Great Lakes Mortgage Rates, Fees & Info

Bannockburn, IL

LEI: 549300W6J23SLH6AR815

Tax ID: 36-1163912

5 stars - out of 5 stars, based on 36 reviews

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

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Mortgage Data

Review & Overview

Great Lakes is a smaller mortgage company specializing in Cash Out Refi and Home Purchase loans. Great Lakes has a high proportion of conventional loans. Their top markets by origination volume include: Chicago, Raleigh, Los Angeles, Charlotte, and Phoenix among others. We have data for 87 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) 7.02% 6/4/23
30 Year Conventional Purchase 6.24% 6/4/23
30 Year Conventional Refi 6.20% 6/4/23
30 Year Cash-out Refi 6.09% 6/4/23
15 Year Conventional Purchase 6.42% 6/4/23
15 Year Conventional Refi 6.22% 6/4/23
15 Year Cash-out Refi 6.22% 6/4/23
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






Your Estimates

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

This is not an official calculator from Great Lakes. 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

1,284

Origination Dollar Volume (All Markets)

$250,360,000

Relative Rate

Great Lakes's average 30 year fixed mortgage rate was 4.32%.

The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

This yields a difference of -0.44%.

Relative Fees (Closing Costs)

Great Lakes's average total fees/closing costs for a 30 year fixed rate mortgage were $4,725.

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) 578 $82,240,000 $142,284 $3,451 4.99%
RALEIGH-CARY, NC (FHA|USDA|VA) 71 $29,505,000 $415,563 $4,560 4.03%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 130 $24,420,000 $187,846 $957 5.27%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 33 $14,755,000 $447,121 $4,965 3.86%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 67 $13,735,000 $205,000 $3,262 5.49%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 30 $10,260,000 $342,000 $4,189 4.49%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 74 $8,350,000 $112,838 $0 5.86%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 32 $7,310,000 $228,438 $4,125 5.39%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 12 $5,500,000 $458,333 $6,753 4.07%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 12 $5,490,000 $457,500 $7,426 4.26%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 20 $4,050,000 $202,500 $0 5.41%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 22 $3,150,000 $143,182 $1,760 5.65%
Outside of Metro Areas 11 $2,865,000 $260,455 $7,911 5.17%
OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 14 $2,550,000 $182,143 $0 6.25%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 6 $2,490,000 $415,000 $6,747 3.65%
MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 11 $1,875,000 $170,455 $2,879 5.66%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 4 $1,800,000 $450,000 $5,301 4.13%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 6 $1,590,000 $265,000 $4,938 5.71%
STOCKTON, CA (FHA|USDA|VA) 11 $1,555,000 $141,364 $0 5.55%
GAINESVILLE, GA (FHA|USDA|VA) 5 $1,505,000 $301,000 $4,473 5.05%
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 9 $1,505,000 $167,222 $0 5.02%
SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) 5 $1,425,000 $285,000 $0 4.55%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 1 $1,365,000 $1,365,000 $5,497 2.38%
JACKSONVILLE, FL (FHA|USDA|VA) 2 $1,210,000 $605,000 $6,531 3.56%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 2 $1,080,000 $540,000 $7,446 3.44%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 3 $915,000 $305,000 $4,712 3.92%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 8 $820,000 $102,500 $0 6.16%
SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) 4 $820,000 $205,000 $0 8.00%
RACINE, WI (FHA|USDA|VA) 6 $810,000 $135,000 $2,707 4.40%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $755,000 $755,000 $6,929 2.88%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $695,000 $695,000 $3,130 3.25%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 3 $695,000 $231,667 $5,041 4.71%
Truckee-Grass Valley, CA (FHA|USDA|VA) 4 $670,000 $167,500 $0 4.69%
RICHMOND, VA (FHA|USDA|VA) 3 $655,000 $218,333 $4,211 4.25%
TUCSON, AZ (FHA|USDA|VA) 6 $650,000 $108,333 $0 4.54%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 2 $630,000 $315,000 $3,516 4.13%
MADISON, WI (FHA|USDA|VA) 1 $625,000 $625,000 $2,330 2.00%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 2 $620,000 $310,000 $5,500 3.69%
PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $585,000 $585,000 $6,256 4.13%
SALINAS, CA (FHA|USDA|VA) 3 $535,000 $178,333 $0 6.00%
ST. LOUIS, MO-IL (FHA|USDA|VA) 5 $505,000 $101,000 $3,666 6.08%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 4 $490,000 $122,500 $3,307 4.72%
Whitewater, WI (FHA|USDA|VA) 2 $420,000 $210,000 $3,045 3.50%
Jacksonville, TX (FHA|USDA|VA) 1 $365,000 $365,000 $4,588 5.50%
Plymouth, IN (FHA|USDA|VA) 2 $340,000 $170,000 $2,945 4.50%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $335,000 $335,000 $4,973 2.25%
BLOOMINGTON, IL (FHA|USDA|VA) 1 $325,000 $325,000 $3,575 5.25%
FRESNO, CA (FHA|USDA|VA) 3 $305,000 $101,667 $0 6.32%
MODESTO, CA (FHA|USDA|VA) 3 $285,000 $95,000 $0 5.33%
OWENSBORO, KY (FHA|USDA|VA) 1 $265,000 $265,000 $3,780 4.50%
JACKSON, MS (FHA|USDA|VA) 1 $265,000 $265,000 $3,458 2.38%
MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 2 $240,000 $120,000 $0 6.13%
RENO, NV (FHA|USDA|VA) 3 $235,000 $78,333 $0 5.08%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 1 $235,000 $235,000 $4,256 3.38%
IOWA CITY, IA (FHA|USDA|VA) 1 $225,000 $225,000 $2,512 2.25%
COLUMBUS, OH (FHA|USDA|VA) 1 $225,000 $225,000 $2,949 3.75%
REDDING, CA (FHA|USDA|VA) 2 $210,000 $105,000 $0 6.00%
CARBONDALE-MARION, IL (FHA|USDA|VA) 2 $210,000 $105,000 $3,261 6.94%
VALLEJO, CA (FHA|USDA|VA) 1 $205,000 $205,000 $0 6.50%
GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 1 $155,000 $155,000 $1,850 5.63%
OKLAHOMA CITY, OK (FHA|USDA|VA) 1 $145,000 $145,000 $3,682 3.25%
OCALA, FL (FHA|USDA|VA) 1 $135,000 $135,000 $3,139 2.63%
OSHKOSH-NEENAH, WI (FHA|USDA|VA) 1 $135,000 $135,000 $3,298 2.13%
WENATCHEE, WA (FHA|USDA|VA) 1 $125,000 $125,000 $0 9.00%
SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) 1 $125,000 $125,000 $0 8.50%
Shelby, NC (FHA|USDA|VA) 1 $115,000 $115,000 $2,438 3.75%
BAKERSFIELD, CA (FHA|USDA|VA) 2 $110,000 $55,000 $0 7.48%
KANSAS CITY, MO-KS (FHA|USDA|VA) 1 $105,000 $105,000 $0 8.25%
PEORIA, IL (FHA|USDA|VA) 1 $105,000 $105,000 $2,807 2.38%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $105,000 $105,000 $2,698 2.00%
GREEN BAY, WI (FHA|USDA|VA) 1 $105,000 $105,000 $0 5.25%
SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) 1 $105,000 $105,000 $0 6.75%
Muscatine, IA (FHA|USDA|VA) 1 $105,000 $105,000 $0 6.50%
KANKAKEE, IL (FHA|USDA|VA) 2 $90,000 $45,000 $0 4.63%
ROCKFORD, IL (FHA|USDA|VA) 1 $85,000 $85,000 $2,889 4.00%
SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) 1 $85,000 $85,000 $0 4.00%
Washington, IN (FHA|USDA|VA) 1 $85,000 $85,000 $0 4.25%
Thomasville, GA (FHA|USDA|VA) 1 $85,000 $85,000 $3,725 3.75%
Paducah, KY-IL (FHA|USDA|VA) 1 $85,000 $85,000 $0 6.00%
MADERA, CA (FHA|USDA|VA) 1 $75,000 $75,000 $0 9.00%
COLUMBUS, GA-AL (FHA|USDA|VA) 1 $75,000 $75,000 $0 8.50%
YUBA CITY, CA (FHA|USDA|VA) 2 $70,000 $35,000 $0 5.63%
WAUSAU-WESTON, WI (FHA|USDA|VA) 1 $65,000 $65,000 $0 6.00%
LOUISVILLE, KY (FHA|USDA|VA) 1 $55,000 $55,000 $0 7.25%
Ottawa, IL (FHA|USDA|VA) 1 $35,000 $35,000 $0 7.00%
Fernley, NV (FHA|USDA|VA) 1 $35,000 $35,000 $0 4.00%
Freeport, IL (FHA|USDA|VA) 1 $15,000 $15,000 $0 5.25%
Great Lakes's top markets include Chicago, Raleigh, Los Angeles, Charlotte, and Phoenix among others.

Their top states include:
  • Illinois (FHA|USDA|VA)
  • California (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • 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: 30
    Liberty Bank for Savings
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    The Equitable Bank, S.S.B.
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    OCEANSIDE MORTGAGE COMPANY
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    DuPage Credit Union
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    LOANFLIGHT LENDING, LLC
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    Providence Bank & Trust
    Similarity Rank: 1144
    CROWN MORTGAGE COMPANY
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    PARTNERSHIP FINANCIAL
    Similarity Rank: 1260
    AMERITRUST MORTGAGE CORPORATION
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 782 $96,810,000 $123,798 n/a 5.48%
    Conventional 502 $153,550,000 $305,876 $3,844 4.36%

    For 2022, Great Lakes's most frequently originated type of loan was HELOC, with 782 originations. Their 2nd most popular type was Conventional, with 502 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 391 $42,895,000 $109,706 $57 5.29%
    Cash Out Refi 383 $64,205,000 $167,637 $2,343 5.42%
    Home Purchase 306 $114,820,000 $375,229 $5,151 4.18%
    Other 118 $8,840,000 $74,915 $0 5.86%
    Refi 86 $19,600,000 $227,907 $2,914 4.19%

    For 2022, Great Lakes's most frequently cited loan purpose was Home Improvement, with 391 originations. The 2nd most popular reason was Cash Out Refi, with 383 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 667 $189,165,000 $283,606 $4,725 4.32%
    20 Year 548 $54,440,000 $99,343 $359 5.85%
    15 Year 27 $4,045,000 $149,815 $2,464 4.47%
    10 Year 25 $1,595,000 $63,800 $209 6.51%
    5 Year 17 $1,115,000 $65,588 $90 5.84%

    For 2022, Great Lakes's most frequently cited loan duration was 30 Year, with 667 originations. The 2nd most popular length was 20 Year, with 548 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 301 $102,315,000 $339,917
    $<1k 105 $12,135,000 $115,571
    $2k-3k 53 $19,735,000 $372,358
    $3k-4k 17 $6,465,000 $380,294
    $4k-5k 12 $5,000,000 $416,667
    $5k+ 12 $7,550,000 $629,167

    Great Lakes's average total fees were $4,725, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 301 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 394 $92,200,000 $234,010
    4-5% 255 $58,265,000 $228,490
    5-6% 239 $31,715,000 $132,699
    6-7% 138 $16,040,000 $116,232
    7-8% 128 $16,410,000 $128,203
    <2.5% 52 $16,830,000 $323,654
    Over 8% 44 $4,420,000 $100,455
    2.5-3% 33 $14,245,000 $431,667

    During 2022, Great Lakes's average interest rate for loans was 4.32%, while their most frequently originated rate bucket for loans was 3-4%, with 394 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 481 $26,865,000 $55,852 $1,032 5.64%
    $100k-200k 341 $45,935,000 $134,707 $3,144 5.10%
    $200k-400k 291 $80,415,000 $276,340 $4,324 4.66%
    $400k-600k 126 $61,860,000 $490,952 $5,135 4.04%
    $600k-1MM 38 $26,280,000 $691,579 $6,225 3.60%
    $1MM+ 7 $9,005,000 $1,286,429 $6,525 2.70%

    2022 saw Great Lakes place emphasis on $100,000 or less loans with 481 originations, totaling $26,865,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 386 $77,170,000 $199,922 $3,787 5.03%
    $150k-250k 315 $72,735,000 $230,905 $4,267 5.13%
    $250k+ 196 $58,190,000 $296,888 $4,554 5.18%
    $75k-100k 186 $23,550,000 $126,613 $3,305 5.07%
    $50k-75k 137 $12,875,000 $93,978 $3,438 4.93%
    $50k or less 59 $5,195,000 $88,051 $3,217 4.54%

    Great Lakes lent most frequently to those with incomes in the $100k-150k range, with 386 originations. The second most popular income band? $150k-250k, with 315 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 295 $77,305,000 $262,051 $4,092 4.57%
    <20% 250 $56,720,000 $226,880 $4,173 4.35%
    30-36% 220 $43,550,000 $197,955 $3,392 5.24%
    49% 84 $8,720,000 $103,810 $0 5.53%
    48% 51 $6,055,000 $118,725 $2,633 5.76%
    47% 43 $6,475,000 $150,581 $0 5.73%
    42% 40 $5,490,000 $137,250 $1,257 5.93%
    41% 40 $5,320,000 $133,000 $566 5.92%
    40% 37 $6,715,000 $181,486 $5,890 5.49%
    37% 33 $5,615,000 $170,152 $1,057 5.52%
    38% 30 $7,590,000 $253,000 $3,474 5.39%
    45% 28 $3,350,000 $119,643 $0 5.17%
    46% 27 $3,135,000 $116,111 $5,620 5.34%
    39% 27 $3,085,000 $114,259 $1,805 6.10%
    44% 26 $3,230,000 $124,231 $2,592 5.01%
    43% 26 $3,810,000 $146,538 $4,069 5.31%
    36% 23 $3,625,000 $157,609 $4,047 5.19%
    50-60% 3 $335,000 $111,667 $0 4.92%

    Great Lakes lent most frequently to those with DTI ratios of 20-30%, with 295 originations. The next most common DTI ratio? <20%, with 250 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 803 $120,515,000 $150,081 $2,965 5.21%
    Asian 179 $62,075,000 $346,788 $4,929 4.51%
    Not provided 181 $46,685,000 $257,928 $4,219 4.78%
    Black 88 $9,960,000 $113,182 $3,298 5.40%
    Asian Indian 19 $8,475,000 $446,053 $5,219 3.91%
    Native Hawaiian or Islander 8 $1,490,000 $186,250 $2,284 5.07%
    Other Asian 1 $545,000 $545,000 $4,914 4.25%
    American Indian 4 $350,000 $87,500 $2,558 4.19%
    Filipino 1 $265,000 $265,000 $5,695 4.88%

    Approval Rates

    Total approvals of all applications
    82.89%

    Great Lakes has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    77.41%

    Great Lakes has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,284 $250,360,000 $194,984

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,284 $250,360,000 $194,984

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 273 $44,735,000 $163,864 $1,336 5.54%
    40-60% 73 $14,795,000 $202,671 $3,284 4.23%
    60-80% 180 $57,410,000 $318,944 $4,201 3.93%
    80-100% 204 $81,600,000 $400,000 $5,148 4.00%
    Under 20% 554 $51,820,000 $93,538 $152 5.65%