Great Lakes Federal Credit Union Mortgage Rates, Fees & Info
Bay City, MILEI: 254900L3KCJDL0CQNP11
Tax ID: 38-6076565
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Mortgage Data
Review & Overview
Great Lakes Federal Credit Union is a smaller credit union specializing in Cash Out Refi and Home Purchase loans. Great Lakes Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Bay City, Saginaw, and Flint among others. We have data for 4 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 a below average pick rate when compared to similar lenders. Great Lakes Federal Credit Union 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.
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Originations
47Origination Dollar Volume (All Markets)
$3,095,000Top 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) | 29 | $1,785,000 | $61,552 | $1,714 | 5.50% |
| SAGINAW, MI (FHA|USDA|VA) | 11 | $945,000 | $85,909 | $1,771 | 5.02% |
| Outside of Metro Areas | 4 | $190,000 | $47,500 | $1,895 | 6.81% |
| FLINT, MI (FHA|USDA|VA) | 3 | $175,000 | $58,333 | $1,614 | 4.96% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 47 | $3,095,000 | $65,851 | $1,737 | 5.47% |
For 2019, Great Lakes Federal Credit Union's most frequently originated type of loan was Conventional, with 47 originations.
Loan Reason
For 2019, Great Lakes Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 16 originations. The 2nd most popular reason was Home Purchase, with 10 originations.
Loan Duration/Length
For 2019, Great Lakes Federal Credit Union's most frequently cited loan duration was 15 Year, with 19 originations. The 2nd most popular length was 10 Year, with 11 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 47 | $3,095,000 | $65,851 |
Great Lakes Federal Credit Union's average total fees were $1,992, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 47 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 13 | $1,225,000 | $94,231 |
| 4-5% | 11 | $625,000 | $56,818 |
| 5-6% | 10 | $730,000 | $73,000 |
| 6-7% | 7 | $275,000 | $39,286 |
| Over 8% | 4 | $160,000 | $40,000 |
| 7-8% | 2 | $80,000 | $40,000 |
During 2019, Great Lakes Federal Credit Union's average interest rate for loans was 4.05%, while their most frequently originated rate bucket for loans was 3-4%, with 13 originations.
Loan Sizing
2019 saw Great Lakes Federal Credit Union place emphasis on $100,000 or less loans with 41 originations, totaling $2,215,000 in origination value.
Applicant Income
Great Lakes Federal Credit Union lent most frequently to those with incomes in the $50k or less range, with 19 originations. The second most popular income band? $50k-75k, with 15 originations.
Applicant Debt to Income Ratio
Great Lakes Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 12 originations. The next most common DTI ratio? 30-36%, with 9 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 47 | $3,095,000 | $65,851 | $1,737 | 5.47% |
Approval Rates
Total approvals of all applications98.48%
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 origination61.70%
Great Lakes Federal Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 47 | $3,095,000 | $65,851 |