We compare mortgage interest rate and loan related closing costs at Summit Funding Inc. with other lenders for mortgages with similar borrower characteristics:
Interest Rate: higher than average (+0.13%)
Loan Related Closing Costs: higher than average (+$628)
Assessment: this lender tends to be a expensive lender.
This scoreboard is based on data reported to FFIEC. In the data, Summit Funding Inc. originated 11489 mortgages, a national market share of 0.2%. It was most active in OR (0.9% market share), NV (0.9% market share), and CA (0.7% market share).
On average, Summit Funding Inc.’s interest rates were higher than those of comparable mortgages at other lenders (+0.13%).1The comparable mortgages control 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 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 $6246, which was higher than those of comparable mortgages at $5619, with a difference of +$628. Overall, we estimate that Summit Funding Inc. tends to be an expensive lender, with a cost-adjusted-rate difference of +0.17% 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. Therefore, we recommend comparing your rate and fees with at least a few other lenders before signing with Summit Funding Inc..
Summit Funding Inc. originated Conforming, FHA, Jumbo, USDA and VA mortgages for new home purchases. It also originated Conforming, FHA and VA mortgages for refinances. 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 Summit Funding Inc. compared to other lenders
|Interest Rate Difference||+0.10%||+0.19%||+0.20%||+0.16%||+0.20%|
|Loan related Closing Cost Difference||+$767||+$637||+$1159||+$745||-$342|
|Cost Adjusted Rate Difference||+0.15%||+0.24%||+0.22%||+0.23%||+0.18%|
Based on the table above, Summit Funding Inc. is more expensive than other lenders for Conforming, FHA, Jumbo, USDA and VA purchase mortgages.
Mortgage Refinancing from Summit Funding Inc. compared to other lenders
|Interest Rate Difference||+0.05%||+0.22%||+0.19%|
|Loan Related Closing Cost Difference||+$524||+$502||-$858|
|Cost Adjusted Rate Difference||+0.09%||+0.25%||+0.15%|
Based on the table above, Summit Funding Inc. is more expensive than other lenders for Conforming, FHA and VA mortgage refinance.
Other information about Summit Funding Inc.:
Regulator: United States Department of Housing and Urban Development (HUD)
Registered city and state: Sacramento, CA, 95815