Benzinga has researched the best mortgage lenders to show you the best mortgage lenders in Detroit, Michigan to buy a home or refinance.
Best Mortgage Lenders in Detroit
securely through the Rocket Mortgage website
Rocket Mortgage is one of the best mortgage lenders on the market, making it easy to apply for a home loan entirely online. The streamlined pre-approval process and quick access to customer service sets it apart from other online lenders. Rocket Mortgage offers a large variety of mortgage loans and is backed by the largest mortgage lender, Quicken Loans. Whether you need help or know exactly what you’re looking for, Rocket Mortgage matches you with the right type of mortgage and helps you quickly complete your online application.
- Home buyers looking to complete the mortgage application process themselves
- Home buyers who have found their dream home and are looking to move forward with the approval process quickly
- Homebuyers with good credit scores are looking to review their mortgage options
- Existing homeowners are looking to refinance within the next few months
- Rocket Mortgage allows you to move at your own pace, guiding you through every step of the process. After you answer all of the app’s questions, Rocket Mortgage lets you see if you’ve been approved and shows you your mortgage recommendations.
- You can submit checking account information, savings, tax returns and other financial documents online – a feature that sets Rocket Mortgage apart from online competitors
- RateShield allows you to install the approved rate of Rocket Mortgage for up to 90 days
- The mortgage application process can be completed in minutes, letting you know immediately if you qualify for a mortgage
- The online program allows you to navigate through the entire home buying process, from approval to home closing. Once you are approved and bid on your home, Rocket Mortgage offers online tools that will help you move forward with the rest of the closing process.
- While Rocket Mortgage has client specialists on hand to answer your questions and provide guidance, if you prefer sitting in front of someone when filling out financial forms, this lender may not be for you.
- You cannot easily view all of the Rocket Mortgage loan options before applying. It offers Conventional, FHA, USDA, and VA loans, but you’ll need to apply to find out more about the types of mortgages under these offers and which ones you qualify for.
Luxury mortgages offer standard products such as conventional loans, VA loans, jumbo loans, and FHA loans. It also has more specialized products such as bank statement loans, asset qualified mortgages and documentless investment property loans. If you are having a hard time finding a mortgage due to irregular income, retirement or the purchase of an investment property, a luxury mortgage is well worth the search.
- Self-employed professionals
- Apartment Buyer
- Variety of mortgage products
- Specialized products such as bank statement loans
- Works with many government home buyer assistance programs
- Only available in 29 countries
New American Funding
securely through the New American Funding website
Securely through the home loan website
Price Guaranteed Mortgage
Mortgage Veterans Association
Safely through the Veterans United Mortgage website
Veterans United focuses on helping veterans and current service members find the right mortgage for their needs. It is licensed in all 50 states and the District of Columbia and is the largest VA lender in the country. If you are currently serving or if you are a veteran, Veterans United deserves attention due to its outstanding customer service and range of mortgage options.
- Existing service members
- ancient warrior
- First time home buyers
- 24/7 customer service
- Offers VA purchase and refinance loans
- Offers credit counseling through its Lighthouse program
- Branches in 18 states only
See also: Best Michigan Mortgage Lenders
Detroit, also known as “Motor City,” is the largest and most populous city in Michigan with a population of 639,111 residents. Its metropolitan area, or Metro Detroit, is the second largest city in the Midwest and the 14th largest in the United States.
Combined with a strong automotive background, best known for being the home of General Motors, Ford, and the Stellants of North America – Detroit is widely known for its extensive culture and role in music and architecture restoration. Contributing to the popularity of musical genres such as Motown, jazz, punk, and rock, Detroit welcomes millions of tourists each year to explore not only musical influences but Detroit’s unique architectural design and history.
Detroit real estate market
While the median home value in Detroit is only $61,454, there has been an average annual appreciation rate over the past 10 years of 5.69%. However, rents make up more than half of the Detroit real estate market at an average of $1,303 per month. Most of the homes in this market are 3-bedroom single-family homes built between 1940-1969. Detroit residents are mostly young, single individuals and have a range of white and blue collar jobs.
Popular neighborhoods in Detroit
Pembroke Ave / Livernoa Ave
West Jefferson Ave/Woodward Ave
Seminole Street / Kircheval Street
U of Detroit Mercy / West 7 Mile
Woodward Ave/Edison Street
East Jefferson Street / Mount Elliott Street
Florence Street / Southfield Voy
Gross Point Farms
Gross Point Woods
Current Mortgage Rates in Michigan
The interest rate on your loan is referred to as the rate of your mortgage. This is primarily determined by your credit score, but down payment, home location, mortgage type, and mortgage term also play a role in determining your mortgage rate.
Average mortgage rates range from city to city, but you can get a good idea of the expected rate by viewing state average rates. Here’s a quick look at average mortgage rates for the most popular mortgage terms in Michigan.
|loan type||an average||April|
|30 years fixed||
|15 years fixed||
|1 / 7 arm (adjustable rate)||
|1/5 arm (adjustable rate)||
Prices are based on a median home price of $173,277 and a 20% down payment.
Rocket Mortgage® is an online mortgage experience developed by Quicken Loans®, America’s largest mortgage lender. Rocket Mortgage® makes getting a mortgage easy – you just tell the company about yourself, your home and your money and Rocket Mortgage® gives you real rates and interest numbers. You can use Rocket Mortgage® to get approved, ask questions about your mortgage, manage your payments and more.
You can work at your own pace and there is always someone to answer your questions – 24 hours a day, 7 days a week. Do you want a quick and convenient way to get a mortgage? Try Rocket Mortgage®.