Lake Mortgage Company Inc Rates, Fees & Info

Merrillville, IN

LEI: 549300FMSW7QU9K8BB98

Tax ID: 35-0798769

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • 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, Michigan City, Louisville, and Kankakee among others. We have data for 5 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.83% 4/28/24
    30 Year Conventional Refi 7.09% 4/28/24
    30 Year Cash-out Refi 7.08% 4/28/24
    30 Year FHA Purchase 7.55% 4/28/24
    30 Year VA Purchase 6.37% 4/28/24
    15 Year Conventional Purchase 6.58% 4/28/24
    15 Year Conventional Refi 6.36% 4/28/24
    15 Year Cash-out Refi 6.36% 4/28/24
    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






    Your Estimates

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

    This is not an official calculator from Lake Mortgage Company Inc. 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

    139

    Origination Dollar Volume (All Markets)

    $29,445,000

    Awards

    LAKE MORTGAGE COMPANY INC 30 Year Conventional Loans gold LAKE MORTGAGE COMPANY INC 30 Year Conventional Loans bronze LAKE MORTGAGE COMPANY INC FHA Loans silver
    Show all (3) awards

    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) 133 $28,295,000 $212,744 $3,522 4.87%
    MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 3 $435,000 $145,000 $3,264 3.58%
    LOUISVILLE, KY (FHA|USDA|VA) 1 $425,000 $425,000 $2,064 3.63%
    KANKAKEE, IL (FHA|USDA|VA) 1 $205,000 $205,000 $2,455 6.63%
    Outside of Metro Areas 1 $85,000 $85,000 $2,598 4.88%
    Lake Mortgage Company Inc's top markets include Chicago, Michigan City, Louisville, and Kankakee among others.

    Their top states include:
  • Indiana (FHA|USDA|VA)
  • Illinois (FHA|USDA|VA)

    • 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.

    First Savings Bank of Hegewisch
    Similarity Rank: 64
    Liberty Bank for Savings
    Similarity Rank: 116
    FINANCIAL PLUS
    Similarity Rank: 198
    DuPage Credit Union
    Similarity Rank: 579
    EDUCATORS CREDIT UNION
    Similarity Rank: 850
    Community State Bank
    Similarity Rank: 930
    Bank of Pontiac
    Similarity Rank: 1050
    LAKE MORTGAGE COMPANY INC
    Similarity Rank: 1120
    Illinois Community Credit Unio
    Similarity Rank: 1170
    PARTNERSHIP FINANCIAL
    Similarity Rank: 1505

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 126 $26,720,000 $212,063 $3,161 4.85%
    FHA 11 $2,275,000 $206,818 $7,090 4.73%
    VA 2 $450,000 $225,000 $4,319 4.94%

    For 2022, Lake Mortgage Company Inc's most frequently originated type of loan was Conventional, with 126 originations. Their 2nd most popular type was FHA, with 11 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 106 $24,020,000 $226,604 $3,721 5.04%
    Cash Out Refi 21 $3,275,000 $155,952 $2,820 4.29%
    Refi 12 $2,150,000 $179,167 $2,656 4.08%

    For 2022, Lake Mortgage Company Inc's most frequently cited loan purpose was Home Purchase, with 106 originations. The 2nd most popular reason was Cash Out Refi, with 21 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 117 $26,365,000 $225,342 $3,621 5.09%
    15 Year 14 $1,910,000 $136,429 $2,744 3.28%
    20 Year 5 $825,000 $165,000 $2,982 4.25%
    10 Year 3 $345,000 $115,000 $2,793 3.50%

    For 2022, Lake Mortgage Company Inc's most frequently cited loan duration was 30 Year, with 117 originations. The 2nd most popular length was 15 Year, with 14 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 118 $23,880,000 $202,373
    $2k-3k 12 $3,020,000 $251,667
    $3k-4k 4 $1,160,000 $290,000
    $<1k 2 $710,000 $355,000
    $4k-5k 1 $315,000 $315,000
    $5k+ 1 $165,000 $165,000

    Lake Mortgage Company Inc's average total fees were $3,621, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 118 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 43 $10,185,000 $236,860
    3-4% 37 $7,765,000 $209,865
    4-5% 29 $5,585,000 $192,586
    6-7% 16 $3,800,000 $237,500
    7-8% 6 $940,000 $156,667
    2.5-3% 5 $615,000 $123,000
    <2.5% 3 $555,000 $185,000

    During 2022, Lake Mortgage Company Inc's average interest rate for loans was 5.09%, while their most frequently originated rate bucket for loans was 5-6%, with 43 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 60 $9,310,000 $155,167 $3,478 4.85%
    $200k-400k 58 $15,440,000 $266,207 $3,685 4.88%
    $100,000 or less 13 $1,015,000 $78,077 $2,910 4.45%
    $400k-600k 8 $3,680,000 $460,000 $3,121 5.17%

    2022 saw Lake Mortgage Company Inc place emphasis on $100k-200k loans with 60 originations, totaling $9,310,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 42 $7,360,000 $175,238 $3,340 4.67%
    $75k-100k 30 $7,270,000 $242,333 $3,690 5.02%
    $100k-150k 28 $7,200,000 $257,143 $3,386 4.88%
    $50k or less 23 $3,105,000 $135,000 $3,913 4.79%
    $150k-250k 16 $4,510,000 $281,875 $3,086 5.01%

    Lake Mortgage Company Inc lent most frequently to those with incomes in the $50k-75k range, with 42 originations. The second most popular income band? $75k-100k, with 30 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 30 $5,370,000 $179,000 $3,077 4.89%
    30-36% 23 $5,225,000 $227,174 $3,225 4.96%
    44% 12 $2,530,000 $210,833 $4,435 4.53%
    <20% 11 $1,575,000 $143,182 $2,645 4.02%
    42% 10 $2,410,000 $241,000 $3,805 4.60%
    38% 8 $2,180,000 $272,500 $5,300 4.83%
    37% 7 $1,605,000 $229,286 $3,261 4.77%
    49% 6 $1,290,000 $215,000 $3,321 5.69%
    43% 6 $1,340,000 $223,333 $3,664 4.42%
    45% 5 $1,295,000 $259,000 $3,273 5.13%
    41% 5 $985,000 $197,000 $3,606 4.85%
    39% 5 $985,000 $197,000 $3,063 4.78%
    40% 3 $875,000 $291,667 $2,718 6.08%
    36% 3 $855,000 $285,000 $2,877 5.63%
    48% 3 $615,000 $205,000 $5,436 5.75%
    46% 1 $145,000 $145,000 $4,789 5.88%
    47% 1 $165,000 $165,000 $2,895 3.50%

    Lake Mortgage Company Inc lent most frequently to those with DTI ratios of 20-30%, with 30 originations. The next most common DTI ratio? 30-36%, with 23 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 125 $26,735,000 $213,880 $3,449 4.86%
    Black 9 $1,545,000 $171,667 $4,177 4.75%
    Asian 5 $1,165,000 $233,000 $3,293 4.58%

    Approval Rates

    Total approvals of all applications
    96.20%

    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 origination
    92.09%

    Lake Mortgage Company Inc has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 139 $29,445,000 $211,835

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    139 $29,445,000 $211,835

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 10 $1,140,000 $114,000 $2,673 4.73%
    40-60% 17 $2,405,000 $141,471 $3,128 4.65%
    60-80% 40 $8,540,000 $213,500 $3,001 4.54%
    80-100% 71 $17,265,000 $243,169 $3,960 5.08%
    Under 20% 1 $95,000 $95,000 $3,694 4.63%