Great Lakes Federal Credit Union Mortgage Rates, Fees & Info
Bay City, MILEI: 254900L3KCJDL0CQNP11
Tax ID: 38-6076565
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Jump to:
Mortgage Data
Review & Overview
Great Lakes Federal Credit Union is a smaller credit union specializing in Home Purchase and Cash Out Refi loans. Great Lakes Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Bay City, Saginaw, Midland, Mount Pleasant, and Flint among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)Great Lakes Federal Credit Union has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders.
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.
Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.
Originations
30Origination Dollar Volume (All Markets)
$2,060,000Top 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 |
|---|---|---|---|---|---|
| BAY CITY, MI (FHA|USDA|VA) | 17 | $1,125,000 | $66,176 | $1,392 | 7.01% |
| SAGINAW, MI (FHA|USDA|VA) | 5 | $415,000 | $83,000 | $1,257 | 6.75% |
| MIDLAND, MI (FHA|USDA|VA) | 2 | $170,000 | $85,000 | $1,330 | 6.13% |
| Outside of Metro Areas | 4 | $170,000 | $42,500 | $1,297 | 6.13% |
| Mount Pleasant, MI (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $1,655 | 5.75% |
| FLINT, MI (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $1,043 | 6.75% |
Similar Lenders
We use machine learning to identify the top lenders compared against Great Lakes Federal Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 52
Similarity Rank: 64
Similarity Rank: 65
Similarity Rank: 68
Similarity Rank: 102
Similarity Rank: 221
Similarity Rank: 480
Similarity Rank: 627
Similarity Rank: 666
Similarity Rank: 1836
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 30 | $2,060,000 | $68,667 | $1,350 | 6.74% |
For 2023, Great Lakes Federal Credit Union's most frequently originated type of loan was Conventional, with 30 originations.
Loan Reason
For 2023, Great Lakes Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 8 originations. The 2nd most popular reason was Home Improvement, with 8 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 10 Year | 21 | $1,015,000 | $48,333 | $987 | 6.54% |
| 5 Year | 6 | $780,000 | $130,000 | $2,263 | 7.00% |
| 15 Year | 3 | $265,000 | $88,333 | $2,069 | 7.63% |
For 2023, Great Lakes Federal Credit Union's most frequently cited loan duration was 10 Year, with 21 originations. The 2nd most popular length was 5 Year, with 6 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 29 | $2,035,000 | $70,172 |
| $1k-2k | 1 | $25,000 | $25,000 |
Great Lakes Federal Credit Union's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 29 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 15 | $1,185,000 | $79,000 |
| 6-7% | 9 | $525,000 | $58,333 |
| Over 8% | 5 | $315,000 | $63,000 |
| 7-8% | 1 | $35,000 | $35,000 |
During 2023, Great Lakes Federal Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 5-6%, with 15 originations.
Loan Sizing
2023 saw Great Lakes Federal Credit Union place emphasis on $100,000 or less loans with 23 originations, totaling $995,000 in origination value.
Applicant Income
Great Lakes Federal Credit Union lent most frequently to those with incomes in the $50k or less range, with 12 originations. The second most popular income band? $100k-150k, with 6 originations.
Applicant Debt to Income Ratio
Great Lakes Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 11 originations. The next most common DTI ratio? 30-36%, with 5 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 30 | $2,060,000 | $68,667 | $1,350 | 6.74% |
Approval Rates
Total approvals of all applications100.00%
Great Lakes Federal Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination96.67%
Great Lakes Federal Credit Union has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 30 | $2,060,000 | $68,667 |