Gold Coast Bank Mortgage Rates, Fees & Info

Chicago, IL

LEI: 5493003X9FWFI47DPO39

Tax ID: 20-8688354

3.6 stars - Updated: 12/8/24 - out of 5 stars, based on 15 reviews

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

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Mortgage Data

Review & Overview

Gold Coast Bank is a smaller bank specializing in Home Purchase loans. Gold Coast Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Chicago, Tampa, Boston, Miami, and San Diego among others. We have data for 26 markets. (Some data included below & more in-depth data is available with an active subscription.)

Gold Coast Bank 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. Gold Coast Bank is typically a high 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 relatively high 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.

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.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.04% 12/8/24
30 Year Conventional Refi 6.04% 12/8/24
30 Year Cash-out Refi 6.12% 12/8/24
30 Year FHA Purchase 6.83% 12/8/24
30 Year FHA Refi 6.78% 12/8/24
15 Year Conventional Purchase 5.62% 12/8/24
15 Year Conventional Refi 5.03% 12/8/24
15 Year Cash-out Refi 5.03% 12/8/24
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.

Gold Coast Bank Mortgage Calculator






Your Estimates

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

This is not an official calculator from Gold Coast Bank. 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

237

Origination Dollar Volume (All Markets)

$134,715,000

Relative Rate

Gold Coast Bank's average 30 year fixed mortgage rate was 6.93%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 0.45%.

Relative Fees (Closing Costs)

Gold Coast Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $9,085.

The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

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
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 201 $110,695,000 $550,721 $9,970 7.15%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 3 $3,185,000 $1,061,667 $12,474 7.21%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 2 $2,780,000 $1,390,000 $20,058 6.63%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 3 $2,485,000 $828,333 $15,841 6.75%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 1 $2,005,000 $2,005,000 $25,468 6.88%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 1 $2,005,000 $2,005,000 $6,689 6.88%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 3 $1,525,000 $508,333 $10,093 6.21%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 1 $1,175,000 $1,175,000 $6,200 7.99%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 1 $1,085,000 $1,085,000 $13,892 7.63%
NILES, MI (FHA|USDA|VA) 2 $1,000,000 $500,000 $7,645 6.38%
OCEAN CITY, NJ (FHA|USDA|VA) 1 $925,000 $925,000 $17,750 7.75%
Whitewater, WI (FHA|USDA|VA) 1 $565,000 $565,000 $10,963 6.38%
TUCSON, AZ (FHA|USDA|VA) 2 $530,000 $265,000 $4,116 5.69%
Outside of Metro Areas 2 $530,000 $265,000 $6,597 7.25%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 1 $505,000 $505,000 $6,745 6.00%
MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 1 $505,000 $505,000 $3,384 7.99%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 2 $500,000 $250,000 $7,303 6.75%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $485,000 $485,000 $5,733 7.50%
Port Angeles, WA (FHA|USDA|VA) 1 $415,000 $415,000 $8,270 6.88%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 1 $355,000 $355,000 $3,806 6.75%
ST. LOUIS, MO-IL (FHA|USDA|VA) 1 $305,000 $305,000 $4,233 6.49%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $265,000 $265,000 $4,523 6.63%
Red Wing, MN (FHA|USDA|VA) 1 $265,000 $265,000 $6,934 8.25%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 1 $245,000 $245,000 $2,944 6.13%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $205,000 $205,000 $7,176 7.50%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 1 $175,000 $175,000 $4,798 6.38%
Gold Coast Bank's top markets include Chicago, Tampa, Boston, Miami, and San Diego among others.

Their top states include:
  • Illinois (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Connecticut (FHA|USDA|VA)
  • Massachusetts (FHA|USDA|VA)
  • California (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against Gold Coast Bank 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 227 $131,535,000 $579,449 $9,788 7.13%
    FHA 10 $3,180,000 $318,000 $12,174 6.42%

    For 2023, Gold Coast Bank's most frequently originated type of loan was Conventional, with 227 originations. Their 2nd most popular type was FHA, with 10 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 197 $113,645,000 $576,878 $10,765 7.09%
    Refi 29 $15,685,000 $540,862 $4,917 7.06%
    Home Improvement 5 $1,735,000 $347,000 $5,920 8.09%
    Cash Out Refi 5 $1,645,000 $329,000 $6,638 6.68%
    Other 1 $2,005,000 $2,005,000 $25,468 6.88%

    For 2023, Gold Coast Bank's most frequently cited loan purpose was Home Purchase, with 197 originations. The 2nd most popular reason was Refi, with 29 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 180 $95,400,000 $530,000 $9,085 6.93%
    1 Year 23 $18,065,000 $785,435 $15,253 8.02%
    15 Year 11 $3,545,000 $322,273 $5,039 6.60%
    Other 9 $9,445,000 $1,049,444 $20,818 7.88%
    5 Year 5 $3,185,000 $637,000 $8,551 8.70%
    20 Year 3 $2,275,000 $758,333 $22,034 6.79%
    3 Year 3 $2,235,000 $745,000 $21,797 6.66%
    10 Year 3 $565,000 $188,333 $3,880 8.07%

    For 2023, Gold Coast Bank's most frequently cited loan duration was 30 Year, with 180 originations. The 2nd most popular length was 1 Year, with 23 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 85 $39,175,000 $460,882
    $5k+ 73 $60,145,000 $823,904
    $4k-5k 17 $5,675,000 $333,824
    $3k-4k 13 $3,325,000 $255,769
    $<1k 8 $2,990,000 $373,750
    $2k-3k 5 $1,625,000 $325,000

    Gold Coast Bank's average total fees were $9,085, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 85 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 107 $59,025,000 $551,636
    7-8% 74 $45,650,000 $616,892
    Over 8% 29 $17,065,000 $588,448
    5-6% 27 $12,975,000 $480,556

    During 2023, Gold Coast Bank's average interest rate for loans was 6.93%, while their most frequently originated rate bucket for loans was 6-7%, with 107 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 84 $24,770,000 $294,881 $7,774 7.00%
    $400k-600k 59 $29,165,000 $494,322 $8,734 7.04%
    $600k-1MM 39 $28,025,000 $718,590 $10,513 7.05%
    $1MM+ 28 $48,950,000 $1,748,214 $22,368 7.43%
    $100k-200k 24 $3,580,000 $149,167 $4,901 7.34%
    $100,000 or less 3 $225,000 $75,000 $4,076 6.79%

    2023 saw Gold Coast Bank place emphasis on $200k-400k loans with 84 originations, totaling $24,770,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 94 $76,270,000 $811,383 $12,856 7.17%
    $150k-250k 52 $20,000,000 $384,615 $7,037 6.86%
    $100k-150k 34 $11,490,000 $337,941 $9,084 6.85%
    $75k-100k 20 $5,360,000 $268,000 $7,124 6.92%
    $50k-75k 9 $1,975,000 $219,444 $6,268 6.80%
    $50k or less 2 $310,000 $155,000 $6,032 7.16%

    Gold Coast Bank lent most frequently to those with incomes in the $250k+ range, with 94 originations. The second most popular income band? $150k-250k, with 52 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 44 $21,770,000 $494,773 $9,647 7.05%
    30-36% 35 $16,585,000 $473,857 $8,672 6.88%
    <20% 22 $11,520,000 $523,636 $10,176 7.44%
    50-60% 13 $13,685,000 $1,052,692 $18,626 7.21%
    49% 11 $5,975,000 $543,182 $10,108 7.14%
    40% 11 $6,965,000 $633,182 $11,993 6.70%
    43% 9 $6,425,000 $713,889 $11,964 6.82%
    37% 9 $4,365,000 $485,000 $9,658 6.57%
    48% 9 $3,715,000 $412,778 $8,565 6.83%
    47% 9 $3,295,000 $366,111 $6,980 6.85%
    36% 7 $4,905,000 $700,714 $9,297 7.13%
    42% 6 $2,210,000 $368,333 $7,382 6.90%
    46% 6 $2,900,000 $483,333 $6,166 7.13%
    44% 5 $2,555,000 $511,000 $5,957 6.65%
    39% 5 $1,955,000 $391,000 $6,126 6.19%
    45% 5 $2,345,000 $469,000 $9,645 7.50%
    38% 4 $1,700,000 $425,000 $6,494 7.62%
    41% 3 $2,335,000 $778,333 $15,540 7.08%
    >60% 2 $2,260,000 $1,130,000 $7,809 7.69%

    Gold Coast Bank lent most frequently to those with DTI ratios of 20-30%, with 44 originations. The next most common DTI ratio? 30-36%, with 35 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not provided 84 $55,770,000 $663,929 $12,860 7.44%
    White 116 $55,330,000 $476,983 $8,151 6.79%
    Not applicable 18 $15,980,000 $887,778 $0 8.02%
    Asian 13 $5,585,000 $429,615 $8,000 6.68%
    Black 6 $2,050,000 $341,667 $8,435 6.48%

    Approval Rates

    Total approvals of all applications
    96.99%

    Gold Coast Bank 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
    91.14%

    Gold Coast Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 237 $134,715,000 $568,418

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    237 $134,715,000 $568,418

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 23 $11,445,000 $497,609 $6,433 7.43%
    40-60% 35 $19,815,000 $566,143 $9,362 7.34%
    60-80% 103 $61,895,000 $600,922 $10,754 6.95%
    80-100% 65 $38,055,000 $585,462 $10,524 6.96%
    Over 100% 1 $925,000 $925,000 $17,750 7.75%
    Under 20% 10 $2,580,000 $258,000 $4,533 7.94%