Lake Mortgage Company Inc Rates, Fees & Info
Merrillville, INLEI: 549300FMSW7QU9K8BB98
Tax ID: 35-0798769
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Mortgage Data
Review & Overview
Lake Mortgage Company Inc is a smaller mortgage company specializing in Refi, Home Purchase, and Cash Out Refi 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, Michigan City, Indianapolis, Madison, and Kankakee among others. We have data for 6 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.83% | 11/17/24 |
| 30 Year Conventional Refi | 7.09% | 11/17/24 |
| 30 Year Cash-out Refi | 7.08% | 11/17/24 |
| 30 Year FHA Purchase | 7.55% | 11/17/24 |
| 30 Year VA Purchase | 6.37% | 11/17/24 |
| 15 Year Conventional Purchase | 6.58% | 11/17/24 |
| 15 Year Conventional Refi | 6.36% | 11/17/24 |
| 15 Year Cash-out Refi | 6.36% | 11/17/24 |
| 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. | ||
Lake Mortgage Company Inc Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
411Origination Dollar Volume (All Markets)
$77,365,000Awards
LAKE MORTGAGE COMPANY INC - 2021
LAKE MORTGAGE COMPANY INC is a 2021 , due to their low .
For 2021, 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 |
|---|---|---|---|---|---|
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 399 | $75,395,000 | $188,960 | $2,873 | 3.00% |
| MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) | 6 | $900,000 | $150,000 | $2,660 | 2.98% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $4,665 | 3.25% |
| Outside of Metro Areas | 3 | $295,000 | $98,333 | $2,535 | 3.00% |
| Madison, IN (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $3,056 | 3.25% |
| KANKAKEE, IL (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $4,849 | 3.13% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 382 | $71,070,000 | $186,047 | $2,590 | 3.00% |
| FHA | 26 | $5,320,000 | $204,615 | $6,489 | 2.98% |
| VA | 3 | $975,000 | $325,000 | $8,118 | 3.42% |
For 2021, Lake Mortgage Company Inc's most frequently originated type of loan was Conventional, with 382 originations. Their 2nd most popular type was FHA, with 26 originations.
Loan Reason
For 2021, Lake Mortgage Company Inc's most frequently cited loan purpose was Refi, with 145 originations. The 2nd most popular reason was Home Purchase, with 136 originations.
Loan Duration/Length
For 2021, Lake Mortgage Company Inc's most frequently cited loan duration was 30 Year, with 270 originations. The 2nd most popular length was 15 Year, with 79 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 388 | $72,030,000 | $185,644 |
| $3k-4k | 12 | $3,170,000 | $264,167 |
| $2k-3k | 9 | $1,395,000 | $155,000 |
| $<1k | 2 | $770,000 | $385,000 |
Lake Mortgage Company Inc's average total fees were $3,094, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 388 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 181 | $35,605,000 | $196,713 |
| 2.5-3% | 162 | $31,340,000 | $193,457 |
| <2.5% | 63 | $9,905,000 | $157,222 |
| 4-5% | 5 | $515,000 | $103,000 |
During 2021, Lake Mortgage Company Inc's average interest rate for loans was 3.19%, while their most frequently originated rate bucket for loans was 3-4%, with 181 originations.
Loan Sizing
2021 saw Lake Mortgage Company Inc place emphasis on $100k-200k loans with 188 originations, totaling $27,920,000 in origination value.
Applicant Income
Lake Mortgage Company Inc lent most frequently to those with incomes in the $100k-150k range, with 105 originations. The second most popular income band? $50k-75k, with 95 originations.
Applicant Debt to Income Ratio
Lake Mortgage Company Inc lent most frequently to those with DTI ratios of 20-30%, with 126 originations. The next most common DTI ratio? 30-36%, with 81 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.87%
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 origination93.19%
Lake Mortgage Company Inc has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 411 | $77,365,000 | $188,236 |