9 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.
Last updated on January 21, 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.
Why trust NerdWallet
Why trust NerdWallet
- 50+ mortgage lenders reviewed and rated by our team of experts.
- 40+ years of combined experience covering mortgages and financial topics.
- Objective, comprehensive star rating system assessing 120+ categories and 5,000+ data points.
- Governed by NerdWallet's strict guidelines for editorial integrity.
Why trust NerdWallet
Why trust NerdWallet
- 50+ mortgage lenders reviewed and rated by our team of experts.
- 40+ years of combined experience covering mortgages and financial topics.
- Objective, comprehensive star rating system assessing 120+ categories and 5,000+ data points.
- Governed by NerdWallet's strict guidelines for editorial integrity.
9 Best Michigan Mortgage Lenders of 2021
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Lender ▾ ▾ | NerdWallet Rating ▾ ▾ | Min. credit score ▾ ▾ | National / regional ▾ ▾ | Learn more |
|---|---|---|---|---|
580 | National | Learn more at Rate | ||
620 | National | Learn more at Rocket Mortgage, LLC | ||
 PNC Bank: NMLS#446303 Compare More Lenders on NerdWallet | 620 | National | Compare More Lenders on NerdWallet | |
 PrimeLending: NMLS#13649 Compare More Lenders on NerdWallet | 620 | National | Compare More Lenders on NerdWallet | |
 loanDepot: NMLS#174457 Compare More Lenders on NerdWallet | 620 | National | Compare More Lenders on NerdWallet | |
 USAA: NMLS#8722 Compare More Lenders on NerdWallet | 620 | Regional | Compare More Lenders on NerdWallet | |
 Bank of America: NMLS#399802 Compare More Lenders on NerdWallet | 660 | National | Compare More Lenders on NerdWallet | |
 Flagstar: NMLS#417490 Compare More Lenders on NerdWallet | N/A | National | Compare More Lenders on NerdWallet | |
 Chase: NMLS#399798 Compare More Lenders on NerdWallet | 620 | National | Compare More Lenders on NerdWallet |
Rate: Best for refinancing borrowers
Min. credit score
580
National / regional
National
Learn more
on Rate's website
- Why we like itRate has a wide variety of refinance loan options and a streamlined application process, though refinance origination fees are on the high side.Pros
- Excellent variety of refinance mortgage types.
- Easy to shop for rates on the lender's website.
- Fully underwritten mortgage approval in as little as one day for qualified borrowers.
ConsRead full review- Origination fees for refinances are on the high side, according to the latest federal data.
Rocket Mortgage, LLC: Best for online experience
Min. credit score
620
Min. down payment
1%
Learn more
on Rocket Mortgage, LLC's website
- Why we like itRocket Mortgage is the largest mortgage lender by volume, standing out for its range of affordable borrowing options, down payment assistance and closing cost credits.Pros
- Reported average time to close is 15 days faster than industry average.
- FHA and VA loans make up 40% of Rocket Mortgage’s total loan volume.
- Borrowers can apply via mobile app.
ConsRead full review- Origination fees are on the higher end, according to the latest federal data.
- No construction or renovation loans.
- Physical branches are only available in Detroit, Cleveland, and Phoenix.
PNC Bank: Best for refinancing borrowers
Min. credit score
620
National / regional
National
Compare More Lenders
on NerdWallet
- Why we like itPNC Bank has a variety of appealing mortgage options, including jumbo refinance loans. It's simple to browse rates and apply online.Pros
- Customizable mortgage rates are posted online.
- Offers FHA and VA refinances.
ConsRead full review- Average mortgage rates are on the high side, according to the latest federal data.
- In-person service is not available in every state.
PrimeLending: Best for first-time home buyers
Min. credit score
620
Min. down payment
3%
Compare More Lenders
on NerdWallet
- Why we like itPrimeLending stands out for its wide variety of loan types, including non-QM loans and renovation and construction options, but lacks some technical features like online rates or a mobile app.Pros
- Offers closing cost assistance.
- Wide variety of loan types, including non-QM loans.
- Mortgages are available for manufactured homes, including 3D-printed houses.
ConsRead full review- Loans are not available in all states.
- Rates are not posted online.
- Does not have a mobile app.
loanDepot: Best for online experience
Min. credit score
620
Min. down payment
3%
Compare More Lenders
on NerdWallet
- Why we like itLoanDepot is a large nonbank lender that offers the potential for a streamlined mortgage process and cash back, but to start an application or get a rate quote you must work with a loan officer over the phone.Pros
- Offers a variety of repayment terms for fixed-rate loans.
- Does a substantial amount of business in FHA lending.
- mello smartloan product can streamline mortgage application, appraisal and title search.
ConsRead full review- Interest rates are not available on the website.
- Origination fees are on the higher end, according to the latest federal data.
USAA: Best for government-backed mortgages
Min. credit score
620
Min. down payment
3%
Compare More Lenders
on NerdWallet
- Why we like itUSAA is among the top five VA loan lenders by volume, though conventional loans are available, too. USAA membership is open only to current and former military and eligible family members.Pros
- Wide range of VA options, including jumbo loans and refinancing.
- Offers a low-down payment loan for first-time home buyers.
- Offers 10-, 15-, 20- and 30-year repayment terms, which is unusually flexible.
ConsRead full review- Average VA loan interest rates are less competitive than some other top VA lenders, according to the latest data.
- Does not offer home equity loans or HELOCs.
Bank of America: Best for home equity borrowers
Max LTV
85%
Min. credit score
660
National / regional
National
Compare More Lenders
on NerdWallet
- Why we like itBank of America’s HELOC stands out for offering multiple types of rate discounts, especially for current Bank of America customers, and a fixed-rate option that can help keep payments predictable.Pros
- Charges no annual fee, application fee or closing costs.
- Publishes sample HELOC rates online.
- Offers multiple discounts, including autopay discount when using a Bank of America account.
ConsRead full review- Maximum CLTV is 85%, which is on the low side for HELOC lenders reviewed by NerdWallet.
- Charges an early account closure fee under some circumstances.
Flagstar: Best for first-time home buyers
Min. credit score
N/A
Min. down payment
5%
Compare More Lenders
on NerdWallet
- Why we like itFlagstar Bank stands out for its range of accessible loans and programs, including loans with flexible requirements and down payment grant options. Its mortgage operations were acquired by Mr. Cooper in 2024.Pros
- Conventional loan terms extend to 40 years, which is unusually flexible.
- Offers options for high-balance mortgages.
- Offers specialized mortgages for professionals, such as doctors and lawyers, starting their careers.
- Reported average time to close (20-30 days) is faster than industry standard.
ConsRead full review- The lender’s mobile app is focused on banking, not mortgages.
- Conventional fixed-rate mortgages require a 5% minimum down payment, higher than some competitors.
Chase: Best for home equity borrowers
Max LTV
80%
Min. credit score
620
National / regional
National
Compare More Lenders
on NerdWallet
- Why we like itGood for: borrowers who want a wide selection of loan products, an in-person experience and comparatively low interest rates.Pros
- Carries a wide variety of mortgage types and products, including DreaMaker and Standard Agency mortgages, with down payments as low as 3%.
- Offers low rates compared with other lenders, according to the latest federal data.
- Offers a customizable mortgage calculator for personalized rate and payment estimates.
ConsRead full review- 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.
Last updated on January 21, 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.
NerdWallet's Best Michigan Mortgage Lenders of 2021
- Rate: Best for refinancing borrowers
- Rocket Mortgage, LLC: Best for online experience
- PNC Bank: Best for refinancing borrowers
- PrimeLending: Best for first-time home buyers
- loanDepot: Best for online experience
- USAA: Best for government-backed mortgages
- Bank of America: Best for home equity borrowers
- Flagstar: Best for first-time home buyers
- Chase: Best for home equity borrowers
