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
Written by
Edited by
Alex Richards
Fact Checked
Fact Checked
Written by
Edited by
Alex Richards
Fact Checked
Fact Checked
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 and here's how we make money.
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
- 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
- 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: NMLS#446303 LEARN MORE on NerdWallet | 620 | National | LEARN MORE on NerdWallet | |
 PrimeLending: NMLS#13649 LEARN MORE on NerdWallet | 620 | National | LEARN MORE on NerdWallet | |
 loanDepot: NMLS#174457 LEARN MORE on NerdWallet | 620 | National | LEARN MORE on NerdWallet | |
 USAA: NMLS#8722 LEARN MORE on NerdWallet | 620 | Regional | LEARN MORE on NerdWallet | |
 Bank of America: NMLS#399802 LEARN MORE on NerdWallet | 660 | National | LEARN MORE on NerdWallet | |
 Flagstar: NMLS#417490 LEARN MORE on NerdWallet | N/A | National | LEARN MORE on NerdWallet | |
 Chase: NMLS#399798 LEARN MORE on NerdWallet | 620 | National | LEARN MORE on NerdWallet |
Learn more
at Rate
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.
Learn more
at Rocket Mortgage, LLC
Rocket Mortgage, LLC: NMLS#3030
4.5
Home loans overall
NerdWallet ratingMin. credit score
620
Min. down payment
1%
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.
Cons
- 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.
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on NerdWallet
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.
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on NerdWallet
PrimeLending: NMLS#13649
4.0
Home loans overall
NerdWallet ratingMin. credit score
620
Min. down payment
3%
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.
Cons
- Loans are not available in all states.
- Rates are not posted online.
- Does not have a mobile app.
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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.
Cons
- Interest rates are not available on the website.
- Origination fees are on the higher end, according to the latest federal data.
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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.
Cons
- 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.
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on NerdWallet
Bank of America: NMLS#399802
4.5
HELOCs
NerdWallet ratingNational / regional
National
Max LTV
85%
Min. credit score
660
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.
Cons
- Charges an early account closure fee.
- Fined $12 million in 2023 for reporting inaccurate mortgage applicant info to the federal government.
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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 will be 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.
Cons
- 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.
LEARN MORE
on NerdWallet
Chase: NMLS#399798
4.5
Home equity loans
NerdWallet ratingNational / 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.
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: 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
