% 178 $9,570,000 $53,764
    <2.5% 176 $25,300,000 $143,750
    5-6% 7 $195,000 $27,857

    During 2020, The Summit Federal Credit Union's average interest rate for loans was 3.08%, while their most frequently originated rate bucket for loans was 3-4%, with 658 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 815 $40,385,000 $49,552 $806 3.53%
    $100k-200k 424 $59,840,000 $141,132 $2,132 2.93%
    $200k-400k 186 $48,200,000 $259,140 $2,461 2.94%
    $400k-600k 10 $4,340,000 $434,000 $2,440 2.99%

    2020 saw The Summit Federal Credit Union place emphasis on $100,000 or less loans with 815 originations, totaling $40,385,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 364 $44,440,000 $122,088 $1,455 3.24%
    $50k-75k 348 $28,070,000 $80,661 $1,486 3.31%
    $75k-100k 261 $25,705,000 $98,487 $1,384 3.33%
    $150k-250k 236 $34,290,000 $145,297 $1,749 3.17%
    $50k or less 175 $12,185,000 $69,629 $1,536 3.36%
    $250k+ 37 $5,925,000 $160,135 $1,217 3.18%

    The Summit Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 364 originations. The second most popular income band? $50k-75k, with 348 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 437 $45,555,000 $104,245 $1,445 3.28%
    30-36% 301 $29,775,000 $98,920 $1,477 3.29%
    <20% 220 $22,780,000 $103,545 $1,537 3.15%
    39% 53 $5,385,000 $101,604 $1,545 3.25%
    36% 50 $5,900,000 $118,000 $1,752 3.28%
    43% 45 $5,315,000 $118,111 $1,868 3.23%
    38% 45 $5,045,000 $112,111 $1,108 3.40%
    44% 42 $4,060,000 $96,667 $1,552 3.42%
    40% 40 $3,940,000 $98,500 $1,045 3.49%
    37% 39 $4,735,000 $121,410 $1,606 3.23%
    41% 37 $4,235,000 $114,459 $1,660 3.41%
    42% 31 $3,785,000 $122,097 $1,564 3.28%
    45% 23 $2,005,000 $87,174 $1,286 3.61%
    48% 17 $2,245,000 $132,059 $1,647 3.27%
    46% 15 $1,835,000 $122,333 $2,408 3.20%
    47% 14 $2,430,000 $173,571 $2,108 2.88%
    49% 14 $2,340,000 $167,143 $2,103 2.98%
    50-60% 5 $305,000 $61,000 $2,773 3.50%
    >60% 1 $15,000 $15,000 $0 3.50%

    The Summit Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 437 originations. The next most common DTI ratio? 30-36%, with 301 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not provided 612 $89,320,000 $145,948 $2,125 2.94%
    White 778 $59,920,000 $77,018 $837 3.52%
    Black 31 $2,075,000 $66,935 $308 3.45%
    Not applicable 4 $680,000 $170,000 $1,637 3.63%
    Asian 6 $450,000 $75,000 $0 3.83%
    American Indian 3 $285,000 $95,000 $0 3.25%
    Other Pacific Islander 1 $35,000 $35,000 $0 3.50%

    Approval Rates

    Total approvals of all applications
    84.08%

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

    Pick Rate

    Approvals leading to origination
    73.87%

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

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,435 $152,765,000 $106,456

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 2 $150,000 $75,000
    Single Family (1-4 Units):Site-Built 1,433 $152,615,000 $106,500

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 344 $20,930,000 $60,843 $701 3.52%
    40-60% 233 $24,625,000 $105,687 $1,638 3.05%
    60-80% 376 $64,100,000 $170,479 $2,118 2.94%
    80-100% 184 $33,720,000 $183,261 $2,410 3.07%
    Under 20% 297 $9,235,000 $31,094 $59 3.71%