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 Other, Refi, and Home Purchase loans. Great Lakes has a high proportion of conventional loans. Their top markets by origination volume include: Chicago, Los Angeles, Sacramento, San Francisco, and Riverside among others. We have data for 46 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 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 7.02% | 12/16/24 |
| 30 Year Conventional Purchase | 6.24% | 12/16/24 |
| 30 Year Conventional Refi | 6.20% | 12/16/24 |
| 30 Year Cash-out Refi | 6.09% | 12/16/24 |
| 15 Year Conventional Purchase | 6.42% | 12/16/24 |
| 15 Year Conventional Refi | 6.22% | 12/16/24 |
| 15 Year Cash-out Refi | 6.22% | 12/16/24 |
| 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
618Origination Dollar Volume (All Markets)
$66,480,000Top 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) | 360 | $37,420,000 | $103,944 | $2,705 | 5.62% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 61 | $9,395,000 | $154,016 | $5 | 5.75% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 42 | $2,750,000 | $65,476 | $0 | 6.60% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 17 | $2,265,000 | $133,235 | $0 | 6.39% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 21 | $2,255,000 | $107,381 | $20 | 6.10% |
| OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) | 8 | $1,810,000 | $226,250 | $0 | 5.59% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 16 | $1,550,000 | $96,875 | $674 | 6.15% |
| STOCKTON, CA (FHA|USDA|VA) | 17 | $1,505,000 | $88,529 | $0 | 6.51% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 11 | $965,000 | $87,727 | $0 | 5.97% |
| Truckee-Grass Valley, CA (FHA|USDA|VA) | 3 | $715,000 | $238,333 | $0 | 5.42% |
| MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) | 11 | $675,000 | $61,364 | $0 | 5.51% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 1 | $645,000 | $645,000 | $4,826 | 4.63% |
| SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) | 4 | $390,000 | $97,500 | $0 | 6.13% |
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 2 | $330,000 | $165,000 | $2,798 | 4.63% |
| Outside of Metro Areas | 4 | $320,000 | $80,000 | $1,547 | 5.47% |
| Whitewater, WI (FHA|USDA|VA) | 3 | $275,000 | $91,667 | $1,262 | 5.69% |
| Outside of Metro Areas | 1 | $265,000 | $265,000 | $3,112 | 4.00% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $0 | 5.50% |
| VALLEJO, CA (FHA|USDA|VA) | 3 | $235,000 | $78,333 | $0 | 6.65% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $3,710 | 5.13% |
| NAPA, CA (FHA|USDA|VA) | 3 | $185,000 | $61,667 | $0 | 6.55% |
| SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $0 | 7.25% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $2,974 | 4.25% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $3,382 | 5.00% |
| FLAGSTAFF, AZ (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 6.75% |
| CANTON-MASSILLON, OH (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $3,776 | 4.75% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $2,550 | 5.13% |
| SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $0 | 7.00% |
| OSHKOSH-NEENAH, WI (FHA|USDA|VA) | 2 | $110,000 | $55,000 | $0 | 7.38% |
| SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 5.50% |
| MODESTO, CA (FHA|USDA|VA) | 3 | $105,000 | $35,000 | $0 | 6.32% |
| PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 6.75% |
| ALBUQUERQUE, NM (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 5.25% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $3,080 | 4.88% |
| SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 6.50% |
| MADISON, WI (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 6.50% |
| Clearlake, CA (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 6.75% |
| FORT COLLINS, CO (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 5.75% |
| YUBA CITY, CA (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 7.25% |
| FOND DU LAC, WI (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 5.25% |
| KANKAKEE, IL (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 7.00% |
| MERCED, CA (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 6.95% |
| BLOOMINGTON, IL (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 5.00% |
| Show Low, AZ (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $0 | 7.00% |
| PEORIA, IL (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $0 | 6.75% |
| Nogales, AZ (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $0 | 6.45% |
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: 28
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| HELOC | 411 | $38,385,000 | $93,394 | n/a | 5.81% |
| Conventional | 204 | $27,190,000 | $133,284 | $1,843 | 5.81% |
| VA | 3 | $905,000 | $301,667 | $8,219 | 5.08% |
For 2018, Great Lakes's most frequently originated type of loan was HELOC, with 411 originations. Their 2nd most popular type was Conventional, with 204 originations.
Loan Reason
For 2018, Great Lakes's most frequently cited loan purpose was Other, with 176 originations. The 2nd most popular reason was Home Improvement, with 172 originations.
Loan Duration/Length
For 2018, Great Lakes's most frequently cited loan duration was 20 Year, with 465 originations. The 2nd most popular length was 30 Year, with 84 originations.
Origination Fees/Closing Costs
Great Lakes's average total fees were $3,979, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 177 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 264 | $29,320,000 | $111,061 |
| 6-7% | 150 | $12,670,000 | $84,467 |
| 4-5% | 127 | $17,695,000 | $139,331 |
| 7-8% | 65 | $4,575,000 | $70,385 |
| 3-4% | 12 | $2,220,000 | $185,000 |
During 2018, Great Lakes's average interest rate for loans was 4.97%, while their most frequently originated rate bucket for loans was 5-6%, with 264 originations.
Loan Sizing
2018 saw Great Lakes place emphasis on $100,000 or less loans with 354 originations, totaling $17,820,000 in origination value.
Applicant Income
Great Lakes lent most frequently to those with incomes in the $150k-250k range, with 167 originations. The second most popular income band? $100k-150k, with 166 originations.
Applicant Debt to Income Ratio
Great Lakes lent most frequently to those with DTI ratios of 20-30%, with 140 originations. The next most common DTI ratio? 30-36%, with 111 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications88.28%
Great Lakes has an average approval rate.
Pick Rate
Approvals leading to origination67.96%
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 | 618 | $66,480,000 | $107,573 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 618 | $66,480,000 | $107,573 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| GREAT LAKES | Home equity loan or line of credit (HELOC) | Trouble during payment process | 1 | 100.0% |