Great Lakes Mortgage Rates, Fees & Info

Bannockburn, IL

LEI: 549300W6J23SLH6AR815

Tax ID: 36-1163912

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Mortgage Data

Review & Overview

Great Lakes is a smaller mortgage company specializing in Refi loans. Great Lakes has a high proportion of conventional loans. Their top markets by origination volume include: Chicago, Los Angeles, Phoenix, San Francisco, and Sacramento 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 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.

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% 3/28/24
30 Year Conventional Purchase 6.24% 3/28/24
30 Year Conventional Refi 6.20% 3/28/24
30 Year Cash-out Refi 6.09% 3/28/24
15 Year Conventional Purchase 6.42% 3/28/24
15 Year Conventional Refi 6.22% 3/28/24
15 Year Cash-out Refi 6.22% 3/28/24
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






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

1,089

Origination Dollar Volume (All Markets)

$199,655,000

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) 667 $120,825,000 $181,147 $2,779 3.61%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 90 $17,010,000 $189,000 $1,827 4.35%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 30 $6,790,000 $226,333 $3,142 4.46%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 35 $5,745,000 $164,143 $0 4.47%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 49 $4,655,000 $95,000 $249 4.79%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 9 $2,415,000 $268,333 $3,974 2.74%
OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 9 $2,285,000 $253,889 $2,701 4.40%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 19 $2,215,000 $116,579 $0 4.46%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 6 $2,100,000 $350,000 $2,963 2.94%
Outside of Metro Areas 5 $1,865,000 $373,000 $2,137 3.88%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 6 $1,710,000 $285,000 $3,085 3.35%
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 12 $1,660,000 $138,333 $0 4.06%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 5 $1,575,000 $315,000 $4,773 2.95%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 12 $1,410,000 $117,500 $1,832 4.25%
MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 9 $1,245,000 $138,333 $1,942 4.01%
ST. LOUIS, MO-IL (FHA|USDA|VA) 2 $1,210,000 $605,000 $2,693 2.94%
STOCKTON, CA (FHA|USDA|VA) 12 $1,030,000 $85,833 $0 5.02%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 1 $1,015,000 $1,015,000 $3,805 2.75%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 2 $1,000,000 $500,000 $2,560 2.63%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 2 $1,000,000 $500,000 $2,219 2.88%
JACKSONVILLE, FL (FHA|USDA|VA) 2 $960,000 $480,000 $4,143 2.94%
TUCSON, AZ (FHA|USDA|VA) 3 $865,000 $288,333 $3,157 3.83%
Truckee-Grass Valley, CA (FHA|USDA|VA) 9 $865,000 $96,111 $899 4.64%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 1 $845,000 $845,000 $6,949 3.00%
Whitewater, WI (FHA|USDA|VA) 9 $845,000 $93,889 $2,279 4.00%
MADISON, WI (FHA|USDA|VA) 2 $840,000 $420,000 $2,847 3.00%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 2 $820,000 $410,000 $2,536 4.00%
Ottawa, IL (FHA|USDA|VA) 3 $645,000 $215,000 $3,461 3.92%
BOULDER, CO (FHA|USDA|VA) 1 $625,000 $625,000 $2,594 2.88%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 2 $620,000 $310,000 $2,853 2.94%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 4 $620,000 $155,000 $3,041 3.28%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $605,000 $605,000 $6,311 3.25%
SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) 3 $565,000 $188,333 $0 4.00%
RENO, NV (FHA|USDA|VA) 1 $515,000 $515,000 $3,025 3.25%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $445,000 $445,000 $4,437 3.13%
Traverse City, MI (FHA|USDA|VA) 1 $415,000 $415,000 $3,262 3.25%
FORT COLLINS, CO (FHA|USDA|VA) 1 $385,000 $385,000 $3,110 3.13%
AUBURN-OPELIKA, AL (FHA|USDA|VA) 1 $385,000 $385,000 $3,143 3.00%
SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) 1 $385,000 $385,000 $2,201 2.63%
FRESNO, CA (FHA|USDA|VA) 2 $380,000 $190,000 $0 4.00%
RACINE, WI (FHA|USDA|VA) 3 $375,000 $125,000 $660 5.38%
ROCKFORD, IL (FHA|USDA|VA) 3 $375,000 $125,000 $2,914 2.88%
GULFPORT-BILOXI, MS (FHA|USDA|VA) 1 $315,000 $315,000 $3,708 3.88%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $315,000 $315,000 $2,615 3.25%
RALEIGH-CARY, NC (FHA|USDA|VA) 1 $305,000 $305,000 $2,196 2.88%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $305,000 $305,000 $2,214 2.63%
SALINAS, CA (FHA|USDA|VA) 3 $275,000 $91,667 $0 4.50%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 1 $275,000 $275,000 $7,664 3.00%
SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) 1 $255,000 $255,000 $0 5.25%
Baraboo, WI (FHA|USDA|VA) 1 $255,000 $255,000 $2,305 2.63%
Outside of Metro Areas 1 $245,000 $245,000 $3,090 2.88%
Cedar City, UT (FHA|USDA|VA) 1 $235,000 $235,000 $2,399 3.13%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1 $225,000 $225,000 $2,545 2.75%
PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) 1 $225,000 $225,000 $3,668 3.25%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 1 $205,000 $205,000 $2,505 2.63%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $205,000 $205,000 $4,510 2.88%
VALLEJO, CA (FHA|USDA|VA) 2 $200,000 $100,000 $0 4.50%
Holland, MI (FHA|USDA|VA) 1 $195,000 $195,000 $2,615 2.50%
Cookeville, TN (FHA|USDA|VA) 1 $185,000 $185,000 $3,035 3.00%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 1 $175,000 $175,000 $3,179 3.63%
Red Bluff, CA (FHA|USDA|VA) 1 $175,000 $175,000 $0 4.00%
KANKAKEE, IL (FHA|USDA|VA) 2 $160,000 $80,000 $3,886 4.06%
PUEBLO, CO (FHA|USDA|VA) 1 $155,000 $155,000 $2,999 2.88%
NILES, MI (FHA|USDA|VA) 1 $155,000 $155,000 $2,185 3.38%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $155,000 $155,000 $2,070 3.13%
Farmington, MO (FHA|USDA|VA) 1 $155,000 $155,000 $0 4.00%
MODESTO, CA (FHA|USDA|VA) 2 $150,000 $75,000 $0 4.00%
Sonora, CA (FHA|USDA|VA) 1 $145,000 $145,000 $0 6.75%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $135,000 $135,000 $3,307 4.75%
Coshocton, OH (FHA|USDA|VA) 1 $135,000 $135,000 $3,005 3.88%
KNOXVILLE, TN (FHA|USDA|VA) 1 $135,000 $135,000 $3,283 3.00%
SPRINGFIELD, IL (FHA|USDA|VA) 1 $135,000 $135,000 $0 5.25%
Fort Madison-Keokuk, IA-IL-MO (FHA|USDA|VA) 1 $135,000 $135,000 $2,598 4.25%
GREEN BAY, WI (FHA|USDA|VA) 1 $125,000 $125,000 $1,936 3.13%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 1 $125,000 $125,000 $0 4.75%
BAKERSFIELD, CA (FHA|USDA|VA) 1 $125,000 $125,000 $0 4.00%
LEXINGTON-FAYETTE, KY (FHA|USDA|VA) 1 $115,000 $115,000 $3,372 3.13%
Brainerd, MN (FHA|USDA|VA) 1 $105,000 $105,000 $2,719 2.63%
COLUMBUS, OH (FHA|USDA|VA) 1 $105,000 $105,000 $2,860 2.75%
London, KY (FHA|USDA|VA) 1 $75,000 $75,000 $2,173 2.63%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $75,000 $75,000 $2,960 2.75%
REDDING, CA (FHA|USDA|VA) 1 $75,000 $75,000 $0 6.25%
Macomb, IL (FHA|USDA|VA) 1 $65,000 $65,000 $0 4.00%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 1 $55,000 $55,000 $0 4.00%
CHICO, CA (FHA|USDA|VA) 1 $55,000 $55,000 $0 4.00%
LOUISVILLE, KY (FHA|USDA|VA) 1 $45,000 $45,000 $0 4.00%
Warrensburg, MO (FHA|USDA|VA) 1 $25,000 $25,000 $0 5.25%
WAUSAU-WESTON, WI (FHA|USDA|VA) 1 $25,000 $25,000 $0 4.00%
Great Lakes's top markets include Chicago, Los Angeles, Phoenix, San Francisco, and Sacramento among others.

Their top states include:
  • Illinois (FHA|USDA|VA)
  • California (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Florida (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.

    Liberty Bank for Savings
    Similarity Rank: 312
    Glenview State Bank
    Similarity Rank: 312
    CROWN MORTGAGE COMPANY
    Similarity Rank: 627
    AMERITRUST MORTGAGE CORPORATION
    Similarity Rank: 648
    United Heritage Credit Union
    Similarity Rank: 657
    The Equitable Bank, S.S.B.
    Similarity Rank: 820
    Emory Alliance Credit Union
    Similarity Rank: 855
    AAXY L.L.C.
    Similarity Rank: 927
    SANCTUARY HOME MORTGAGE LLC
    Similarity Rank: 932

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 574 $139,070,000 $242,282 $2,742 3.30%
    HELOC 515 $60,585,000 $117,641 n/a 4.40%

    For 2020, Great Lakes's most frequently originated type of loan was Conventional, with 574 originations. Their 2nd most popular type was HELOC, with 515 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 403 $84,385,000 $209,392 $2,317 3.41%
    Home Improvement 246 $26,430,000 $107,439 $0 4.53%
    Home Purchase 175 $39,745,000 $227,114 $4,431 3.56%
    Cash Out Refi 137 $37,835,000 $276,168 $2,715 3.10%
    Other 128 $11,260,000 $87,969 $0 4.87%

    For 2020, Great Lakes's most frequently cited loan purpose was Refi, with 403 originations. The 2nd most popular reason was Home Improvement, with 246 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 505 $59,665,000 $118,149 $1,782 4.47%
    30 Year 364 $93,710,000 $257,445 $3,340 3.37%
    15 Year 179 $41,585,000 $232,318 $2,329 2.89%
    10 Year 31 $3,775,000 $121,774 $1,682 3.72%
    5 Year 8 $300,000 $37,500 $0 5.09%
    Other 2 $620,000 $310,000 $2,186 3.00%

    For 2020, Great Lakes's most frequently cited loan duration was 20 Year, with 505 originations. The 2nd most popular length was 30 Year, with 364 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 408 $105,310,000 $258,113
    $1k-2k 133 $25,965,000 $195,226
    $2k-3k 22 $5,080,000 $230,909
    $3k-4k 4 $730,000 $182,500
    $5k+ 4 $1,370,000 $342,500
    $4k-5k 1 $195,000 $195,000

    Great Lakes's average total fees were $3,340, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 408 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 563 $91,175,000 $161,945
    2.5-3% 251 $68,705,000 $273,725
    <2.5% 75 $18,955,000 $252,733
    4-5% 66 $8,880,000 $134,545
    5-6% 62 $6,450,000 $104,032
    6-7% 58 $4,020,000 $69,310
    7-8% 14 $1,470,000 $105,000

    During 2020, Great Lakes's average interest rate for loans was 3.37%, while their most frequently originated rate bucket for loans was 3-4%, with 563 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 394 $57,560,000 $146,091 $2,817 3.62%
    $100,000 or less 368 $21,280,000 $57,826 $1,647 4.48%
    $200k-400k 237 $62,495,000 $263,692 $2,942 3.37%
    $400k-600k 46 $22,380,000 $486,522 $3,396 3.43%
    $600k-1MM 37 $27,065,000 $731,486 $3,155 2.84%
    $1MM+ 7 $8,875,000 $1,267,857 $4,462 3.09%

    2020 saw Great Lakes place emphasis on $100k-200k loans with 394 originations, totaling $57,560,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 273 $55,755,000 $204,231 $2,615 3.98%
    $100k-150k 244 $40,370,000 $165,451 $2,706 3.87%
    $75k-100k 174 $23,920,000 $137,471 $2,666 3.69%
    $250k+ 173 $53,605,000 $309,855 $2,731 3.98%
    $50k-75k 149 $17,895,000 $120,101 $2,941 3.64%
    $50k or less 76 $8,110,000 $106,711 $2,911 3.39%

    Great Lakes lent most frequently to those with incomes in the $150k-250k range, with 273 originations. The second most popular income band? $100k-150k, with 244 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 323 $63,185,000 $195,619 $2,775 3.63%
    <20% 305 $63,035,000 $206,672 $2,898 3.33%
    30-36% 155 $26,825,000 $173,065 $2,176 4.14%
    49% 34 $5,600,000 $164,706 $5,835 4.44%
    47% 30 $5,200,000 $173,333 $3,537 4.48%
    40% 26 $3,920,000 $150,769 $3,578 4.23%
    48% 26 $3,120,000 $120,000 $0 4.75%
    43% 19 $2,545,000 $133,947 $2,736 4.03%
    41% 19 $2,365,000 $124,474 $2,247 4.15%
    37% 19 $4,075,000 $214,474 $2,138 4.24%
    39% 19 $3,485,000 $183,421 $2,350 4.23%
    46% 19 $2,345,000 $123,421 $3,258 4.32%
    45% 19 $2,805,000 $147,632 $2,338 4.39%
    36% 18 $3,240,000 $180,000 $2,262 4.11%
    42% 17 $2,395,000 $140,882 $1,127 4.86%
    38% 17 $3,045,000 $179,118 $2,003 4.18%
    44% 16 $1,590,000 $99,375 $2,490 4.12%
    50-60% 7 $715,000 $102,143 $1,122 4.88%
    >60% 1 $165,000 $165,000 $0 4.00%

    Great Lakes lent most frequently to those with DTI ratios of 20-30%, with 323 originations. The next most common DTI ratio? <20%, with 305 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 866 $153,620,000 $177,390 $2,729 3.88%
    Not provided 71 $19,605,000 $276,127 $2,828 3.15%
    Asian 75 $16,435,000 $219,133 $2,708 3.93%
    Black 70 $9,500,000 $135,714 $2,782 3.66%
    Native Hawaiian or Islander 4 $240,000 $60,000 $0 4.00%
    American Indian 1 $95,000 $95,000 $0 4.00%
    Not applicable 1 $85,000 $85,000 $1,768 2.50%
    Asian Indian 1 $75,000 $75,000 $0 5.00%

    Approval Rates

    Total approvals of all applications
    83.92%

    Great Lakes has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    82.28%

    Great Lakes has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,089 $199,655,000 $183,338

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 1,089 $199,655,000 $183,338

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 180 $28,150,000 $156,389 $1,905 4.35%
    40-60% 134 $27,040,000 $201,791 $2,431 3.16%
    60-80% 275 $75,845,000 $275,800 $2,806 3.15%
    80-100% 149 $38,285,000 $256,946 $3,691 3.21%
    Under 20% 351 $30,335,000 $86,425 $1 4.59%