Is Summit Funding Inc a cheap or expensive mortgage lender? To help you shop for a mortgage, we compare the interest rates and closing costs charged by Summit Funding Inc to those of other lenders for a comparable set of borrowers. Here is our review of Summit Funding Inc nationally:
|Review Item||Summit Funding Inc|
|Interest Rate||higher than other lenders (+0.11%)|
|Loan Related Closing Costs||higher than other lenders (+$725)|
|National Rate and Closing Cost Star Rating||(3)|
On average, Summit Funding Inc’s interest rates were higher than those of other lenders (+0.11%). Its loan related closing costs were also higher than those of other lenders, with a difference of +$725. We maintain our independence by not accepting any money from the mortgage lenders we review. To visit Summit Funding Inc, check out its website at: https://summitfunding.net.
Summit Funding Inc’s Rate Review by City
Mortgage lenders often set different rates in different geographical markets. For our list of the top mortgage lenders by city, click here. In particular, among the cities we track Summit Funding Inc was most active in:
In addition, Summit Funding Inc is our top ranked/best mortgage lender in terms of interest rate and closing costs in:
- Susanville, CA, for VA mortgages
Summit Funding Inc’s Rate Review by Mortgage Type
Mortgage lenders also tend to charge different interest rates and closing costs depending on the type of mortgage. In our data, Summit Funding Inc originated Conforming, FHA, Jumbo, USDA and VA mortgages for new home purchases and refinances. Its average interest rate and total loan related closing cost difference relative to other lenders by mortgages type is as follows.
|New Purchase Mortgages||Conforming||FHA||Jumbo||USDA||VA|
|Interest Rate Difference||+0.13%||+0.15%||+0.04%||+0.01%||+0.09%|
|Loan Related Closing Cost Difference||+$853||+$826||+$301||+$148||+$113|
|Cost Adjusted Rate Difference||+0.17%||+0.20%||+0.05%||+0.03%||+0.09%|
|National Star Rating|
|Interest Rate Difference||+0.08%||+0.01%||+0.04%||-0.00%||+0.01%|
|Loan Related Closing Cost Difference||+$707||+$488||+$325||-$7||+$286|
|Cost Adjusted Rate Difference||+0.11%||+0.04%||+0.05%||-0.00%||+0.02%|
|Average Star Rating|
As a summary, Summit Funding Inc is similar to other lenders for USDA purchase mortgages. It is more expensive than other lenders for Conforming, FHA, Jumbo and VA purchase mortgages. For refinancing, Summit Funding Inc is similar to other lenders for FHA, Jumbo, USDA and VA mortgage refinance. It is more expensive than other lenders for Conforming mortgage refinance. Nevertheless, individual circumstances can matter a lot for mortgage rates, and we always recommend shopping among several of our top mortgage lenders in your area before signing.
Other information about Summit Funding Inc:
Registered city and state: SACRAMENTO, CA, 95815
Regulator: United States Department of Housing and Urban Development (HUD)
* Source of the data is Federal Financial Institutions Examination Council (FFIEC) and is for mortgages originated in the past year. Our comparable mortgages analysis controls for Summit Funding Inc’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and commuting zone. Cost adjusted rates were computed based on each percent of the loan amount in above average loan related closing costs being worth +0.15 of a percentage point in interest rate. Furthermore, the amounts are regularized using a Bayesian approach to control for small samples.