Summit Mortgage Review: If You Want More Than a Call Center Home Loan

If you’re looking for personalized service, instead of a call-center home loan, you might want to check out Summit Mortgage.

The privately-owned direct lender was started by husband and wife loan originators Diana and Robert Carter way back in 1992.

The goal was to create a business from an originator’s point-of-view, focused on providing an “unparalleled homebuying experience.”

That meant identifying the traditional pain points of getting a home loan and taking steps to avoid them.

After all, buying a home is supposed to be an exciting moment, one they believe shouldn’t be overshadowed by a miserable mortgage experience.

Summit Mortgage Fast Facts

Direct-to-consumer mortgage lender
Offers home purchase loans and mortgage refinancing
Founded in 1992, headquartered in Plymouth, MN
Licensed to do business in 17 states
Funded more than $6 billion in home loans last year
About two-thirds of last year’s volume was home

Summit Mortgage Corp. is a direct-to-consumer mortgage lender that offers home purchase financing and mortgage refinances.

The Plymouth, Minnesota-based company got its start way back in 1992, making them one of the older lenders in existence.

Last year, they produced more than $6 billion in home loans, with a 67% home purchase share and 33% refinance share.

This tells me they have strong relationships with local real estate agents, and the ability to close loans on time.

Summit Mortgage is a big-time mortgage lender in their home state of Minnesota, which accounts for about 40% of total production.

In fact, they ranked 6th there in 2021 behind only the big players such as Rocket Mortgage, U.S. Bank, and Wells Fargo.

They are also very active in the states of Florida, Pennsylvania, and Colorado.

At the moment, the company is licensed in 17 states nationwide, including California, Colorado, Florida, Idaho, Minnesota, Montana, New Jersey, North Dakota, Oregon, Pennsylvania, South Dakota, Texas, Utah, Virginia, Washington, Wisconsin, and Wyoming.

For the record, they are known as “Summit Home Mortgage” in the states of Oregon, Utah, and Washington.

How to Apply with Summit Mortgage

To begin, you can visit their website to find a loan officer near you. Their online directory allows you to search by property location or loan officer name (if you’ve been referred).

You can review profiles online and obtain licensing and contact information. Once you find the individual you want to work with, you can apply for a home loan directly from their personal webpage.

When you’re ready to move forward, you’ll be prompted to create an “Ascent App” account, which will also give you the option to download a free smartphone app.

Whether you apply on a computer or smartphone, there is an easy to follow step-by-step application process.

Benefits of using the app include a document scanner to upload required paperwork, along with a built-in auto-save feature.

The Ascent App will automatically save all data entered so you won’t need to re-enter fields that have already been completed.

And you can even take a break and return to the loan application from a different device, which allows you to work at your own pace.

It’s all powered by SimpleNexus, a leader in the digital mortgage space.

Aside from a digital application, you should be able to eSign disclosures and closing documents, message your loan officer, and track loan status from start to finish.

Your Summit Mortgage loan officer can also get you a pre-approval letter if you’re currently shopping for a home.

To that end, Summit Mortgage also offers a $10,000 underwriting guarantee in which they’ll pay the seller $10k if your loan doesn’t close.

This can help your offer stand out in a competitive housing market or even compete with all-cash buyers.

Summit Mortgage Rates

But before you begin the application process, it might be wise to get a mortgage rate quote.

There is a rate quote request form on the Summit Mortgage website, but it’s probably quicker just to call a loan officer directly.

Once you give them the details of your loan scenario, they’ll be able to provide a real-time mortgage rate quote.

Be sure to take note of any lender fees associated with your rate, such as an application fee or loan origination fee.

Also pay attention to any discount points required for the quoted rate, as they will increase your closing costs.

Unfortunately, Summit Mortgage doesn’t list daily sample mortgage rates on their website, nor do they list their lender fees.

So you’ll need to get all these details from a loan officer before you proceed.

Take the time to shop around and gather quotes from other banks, lenders, and mortgage brokers to ensure they are competitively priced.

Loan Programs Offered by Summit Mortgage

Home purchase loans
Refinance loans: rate and term, cash out, streamline
Home renovation loans: FHA 203k and Fannie Mae HomeStyle
Conforming loans
Jumbo loans
FHA loans
USDA loans
VA loans
Down payment assistance: State grants and tax credits
Fixed-rate and adjustable-rate mortgages in various loan terms

Summit Mortgage Corp. offers a wide range of loan programs to suit aspiring home buyers and existing homeowners.

If you’re short on funds, they can tap into a variety of down payment assistance programs to help you across the finish line.

Those who are purchasing a fixer-upper can take advantage of programs like Fannie Mae’s HomeStyle Renovation or the FHA 203k loan program.

They got the full suite of government-backed home loans available, including FHA, VA and USDA.

And jumbo loans are a possibility if you’re purchasing an expensive home.

All major property types are acceptable, including single-family homes, condos/townhomes, vacation homes, and investment properties.

Both fixed-rate and adjustable-rate mortgages are available in various loan terms, such as 15-year mortgages and 5/1 ARMs.

In short, you should have plenty of options to choose from no matter your personal situation or preference.

Summit Mortgage Reviews

On Experience.com, Summit Mortgage has a solid 4.94-star rating out of 5 from roughly 15,000 customer reviews.

You can fine-tune those reviews by individual if you want to narrow down your list of loan officers.

They have an even better 4.98-star rating on Zillow from over 1,500 reviews, which is pretty much flawless.

But wait, there’s more! A perfect 5.0-rating from over 250 Google reviews, along with a 4.9-star rating on Trustpilot from about 500 reviews.

Additionally, they are an accredited company with the Better Business Bureau (BBB) and currently hold an ‘A+’ rating based on customer complaint history.

In closing, Summit Mortgage appears to be a good candidate for home buyers thanks to their personalized service, $10,000 underwriting guarantee, wide range of loan programs, and many 5-star reviews.

If their pricing is also on point, they could be an excellent choice for an existing homeowner in need of a refinance as well.

Summit Mortgage Pros and Cons

The Good

Can apply for a home loan online or via smartphone
Offer a digital mortgage application process
$10,000 underwriting guarantee
Good selection of loan types to choose from
Thousands of excellent customer reviews
A+ BBB rating, accredited business
Free smartphone app
Free mortgage calculator and home loan guides

The Maybe Not

Only licensed in 17 states currently
Do not publicize mortgage rates or lender fees

(photo: Andy Harbach)