Summit Funding Inc Mortgage Interest Rate and Cost Review

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. We maintain our independence by not accepting any money from the mortgage lenders we review. Going by historical data, here is our review of Summit Funding Inc nationally:

Review ItemSummit Funding Inc
Interest Ratehigher than other lenders (+0.11%)
Loan Related Closing Costshigher than other lenders (+$725)

On average, Summit Funding Inc’s interest rates were higher than those of other lenders (+0.11%) for a comparable set of borrowers. Its loan related closing costs were also higher than those of other lenders, with a difference of +$725. To visit Summit Funding Inc, its website is located at: https://summitfunding.net.

Summit Funding Inc’s Rate Review by City

Mortgage lenders often set different rates in different geographical markets. In particular, among the cities we track Summit Funding Inc was most active in:

  1. Sterling Heights, MI
  2. San Francisco, CA
  3. Sacramento, CA
  4. Stockton, CA
  5. Redding, CA

In addition, Summit Funding Inc is our top ranked/best mortgage lender in terms of interest rate and closing costs in:

You can click through to check out Summit Funding Inc’s mortgage rate relative to those of other lenders within each city. Or, for our entire list of the top mortgage lenders by city, click here.

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.

Purchase/Refinance:
New Purchase MortgagesConformingFHAJumboUSDAVA
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(2.5)(2.5)(3)(3.5)(3)
Refinance MortgagesConformingFHAJumboUSDAVA
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(3)(3.5)(3.5)(3.5)(3.5)

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 name: 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.