Best of

Best Michigan Mortgage Lenders of 2019

NerdWalletJuly 2, 2019

At NerdWallet, we strive to help you make financial decisions with confidence. To do this, many or all of the products featured here are from our partners. However, this doesn’t influence our evaluations. Our opinions are our own.

NerdWallet has researched and picked some of the best Michigan mortgage lenders for refinancing, first-time home buyers and government-backed loans.

Min. Credit Score

620

Min. Down Payment

3%

Pros

  • Works with most borrowers as long as they have good credit scores and incomes.
  • Provides a user-friendly digital platform that’s thorough in covering all types of borrowing scenarios.
  • Has a 95% customer satisfaction rate, according to company data.

Cons

  • Charges some fees, such as a $1,290 lender fee that includes a $150 application fee.
  • Offers many products, which might confuse or overwhelm borrowers.
  • Several click-throughs required for personalized rates.
Read full review
Min. Credit Score

620

Min. Down Payment

3%

Pros

  • Considers nontraditional credit history like rent payments.
  • Online tools help you estimate mortgage payments and track application progress.
  • Several affordable loan options including FHA, VA, USDA and the PNC Community Loan.

Cons

  • It's not possible to complete the entire mortgage process online.
  • Offers mortgage loans nationwide, but has branches in only about two dozen states.
Read full review
Min. Credit Score

620

Min. Down Payment

3%

Pros

  • Embraces FHA-backed home loans.
  • Offers three construction loan offerings.
  • A professional loan package is tailored for the needs of doctors, lawyers, architects and certified public accountants.
  • Flagstar reps are familiar with low-down-payment state bond programs for first-time home buyers and income-limited households, as well as the areas that qualify for USDA loans.
  • Offers home equity loans and home equity lines of credit.

Cons

  • Charges an average $1,000 origination fee.
Read full review
Min. Credit Score

620

Min. Down Payment

3%

Pros

  • Low rate of consumer complaints filed with the Consumer Financial Protection Bureau.
  • Request a pre-qualification through PrimeLending’s secure system from a phone, tablet or computer.
  • Niche mortgage products include energy-efficient mortgages, FHA 203(k) renovation and remodeling loans, manufactured home mortgages and home construction loans.
  • Free “float down” interest rate option lets borrowers choose the lower rate if interest rates fall, even with a rate lock.
  • NeighborhoodEdge closing cost assistance program for low- to moderate-income borrowers allows qualified borrowers $2,000 in closing cost credits (restrictions on income and location).
  • “Alternative doc” program lets borrowers qualify for mortgage based on bank statements rather than tax returns.

Cons

  • No live chat online.
  • No online mortgage rate quotes.
Read full review
Rocket Mortgage

at Rocket Mortgage

at Rocket Mortgage

Min. Credit Score

620

Min. Down Payment

3%

Pros

  • The site caters to self-service users who want to apply for a home loan without talking to a human unless it’s absolutely necessary.
  • With your authorization, accesses asset statements from 98% of U.S. financial institutions.
  • Tells you the loan amount you’ll qualify for within minutes.
  • Rocket Mortgage’s document and asset retrieval capabilities can save you a bunch of time and hassle.

Cons

  • Doesn't offer home equity loans or HELOCs.
  • If you’re a “look me in the eye” type of customer, you’re out of luck.
  • Doesn’t consider alternative credit data. It just looks at credit scores and debt-to-income ratios, the way most mortgage lenders always have.
Read full review
loanDepot

at loanDepot

at loanDepot

Min. Credit Score

620

Min. Down Payment

3.5%

Pros

  • Offers digital income, asset and employment verification.
  • Has over 150 affiliated loan stores nationwide for customers who prefer face-to-face service.
  • One of the nation’s most active lenders of FHA and VA loans.

Cons

  • Published mortgage rates include up to three points of prepaid interest and fees.
  • Does not offer home equity loans or lines of credit.
Read full review
Min. Credit Score

620

Min. Down Payment

3%

Pros

  • VA loans are the bulk of USAA’s business, so it knows the ins and outs of eligibility.
  • Lots of experience assisting first-time home buyers.
  • Offers online pre-qualification.

Cons

  • Doesn’t offer FHA or USDA loans.
  • Alternative credit is not considered.
Read full review
Quicken Loans

at Quicken Loans

at Quicken Loans

Min. Credit Score

620

Min. Down Payment

3%

Pros

  • Quicken Loans couples a fully online application with available mortgage advisors for those who want a human touch.
  • Instantly verifies employment and income for more than 60% of working Americans.
  • Offers custom fixed-rate loan terms that are between eight and 30 years.
  • Provides FHA-backed loans, USDA loans as well as products offered by Freddie Mac and Fannie Mae that require down payments as low as 3%.

Cons

  • Doesn't offer home equity loans or HELOCs.
  • If you’re a “look me in the eye” type of customer, you’re out of luck.
  • Doesn’t consider alternative credit data. It just looks at credit scores and debt-to-income ratios, the way most mortgage lenders always have.
Read full review
Chase

at Chase

at Chase

Min. Credit Score

620

Min. Down Payment

3%

Pros

  • Allows electronic submission and tracking of documents.
  • Existing Chase customers can get discounts.
  • Offers a wide selection of purchase and refinance mortgages.

Cons

  • Charges rate lock, origination and underwriting fees.
  • You have to speak with a mortgage banker to get complete info on products and requirements.
Read full review
Min. Credit Score

620

Min. Down Payment

3%

Pros

  • Allows borrowers to apply entirely online.
  • Offers down payment and closing cost assistance programs.
  • Accepts alternative credit data for some loan types.
  • May give existing customers a discount on mortgage lender origination fees.

Cons

  • Charges an application fee of $1,170, on average.
  • Has a high volume of consumer complaints, even for a big national bank.
Read full review

Summary of Best Michigan Mortgage Lenders of 2019

LenderBest For

Minimum Credit Score

Minimum Down PaymentLearn More
Guaranteed Rate

Guaranteed Rate

refinancing borrowers

620

3%

Read review
PNC

PNC

refinancing borrowers

620

3%

Read review
Flagstar

Flagstar

first-time home buyers

620

3%

Read review
PrimeLending

PrimeLending

first-time home buyers

620

3%

Read review
Rocket Mortgage

Rocket Mortgage

at Rocket Mortgage

online experience

620

3%

at Rocket Mortgage

loanDepot

loanDepot

at loanDepot

online experience

620

3.5%

at loanDepot

USAA

USAA

government-backed mortgages

620

3%

Read review
Quicken Loans

Quicken Loans

at Quicken Loans

government-backed mortgages

620

3%

at Quicken Loans

Chase

Chase

at Chase

home equity borrowers

620

3%

at Chase

Bank of America

Bank of America

home equity borrowers

620

3%

Read review
LenderBest For

Minimum Credit Score

Minimum Down PaymentLearn More
Guaranteed Rate

Guaranteed Rate

refinancing borrowers

620

3%

Read review
PNC

PNC

refinancing borrowers

620

3%

Read review
Flagstar

Flagstar

first-time home buyers

620

3%

Read review
PrimeLending

PrimeLending

first-time home buyers

620

3%

Read review
Rocket Mortgage

Rocket Mortgage

at Rocket Mortgage

online experience

620

3%

at Rocket Mortgage

loanDepot

loanDepot

at loanDepot

online experience

620

3.5%

at loanDepot

USAA

USAA

government-backed mortgages

620

3%

Read review
Quicken Loans

Quicken Loans

at Quicken Loans

government-backed mortgages

620

3%

at Quicken Loans

Chase

Chase

at Chase

home equity borrowers

620

3%

at Chase

Bank of America

Bank of America

home equity borrowers

620

3%

Read review

Last updated on July 2, 2019

Methodology

NerdWallet's selection of mortgage lenders for inclusion here was made based on our evaluation of the products and services that lenders offer to consumers who are actively shopping for the best mortgage. The six key areas we evaluated include the loan types and loan products offered, online capabilities, online mortgage rate information, customer service and the number of complaints filed with the Consumer Financial Protection Bureau as a percentage of loans issued. We also awarded lenders up to one bonus star for a unique program or borrower focus that set them apart from other lenders. To ensure consistency, our ratings are reviewed by multiple people on the NerdWallet Mortgages team.

To recap our selections...

NerdWallet's Best Michigan Mortgage Lenders of 2019