Great Lakes Mortgage Rates, Fees & Info

Bannockburn, IL

LEI: 549300W6J23SLH6AR815

Tax ID: 36-1163912

5 stars - out of 5 stars, based on 35 reviews

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

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Mortgage Data

  • SimulatedRates™
  • Review & Overview

    Great Lakes is a smaller mortgage company specializing in Refi and Cash Out Refi loans. Great Lakes has a high proportion of conventional loans. Their top markets by origination volume include: Chicago, Los Angeles, Phoenix, Sacramento, and Seattle among others. We have data for 88 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 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 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.


    SimulatedRates™

    Mortgage Type
    Simulated Rate Simulation Date
    Home Equity Line of Credit (HELOC) 7.45% 10/3/22
    30 Year Conventional Purchase 6.55% 10/3/22
    30 Year Conventional Refi 6.32% 10/3/22
    30 Year Cash-out Refi 6.40% 10/3/22
    15 Year Conventional Purchase 6.28% 10/3/22
    15 Year Conventional Refi 6.23% 10/3/22
    15 Year Cash-out Refi 6.23% 10/3/22
    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.


    Originations

    1,199

    Origination Dollar Volume (All Markets)

    $215,335,000

    Relative Rate

    Great Lakes's average 30 year fixed mortgage rate was 3.31%.

    The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.

    This yields a difference of 0.16%.

    Relative Fees (Closing Costs)

    Great Lakes's average total fees/closing costs for a 30 year fixed rate mortgage were $3,361.

    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 $4,750.

    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) 740 $121,700,000 $164,459 $2,902 3.51%
    Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 83 $16,615,000 $200,181 $1,832 4.41%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 44 $9,090,000 $206,591 $3,459 3.90%
    SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 60 $6,720,000 $112,000 $0 4.81%
    Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 10 $5,390,000 $539,000 $3,619 2.98%
    San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 27 $4,955,000 $183,519 $0 4.42%
    SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) 16 $4,280,000 $267,500 $1,715 4.14%
    SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 26 $3,940,000 $151,538 $0 4.60%
    Outside of Metro Areas 13 $3,725,000 $286,538 $3,107 3.06%
    OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 14 $3,360,000 $240,000 $3,375 4.05%
    RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 21 $2,245,000 $106,905 $1,003 4.81%
    ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 9 $2,205,000 $245,000 $3,771 3.79%
    STOCKTON, CA (FHA|USDA|VA) 12 $1,990,000 $165,833 $2,995 4.42%
    SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 7 $1,845,000 $263,571 $0 4.04%
    NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) 4 $1,540,000 $385,000 $3,005 2.91%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 2 $1,540,000 $770,000 $6,315 2.94%
    Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 2 $1,370,000 $685,000 $6,569 2.81%
    Whitewater, WI (FHA|USDA|VA) 7 $1,195,000 $170,714 $2,713 3.46%
    MADISON, WI (FHA|USDA|VA) 3 $1,005,000 $335,000 $4,269 3.75%
    DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 2 $970,000 $485,000 $2,676 3.88%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 2 $840,000 $420,000 $2,867 3.56%
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 2 $820,000 $410,000 $2,924 3.63%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 1 $805,000 $805,000 $7,469 2.88%
    RALEIGH-CARY, NC (FHA|USDA|VA) 2 $750,000 $375,000 $3,404 2.75%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 1 $735,000 $735,000 $4,346 2.25%
    HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 2 $720,000 $360,000 $7,486 2.81%
    MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 6 $700,000 $116,667 $2,796 3.83%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 5 $655,000 $131,000 $3,363 4.28%
    Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 2 $650,000 $325,000 $3,613 2.50%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 2 $560,000 $280,000 $3,924 2.94%
    ANN ARBOR, MI (FHA|USDA|VA) 1 $525,000 $525,000 $4,403 1.63%
    SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) 1 $505,000 $505,000 $0 4.00%
    LUBBOCK, TX (FHA|USDA|VA) 1 $485,000 $485,000 $3,982 2.88%
    VALLEJO, CA (FHA|USDA|VA) 4 $470,000 $117,500 $0 5.49%
    AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 1 $435,000 $435,000 $3,984 3.00%
    Truckee-Grass Valley, CA (FHA|USDA|VA) 3 $425,000 $141,667 $0 5.33%
    OCALA, FL (FHA|USDA|VA) 2 $410,000 $205,000 $4,461 3.06%
    LaGrange, GA-AL (FHA|USDA|VA) 1 $385,000 $385,000 $4,029 3.00%
    SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) 2 $380,000 $190,000 $0 5.00%
    DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 2 $370,000 $185,000 $2,815 3.19%
    OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 1 $345,000 $345,000 $2,970 1.88%
    KNOXVILLE, TN (FHA|USDA|VA) 1 $325,000 $325,000 $4,104 3.25%
    RENO, NV (FHA|USDA|VA) 2 $320,000 $160,000 $0 4.00%
    FORT COLLINS, CO (FHA|USDA|VA) 1 $315,000 $315,000 $3,723 3.25%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $315,000 $315,000 $4,540 3.75%
    SIOUX FALLS, SD (FHA|USDA|VA) 1 $295,000 $295,000 $3,017 3.00%
    SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 1 $295,000 $295,000 $4,778 3.38%
    Houghton, MI (FHA|USDA|VA) 1 $275,000 $275,000 $3,887 1.75%
    FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) 1 $265,000 $265,000 $3,489 3.00%
    FRESNO, CA (FHA|USDA|VA) 2 $260,000 $130,000 $0 4.00%
    CHATTANOOGA, TN-GA (FHA|USDA|VA) 1 $235,000 $235,000 $3,654 2.75%
    Charleston-Mattoon, IL (FHA|USDA|VA) 1 $225,000 $225,000 $2,681 2.13%
    NILES, MI (FHA|USDA|VA) 1 $225,000 $225,000 $3,248 1.75%
    HUNTSVILLE, AL (FHA|USDA|VA) 1 $225,000 $225,000 $3,162 2.00%
    RACINE, WI (FHA|USDA|VA) 1 $205,000 $205,000 $2,225 2.88%
    TOLEDO, OH (FHA|USDA|VA) 1 $195,000 $195,000 $3,765 2.63%
    PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) 1 $195,000 $195,000 $0 4.00%
    SAVANNAH, GA (FHA|USDA|VA) 1 $195,000 $195,000 $4,367 3.13%
    MIDLAND, MI (FHA|USDA|VA) 1 $195,000 $195,000 $3,148 2.88%
    SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) 1 $175,000 $175,000 $0 4.00%
    Freeport, IL (FHA|USDA|VA) 1 $175,000 $175,000 $3,128 3.00%
    ALBUQUERQUE, NM (FHA|USDA|VA) 1 $165,000 $165,000 $2,785 3.13%
    PEORIA, IL (FHA|USDA|VA) 1 $165,000 $165,000 $2,118 2.88%
    ROCKFORD, IL (FHA|USDA|VA) 1 $165,000 $165,000 $2,790 2.63%
    Baraboo, WI (FHA|USDA|VA) 1 $155,000 $155,000 $3,045 2.25%
    JOHNSON CITY, TN (FHA|USDA|VA) 1 $155,000 $155,000 $3,801 1.75%
    PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 2 $150,000 $75,000 $0 5.00%
    JACKSONVILLE, NC (FHA|USDA|VA) 1 $145,000 $145,000 $3,547 3.50%
    ST. CLOUD, MN (FHA|USDA|VA) 1 $145,000 $145,000 $1,852 3.25%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 1 $145,000 $145,000 $3,585 3.88%
    BAKERSFIELD, CA (FHA|USDA|VA) 1 $135,000 $135,000 $3,494 2.75%
    Coldwater, MI (FHA|USDA|VA) 1 $125,000 $125,000 $2,966 3.63%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $125,000 $125,000 $4,623 2.25%
    Marquette, MI (FHA|USDA|VA) 1 $115,000 $115,000 $1,664 2.63%
    TUCSON, AZ (FHA|USDA|VA) 3 $105,000 $35,000 $0 5.33%
    Adrian, MI (FHA|USDA|VA) 1 $105,000 $105,000 $2,609 2.25%
    MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 1 $85,000 $85,000 $0 4.00%
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $85,000 $85,000 $4,750 2.75%
    MCALLEN-EDINBURG-MISSION, TX (FHA|USDA|VA) 1 $75,000 $75,000 $3,901 2.13%
    MODESTO, CA (FHA|USDA|VA) 2 $70,000 $35,000 $0 5.00%
    Paducah, KY-IL (FHA|USDA|VA) 1 $65,000 $65,000 $0 6.00%
    Ottawa, IL (FHA|USDA|VA) 1 $55,000 $55,000 $0 4.00%
    Sterling, IL (FHA|USDA|VA) 1 $55,000 $55,000 $0 4.00%
    LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 1 $55,000 $55,000 $0 4.00%
    CHICO, CA (FHA|USDA|VA) 1 $35,000 $35,000 $0 6.00%
    DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 1 $35,000 $35,000 $0 5.00%
    KANSAS CITY, MO-KS (FHA|USDA|VA) 1 $35,000 $35,000 $0 6.00%
    REDDING, CA (FHA|USDA|VA) 1 $25,000 $25,000 $0 4.00%

    Great Lakes's top markets include Chicago, Los Angeles, Phoenix, Sacramento, and Seattle among others.

    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.

    First Savings Bank of Hegewisch
    Similarity Rank: 45
    Liberty Bank for Savings
    Similarity Rank: 153
    AMERITRUST MORTGAGE CORPORATION
    Similarity Rank: 861
    First Financial Credit Union
    Similarity Rank: 1090
    The Equitable Bank, S.S.B.
    Similarity Rank: 1166
    FINANCIAL PLUS
    Similarity Rank: 1220
    Providence Bank & Trust
    Similarity Rank: 1232
    CROWN MORTGAGE COMPANY
    Similarity Rank: 1252
    LOANFLIGHT LENDING, LLC
    Similarity Rank: 1560
    DuPage Credit Union
    Similarity Rank: 1866

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 619 $72,885,000 $117,746 n/a 4.49%
    Conventional 580 $142,450,000 $245,603 $2,954 2.95%

    For 2021, Great Lakes's most frequently originated type of loan was HELOC, with 619 originations. Their 2nd most popular type was Conventional, with 580 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 334 $71,460,000 $213,952 $2,462 3.25%
    Home Improvement 290 $32,880,000 $113,379 $0 4.54%
    Other 220 $22,160,000 $100,727 $0 4.58%
    Cash Out Refi 203 $49,925,000 $245,936 $2,784 2.83%
    Home Purchase 152 $38,910,000 $255,987 $4,892 3.34%

    For 2021, Great Lakes's most frequently cited loan purpose was Refi, with 334 originations. The 2nd most popular reason was Home Improvement, with 290 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 554 $130,700,000 $235,921 $3,361 3.31%
    20 Year 461 $49,255,000 $106,844 $2,226 4.61%
    15 Year 140 $30,290,000 $216,357 $2,632 2.66%
    10 Year 37 $4,725,000 $127,703 $1,835 3.51%
    5 Year 5 $225,000 $45,000 $0 4.93%
    Other 2 $140,000 $70,000 $1,037 4.16%

    For 2021, Great Lakes's most frequently cited loan duration was 30 Year, with 554 originations. The 2nd most popular length was 20 Year, with 461 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 372 $82,790,000 $222,554
    $<1k 175 $51,995,000 $297,114
    $2k-3k 23 $5,185,000 $225,435
    $3k-4k 4 $790,000 $197,500
    $5k+ 4 $1,270,000 $317,500
    $4k-5k 2 $420,000 $210,000

    Great Lakes's average total fees were $3,361, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 372 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 606 $90,430,000 $149,224
    <2.5% 191 $50,985,000 $266,937
    2.5-3% 181 $51,615,000 $285,166
    5-6% 138 $13,510,000 $97,899
    4-5% 59 $7,055,000 $119,576
    6-7% 21 $1,415,000 $67,381
    7-8% 3 $325,000 $108,333

    During 2021, Great Lakes's average interest rate for loans was 3.31%, while their most frequently originated rate bucket for loans was 3-4%, with 606 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 427 $61,045,000 $142,963 $2,821 3.47%
    $100,000 or less 415 $23,855,000 $57,482 $1,696 4.47%
    $200k-400k 269 $70,865,000 $263,439 $3,353 3.33%
    $400k-600k 49 $23,615,000 $481,939 $3,640 3.28%
    $600k-1MM 28 $20,730,000 $740,357 $3,753 2.67%
    $1MM+ 11 $15,225,000 $1,384,091 $4,820 2.36%

    2021 saw Great Lakes place emphasis on $100k-200k loans with 427 originations, totaling $61,045,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 317 $48,235,000 $152,161 $2,805 3.82%
    $150k-250k 270 $52,960,000 $196,148 $2,777 3.91%
    $75k-100k 183 $25,065,000 $136,967 $2,871 3.53%
    $50k-75k 172 $21,480,000 $124,884 $3,110 3.49%
    $250k+ 170 $57,770,000 $339,824 $3,745 4.05%
    $50k or less 82 $8,750,000 $106,707 $2,948 3.45%

    Great Lakes lent most frequently to those with incomes in the $100k-150k range, with 317 originations. The second most popular income band? $150k-250k, with 270 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    <20% 329 $72,255,000 $219,620 $3,029 2.97%
    20-30% 316 $66,000,000 $208,861 $3,054 3.57%
    30-36% 155 $24,645,000 $159,000 $2,651 3.92%
    49% 48 $6,560,000 $136,667 $10,962 4.39%
    48% 42 $6,740,000 $160,476 $3,918 4.51%
    37% 31 $3,235,000 $104,355 $2,481 4.35%
    39% 30 $3,490,000 $116,333 $2,836 4.68%
    46% 29 $3,775,000 $130,172 $1,616 4.49%
    36% 29 $5,065,000 $174,655 $2,361 4.04%
    43% 27 $3,875,000 $143,519 $2,607 4.71%
    40% 25 $3,105,000 $124,200 $3,325 4.46%
    38% 25 $3,565,000 $142,600 $2,852 4.25%
    41% 25 $3,135,000 $125,400 $2,212 4.28%
    47% 24 $2,270,000 $94,583 $0 4.63%
    45% 23 $2,425,000 $105,435 $3,205 4.20%
    42% 20 $2,110,000 $105,500 $640 4.73%
    44% 18 $2,790,000 $155,000 $2,080 4.67%
    50-60% 3 $295,000 $98,333 $0 6.42%

    Great Lakes lent most frequently to those with DTI ratios of <20%, with 329 originations. The next most common DTI ratio? 20-30%, with 316 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 878 $155,680,000 $177,312 $2,925 3.86%
    Not provided 132 $28,950,000 $219,318 $2,943 2.88%
    Asian 73 $16,645,000 $228,014 $3,536 3.64%
    Black 108 $13,040,000 $120,741 $2,828 3.97%
    American Indian 5 $725,000 $145,000 $2,318 3.68%
    Other Pacific Islander 2 $150,000 $75,000 $2,583 3.06%
    Asian Indian 1 $145,000 $145,000 $5,299 1.75%

    Approval Rates

    Total approvals of all applications
    86.30%

    Great Lakes has an average approval rate.

    Pick Rate

    Approvals leading to origination
    84.82%

    Great Lakes has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,199 $215,335,000 $179,595

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,199 $215,335,000 $179,595

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 199 $33,295,000 $167,312 $2,613 4.16%
    40-60% 176 $33,610,000 $190,966 $2,602 2.98%
    60-80% 305 $83,885,000 $275,033 $2,976 2.96%
    80-100% 106 $27,030,000 $255,000 $4,219 3.14%
    Under 20% 413 $37,515,000 $90,835 $2 4.61%