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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.

NerdWallet
By
Last updated on January 21, 2021
Edited by
✅ Fact checked and reviewed
Alex Richards
Edited by
✅ Fact checked and reviewed

Some or all of the mortgage lenders featured on our site are advertising partners of NerdWallet, but this does not influence our evaluations, lender star ratings or the order in which lenders are listed on the page. Our opinions are our own. Here is a list of our partners.

  • 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.
NerdWallet's mortgage content, including articles, reviews and recommendations, is produced by a team of writers and editors who specialize in home lending. Their work has appeared in The Associated Press, USA Today, The Washington Post, MarketWatch, Newsweek and many other national, regional and local publications. They have been cited in publications including The Wall Street Journal, and appeared on NerdWallet's "Smart Money" podcast as well as local TV and radio.

Best Michigan Mortgage Lenders

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Lender
NerdWallet Rating
Min. credit score
National / regional
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Guaranteed Rate

Guaranteed Rate: NMLS#2611

Top 3 most visited 🏆
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at Guaranteed Rate
at Guaranteed Rate
Refinancing
Best for refinancing borrowers

620

National

Rocket Mortgage, LLC

Rocket Mortgage, LLC: NMLS#3030

Learn more
at Rocket Mortgage, LLC
at Rocket Mortgage, LLC
4.0
/5
Home loans overall
Best for online experience

620

National

Learn more
at Rocket Mortgage, LLC
at Rocket Mortgage, LLC
PNC

PNC: NMLS#446303

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on NerdWallet
5.0
/5
Refinancing
Best for refinancing borrowers

620

National

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on NerdWallet
PrimeLending

PrimeLending: NMLS#13649

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on NerdWallet
3.0
/5
Home loans overall
Best for first-time home buyers

620

National

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on NerdWallet
loanDepot

loanDepot: NMLS#174457

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on NerdWallet
3.5
/5
Home loans overall
Best for online experience

620

National

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on NerdWallet
USAA

USAA: NMLS#8722

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on NerdWallet
4.0
/5
Home loans overall
Best for government-backed mortgages

620

Regional

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on NerdWallet
Bank of America

Bank of America: NMLS#399802

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on NerdWallet
4.5
/5
HELOCs
Best for home equity borrowers

660

National

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on NerdWallet
Flagstar

Flagstar: NMLS#417490

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5.0
/5
Home loans overall
Best for first-time home buyers

620

National

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on NerdWallet
Chase

Chase: NMLS#399798

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on NerdWallet
4.5
/5
Home equity loans
Best for home equity borrowers

620

National

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on NerdWallet
Guaranteed Rate
Learn more
at Guaranteed Rate
at Guaranteed Rate
Guaranteed Rate

Guaranteed Rate: NMLS#2611

5.0
Refinancing
NerdWallet rating
Min. credit score

620

National / regional

National

Why We Like ItGood for: borrowers seeking a broad menu of loans, including jumbo and interest-only options, renovation loans and government-backed mortgages, as well as home equity lines of credit.
Pros
  • Offers a one-day mortgage approval process.
  • Offers a generous selection of loans, including government-backed, interest-only, ITIN, jumbo, and renovation loans.
  • Advertises a HELOC that can be funded in as few as five business days.
  • Receives high marks for customer satisfaction, according to J.D. Power and Zillow.
Cons
  • Origination fees are higher than average, according to the latest federal data.
  • HELOC has a relatively short draw period, which may not provide flexibility for someone who wants the option of accessing home equity over a longer period.
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Rocket Mortgage, LLC
Learn more
at Rocket Mortgage, LLC
at Rocket Mortgage, LLC
Rocket Mortgage, LLC

Rocket Mortgage, LLC: NMLS#3030

4.0
Home loans overall
NerdWallet rating
Min. credit score

620

Min. down payment

1%

Why We Like ItGood for: FHA borrowers and others short on down payment cash, as well as home buyers who value convenience over low fees.
Pros
  • Streamlined online process with document and asset retrieval capabilities, as well as the ability to edit your preapproval letter.
  • Offers the option to work with loan officers by phone if desired.
  • Largest FHA lender in the nation.
Cons
  • Getting a customized interest rate requires a credit check, which can affect your credit score.
  • Origination fees are on the high side compared with other lenders, according to the latest federal data.
  • Doesn't offer home equity lines of credit.
PNC
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on NerdWallet
PNC

PNC: NMLS#446303

5.0
Min. credit score

620

National / regional

National

Why We Like ItGood 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.
  • Offers several affordable loan options, including FHA, VA, USDA and the PNC Community Loan.
  • Receives high marks for customer satisfaction, according to J.D. Power and Zillow.
Cons
  • Doesn't offer renovation mortgages.
  • In-person service is not available in every state.
PrimeLending
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PrimeLending

PrimeLending: NMLS#13649

3.0
Home loans overall
NerdWallet rating
Min. credit score

620

Min. down payment

3%

Why We Like ItGood for: those seeking to buy a fixer-upper, build a new home or make renovations.
Pros
  • Offers a broad selection of renovation loans to finance cosmetic upgrades or structural repairs.
  • Issues loan approval letters within 24 hours to borrowers who qualify.
  • Offers resources to connect eligible borrowers with closing cost and down payment assistance programs.
Cons
  • No online mortgage rates — you have to contact the lender for information.
  • Rates and fees are on the high side, according to the latest federal data.
  • Doesn't offer home equity loans or lines of credit.
loanDepot
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on NerdWallet
loanDepot

loanDepot: NMLS#174457

3.5
Home loans overall
NerdWallet rating
Min. credit score

620

Min. down payment

5%

Why We Like ItGood for: borrowers who are comfortable with an entirely online experience, and who want a one-stop shop for buying and selling.
Pros
  • Offers a variety of repayment terms.
  • Online loan calculator lets borrowers compare monthly payments and lifetime interest.
  • Receives high marks for customer satisfaction, according to J.D. Power and Zillow.
Cons
  • No sample interest rates are provided.
  • Origination fees are on the higher end, according to the latest federal data.
  • Lender’s website does not have a live chat feature.
USAA
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on NerdWallet
USAA

USAA: NMLS#8722

4.0
Home loans overall
NerdWallet rating
Min. credit score

620

Min. down payment

3%

Why We Like ItGood for: veterans, active-duty service members and eligible reservists who are looking for VA loans and prefer to manage their mortgage online.
Pros
  • VA loans are the bulk of USAA's business, so its loan officers know the ins and outs of eligibility and the application process.
  • Offers HomeReady loans, a conventional mortgage with flexible down payment options for low- and moderate- income buyers.
  • Has a highly rated mobile app.
Cons
  • Offers a limited selection of loans apart from VA, including no FHA or USDA loans.
  • Doesn’t offer home equity loans or lines of credit.
  • Only sample mortgage rate information is on the USAA website. For customized rates, you have to make contact.
Bank of America
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on NerdWallet
Bank of America

Bank of America: NMLS#399802

National / regional

National

Max LTV

85%

Min. credit score

660

Why We Like ItGood for: Borrowers who seek to tap into home equity through a national bank with several rate-discount options.
Pros
  • Charges no closing costs or annual fees.
  • Publishes sample HELOC rates online.
  • Offers rate discount for auto pay from an account with the lender.
Cons
  • There is an early termination fee if the account is closed within the first three years.
Flagstar
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on NerdWallet
Flagstar

Flagstar: NMLS#417490

5.0
Home loans overall
NerdWallet rating
Min. credit score

620

Min. down payment

3%

Why We Like ItGood for: Borrowers who may benefit from Flagstar’s unique loan options, such as ITIN loans, loans for manufactured homes or physician loans.
Pros
  • Multiple loans for those who are renovating or building a home, including loans with interest-only payments during construction.
  • Offers home equity loans and lines of credit.
  • Offers down payment assistance and loans for underserved borrowers, including ITIN loans and loans with flexible qualifications in certain communities.
  • Interest rates are on the low side relative to other lenders, according to the latest federal data.
  • Borrowers can enter their information (including their desired loan amount, down payment and zip code) into the lender’s Mortgage Quote Comparison tool and receive a customized rate quote.
Cons
  • Home equity loans are not available in all locations served by Flagstar.
  • In 2022, the lender was fined for violating laws regarding properties in flood zones.
Chase
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on NerdWallet
Chase

Chase: NMLS#399798

4.5
Home equity loans
NerdWallet rating
National / regional

National

Max LTV

80%

Min. credit score

620

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.
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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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.

To recap our selections...

NerdWallet's Best Michigan Mortgage Lenders of 2021

  • Guaranteed Rate: Best for refinancing borrowers
  • Rocket Mortgage, LLC: Best for online experience
  • PNC: 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
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