We compare mortgage interest rate and loan related closing costs at SummitMortgage Inc. with other lenders for mortgages with similar borrower characteristics:
Interest Rate: lower than average (-0.14%)
Loan Related Closing Costs: higher than average (+$265)
Assessment: this lender tends to be a cheap lender.
This scoreboard is based on data reported to FFIEC. In the data, SummitMortgage Inc. originated 451 mortgages, a national market share of 0.0%. It was most active in IN (0.3% market share), MI (0.0% market share), and FL (0.0% market share).
On average, SummitMortgage Inc.’s interest rates were lower than those of comparable mortgages at other lenders (-0.14%).1The comparable mortgages control for SummitMortgage 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 county. Interest rate and loan related closing costs are estimated based on fixed rate mortgages only, whereas market shares include all purchase or refinance mortgages. Its average total loan related closing cost was $3529, which was higher than those of comparable mortgages at $3264, with a difference of +$265. Overall, we estimate that SummitMortgage Inc. tends to be an cheap lender, with a cost-adjusted-rate difference of -0.12% compared to comparable mortgages at other lenders.2Cost adjusted rates were computed based on each percent of the loan amount in loan related closing costs being worth 1/6 of a percentage point in interest rate. Nevertheless, we recommend comparing your rate and fees with at least a few other lenders before signing with SummitMortgage Inc..
SummitMortgage Inc. originated Conforming, FHA and USDA mortgages for new home purchases. We breakdown its interest rate and total loan related closing cost on by each of the mortgage types it originated below:
Home Purchase Mortgages from SummitMortgage Inc. compared to other lenders
|Interest Rate Difference||+0.02%||-0.34%||-0.20%|
|Loan related Closing Cost Difference||+$388||+$138||+$161|
|Cost Adjusted Rate Difference||+0.06%||-0.33%||-0.17%|
Based on the table above, SummitMortgage Inc. is cheap for FHA and USDA purchase mortgages. It is more expensive than other lenders for Conforming purchase mortgages.
Other information about SummitMortgage Inc.:
Regulator: Federal Reserve System (FRS)
Registered city and state: FORT WAYNE, IN, 46835