Lake Mortgage Company Inc Rates, Fees & Info
Merrillville, INLEI: 549300FMSW7QU9K8BB98
Tax ID: 35-0798769
Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Jump to:
Mortgage Data
Review & Overview
Lake Mortgage Company Inc is a smaller mortgage company specializing in Home Purchase loans. Lake Mortgage Company Inc has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: Chicago, South Bend, and Michigan City among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)Lake Mortgage Company Inc 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. Lake Mortgage Company Inc 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.
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
56Origination Dollar Volume (All Markets)
$12,150,000Awards
LAKE MORTGAGE COMPANY INC - 2023
LAKE MORTGAGE COMPANY INC is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
Work for LAKE MORTGAGE COMPANY INC?
Use this award on your own site. Either save and use the images below, or pass the provided image embed code to your development team.
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) | 54 | $11,530,000 | $213,519 | $3,878 | 6.86% |
| SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $6,462 | 7.00% |
| MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $3,771 | 6.88% |
Similar Lenders
We use machine learning to identify the top lenders compared against LAKE MORTGAGE COMPANY INC based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 46
Similarity Rank: 279
Similarity Rank: 417
Similarity Rank: 423
Similarity Rank: 523
Similarity Rank: 934
Similarity Rank: 1000
Similarity Rank: 1216
Similarity Rank: 1243
Similarity Rank: 1273
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 50 | $10,740,000 | $214,800 | $3,481 | 6.85% |
| FHA | 5 | $1,245,000 | $249,000 | $8,598 | 7.08% |
| VA | 1 | $165,000 | $165,000 | $1,828 | 6.75% |
For 2023, Lake Mortgage Company Inc's most frequently originated type of loan was Conventional, with 50 originations. Their 2nd most popular type was FHA, with 5 originations.
Loan Reason
For 2023, Lake Mortgage Company Inc's most frequently cited loan purpose was Home Purchase, with 48 originations. The 2nd most popular reason was Refi, with 4 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 55 | $12,075,000 | $219,545 | $3,944 | 6.88% |
| 15 Year | 1 | $75,000 | $75,000 | $2,884 | 6.25% |
For 2023, Lake Mortgage Company Inc's most frequently cited loan duration was 30 Year, with 55 originations. The 2nd most popular length was 15 Year, with 1 originations.
Origination Fees/Closing Costs
Lake Mortgage Company Inc's average total fees were $3,944, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 44 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 32 | $7,050,000 | $220,313 |
| 7-8% | 21 | $4,455,000 | $212,143 |
| 5-6% | 2 | $500,000 | $250,000 |
| Over 8% | 1 | $145,000 | $145,000 |
During 2023, Lake Mortgage Company Inc's average interest rate for loans was 6.88%, while their most frequently originated rate bucket for loans was 6-7%, with 32 originations.
Loan Sizing
2023 saw Lake Mortgage Company Inc place emphasis on $100k-200k loans with 22 originations, totaling $3,490,000 in origination value.
Applicant Income
Lake Mortgage Company Inc lent most frequently to those with incomes in the $75k-100k range, with 15 originations. The second most popular income band? $100k-150k, with 13 originations.
Applicant Debt to Income Ratio
Lake Mortgage Company Inc 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
Approval Rates
Total approvals of all applications96.77%
Lake Mortgage Company Inc has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination92.86%
Lake Mortgage Company Inc has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 56 | $12,150,000 | $216,964 |