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9 best mortgage lenders in Michigan

Looking for the best mortgage in Michigan? Here are our top 9 picks for interest rates, first-time homebuyers, refinancing and great service in the Wolverine State.

Land of the five Great Lakes, nearly 10 million Americans call Michigan home. Over 71% of Michigan’s residents own their own property — higher than the national average — and pay an average of $1,298 per month for mortgage payments, taxes, utilities and other costs.

The cost of a typical home in Michigan is $187,747, according to Zillow’s January 2021 reports, which is 29% less than the median home price in the US. Home values in Michigan have gone up 8.2% in 2020 and are predicted to rise 10.6% more over the next year. So, if you’re looking for the best home or refinance loan in Michigan, our top nine lenders are a great place to start.

Best Michigan mortgage lenders in 2021

How we picked the best lenders

We hand-selected these lenders from over 200 mortgage companies originating home loans in Michigan. These top nine picks made our list after we researched interest rates, first-time homebuyer programs, credit score eligibility, customer service and digital convenience.

We also looked at customer reviews from consumer rating sites like Zillow, Google reviews and the Better Business Bureau (BBB) in making our decisions. To learn about our lender selection process, please see Finder’s rating methodology.

Best online experience

Better

Better logo
Go to site
at Better's secure site
Read review
620
Min. credit score
3%
Min. down payment

Better is a nontraditional, no-commission digital lender that offers customers a 100% online mortgage application process. Because Better bases its prequalification decision on actual numbers, it can provide you with a loan preapproval in minutes rather than hours or days.

The company claims that you can get a preapproval letter in as little as three minutes, lock your rate in 30 minutes and close up to two times faster than the industry average. So, if you're comfortable with technology and prefer a digital lender, Better might be a good option.

  • Save on loan costs. Unlike traditional lenders, Better won't charge you an origination, application, processing or underwriting fee.
  • 100% digital process. With Better, you can apply for a mortgage, lock in your interest rate and get funded completely online.
  • Helpful, straightforward website. Better's website is informative, providing current interest rates, calculators and homebuying guides.
  • No specialized first-time homebuyer loans. Besides FHA loans, Better doesn't offer any specialized first-time homebuyer loan products.
  • You give up some privacy. Better may ask for credentials to your bank and tax accounts, but providing them is optional.
Loan types Conventional, Jumbo, FHA, Refinance
Minimum credit score Refinance: 680
All other loans: 620
Minimum down payment (Conventional) 3%
States available Not available in: HI, MA, MN, NV, NH, VT, VA

Best marketplace

LendingTree

LendingTree logo
Go to site
at LendingTree's secure site
Read review
620
Min. credit score
3%
Min. down payment

Looking for multiple quotes? If so, LendingTree could fit your needs. Instead of researching and contacting lenders yourself, LendingTree is a free third-party service that matches you to lenders from its database of over 1,500 partners nationwide.

Call or fill out a form with some basic information, and the best matching lenders will contact you based on the details you provide. Because lenders are competing for your business, LendingTree claims you may get a better rate than you could on your own.

  • Wide range of loans available. LendingTree can assist you with a variety of loans, including conventional, FHA, VA and USDA loans, reverse mortgages and HELOCs.
  • Saves you time. Instead of filling out multiple application forms, you only need one with LendingTree to get quotes.
  • Selective process. LendingTree will only match you up with lenders willing to work with your credit score and loan preferences.
  • Finds the lowest rates. LendingTree keeps tabs on interest rates and will alert you when it finds a better rate.
  • You may get inundated with calls. Some LendingTree users report being annoyed with the number of calls received after signing up with the service.
  • You may feel pressured. Loan officers work on commission and want to make the sale, but be sure to get multiple quotes before choosing a lender.
Loan types Conventional, Jumbo, FHA, VA, USDA, Home Equity, HELOC, Reverse, Refinance
Minimum credit score Conventional: 620
FHA: 500
VA: 620
USDA: 640
Jumbo: 800
Minimum down payment (Conventional) 3%
States available Available in all states

Most popular

Rocket Mortgage

Rocket Mortgage logo
Go to site
at Rocket Mortgage's secure site
Read review
620
Min. credit score
3%
Min. down payment

Founded in 2016, Rocket Mortgage is the online mortgage version of Quicken Loans. Unlike traditional lenders, Rocket Mortgage is available 24 hours a day, seven days a week, allowing you to apply for a loan and lock in a rate without having to work with a loan officer — unless you want to.

Using the Rocket Mortgage digital interface, you can apply for a home or refinance loan, check the application's status and get notifications all from one place. Rocket Mortgage can also verify your assets and credit electronically to help simplify and speed up the loan application process.

  • Help is available. While it's not required to work with a loan officer, on-demand customer support is available.
  • Rates available online. The Rocket Mortgage website advertises its current mortgage rates so you can compare.
  • Rocket Mortgage app. Once your loan is funded, you can access your loan documents and make monthly payments using the app.
  • Serviced by Quicken Loans. Quicken Loans owns Rocket Mortgage and services 99% of the loans it originates.
  • Loans not listed. To see your loan options, you'll need to fill out the application or call the company first.
  • May ding your credit. Your Rocket Mortgage application may affect your credit score, lowering it by three to five points or less.
  • No HELOCs available. Rocket Mortgage doesn't offer HELOCs at this time.
Loan types Conventional, Jumbo, FHA, VA, Refinance
Minimum credit score Conventional: 620
FHA: 580
VA: 620
Jumbo: 700
Minimum down payment (Conventional) 3%
States available Available in all states

Best rates

AmeriSave

620
Min. credit score
3%
Min. down payment

AmeriSave is a fully online mortgage lender that offers a variety of home loans with an emphasis on helping homeowners refinance. On average, AmeriSave offers some of the lowest refinance rates of all the lenders we compared in Michigan, making it a good choice if you're looking to refinance.

AmeriSave lists current refinance rates on its website. It allows you to see what your available mortgage rates could be and get prequalified without a Social Security number or hard credit pull.

  • Won't ding your credit. AmeriSave's online prequalification process won't affect your credit score.
  • Rate match guarantee. As of January 2021, if you lock your rate and find a better deal within three calendar days, AmeriSave will match it. And if it can't, you'll receive $500 after you close the loan with the other lender.
  • Good customer ratings. The company has a 4.7 out 5 rating on Zillow, with customers reporting being happy with its interest rates and loan officers.
  • Nonrefundable application fee. You'll pay a $500 loan application fee that is refunded only if your loan closes.
  • Online service only. AmeriSave is an online-only business and has no brick-and-mortar retail branches.
  • No HELOC or home equity loans. If you want a home equity loan or HELOC, you'll have to look elsewhere.
Loan types Conventional, Jumbo, FHA, VA, USDA, Refinance
Minimum credit score Conventional: 620
FHA: 600
Minimum down payment (Conventional) 3%
States available Not available in: NY

Best for customer service

Synergy One Lending

620
Min. credit score
3%
Min. down payment

Not all lenders have excellent marks for customer service, but Synergy One Lending stands above the crowd. The company has a 4.9 out of 5 rating on both Zillow and Google reviews where hundreds of customers report being thrilled with the service, communication and knowledge of their loan officers.

Synergy One's Modern Mortgage Experience aims to bring together the best of technology with its people to create a streamlined, customer-centric experience. If you're ready to apply for a home or refinance loan, you can apply online or use the company's S1 Connect app.

  • Wide range of loans. Synergy One Lending offers a range of loans, including government-backed, jumbo and renovation loans, HELOCs and reverse mortgages.
  • Fully digital processing. Synergy One Lending lets you apply for a loan, upload and eSign documents and track the progress of your loan from any device.
  • 10-day close offer. For Fannie Mae purchase loans, Synergy One has a 10-day close offer to help you compete with all-cash offers.
  • Logins may be required. While optional to provide, you may be asked for login credentials to your financial accounts.
  • Costs aren't listed. Synergy One Lending doesn't advertise its loan costs or fees on its website.
Loan types Conventional, Jumbo, FHA, VA, USDA, Reverse, Refinance
Minimum credit score 620
Minimum down payment (Conventional) 3%
States available AL, AR, AZ, CA, CO, DC, DE, FL, GA, IA, ID, IL, IN, KS, KY, LA, MA, MD, MI, MN, MO, MS, MT, NE, NM, OH, OK, OR, SC, SD, TN, TX, UT, WA, WI, WY

Best for a wide range of credit scores

Mr. Cooper

620
Min. credit score
3%
Min. down payment

If you're looking for a lender that's more flexible with credit scores, Mr. Cooper may be able to help. Previously known as Nationstar Mortgage, Mr. Cooper offers a user-friendly mobile app, loan tracking and a close on time guarantee.

While the company doesn't have the lowest mortgage rates of lenders we compared in Michigan, Mr. Cooper offers a solid range of loans and takes part in government programs geared towards helping homebuyers, including the Hardest Hit Fund and the Servicemembers Civil Relief Act (SCRA).

  • Close On Time Guarantee. If your qualifying loan doesn't close on time, Mr. Cooper will send you a check equal to your first month's mortgage payment.
  • Possible rate discounts. If you're a current Mr. Cooper customer, you may be eligible for rate discounts on a new mortgage.
  • Won't sell your loan. After closing, Mr. Cooper will continue to service your loan, so you don't need to worry about it being sold to another lender.
  • No USDA loans. While Mr. Cooper offers FHA and VA loans, you'll have to look elsewhere for a USDA loan.
  • Mixed customer reviews. While the majority of customers report positive experiences with Mr. Cooper, others have reported poor service and a lack of communication.
Loan types Conventional, Jumbo, FHA, VA, Home Equity, Refinance
Minimum credit score Conventional: 620
Minimum down payment (Conventional) 3%
States available Available in all states

Best regional lender

University of Michigan Credit Union

University of Michigan Credit Union logo
620
Min. credit score
3%
Min. down payment

Looking for a regional lender for your home loan needs? Established in 1954, UMCU is headquartered in Ann Arbor and serves the financial needs of the employees of the University of Michigan, Eastern Michigan University, Washtenaw Community College and nearby communities.

To see what types of loans rates you may qualify for, the UMCU website has a form where you can enter some basic information and see current rates, APRs and payments for different loan terms. And if you're ready to apply for a home loan, you can do it right from the credit union's website.

  • Range of loan products. The credit union offers a variety of home loans, including construction, refinance mortgages and first-time homebuyer programs.
  • First-time homebuyer workshops. UMCU offers different first-time homebuying education workshops online over Webex.
  • Rates advertised. UMCU lists current mortgage rates to quickly compare your available rates and terms.
  • Community investment. UMCU invests in a range of community initiatives, including local schools and art programs.
  • Ambiguous membership requirements. To join the credit union, you must meet certain eligibility requirements, which are not clearly stated on the website.
  • Limited branch locations. The credit union only has branches in Ann Arbor, Ypsilanti, Dearborn and Flint.
  • Loans not listed. The UMCU doesn't list the specific types of loans offered. You'll need to fill out the application or contact the credit union for more information.
Loan types Conventional, FHA, VA, Home Equity, Refinance
Minimum credit score 620
Minimum down payment (Conventional) 3%
States available Only available in: MI

Best for refinancing

Arbor Financial Credit Union

Arbor Financial Credit Union logo
620
Min. credit score
3%
Min. down payment

Founded in 1935, Arbor Financial Credit Union's goal is providing financial services to all types of families and businesses in the state of Michigan. The credit union offers some of the best refinance rates and terms we found in Michigan as stated on its website.

The credit union offers a variety of loans, including FHA and construction loans, 3% down mortgages, lot loans, jumbo and bridge loans as well as physician's mortgages. Anyone that lives or works in Michigan can become a member, making it straightforward to apply for a home or refinance loan.

  • Lenient membership requirements. If you live, work or worship in the state of Michigan, you're eligible to join Arbor Financial Credit Union.
  • HELOCs available. The credit union offers $10,000 to $150,00 HELOCs with no application fee.
  • View rates online. Landmark Credit Union advertises its current rates and allows you to get a personalized quote.
  • Limited customer reviews. The credit union has limited online reviews, with one customer complaining of poor mortgage service.
  • No USDA loans. Arbor Financial Credit Union doesn't offer USDA loans.
Loan types Conventional, FHA, VA, Home Equity/HELOC, Refinance
Minimum credit score 620
Minimum down payment (Conventional) 3%
States available Only available in: MI

Best for first-time homebuyers

Lake Michigan Credit Union

Lake Michigan Credit Union logo
620
Min. credit score
3%
Min. down payment

Founded in 1933, Lake Michigan Credit Union's mission is to give back more to its members in the form of higher savings and lower borrowing rates. Besides its standard loans, the credit union offers specialized products, including doctor mortgages, loans for educators, CPAs, bankers, architects, first responders, military members, government employees and more.

So, if you're looking for a lender to help you achieve your new homeownership goals under a variety of situations, Lake Michigan Credit Union could be a good choice. Either apply online or contact a loan officer to get started.

  • First-time homebuyer guarantee. LMCU will match any legitimate competitor's offer or give you $300 off closing costs.
  • SmartMove mortgage. The credit union offers a specialized SmartMove mortgage product for specific professions with as little as 0% down.
  • HELOCs available. Lake Michigan Credit Union offers HELOCs for LTVs up to 80%
  • Stringent membership requirements. You must live, work, attend school or worship in Michigan's lower peninsula or Florida or contribute $5 to the ALS Foundation.
  • Mixed reviews. The credit union has a 4 out of 5 rating on WalletHub, with some customers complaining about poor service with the mortgage department.
Loan types Conventional, Jumbo, FHA, VA, USDA, Refinance
Minimum credit score Conventional: 620
VA: 580
FHA: 580
Minimum down payment (Conventional) 3%
States available Available in all states

Compare mortgage lenders and brokers

Compare these lenders and lender marketplaces by the type of home loan you're searching for, state availability and minimum credit score (for a conventional loan). Select See rates to provide the company with basic property and financial details for personalized rates.
Name Product Loan products offered State availability Min. credit score
SoFi
(NMLS #1121636)
SoFi
Conventional, Home equity, Refinance
Not available in: AK, HI, MO, NH, NM, NY, SD, WV
620
No hidden fees, multiple loan terms, and member discounts available.
Better
(NMLS #330511)
Better
Conventional, Jumbo, FHA, Refinance
Not available in: HI, MA, MN, NV, NH, VT, VA
620
Online preapproval in minutes and no origination fees with this direct lender.
Axos Bank
(NMLS #524995)
Axos Bank
Conventional, Jumbo, FHA, VA, Home Equity/HELOC, Refinance
Available in all states
620
Purchase, refinance, and home equity options available with lender fees as low as $0 (restrictions apply).
Rocket Mortgage
(NMLS #3030)
Rocket Mortgage
Conventional, Jumbo, FHA, VA, Refinance
Available in all states
620
Streamline your mortgage from quote to final payment — all from your computer or phone.
LendingTree
(NMLS #1136)
LendingTree
Conventional, Jumbo, FHA, VA, USDA, Home Equity, HELOC, Reverse, Refinance
Available in all states
620
Connect with vetted home loan lenders quickly through this online marketplace.
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Which lender is best for me?

With hundreds of lenders available in Michigan, you may wonder if you’ve found the right one. However, it is possible to narrow down the choices by knowing what type of loan and level of service you want.

Here’s how to narrow the options:

  • Know your loans. Many buyers look for a house without understanding the kinds of loans available. For example, there are conventional and government-backed loans, first-time homebuyer programs, renovation loans, specialized loans, refinance loans and more.
  • Determine if the lender is a good fit. How much interaction do you want with your lender? Would you prefer a fully digital mortgage, meeting in person or a combination of both? Mortgage and customer reviews are both helpful in determining if a lender will be a good fit for you.
  • Ask the lender questions:
      • What fees do you charge?
      • How fast can I expect to close?
      • Can I get a rate lock and for how long?
      • Who is my contact person if I need help?
      • Who services my loan after closing?
      • Are there prepayment penalties?
  • Get multiple quotes. Experts recommend getting at least three or more quotes to compare offers and negotiate a better rate or lower fees.

Average rates and fees in Michigan

As of January 19, 2021, the average benchmark 30-year fixed mortgage rate in the US is 2.87%, up from a low of 2.67% in December 2020. According to data from the Consumer Financial Protection Bureau (CFPB), most Michigan lenders are offering interest rates at or below 2.875%, with rates ranging from 2.00% to 3.75% as of January 2021.

Additionally, Michigan homebuyers can expect to pay an average of $4,014 after taxes for closing costs, or approximately 2.01% to 4.01% of the home’s final sale price, according to data from ClosingCorp. For more information, see mortgage rates in Michigan or Michigan closing costs for more details on what you can expect to pay.

What about brokers?

Aside from our best marketplace pick, LendingTree, our list of Michigan lenders are companies that underwrite mortgage loans directly. If you don’t have the time to research lenders yourself, you can also work with a mortgage broker who can help you find a low-rate loan on commission.

While it’s standard practice for brokers to charge .5% to 2% of a loan’s value, be aware that some may charge excessive fees. Also, with many lenders offering free loan prequalification and rates online, you may discover that you’ll find a great rate on your own, minus a broker’s commission.

Bottom line

Whether you’re a first-time homebuyer or want to take advantage of historically low rates with a refinance in 2021, there are many loans to choose from. If one lender doesn’t have the type of loan product you’re after, chances are another will. While our top Michigan lender picks will be just right for many borrowers, compare more lenders to see how you may qualify for other mortgages.

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