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NEW ADJUSTABLE RATE MORTGAGE TAKES THE RISK OUT OF RATES, CAN SAVE THOUSANDS IN INTEREST PAYMENTS

 ANN ARBOR, Mich., May 13 /PRNewswire/ -- Great Lakes Bancorp (NASDAQ-NMS: GLBC) has solved one of homebuyers' greatest problems. With the introduction of the 4Most Mortgage, Great Lakes has taken all the advantages of the low, up-front rates found in adjustable-rate mortgages (ARM) and capped any possible increase at only 4 percent.
 Most ARMs have a 6-percent interest rate limit, a factor that has created doubt and apprehension for some customers in the past. Great Lakes developed the 4Most Mortgage after compiling research which shows that the life-of-the-loan interest rate was the most important factor that prevented homebuyers from using adjustable-rate mortgages. Even with lower payments and initial savings found in ARMs, many loan shoppers were apprehensive about the potential of paying interest 6 percent higher than the initial rate.
 "Adjustable-rate mortgages are a valuable option for mortgage shoppers, especially with today's lower interest rates," said Tom Bower, first vice president of Great Lakes' Retail Loan Division. "By capping the maximum rate increase at 4 percent, Great Lakes has eliminated the greatest drawback to this type of loan. The 4Most Mortgage now provides a much more attractive alternative for mortgage shoppers."
 The 4Most is the first of its kind in the state. "It's especially attractive for first-time homebuyers or people who have had ARMs previously," Bower said. "With a 4Most loan issued today, their interest rate could rise, at most, to 8.95 percent."
 Thus, the 4Most can save thousands. For example, in a worst-case scenario with rising interest rates, with a typical $100,000, 30-year ARM issued at today's rates, the following interest savings could result over the life of the loan:
 4Most - 4 percent cap Traditional ARM - 6 percent cap
 Total
 Interest $180,346.41 $213,051.79
 The 4Most can save $32,705 in interest over the life of the loan.
 Great Lakes Bancorp offers the 4Most Mortgage through 42 branches in Michigan and through its mortgage-banking subsidiary, Great Lakes Mortgage Co. For more information on the 4Most Mortgage, call 313-769-8300 in the Ann Arbor area.
 -0- 5/13/93
 /CONTACT: James Patterson of Great Lakes Bancorp, 313-769-8300, Ext. 4118/
 (GLBC)


CO: Great Lakes Bancorp ST: Michigan IN: FIN SU: PDT

SB-SM -- DE040 -- 8234 05/13/93 15:26 EDT
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Date:May 13, 1993
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