Great Midwest Bank S.s.b. Mortgage Rates, Fees & Info

Brookfield, WI

LEI: 254900AG9OLNQOYN9650

Tax ID: 39-0476365

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Great Midwest Bank S.s.b. is a smaller bank specializing in Home Purchase and Refi loans. Great Midwest Bank S.s.b. has a high proportion of conventional loans. Their top markets by origination volume include: Milwaukee, Madison, Racine, Peoria, and Watertown among others. We have data for 22 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Great Midwest Bank S.s.b. has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Great Midwest Bank S.s.b. is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    Home Equity Line of Credit (HELOC) 6.18% 10/31/24
    30 Year Conventional Purchase 6.75% 10/31/24
    30 Year Conventional Refi 6.58% 10/31/24
    30 Year Cash-out Refi 6.63% 10/31/24
    15 Year Conventional Purchase 5.86% 10/31/24
    15 Year Conventional Refi 5.81% 10/31/24
    15 Year Cash-out Refi 5.81% 10/31/24
    These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

    Great Midwest Bank S.s.b. Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Great Midwest Bank S.s.b.. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    801

    Origination Dollar Volume (All Markets)

    $270,745,000
    Show all (6) awards

    Top Markets

    Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

    Market Originations Total Value Average Loan Average Fees Average Rate
    MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 640 $219,880,000 $343,563 $2,243 4.43%
    MADISON, WI (FHA|USDA|VA) 48 $11,370,000 $236,875 $2,111 4.56%
    RACINE, WI (FHA|USDA|VA) 27 $11,335,000 $419,815 $2,643 4.42%
    PEORIA, IL (FHA|USDA|VA) 2 $7,810,000 $3,905,000 $0 4.50%
    Outside of Metro Areas 10 $3,350,000 $335,000 $3,886 4.29%
    Watertown-Fort Atkinson, WI (FHA|USDA|VA) 15 $3,315,000 $221,000 $2,061 4.44%
    Whitewater, WI (FHA|USDA|VA) 8 $3,230,000 $403,750 $2,703 3.44%
    APPLETON, WI (FHA|USDA|VA) 21 $3,155,000 $150,238 $1,468 4.40%
    FOND DU LAC, WI (FHA|USDA|VA) 5 $1,405,000 $281,000 $2,473 4.12%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 5 $1,345,000 $269,000 $2,261 4.05%
    SHEBOYGAN, WI (FHA|USDA|VA) 3 $885,000 $295,000 $2,737 4.53%
    Manitowoc, WI (FHA|USDA|VA) 4 $740,000 $185,000 $0 3.63%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 2 $580,000 $290,000 $2,652 4.13%
    Platteville, WI (FHA|USDA|VA) 1 $535,000 $535,000 $2,336 4.25%
    OSHKOSH-NEENAH, WI (FHA|USDA|VA) 2 $420,000 $210,000 $2,016 4.28%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $375,000 $375,000 $2,512 3.50%
    Beaver Dam, WI (FHA|USDA|VA) 2 $320,000 $160,000 $1,104 4.50%
    GREEN BAY, WI (FHA|USDA|VA) 1 $295,000 $295,000 $2,246 4.75%
    JANESVILLE-BELOIT, WI (FHA|USDA|VA) 1 $185,000 $185,000 $2,126 3.88%
    Marinette, WI-MI (FHA|USDA|VA) 1 $145,000 $145,000 $0 6.00%
    Baraboo, WI (FHA|USDA|VA) 1 $35,000 $35,000 $0 7.50%
    EAU CLAIRE, WI (FHA|USDA|VA) 1 $35,000 $35,000 $0 5.50%
    Great Midwest Bank S.s.b.'s top markets include Milwaukee, Madison, Racine, Peoria, and Watertown among others.

    Their top states include:
  • Wisconsin (FHA|USDA|VA)
  • Illinois (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Great Midwest Bank S.S.B. based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    PROSPERA Credit Union
    Similarity Rank: 48
    First Savings Bank of Hegewisch
    Similarity Rank: 64
    UNISON CREDIT UNION
    Similarity Rank: 70
    NORTHWESTERN MUTUAL
    Similarity Rank: 70
    Empower Credit Union
    Similarity Rank: 81
    Liberty Bank for Savings
    Similarity Rank: 116
    FOX COMMUNITIES
    Similarity Rank: 135
    BLC Community Bank
    Similarity Rank: 192
    FINANCIAL PLUS
    Similarity Rank: 198
    Glacier Hills Credit Union
    Similarity Rank: 200

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 579 $241,865,000 $417,729 $2,253 4.35%
    HELOC 222 $28,880,000 $130,090 n/a 4.61%

    For 2022, Great Midwest Bank S.s.b.'s most frequently originated type of loan was Conventional, with 579 originations. Their 2nd most popular type was HELOC, with 222 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 413 $168,235,000 $407,349 $2,810 4.51%
    Refi 132 $63,880,000 $483,939 $1,448 3.91%
    Home Improvement 116 $16,750,000 $144,397 $91 4.57%
    Cash Out Refi 82 $16,330,000 $199,146 $1,269 4.51%
    Other 54 $5,020,000 $92,963 $492 4.62%
    NA 4 $530,000 $132,500 $0 3.81%

    For 2022, Great Midwest Bank S.s.b.'s most frequently cited loan purpose was Home Purchase, with 413 originations. The 2nd most popular reason was Refi, with 132 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 446 $209,860,000 $470,538 $2,578 4.39%
    10 Year 241 $29,785,000 $123,589 $156 4.68%
    15 Year 40 $8,310,000 $207,750 $1,549 3.41%
    20 Year 40 $7,210,000 $180,250 $1,354 4.56%
    5 Year 17 $12,645,000 $743,824 $37 3.59%
    Other 16 $2,920,000 $182,500 $1,591 4.75%
    3 Year 1 $15,000 $15,000 $0 3.75%

    For 2022, Great Midwest Bank S.s.b.'s most frequently cited loan duration was 30 Year, with 446 originations. The 2nd most popular length was 10 Year, with 241 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 535 $200,335,000 $374,458
    $1k-2k 6 $1,830,000 $305,000
    $2k-3k 3 $755,000 $251,667
    $5k+ 1 $235,000 $235,000

    Great Midwest Bank S.s.b.'s average total fees were $2,578, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 535 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 333 $109,435,000 $328,634
    4-5% 207 $97,405,000 $470,556
    5-6% 138 $36,900,000 $267,391
    6-7% 70 $10,980,000 $156,857
    2.5-3% 26 $11,860,000 $456,154
    <2.5% 17 $2,545,000 $149,706
    7-8% 10 $1,620,000 $162,000

    During 2022, Great Midwest Bank S.s.b.'s average interest rate for loans was 4.39%, while their most frequently originated rate bucket for loans was 3-4%, with 333 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 193 $55,225,000 $286,140 $2,240 4.54%
    $100k-200k 187 $26,255,000 $140,401 $1,778 4.49%
    $100,000 or less 182 $9,850,000 $54,121 $807 4.61%
    $400k-600k 129 $64,165,000 $497,403 $2,504 4.22%
    $600k-1MM 88 $61,830,000 $702,614 $3,169 3.97%
    $1MM+ 22 $53,420,000 $2,428,182 $4,730 4.30%

    2022 saw Great Midwest Bank S.s.b. place emphasis on $200k-400k loans with 193 originations, totaling $55,225,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 223 $86,335,000 $387,152 $2,649 4.40%
    $100k-150k 179 $50,435,000 $281,760 $2,199 4.50%
    $50k-75k 115 $18,135,000 $157,696 $1,920 4.56%
    $250k+ 109 $51,565,000 $473,073 $2,738 4.28%
    $75k-100k 90 $17,700,000 $196,667 $1,728 4.40%
    $50k or less 60 $6,350,000 $105,833 $1,707 4.25%

    Great Midwest Bank S.s.b. lent most frequently to those with incomes in the $150k-250k range, with 223 originations. The second most popular income band? $100k-150k, with 179 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 197 $47,055,000 $238,858 $1,839 4.33%
    30-36% 134 $38,210,000 $285,149 $2,198 4.46%
    <20% 117 $22,905,000 $195,769 $1,842 4.46%
    38% 36 $9,930,000 $275,833 $2,245 4.33%
    39% 31 $9,915,000 $319,839 $2,169 4.58%
    40% 27 $12,085,000 $447,593 $2,470 4.17%
    43% 26 $11,170,000 $429,615 $2,807 4.40%
    41% 26 $11,040,000 $424,615 $2,777 4.53%
    44% 25 $8,145,000 $325,800 $2,342 4.75%
    36% 23 $7,915,000 $344,130 $2,304 3.93%
    45% 22 $9,170,000 $416,818 $2,965 4.74%
    37% 22 $7,210,000 $327,727 $2,860 4.44%
    46% 22 $9,280,000 $421,818 $2,829 4.13%
    42% 20 $7,380,000 $369,000 $2,205 4.29%
    50-60% 17 $7,225,000 $425,000 $3,038 4.66%
    49% 11 $3,165,000 $287,727 $2,800 4.48%
    47% 10 $4,910,000 $491,000 $3,488 4.55%
    48% 9 $3,205,000 $356,111 $2,629 5.15%
    >60% 1 $605,000 $605,000 $1,989 5.88%

    Great Midwest Bank S.s.b. lent most frequently to those with DTI ratios of 20-30%, with 197 originations. The next most common DTI ratio? 30-36%, with 134 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 621 $184,815,000 $297,609 $2,203 4.44%
    Not applicable 18 $38,910,000 $2,161,667 $0 4.72%
    Not provided 92 $27,240,000 $296,087 $2,646 4.35%
    Asian 23 $9,655,000 $419,783 $2,455 4.23%
    Black 40 $8,340,000 $208,500 $2,190 4.38%
    Asian Indian 2 $970,000 $485,000 $3,656 3.44%
    American Indian 3 $345,000 $115,000 $1,868 4.25%
    Native Hawaiian or Islander 1 $245,000 $245,000 $0 6.60%
    Other Asian 1 $225,000 $225,000 $1,371 3.88%

    Approval Rates

    Total approvals of all applications
    96.00%

    Great Midwest Bank S.s.b. has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    89.26%

    Great Midwest Bank S.s.b. has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 801 $270,745,000 $338,009

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    801 $270,745,000 $338,009

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 121 $18,225,000 $150,620 $1,262 4.50%
    40-60% 88 $36,630,000 $416,250 $1,851 4.37%
    60-80% 226 $97,540,000 $431,593 $2,220 4.28%
    80-100% 228 $109,090,000 $478,465 $2,894 4.37%
    Under 20% 138 $9,260,000 $67,101 $317 4.71%