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.

NerdWallet
Feb 25, 2021

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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.

Best Michigan Mortgage Lenders

Quicken Loans
Learn more

at Quicken Loans

Quicken Loans: NMLS#3030

4.0

NerdWallet rating 
Quicken Loans

Min. credit score

620

Min. down payment

3%
Learn more

at Quicken Loans

Why we like it

Good for: borrowers who appreciate convenience online and on the go for a fully digital home loan experience with consistently acclaimed customer service.

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.

  • Streamlines the online process with document and asset retrieval capabilities, including the ability to edit your preapproval letter.

Cons

  • Getting a customized interest rate requires a credit check, which can affect your credit score.

  • Doesn't offer home equity loans or lines of credit.

  • Lender fees are on the high side and the fees aren't offset by particularly low mortgage rates, according to the latest data.

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Guaranteed Rate
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at Guaranteed Rate

Guaranteed Rate: NMLS#2611

4.0

NerdWallet rating 
Guaranteed Rate

Min. credit score

620

National / regional

National
Learn more

at Guaranteed Rate

Why we like it

Good for: homeowners who are looking to refinance conventional, FHA or VA mortgages.

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.

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Rocket Mortgage, LLC
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at Rocket Mortgage, LLC

Rocket Mortgage, LLC: NMLS#3030

4.0

NerdWallet rating 
Rocket Mortgage, LLC

Min. credit score

620

Min. down payment

3%
Learn more

at Rocket Mortgage, LLC

Why we like it

Good for: borrowers who appreciate convenience online and on the go for a fully digital home loan experience with consistently acclaimed customer service.

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.

  • Streamlines the online process with document and asset retrieval capabilities, including the ability to edit your preapproval letter.

Cons

  • Getting a customized interest rate requires a credit check, which can affect your credit score.

  • Doesn't offer home equity loans or lines of credit.

  • Lender fees are on the high side and the fees aren't offset by particularly low mortgage rates, according to the latest data.

Read Full Review
Chase
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at Chase

Chase: NMLS#399798

4.5

NerdWallet rating 
Chase

National / regional

National

Max LTV

80%

Min. credit score

620
Learn more

at Chase

Min. credit score

620

Why we like it

Good for: borrowers who want a name-brand bank with offices in more than half the states that charges lower rates and fees than many other lenders.

Pros

  • Allows electronic submission and tracking of loan documents.

  • Carries a wide variety of mortgage types and products.

  • Generally offers competitive rates, according to the latest data.

Cons

  • Doesn't offer home improvement loans, such as FHA 203(k) and HomeStyle.

  • You have to speak with a home loan adviser to complete the application.

  • Home equity lines of credit (HELOC) are currently unavailable.

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loanDepot
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loanDepot: NMLS#174457

3.5

NerdWallet rating 
loanDepot

Min. credit score

620

Min. down payment

5%
Read review

Why we like it

Good for: borrowers looking to refinance or who want to start the application process online.

Pros

  • Offers digital income, asset and employment verification.

  • Offers multiple renovation loan options.

  • Has affiliated loan stores 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.

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Bank of America
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Bank of America: NMLS#399802

4.5

NerdWallet rating 
Bank of America

National / regional

National

Max LTV

85%

Min. credit score

660
Read review

Min. credit score

660

Why we like it

Good for: first-time home buyers looking for low-down-payment options and existing customers who may get a discount on fees.

Pros

  • Offers down payment and closing cost assistance programs.

  • May give existing customers a discount on mortgage lender origination fees.

  • Offers home equity line of credit, or HELOC.

Cons

  • Doesn't offer renovation loans that roll costs into a mortgage.

Read Full Review
PNC
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at PNC

PNC: NMLS#446303

5.0

NerdWallet rating 
PNC

Min. credit score

620

Min. down payment

3%
Learn more

at PNC

Why we like it

Good for: borrowers with low-to-moderate incomes or limited down payments. PNC offers several low-down-payment loans, including one with no mortgage insurance.

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

  • Doesn't offer renovation mortgages.

  • In-person service is not available in every state.

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Flagstar
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Flagstar: NMLS#417490

5.0

NerdWallet rating 
Flagstar

Min. credit score

620

Min. down payment

3%
Read review

Why we like it

Good for: borrowers who want a wide range of choices — not only among mortgage products, but also in the channel they prefer, whether a branch, online or on the phone.

Pros

  • Offers a wide range of loan types and products, including FHA, VA and USDA.

  • Has a full suite of online conveniences.

  • Offers customized online rate quotes with monthly payment estimates, including mortgage insurance, when applicable.

Cons

  • Home equity loans are geographically limited.

Read Full Review
PrimeLending
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PrimeLending: NMLS#13649

3.5

NerdWallet rating 
PrimeLending

Min. credit score

620

Min. down payment

3%
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Why we like it

Good for: borrowers looking for closing cost assistance, as well as those seeking to renovate or to build a new home.

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.

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USAA
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USAA: NMLS#8722

4.0

NerdWallet rating 
USAA

Min. credit score

620

Min. down payment

3%
Read review

Why we like it

USAA specializes in VA loans and offers a variety of online conveniences, but its website doesn’t offer customized rate quotes.

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, or second mortgages.

  • Limited mortgage rate information is on the USAA website, none of it customized. You'll have to call.

Read Full Review

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