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, 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 Hillsdale 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
67Origination Dollar Volume (All Markets)
$6,005,000Awards
Great Lakes Federal Credit Union - 2020
Great Lakes Federal Credit Union is a 2020 , due to their low .
For 2020, less than of lenders were eligible for this award.
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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 |
|---|---|---|---|---|---|
| BAY CITY, MI (FHA|USDA|VA) | 54 | $4,710,000 | $87,222 | $1,623 | 3.76% |
| SAGINAW, MI (FHA|USDA|VA) | 9 | $1,035,000 | $115,000 | $1,872 | 3.68% |
| Hillsdale, MI (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $2,132 | 3.38% |
| Outside of Metro Areas | 3 | $125,000 | $41,667 | $1,072 | 5.17% |
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: 28
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 67 | $6,005,000 | $89,627 | $1,640 | 3.80% |
For 2020, Great Lakes Federal Credit Union's most frequently originated type of loan was Conventional, with 67 originations.
Loan Reason
For 2020, Great Lakes Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 24 originations. The 2nd most popular reason was Refi, with 17 originations.
Loan Duration/Length
For 2020, Great Lakes Federal Credit Union's most frequently cited loan duration was 10 Year, with 24 originations. The 2nd most popular length was 15 Year, with 21 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 57 | $4,565,000 | $80,088 |
| $1k-2k | 10 | $1,440,000 | $144,000 |
Great Lakes Federal Credit Union's average total fees were $2,081, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 57 originations.
Interest Rates
During 2020, Great Lakes Federal Credit Union's average interest rate for loans was 2.95%, while their most frequently originated rate bucket for loans was 3-4%, with 34 originations.
Loan Sizing
2020 saw Great Lakes Federal Credit Union place emphasis on $100,000 or less loans with 47 originations, totaling $2,715,000 in origination value.
Applicant Income
Great Lakes Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 30 originations. The second most popular income band? $50k or less, with 19 originations.
Applicant Debt to Income Ratio
Great Lakes Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 15 originations. The next most common DTI ratio? 30-36%, with 11 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 67 | $6,005,000 | $89,627 | $1,640 | 3.80% |
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 origination71.64%
Great Lakes Federal Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 67 | $6,005,000 | $89,627 |