Summit Mortgage Banker Interest Rate and Cost Review

Is Summit Mortgage Banker a cheap or expensive mortgage lender? To help you shop for a mortgage, we compare the interest rates and closing costs charged by Summit Mortgage Banker to those of other lenders for a comparable set of borrowers. Here is our review of Summit Mortgage Banker nationally:

Review ItemSummit Mortgage Banker
Interest Ratesimilar to other lenders (+0.06%)
Loan Related Closing Costssimilar to other lenders (-$116)
National Rate and Closing Cost Star Rating(3.5)

On average, Summit Mortgage Banker’s interest rates were similar to those of other lenders (+0.06%). Its loan related closing costs were also similar to those of other lenders, with a difference of -$116. Overall, combining interest rates and closing costs we estimate that Summit Mortgage Banker tends to be an average cost lender, and give it a National Rate and Closing Costs Rating of 3.5 out of 5 stars. We maintain our independence by not accepting any money from the mortgage lenders we review. To visit Summit Mortgage Banker, its website is located at: https://www.smb-mortgage.com.

Summit Mortgage Banker’s Rate Review by City

Mortgage lenders often set different rates in different geographical markets. For our list of the top mortgage lenders in your area, click here. In particular, among the cities we track Summit Mortgage Banker was most active in:

  1. New York, NY
  2. Los Angeles, CA
  3. Jersey City, NJ
  4. San Francisco, CA
  5. San Jose, CA

Summit Mortgage Banker’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 Mortgage Banker originated Conforming and Jumbo 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 MortgagesConformingJumbo
Interest Rate Difference+0.11%+0.04%
Loan Related Closing Cost Difference+$691+$68
Cost Adjusted Rate Difference+0.13%+0.04%
National Star Rating(3)(3.5)
Refinance MortgagesConformingJumbo
Interest Rate Difference+0.00%+0.03%
Loan Related Closing Cost Difference-$1019-$125
Cost Adjusted Rate Difference-0.04%+0.03%
Average Star Rating(3.5)(3.5)

As a summary, Summit Mortgage Banker is similar to other lenders for Jumbo purchase mortgages. It is more expensive than other lenders for Conforming purchase mortgages. For refinancing, Summit Mortgage Banker is similar to other lenders for Conforming and Jumbo 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 Mortgage Banker:

Registered name: Summit mortgage Bankers, Inc
Registered city and state: Flushing, NY, 11354
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 Mortgage Banker’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.