BEST OF
10 Best Michigan Mortgage Lenders of 2021
NerdWallet has researched and picked some of the best Michigan mortgage lenders for refinancing, first-time home buyers and government-backed loans.
Michigan mortgage lenders fund home loans for a broad mix of buyers. Whether you’re a couple looking for a small coastal cottage on the Great Lakes or a growing family putting down roots in Detroit, Michigan offers some of the best lifestyles in the Midwest.
NerdWallet has researched the leading mortgage lenders in Michigan to create a go-to guide of the best in several borrower categories.
Michigan mortgage lenders fund home loans for a broad mix of buyers. Whether you’re a couple looking for a small coastal cottage on the Great Lakes or a growing family putting down roots in Detroit, Michigan offers some of the best lifestyles in the Midwest.
NerdWallet has researched the leading mortgage lenders in Michigan to create a go-to guide of the best in several borrower categories.
Summary of Best Michigan Mortgage Lenders of 2021
| Lender | NerdWallet Rating | Minimum Credit Score | Minimum Down Payment | Learn More |
|---|---|---|---|---|
Best for online experience | 620 | 3% | at Rocket Mortgage by Quicken Loans | |
Best for refinancing borrowers | 620 | 3% | at Guaranteed Rate | |
Best for government-backed mortgages | 620 | 3% | at Quicken Loans | |
Best for home equity borrowers | 620 | 3% | at Chase | |
Best for online experience | 620 | 5% | at loanDepot | |
Best for refinancing borrowers | 620 | 3% | Read review | |
Best for first-time home buyers | 620 | 3% | Read review | |
Best for first-time home buyers | 620 | 3% | Read review | |
Best for government-backed mortgages | 620 | 3% | Read review | |
Best for home equity borrowers | 620 | 3% | Read review |
at Rocket Mortgage by Quicken Loans
at Rocket Mortgage by Quicken Loans
Min. Credit Score
620
Min. Down Payment
3%
Pros
- Caters to self-service users who want to apply for a home loan online and talk to a human only as necessary.
- Estimates the loan amount you’ll qualify for within minutes.
- Offers document and asset retrieval capabilities.
Cons
- If you’re a “look me in the eye” type of customer, you’re out of luck.
- Getting a customized interest rate requires a credit check, which can lower your credit score by a few points.
at Guaranteed Rate
at Guaranteed Rate
Min. Credit Score
620
National / Regional
National
Pros
- Offers the ability to securely upload and digitally sign loan documents.
- Displays detailed sample rates for many of its refinance loan products.
Cons
- May charge an application fee.
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 many working Americans.
- Offers custom fixed-rate loan terms that are between eight and 30 years.
- Provides a wide variety of loan types, including renovation loans and all government-backed mortgage products.
Cons
- Quicken Loans doesn't offer home equity loans or HELOCs.
- Quicken's lender fees can be stout and they don't offset those fees with particularly low mortgage rates.
at Chase
at Chase
National / Regional
National
Max LTV
80%
Pros
- Allows electronic submission and tracking of loan documents.
- Carries a wide variety of mortgage types and products.
- Generally offers good rates and charges reasonable fees.
Cons
- Doesn't offer home improvement loans, such as FHA 203(k) and HomeStyle.
- You have to speak with a home loan advisor to complete the application.
at loanDepot
at loanDepot
Min. Credit Score
620
Min. Down Payment
5%
Pros
- Offers digital income, asset and employment verification.
- Offers multiple renovation loan options.
- Has over 200 affiliated loan stores nationwide for customers who prefer face-to-face service.
Cons
- Mortgage rates aren't available online; you'll need to contact a loan officer.
- Does not offer home equity loans or lines of credit.
Min. Credit Score
620
Min. Down Payment
3%
Pros
- Posts current mortgage rates on its website.
- Has an online application for mortgage preapproval and a digital tool to track application progress.
- Offers several affordable loan options including FHA, VA, USDA and the PNC Community Loan.
Cons
- Can't complete a full mortgage application online.
- Doesn't offer renovation mortgages.
- In-person service is not available in every state.
Min. Credit Score
620
Min. Down Payment
3%
Pros
- Offers a wide range of loan types and products, including FHA, VA and USDA.
- Has a full suite of online conveniences.
- Does well with rate transparency, and monthly payment estimates add mortgage insurance, when applicable.
Cons
- Home equity lending is geographically limited.
Min. Credit Score
620
Min. Down Payment
3%
Pros
- Full online application includes document uploads and automated loan updates.
- Offers a "float-down" interest rate lock.
- Offers a proprietary closing-cost assistance program.
Cons
- No online mortgage rates — you have to contact the lender for info.
- Doesn't offer home equity products.
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.
- You can submit loan documents online.
Cons
- Doesn’t offer FHA or USDA loans.
- Limited mortgage rate information is on the USAA website — none of it customized. You'll have to call
National / Regional
National
Pros
- Allows borrowers to apply entirely online.
- Offers down payment and closing cost assistance programs.
- May give existing customers a discount on mortgage lender origination fees.
Cons
- Does not offer renovation loans.
More from NerdWallet Calculate your Michigan mortgage payment Compare mortgage rates How much home can you afford?
Last updated on February 25, 2021
Methodology
NerdWallet's star ratings for mortgage lenders are awarded based on our evaluation of the products and services each lender offers to consumers who are actively shopping for the best mortgage. The five key areas we evaluated include the variety of loan types and products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available Home Mortgage Disclosure Act data. 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 2021
- Rocket Mortgage by Quicken Loans: Best for online experience
- Guaranteed Rate: Best for refinancing borrowers
- Quicken Loans: Best for government-backed mortgages
- Chase: Best for home equity borrowers
- loanDepot: Best for online experience
- PNC: Best for refinancing borrowers
- Flagstar: Best for first-time home buyers
- PrimeLending: Best for first-time home buyers
- USAA: Best for government-backed mortgages
- Bank of America: Best for home equity borrowers
