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Best overall: Riverbank Finance
Best for first-time homebuyers: Michigan Mortgage Solutions
Best for refinancing: Rocket Mortgage
Best VA lender: Veterans United
Best for ARMs: AmeriSave Mortgage
Are you looking for the best mortgage lenders in Michigan? Maybe you’re a first-time homebuyer, or maybe you’re getting ready to buy your third, fourth, or fifth home.
Whatever the case may be, you need to know the best mortgage lenders in Michigan if you want to get a competitive interest rate and the best financing terms for a mortgage or refinance this year.
This article discusses the 5 best mortgage lenders in Michigan and how to choose the best mortgage lender for your needs in 2023 and beyond.
The best mortgage lenders in Michigan in 2023
What we like:
Wide variety of home loan options
Some of the best interest rates in the business
High-level customer service
Quick online application process
Over 25+ years of mortgage experience
What we don’t like:
Lack of online tools and resources
Not ideal for VA borrowers
Riverbank Finance has positioned itself as a top mortgage lender in Michigan and their hundreds of customer reviews attest to their level of service. Their past customers rave about their loan officers being available to take their calls and swiftly resolve any issues that may come up in the loan process.
Riverbank Finance has a wide range of loan options that appeal to first-time homebuyers, real estate investors, and anyone else looking to buy a home or refinance their current property. You’ll find that Riverbank has great options for FHA borrowers, USDA loans, and conventional mortgages.
Riverbank Finance makes it easy to apply for a loan or refinance right on their website in minutes. They have several helpful tools and resources that you’ll find useful if you want to get into real estate and buy a home or investment property.
Riverbank has over 660 reviews online and they are one of the top-rated mortgage lenders in Michigan and win our choice for the best overall mortgage company in the state.
What we like:
Mortgage tools to project how much you’ll save
Best programs for first-time homebuyers
Over 30 years of mortgage lending expertise
Operates mostly on referrals and word-of-mouth
What we don’t like:
Website is outdated
Reports of poor customer service
Michigan Mortgage Solutions is a mortgage lender with some of the best customer reviews we could find. With over 200 reviews on Google and zero reported complaints from the Better Business Bureau, Michigan Mortgage Solutions is hands down one of the best mortgage lenders in Michigan.
They have the best programs for first-time homebuyers with options for FHA loans and special grants that may be available to first-time homebuyers.
They also have plenty of calculators and tools on their website that you can use to calculate your projected monthly mortgage payment and total interest paid (TIP) over the life of your loan.
We noticed that their website was somewhat outdated and needs to be updated to reflect current interest rates and market conditions. Other than that, there isn’t much else negative to say about them. If you’re a first-time homebuyer, you cannot go wrong working with the pros at Michigan Mortgage Solutions.
What we like:
The brand recognition of one of the largest lenders in the United States
Competitive rates and loan programs
Great refinancing options
Best technology solutions in the industry
What we don’t like:
Lack of attention from loan officers
Poor customer support
We can almost guarantee that you’ve heard of Rocket Mortgage in one way or another. Whether it’s from TV ads or their presence on the internet, Rocket Mortgage is one of the largest lenders in the country and has plenty of loan programs and refinancing options for their customers to choose from.
Rocket Mortgage has the best technology solutions in the game. They have a myriad of calculators, tools, and helpful resources for just about any questions you may have about the mortgage process.
Rocket Mortgage shines when it comes to refinancing. Homeowners with equity in their homes can take advantage of cash-out refinances while traditional homeowners can do a rate and term refinance when the market allows for it.
They also have a new program where they offer to cover 1% of your rate for the first year after you buy your home. They also use RateShield to ensure that your interest rate is locked in and that they can lower your rate if the market shifts after your rate was locked.
On the flip side, there are some cons that come with such a large mortgage company. Some customers report below-average customer support and incompetent representatives that hang up on them and don’t follow through with resolving their issues.
If you want a big box lender with plenty of tools and resources in addition to its loan products, Rocket Mortgage may be a good fit. But if you value personal connections and want more attention during the loan process, you may want to look elsewhere.
What we like:
The best loan options for VA borrowers
Incredible educational resources
Over 330,000 customer reviews
What we don’t like:
No options for home equity loans or HELOCs
Only has offices in 17 states
Not ideal for non-VA borrowers
Veterans United Home Loans is the gold standard when it comes to VA loans. They are the largest VA lender in the country and offer the best financing terms for VA borrowers and their families.
Plenty of their loan officers have military experience themselves, which makes it easy for them to relate to their customers and understand the things they go through as active duty or retired members of the military.
While Veterans United Home Loans boasts hundreds of thousands of reviews, there are some things that we don’t like about their business. First, they only have offices in about 17 U.S. states. This means it may be difficult to get in contact and meet with a local loan officer.
Additionally, as you may have guessed, Veterans United is meant for military members and their families. While they have other loan programs, non-VA will find better options elsewhere.
What we like:
A vast number of loan options for borrowers
Great for ARMs
Industry experience and positive customer reviews
One of the best mobile apps for mortgages
HELOCs are now available for borrowers
What we don’t like:
Loan programs aren’t available in every state
High origination fees
AmeriSave Mortgage is a force in the name of mortgage lenders. They are active in most US states and have some of the best offerings for borrowers looking for adjustable rate mortgages (ARMs) in today’s market.
Since AmeriSave is so big, it’s no surprise that they have an extensive amount of loan programs for their borrowers. They now offer home equity lines of credit (HELOCs) that can help borrowers take advantage of the equity they’ve built in their homes.
Of all the big box lenders, AmeriSave has some of the best reviews for their customer service. They have teams of customer service representatives that are trained in resolving any issues that come up in the mortgage process. Their loan officers are known for getting back to their clients in a timely manner and closing on loans quickly and efficiently.
However, budget-conscious borrowers will find that the origination fees at AmeriSave are higher than average and there are better terms available at local lenders.
Before you reach out to one of the best Michigan mortgage companies, you should understand the importance of working with a reputable mortgage lender in today’s day and age.
Bad mortgage companies can ruin the home-buying process and make your life a nightmare when it comes to paying for your mortgage each month and dealing with customer service.
Some mortgage lenders are known for providing poor customer service. That’s why the best mortgage lenders invest in their customer support team to ensure that their customers are satisfied regardless of the reason they reach out to them.
The last thing you want is to work with a mortgage company with incompetent customer service representatives or those that hang up on their customers when they don’t know the answer to a question. Believe it or not, this is commonplace in the mortgage servicing industry.
Good mortgage companies also provide additional financial products to their customers and actively run promotions to make it more attractive to stay with the lender. You may receive communications about cash-out refinances, home equity lines of credit, or other special offers.
Believe it or not, getting a good interest rate can depend on the mortgage lender you work with. While interest rates tend to be pretty close between competing mortgage companies, some lenders can make special offers like paying your closing costs or allowing you to buy down your rate more than other lenders.
Some lenders will do anything they can to get your business, which means they may be able to offer rates or terms that most competing mortgage lenders can’t offer.
Be sure to shop around several lenders to see which ones can offer the best rate. It may also help to shop around using the Loan Estimate issued by each mortgage company. This way you can show each new lender what you’re currently being offered to see if they can match or beat previous offers.
Another way to ensure you get the best interest rate possible is to work on your credit score. Those with credit scores above 800 often receive the best interest rates and financing terms for new loans.
You should be aware that the minimum credit score for most conventional loans is 620, although you’ll need a credit score of at least 740 if you want to get a favorable interest rate.
Some of the best mortgage lenders in Michigan are local lenders, while others are big box lenders who serve millions of customers. This may make you wonder whether it makes sense to work with a local lender or a national lender when buying or refinancing your home.
Below are some of the pros and cons of working with local lenders vs. big box national lenders.
Pros of working with local lenders
Local lenders can give your loan more attention. Loan officers who work for local lenders typically don’t have as many loans in their pipeline compared to loan officers working for a nationwide lender. This means they’ll be able to stay in contact with you throughout the process and alert you of any potential issues right away. If you value communication and customer service, working with a local lender will be a great option for you.
Forming a real relationship with your lender. Local lenders are people that you can go out to lunch with or grab a coffee to chat about how things are going with your loan. Any issues that you want to address in person are easier to do with a local lender as opposed to a national lender whose loan officers are spread out across the country.
Long-term business partners. Local lenders may be able to find you the best financing terms for future loans as well. Working with a big box lender means you probably won’t hear much from your loan officer after your loan closes.
Cons of working with local lenders
While working with a local lender is a great option for those that want more attention throughout the loan process, there are some cons that you should consider before choosing a local lender.
Local lenders may not be able to offer the best terms. Big box lenders generate millions (or even billions) of dollars in revenue and can afford to take a loss in order to acquire new customers. Local lenders may not have the wiggle room to offer you better financing terms than competing lenders.
Local lenders may not have the same loan options. Large lenders can afford to hire loan officers who issue a variety of loan products. Local lenders may only specialize in one or two types of loan programs and won’t have the ability to offer you cash-out refinances or lines of credit.
There may be less customer support. Small companies don’t have as large of a customer support team compared to nationwide lenders. Big box lenders often have hundreds or even thousands of employees working 24/7 to answer all the customer service inquiries that their customers initiate.
Pros of working with big box lenders
Big box lenders are the lenders you see ads for on television. These are the lenders with thousands of employees across the country. Unsurprisingly, there are pros and cons to working with big box lenders, including:
Big box lenders can get you great financing terms. These large mortgage lenders can get special approval to beat out other competing companies in order to acquire you as a new customer. They may be able to offer rates or terms that you simply cannot find from local lenders.
A large customer support team. When issues arise, big box lenders have a customer service team that can answer your questions and resolve any of the problems you’re facing.
There are plenty of customer reviews. Since large mortgage lenders have more customers, there is going to be a larger sample size of reviews from past and current clients that you can browse online. Small lenders may only have a few reviews from customers who were incentivized to provide positive reviews.
Cons of working with big box lenders
While working with big box lenders can be a good option for some people, there are several disadvantages that come with working with these companies.
Your loan may get lost in the shuffle. Loan officers for big box mortgage lenders often manage dozens of loans, and your loan is just one in their pipeline. They may have other loans in progress for higher loan amounts which means they may prioritize those loans over yours.
Lack of communication. Your loan officer may not answer your calls or emails if they work for a large mortgage lender. It’s not uncommon to go weeks or months without getting an update on the status of your loan.
Incompetent customer support. Let’s face it. We’ve all been on the phone with employees who weren’t trained well and don’t know how to resolve the issues we face as customers. You may get the runaround if customer support can’t resolve your issue.
Now that you’ve narrowed down your mortgage search, you need to ask the loan officer several questions to ensure they know what they’re doing and that you can trust them with one of the biggest financial decisions of your life. Below are a few questions you should ask your mortgage lender.
How long have you worked with your company?
In a perfect world, you’ll get connected with a loan officer with years of experience at their current company. However, more and more loan officers are entering the mortgage field which means you may get connected with loan officers without much experience.
What loan programs do you think I qualify for?
Unless you have stellar credit and few debt obligations, you may not qualify for every loan program. A good loan officer will look at your application and decide which loan programs you’re best suited for at this time. For example, first-time homebuyers may be better suited for FHA loans while real estate investors must qualify for conventional loans.
What if I have a competing offer?
We highly recommend shopping around with different mortgage lenders before you decide to go with one of their offers. This tends to be the best way to get the best financing terms on your mortgage and allows you to get an idea of how badly lenders want your business. Good loan officers will take your competing offer to their sales managers and try to match or beat the financing terms of competitors to earn your business.
What other financial products do you offer?
Most lenders have loan programs for other financial products and services that may come in handy down the line. Knowing that you have the ability to take out a home equity line of credit or to do a cash-out refinance in the future is a good place to be when preparing for your future financial situation.
The best mortgage lenders in Michigan aren’t always the big box lenders that you’ve seen on TV. Some local lenders provide top-tier service and give their borrowers the attention they deserve when buying or refinancing.
However, those that want cutting-edge tools and more loan options should work with a big box lender with millions of customers and armies of customer support specialists.
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