Michigan Mortgage Solutions
Michigan, the 26th state to join the Union, is known for its amazing coastline -- and it doesn't hurt that the state is bordered by four of the five Great Lakes. Michigan's cast coastline makes it an amazing place for boating and fishing, and a great place to buy a house. So, if you're thinking about purchasing a home in The Great Lake State, our team of local home loan specialists is ready to help you learn everything you need to know about the home purchase process in Michigan.
As of 2018, Michigan's median home listing price of $160,000 is $100,000 lower than the U.S. median listing price of $261,500 -- which means it could be a great time to buy a home in the state.
While the average home price in Michigan is substantially lower than the national median, that doesn't mean that everywhere in the state is inexpensive. For example, in Franklin, the median home value is $581,367. In Bloomfield Hills, the median home listing price is $599,000, more than three times the statewide median. In comparison, less expensive Michigan cities include Southfield, with a median home listing price of $139,900, and Lansing, with a median home listing price of $79,999.
At home.loans, our sole focus is to help educate you about every aspect of the home purchase process. Whether you want to buy a home for the first time, refinance, get a Jumbo or conventional home loan, a USDA or VA loan, a home equity loan, or even buy a home on a short sale, we have the expertise to help you learn everything you need to know about buying a home in Michigan.
Best Michigan Mortgage Lender: Fairway Independent Mortgage Corporation
A rapidly growing name in the national home finance industry, Fairway Independent Mortgage Corporation is one of the best options for conventional, FHA, and VA financing across the country. Home buyers will agree that it’s actually pretty easy to find a Fairway location when its time to get a home loan. Beyond that, their customer service is well known to be top notch.
Fairway Independent Mortgage Corporation has stunning reviews from its client base over the years. One thing they seem to excel in is cutting down the closing costs that borrowers are expected to pay at the end of a mortgage transaction, as well as facilitating a faster closing.
Fairway may very well be the best option for first time home buyers on this list. Their attention to detail and completely transparent methodology is perfect for obtaining a mortgage loan at a great rate in a stress-free environment.
Best Michigan Mortgage Refinance Lender: Caliber Home Loans
A relative newcomer to the home finance market, Caliber Home Loans truly hit the ground running -- at top speed. For a company that has only been around since 2013, Caliber has made quite a reputation for itself as one of the top mortgage lenders in the region approved to originate and refinance all types of mortgages, including FHA, and VA mortgages.
The Caliber team is often lauded for their knowledge and sincerity during the mortgage transactions that they conduct. Refinancing a home loan can be particularly stressful, but the loan officers at Caliber are well known for keeping their borrowers informed and making sure home buyers never miss a beat during the refinance process.
Homeowners can count on concise, and rapid responses to any questions that may come up during the mortgage refinance process. With their new app, the application process has been made even easier! A stunning dedication to providing homeowners with affordable refinance options that align with their goals is evident with the glowing pool of user reviews since Caliber’s birth only 6 years ago.
Best Michigan FHA Mortgage Lender: Riverbank Finance
Riverbank Finance is a locally owned lender based in Grand Rapids, Michigan, which makes it ideal for borrowers who want to shop locally. In fact, their website advertises the fact that you can easily talk to the two owners and members of their friendly staff-- not just some nameless call center employee.
While Riverbank Finance may be great for those who like an in-person touch, it might not be best for those who want to take care of everything online or with a mobile app. Most of Riverbank’s application process is done on the phone or in person, and isn’t quite as high tech as some of its competitors.
Best Michigan VA Mortgage Lender: Academy Mortgage Corporation
Academy Mortgage Corporation has been around since 1988, and has made a name for themselves on a national scale. The company is committed to responsible lending practices, especially with the ever-changing economy of today.
Unlike many mortgage brokers around, Academy Mortgage Corporation has the advantage of being a direct mortgage lender. This means that they handle all loan processing, underwriting, closings, and funding at their local branch offices.
Being a direct lender, means being able to close mortgage loan transactions as efficiently and quickly as possible, sometimes even in a matter of days! With the security and efficiency of their in-house loan origination and management, they are one of the best when it comes to speedy and affordable VA financing!
Best Michigan Home Equity Lender: J P Morgan Chase Bank
Chase Bank is a big name both in and out of the home finance industry. Throughout the region, Chase is highly commended by previous clients as being an incredible mortgage lender, who gets the job done as advertised.
Chase has countless years of experience with and an impressive volume of home equity lines of credit originated under its belt. Home buyers can expect personalized service and readily available advisers while working with the financial giant, and stress free second mortgage financing with some of the best rates on the market.
While chase doesn’t offer home equity loans, it does give borrowers one of the most widely used HELOC products in the country. Chase’s HELOC comes with a variable interest rate that can be locked in at any time by the borrower, a draw period of 10 years, and allows borrowers a term of up to 20 years for their repayment period.
Eligibility for their HELOC product is extended to borrowers with credit scores of at least 680. A HELOC from Chase has a maximum LTV of 80%.
Shop Around Before You Get a Michigan Home Loan
Our picks for the best mortgage lenders in Michigan may not necessarily represent the best lender for your financial situation, goals, and desires. Everyone’s story is unique, and sometimes the best mortgage terms can be found in the most obscure places. Regardless of experience or lack thereof, the best plan of action is to shop around with multiple lenders to find out which one can provide the ideal mortgage solution that comes with the terms and affordability that best suits any particular financial situation.
While looking at reviews can be a huge help, getting a one on one consultation could mean saving thousands. If you’d like some help in locating the best mortgage lender in your area, don't hesitate to contact a home.loans mortgage expert!