Summit Community Bank Mortgage Rates, Fees & Info

Moorefield, WV

LEI: Z867SNMO7WGY8TTGQG78

Tax ID: 55-0744997

5 stars - Updated: 10/29/24 - out of 5 stars, based on 25 reviews

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

Jump to:

Mortgage Data

Review & Overview

Summit Community Bank is a smaller bank specializing in Home Purchase loans. Summit Community Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Huntington, Charleston, Greenville, Harrisonburg, and Washington among others. We have data for 48 markets. (Some data included below & more in-depth data is available with an active subscription.)

Summit Community Bank 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. Summit Community Bank 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) 6.86% 10/29/24
30 Year Conventional Purchase 7.04% 10/29/24
30 Year Conventional Refi 6.85% 10/29/24
30 Year Cash-out Refi 6.63% 10/29/24
15 Year Conventional Purchase 7.63% 10/29/24
15 Year Conventional Refi 6.97% 10/29/24
15 Year Cash-out Refi 6.97% 10/29/24
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 Community Bank Mortgage Calculator






Your Estimates

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

This is not an official calculator from Summit Community Bank. 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

622

Origination Dollar Volume (All Markets)

$232,650,000

Awards

Summit Community Bank 30 Year Conventional Loans silver Summit Community Bank 30 Year Conventional Loans gold
Show all (2) awards

Relative Rate

Summit Community Bank's average 30 year fixed mortgage rate was 7.12%.

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

This yields a difference of 0.64%.

Relative Fees (Closing Costs)

Summit Community Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $3,621.

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
Outside of Metro Areas 189 $101,135,000 $535,106 $3,611 7.77%
HUNTINGTON-ASHLAND, WV-KY-OH (FHA|USDA|VA) 55 $21,165,000 $384,818 $3,794 7.54%
CHARLESTON, WV (FHA|USDA|VA) 64 $14,280,000 $223,125 $3,134 7.56%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 1 $11,955,000 $11,955,000 $0 7.67%
HARRISONBURG, VA (FHA|USDA|VA) 25 $9,105,000 $364,200 $3,351 7.37%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 32 $7,120,000 $222,500 $4,768 8.34%
SALISBURY, MD-DE (FHA|USDA|VA) 17 $6,945,000 $408,529 $6,425 7.73%
Bluefield, WV-VA (FHA|USDA|VA) 55 $6,725,000 $122,273 $3,437 7.53%
WINCHESTER, VA-WV (FHA|USDA|VA) 17 $6,305,000 $370,882 $3,710 7.64%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 10 $4,610,000 $461,000 $6,575 7.58%
BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) 15 $4,585,000 $305,667 $3,592 7.50%
HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) 21 $4,475,000 $213,095 $3,486 7.88%
MORGANTOWN, WV (FHA|USDA|VA) 14 $4,260,000 $304,286 $3,891 7.03%
BECKLEY, WV (FHA|USDA|VA) 23 $3,685,000 $160,217 $3,229 7.65%
Clarksburg, WV (FHA|USDA|VA) 10 $2,950,000 $295,000 $4,419 7.20%
RICHMOND, VA (FHA|USDA|VA) 3 $2,625,000 $875,000 $0 7.75%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $2,525,000 $2,525,000 $6,275 6.78%
CHARLOTTESVILLE, VA (FHA|USDA|VA) 2 $2,110,000 $1,055,000 $0 7.45%
ROANOKE, VA (FHA|USDA|VA) 2 $2,070,000 $1,035,000 $5,971 7.39%
LEXINGTON-FAYETTE, KY (FHA|USDA|VA) 12 $1,860,000 $155,000 $3,879 8.26%
Cambridge, MD (FHA|USDA|VA) 8 $1,560,000 $195,000 $8,039 8.08%
CUMBERLAND, MD-WV (FHA|USDA|VA) 6 $1,190,000 $198,333 $2,364 7.83%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 3 $1,185,000 $395,000 $0 7.72%
WILMINGTON, NC (FHA|USDA|VA) 2 $990,000 $495,000 $4,467 6.92%
Easton, MD (FHA|USDA|VA) 6 $860,000 $143,333 $3,987 8.28%
DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 1 $825,000 $825,000 $0 6.75%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $655,000 $655,000 $7,086 7.00%
Morehead City, NC (FHA|USDA|VA) 1 $515,000 $515,000 $4,393 7.00%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 3 $475,000 $158,333 $4,093 7.23%
STAUNTON, VA (FHA|USDA|VA) 2 $440,000 $220,000 $2,933 6.55%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 1 $315,000 $315,000 $0 9.50%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $315,000 $315,000 $3,936 7.41%
Mount Gay-Shamrock, WV (FHA|USDA|VA) 2 $270,000 $135,000 $0 8.63%
Point Pleasant, WV-OH (FHA|USDA|VA) 2 $260,000 $130,000 $0 7.58%
Elkins, WV (FHA|USDA|VA) 2 $260,000 $130,000 $3,610 7.49%
YORK-HANOVER, PA (FHA|USDA|VA) 1 $245,000 $245,000 $9,479 6.13%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $225,000 $225,000 $0 7.87%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 1 $205,000 $205,000 $3,664 7.84%
Kill Devil Hills, NC (FHA|USDA|VA) 1 $195,000 $195,000 $3,657 7.06%
BOWLING GREEN, KY (FHA|USDA|VA) 1 $175,000 $175,000 $0 7.00%
Sevierville, TN (FHA|USDA|VA) 1 $175,000 $175,000 $3,402 7.03%
WINSTON-SALEM, NC (FHA|USDA|VA) 1 $175,000 $175,000 $3,096 6.84%
JOHNSTOWN, PA (FHA|USDA|VA) 1 $155,000 $155,000 $0 7.99%
DOVER, DE (FHA|USDA|VA) 1 $155,000 $155,000 $4,467 7.41%
PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $125,000 $125,000 $0 8.00%
Fairmont, WV (FHA|USDA|VA) 1 $95,000 $95,000 $0 8.75%
Richmond-Berea, KY (FHA|USDA|VA) 1 $75,000 $75,000 $0 7.75%
TUCSON, AZ (FHA|USDA|VA) 1 $45,000 $45,000 $0 7.00%
Summit Community Bank's top markets include Huntington, Charleston, Greenville, Harrisonburg, and Washington among others.

Their top states include:
  • Virginia (FHA|USDA|VA)
  • West Virginia (FHA|USDA|VA)
  • Maryland (FHA|USDA|VA)
  • South Carolina (FHA|USDA|VA)
  • Kentucky (FHA|USDA|VA)
  • Similar Lenders

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

    PARK VIEW FEDERAL CREDIT UNION
    Similarity Rank: 12
    Huntington Federal Savings Bank
    Similarity Rank: 15
    DUPONT COMMUNITY
    Similarity Rank: 44
    DESCO
    Similarity Rank: 108
    The Ohio Valley Bank Company
    Similarity Rank: 120
    PATRIOT
    Similarity Rank: 120
    Shea Mortgage Inc.
    Similarity Rank: 228
    F & M BANK CORP.
    Similarity Rank: 320
    Community Trust Bank, Inc.
    Similarity Rank: 378

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 455 $214,915,000 $472,341 $3,854 7.28%
    HELOC 166 $17,460,000 $105,181 n/a 8.78%
    FHA 1 $275,000 $275,000 $4,727 6.63%

    For 2023, Summit Community Bank's most frequently originated type of loan was Conventional, with 455 originations. Their 2nd most popular type was HELOC, with 166 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 344 $184,070,000 $535,087 $4,085 7.31%
    Home Improvement 121 $14,835,000 $122,603 $2,949 8.57%
    Refi 100 $28,110,000 $281,100 $3,359 7.61%
    Other 45 $4,505,000 $100,111 $3,129 8.56%
    Cash Out Refi 12 $1,130,000 $94,167 $3,064 6.39%

    For 2023, Summit Community Bank's most frequently cited loan purpose was Home Purchase, with 344 originations. The 2nd most popular reason was Home Improvement, with 121 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 207 $48,825,000 $235,870 $3,621 7.12%
    30+ year 184 $31,550,000 $171,467 $5,712 8.35%
    20 Year 94 $26,540,000 $282,340 $2,975 7.45%
    Other 51 $81,935,000 $1,606,569 $3,064 7.63%
    15 Year 44 $5,160,000 $117,273 $3,152 7.62%
    10 Year 22 $3,790,000 $172,273 $2,965 8.09%
    1 Year 10 $2,480,000 $248,000 $0 8.70%
    5 Year 10 $32,370,000 $3,237,000 $0 7.54%

    For 2023, Summit Community Bank's most frequently cited loan duration was 30 Year, with 207 originations. The 2nd most popular length was 30+ year, with 184 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 256 $59,830,000 $233,711
    $<1k 16 $2,580,000 $161,250
    $5k+ 8 $4,320,000 $540,000
    $3k-4k 4 $800,000 $200,000
    $2k-3k 3 $315,000 $105,000
    $4k-5k 3 $845,000 $281,667

    Summit Community Bank's average total fees were $3,621, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 256 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    7-8% 272 $85,710,000 $315,110
    Over 8% 189 $39,655,000 $209,815
    6-7% 148 $102,080,000 $689,730
    5-6% 13 $5,205,000 $400,385

    During 2023, Summit Community Bank's average interest rate for loans was 7.12%, while their most frequently originated rate bucket for loans was 7-8%, with 272 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 233 $13,555,000 $58,176 $3,036 8.14%
    $100k-200k 183 $25,925,000 $141,667 $3,380 7.53%
    $200k-400k 112 $31,920,000 $285,000 $4,204 7.28%
    $400k-600k 36 $17,210,000 $478,056 $4,842 7.32%
    $1MM+ 31 $122,875,000 $3,963,710 $7,193 7.21%
    $600k-1MM 27 $21,165,000 $783,889 $7,795 7.36%

    2023 saw Summit Community Bank place emphasis on $100,000 or less loans with 233 originations, totaling $13,555,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 89 $9,705,000 $109,045 $3,242 7.63%
    $100k-150k 85 $13,495,000 $158,765 $3,915 7.83%
    $75k-100k 82 $11,050,000 $134,756 $3,740 7.65%
    $50k or less 73 $5,895,000 $80,753 $3,191 7.92%
    $150k-250k 72 $18,180,000 $252,500 $4,516 7.78%
    $250k+ 70 $32,400,000 $462,857 $4,927 7.55%

    Summit Community Bank lent most frequently to those with incomes in the $50k-75k range, with 89 originations. The second most popular income band? $100k-150k, with 85 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 109 $16,695,000 $153,165 $3,802 7.83%
    30-36% 100 $16,050,000 $160,500 $3,840 7.65%
    <20% 45 $8,445,000 $187,667 $3,423 7.69%
    42% 28 $3,630,000 $129,643 $3,762 8.10%
    43% 27 $5,695,000 $210,926 $3,604 7.74%
    37% 24 $3,760,000 $156,667 $3,507 7.40%
    39% 23 $3,335,000 $145,000 $3,371 7.96%
    36% 20 $3,360,000 $168,000 $4,037 8.18%
    41% 19 $3,445,000 $181,316 $4,508 7.84%
    38% 19 $5,555,000 $292,368 $5,093 7.75%
    50-60% 16 $4,570,000 $285,625 $3,739 7.45%
    40% 15 $1,955,000 $130,333 $3,204 7.57%
    >60% 11 $8,385,000 $762,273 $7,024 7.27%
    48% 5 $595,000 $119,000 $2,846 7.46%
    45% 5 $2,345,000 $469,000 $4,386 7.01%
    44% 5 $1,345,000 $269,000 $3,439 7.59%
    47% 4 $1,410,000 $352,500 $5,339 6.97%
    46% 3 $585,000 $195,000 $4,208 7.41%
    49% 2 $720,000 $360,000 $4,538 6.98%

    Summit Community Bank lent most frequently to those with DTI ratios of 20-30%, with 109 originations. The next most common DTI ratio? 30-36%, with 100 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 135 $138,975,000 $1,029,444 $0 7.51%
    White 408 $76,300,000 $187,010 $3,848 7.69%
    Not provided 58 $13,350,000 $230,172 $3,763 7.99%
    Asian 10 $1,900,000 $190,000 $3,662 7.54%
    Black 7 $1,335,000 $190,714 $5,301 8.00%
    American Indian 4 $790,000 $197,500 $3,283 7.64%

    Approval Rates

    Total approvals of all applications
    87.44%

    Summit Community Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    75.72%

    Summit Community Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    513.5 3 $75,000 $25,000
    NA 619 $232,575,000 $375,727

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    622 $232,650,000 $374,035

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 102 $14,980,000 $146,863 $3,693 8.35%
    40-60% 79 $29,575,000 $374,367 $3,399 7.71%
    60-80% 135 $105,165,000 $779,000 $4,143 7.29%
    80-100% 221 $65,735,000 $297,443 $3,890 7.33%
    Over 100% 1 $125,000 $125,000 $4,426 7.22%
    Under 20% 81 $16,655,000 $205,617 $3,177 8.42%