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, Cash Out Refi, and Home Purchase loans. Great Lakes 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, Los Angeles, Phoenix, Raleigh, and Napa among others. We have data for 53 markets. (Some data included below & more in-depth data is available with an active subscription.)Great Lakes has a below 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 an average 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 |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 7.02% | 11/17/24 |
| 30 Year Conventional Purchase | 6.24% | 11/17/24 |
| 30 Year Conventional Refi | 6.20% | 11/17/24 |
| 30 Year Cash-out Refi | 6.09% | 11/17/24 |
| 15 Year Conventional Purchase | 6.42% | 11/17/24 |
| 15 Year Conventional Refi | 6.22% | 11/17/24 |
| 15 Year Cash-out Refi | 6.22% | 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. | ||
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
523Origination Dollar Volume (All Markets)
$67,475,000Relative Rate
Great Lakes's average 30 year fixed mortgage rate was
8.3%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 1.82%.
Relative Fees (Closing Costs)
Great Lakes's average total fees/closing costs for a 30 year fixed rate
mortgage were $6,266.
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) | 336 | $38,900,000 | $115,774 | $4,069 | 8.56% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 34 | $6,520,000 | $191,765 | $121 | 8.99% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 27 | $3,325,000 | $123,148 | $816 | 8.71% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 2 | $1,390,000 | $695,000 | $7,823 | 5.38% |
| NAPA, CA (FHA|USDA|VA) | 9 | $1,345,000 | $149,444 | $0 | 8.58% |
| Outside of Metro Areas | 4 | $1,250,000 | $312,500 | $7,267 | 7.44% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 1 | $1,235,000 | $1,235,000 | $6,411 | 5.75% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 16 | $1,150,000 | $71,875 | $168 | 9.17% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 6 | $870,000 | $145,000 | $0 | 8.95% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 6 | $850,000 | $141,667 | $6,551 | 7.73% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 7 | $825,000 | $117,857 | $0 | 8.99% |
| GAINESVILLE, FL (FHA|USDA|VA) | 1 | $745,000 | $745,000 | $7,350 | 5.75% |
| SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) | 3 | $575,000 | $191,667 | $0 | 8.67% |
| NILES, MI (FHA|USDA|VA) | 1 | $505,000 | $505,000 | $3,888 | 7.00% |
| RENO, NV (FHA|USDA|VA) | 4 | $490,000 | $122,500 | $0 | 8.75% |
| SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) | 2 | $480,000 | $240,000 | $231 | 8.88% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 2 | $430,000 | $215,000 | $6,008 | 7.00% |
| FRESNO, CA (FHA|USDA|VA) | 5 | $425,000 | $85,000 | $0 | 9.05% |
| MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) | 3 | $375,000 | $125,000 | $0 | 8.67% |
| ROCKFORD, IL (FHA|USDA|VA) | 3 | $375,000 | $125,000 | $3,326 | 7.94% |
| OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) | 2 | $360,000 | $180,000 | $0 | 8.63% |
| Truckee-Grass Valley, CA (FHA|USDA|VA) | 4 | $350,000 | $87,500 | $0 | 9.13% |
| STOCKTON, CA (FHA|USDA|VA) | 3 | $315,000 | $105,000 | $0 | 8.83% |
| JANESVILLE-BELOIT, WI (FHA|USDA|VA) | 3 | $305,000 | $101,667 | $4,950 | 7.71% |
| RICHMOND, VA (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $5,201 | 5.63% |
| GAINESVILLE, GA (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $3,627 | 6.63% |
| Sturgis, MI (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $6,382 | 7.00% |
| Marinette, WI-MI (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $5,365 | 7.88% |
| PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) | 2 | $220,000 | $110,000 | $0 | 9.00% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $4,998 | 8.00% |
| BLOOMINGTON, IL (FHA|USDA|VA) | 2 | $200,000 | $100,000 | $0 | 8.50% |
| ALBUQUERQUE, NM (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $3,051 | 5.75% |
| BAKERSFIELD, CA (FHA|USDA|VA) | 3 | $165,000 | $55,000 | $0 | 8.58% |
| TUCSON, AZ (FHA|USDA|VA) | 2 | $160,000 | $80,000 | $0 | 9.63% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 9.50% |
| Ottawa, IL (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 8.75% |
| MADISON, WI (FHA|USDA|VA) | 3 | $155,000 | $51,667 | $0 | 8.92% |
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 9.25% |
| RACINE, WI (FHA|USDA|VA) | 2 | $150,000 | $75,000 | $257 | 8.73% |
| ST. LOUIS, MO-IL (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $4,728 | 6.50% |
| Whitewater, WI (FHA|USDA|VA) | 3 | $135,000 | $45,000 | $0 | 9.15% |
| FAYETTEVILLE, NC (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $3,453 | 7.50% |
| Dixon, IL (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $4,939 | 5.75% |
| Watertown-Fort Atkinson, WI (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 9.50% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $5,510 | 6.63% |
| FLAGSTAFF, AZ (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 8.00% |
| Alexandria, MN (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $2,713 | 5.88% |
| MONROE, MI (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $3,545 | 5.50% |
| REDDING, CA (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 8.50% |
| KANKAKEE, IL (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 10.25% |
| DANVILLE, IL (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 8.00% |
| Clearlake, CA (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 9.50% |
| Plymouth, IN (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $262 | 11.00% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| HELOC | 344 | $35,260,000 | $102,500 | n/a | 9.06% |
| Conventional | 173 | $30,815,000 | $178,121 | $3,646 | 7.65% |
| FHA | 6 | $1,400,000 | $233,333 | $8,925 | 6.38% |
For 2023, Great Lakes's most frequently originated type of loan was HELOC, with 344 originations. Their 2nd most popular type was Conventional, with 173 originations.
Loan Reason
For 2023, Great Lakes's most frequently cited loan purpose was Home Improvement, with 179 originations. The 2nd most popular reason was Cash Out Refi, with 135 originations.
Loan Duration/Length
For 2023, Great Lakes's most frequently cited loan duration was 30 Year, with 274 originations. The 2nd most popular length was 20 Year, with 197 originations.
Origination Fees/Closing Costs
Great Lakes's average total fees were $6,266, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 72 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 377 | $37,525,000 | $99,536 |
| 6-7% | 63 | $14,785,000 | $234,683 |
| 7-8% | 56 | $7,200,000 | $128,571 |
| 5-6% | 26 | $7,560,000 | $290,769 |
| 4-5% | 1 | $405,000 | $405,000 |
During 2023, Great Lakes's average interest rate for loans was 8.30%, while their most frequently originated rate bucket for loans was Over 8%, with 377 originations.
Loan Sizing
2023 saw Great Lakes place emphasis on $100,000 or less loans with 270 originations, totaling $14,460,000 in origination value.
Applicant Income
Great Lakes lent most frequently to those with incomes in the $100k-150k range, with 132 originations. The second most popular income band? $150k-250k, with 112 originations.
Applicant Debt to Income Ratio
Great Lakes lent most frequently to those with DTI ratios of 20-30%, with 91 originations. The next most common DTI ratio? 30-36%, with 90 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications65.48%
Great Lakes has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination69.22%
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 | 523 | $67,475,000 | $129,015 |