Great Lakes Mortgage Rates, Fees & Info
Bannockburn, ILLEI: 549300W6J23SLH6AR815
Tax ID: 36-1163912
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Mortgage Data
Review & Overview
Great Lakes is a smaller mortgage company specializing in Home Improvement and Home Purchase loans. Great Lakes has a high proportion of conventional loans. Their top markets by origination volume include: Chicago, Indianapolis, Gainesville, St. Louis, and Denver among others. We have data for 26 markets. (Some data included below & more in-depth data is available with an active subscription.)Great Lakes has an 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 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 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.72% | 4/5/25 |
| 30 Year Conventional Purchase | 6.96% | 4/5/25 |
| 30 Year Conventional Refi | 6.91% | 4/5/25 |
| 30 Year Cash-out Refi | 6.63% | 4/5/25 |
| 30 Year FHA Purchase | 6.72% | 4/5/25 |
| 15 Year Conventional Purchase | 5.84% | 4/5/25 |
| 15 Year Conventional Refi | 6.00% | 4/5/25 |
| 15 Year Cash-out Refi | 6.00% | 4/5/25 |
| 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. | ||
Great Lakes Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
290Origination Dollar Volume (All Markets)
$32,280,000Relative Rate
Great Lakes's average 30 year fixed mortgage rate was
8.72%.
The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.
This yields a difference of 2.17%.
Relative Fees (Closing Costs)
Great Lakes's average total fees/closing costs for a 30 year fixed rate
mortgage were $6,539.
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 $8,356.
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) | 256 | $27,470,000 | $107,305 | $3,327 | 9.05% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 1 | $505,000 | $505,000 | $3,146 | 6.88% |
| GAINESVILLE, FL (FHA|USDA|VA) | 1 | $445,000 | $445,000 | $8,488 | 7.38% |
| ST. LOUIS, MO-IL (FHA|USDA|VA) | 2 | $420,000 | $210,000 | $7,640 | 6.00% |
| Outside of Metro Areas | 3 | $415,000 | $138,333 | $5,825 | 7.29% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $7,302 | 6.50% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $4,022 | 7.13% |
| SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $3,083 | 7.00% |
| Whitewater, WI (FHA|USDA|VA) | 3 | $245,000 | $81,667 | $4,349 | 8.67% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 3 | $225,000 | $75,000 | $313 | 9.58% |
| TOLEDO, OH (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $8,033 | 6.00% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 2 | $180,000 | $90,000 | $0 | 9.50% |
| SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 9.50% |
| Crossville, TN (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $4,060 | 7.50% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $5,146 | 7.13% |
| Cordele, GA (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $3,701 | 6.88% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 2 | $130,000 | $65,000 | $0 | 8.88% |
| PITTSBURGH, PA (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $4,952 | 7.13% |
| VALLEJO, CA (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 9.50% |
| OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 9.50% |
| Mount Vernon, IL (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 8.75% |
| BEAUMONT-PORT ARTHUR, TX (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $3,773 | 6.00% |
| KANKAKEE, IL (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 12.00% |
| Nogales, AZ (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $304 | 10.20% |
| ROCKFORD, IL (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 9.50% |
| RACINE, WI (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $0 | 9.50% |
Similar Lenders
We use machine learning to identify the top lenders compared against GREAT LAKES based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 36
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Similarity Rank: 144
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Similarity Rank: 327
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Similarity Rank: 492
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| HELOC | 145 | $10,765,000 | $74,241 | n/a | 9.66% |
| Conventional | 145 | $21,515,000 | $148,379 | $3,528 | 8.24% |
For 2024, Great Lakes's most frequently originated type of loan was HELOC, with 145 originations. Their 2nd most popular type was Conventional, with 145 originations.
Loan Reason
For 2024, Great Lakes's most frequently cited loan purpose was Home Improvement, with 125 originations. The 2nd most popular reason was Other, with 83 originations.
Loan Duration/Length
For 2024, Great Lakes's most frequently cited loan duration was 30 Year, with 215 originations. The 2nd most popular length was 5 Year, with 25 originations.
Origination Fees/Closing Costs
Great Lakes's average total fees were $6,539, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 70 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 220 | $15,840,000 | $72,000 |
| 6-7% | 41 | $9,195,000 | $224,268 |
| 7-8% | 18 | $5,480,000 | $304,444 |
| 5-6% | 10 | $1,660,000 | $166,000 |
| 4-5% | 1 | $105,000 | $105,000 |
During 2024, Great Lakes's average interest rate for loans was 8.72%, while their most frequently originated rate bucket for loans was Over 8%, with 220 originations.
Loan Sizing
2024 saw Great Lakes place emphasis on $100,000 or less loans with 176 originations, totaling $9,360,000 in origination value.
Applicant Income
Great Lakes lent most frequently to those with incomes in the $100k-150k range, with 90 originations. The second most popular income band? $150k-250k, with 67 originations.
Applicant Debt to Income Ratio
Great Lakes lent most frequently to those with DTI ratios of 20-30%, with 51 originations. The next most common DTI ratio? 30-36%, with 43 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications70.24%
Great Lakes has a below average approval rate.
Pick Rate
Approvals leading to origination54.48%
Great Lakes has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 290 | $32,280,000 | $111,310 |