Best Mortgage Lenders in Michigan – From the more rural and suburban locations to the urban cores, buying a piece of Michigan and calling it home, is the desire of many Americans. And, if you are considering buying a home in Michigan, you will require the services of the Best Mortgage Lenders in Michigan. Let’s discover more about Michigan, first.
Michigan, also known as the Great Lakes State, is an enjoyable place to visit and an even greater pleasure to call home. As implied by its nickname, Michigan is a haven of natural beauty. From the Great Lakes to its 103 state parks and recreational sites, Michigan is stunning. As a result, many Americans are considering relocating to this bountiful state. Numerous individuals are learning all about what the state has to offer.
Attractions in Michigan
- The Sleeping Bear: Dunes and the Pictured Rocks National Lakeshore on the Upper Peninsula are just two of Michigan’s breath-taking natural attractions.
- Climate: Speaking of the great outdoors, Michigan’s climate is another aspect that many people adore. While some individuals may prefer consistent weather and year-round sunshine, inhabitants of Michigan adore its four different seasons and experiencing the holidays with snow.
- Automotive Center: Michigan is also regarded as the nation’s automotive hub. It has made a significant impact on the American auto sector. General Motors, Ford, and Chrysler, the three great American automotive companies were all based out of Michigan. The state also has substantial manufacturing, agriculture, and tourist sectors.
- Top-Tier Educational Institutions: Some of the most prestigious colleges in the country are located in Michigan. The University of Michigan-Ann Arbor and Michigan State University are nationally recognized colleges. You will experience a fantastic collegiate setting, complete with cordial sporting rivalry. These colleges not only have excellent academic offerings, but also reputable sports teams.
- The Great American Outdoors: Whatever your preferred outdoor activity is, Michigan has it thanks to its stunning scenery and climate. You may take advantage of public access beaches, lakes, and hundreds of miles of bike routes. Additionally, there are 13,000 miles of state-designated trails and walkways available to hikers.
Affordability Is a Top Factor For Residents
Let’s face it – we all have a budget to manage. Whether you’re planning on buying a property, saving for retirement, or even just spending on your daily needs, the cost of living is a crucial factor to determine.
The living expenses in Michigan are 9% less than the national average and housing costs are 22% below the national average, according to rentcafe.com. Groceries and apparel each cost about 5% less than they do elsewhere in the country. Compared with the national average, Michigan has a 3% lower cost for medical services, including dental cleanings and doctor checkups. The costs of entertainment and grooming services are also down by 5%.
The cost of living in the state does vary based on the city you reside in. The most expensive city in Michigan is Detroit. The cost of living in Detroit is 4% more expensive than nationwide costs and 14% more expensive than the state average. Kalamazoo is the least expensive large city in Michigan. The cost of living in Kalamazoo is 23% less than the national average and 16% less than the state average.
Fastest Growing Housing Markets in Michigan 2022
Although Michigan’s economy has encountered some serious difficulties over the years, there are various signs that the housing market is getting stronger (aceableagent.com). For instance, housing values are rising and there are many good rental prospects this year.
The Michigan Association of Realtors reports that from February of 2021 to the same time in 2022, average sales prices grew statewide by 13.37%. Additionally, the median price of a property sold rose from $213,155 to $241,644. These increasing prices are a sign of a healthy Michigan housing market. Although Michigan towns’ median property prices are rising, there are still many opportunities to find great deals and buy homes that could generate reliable rental income.
The Michigan $10K Down payment Assistance Program, which the state just introduced in response to increasing costs, offers qualified purchasers up to $7,500 in loans in most places and up to $10,000 in select zip codes. Buyers must fulfill the respective county’s maximum household income requirement, have a credit score of 640 or above, and purchase a home for less than $224,500, to qualify.
Speaking on behalf of the Michigan State Housing Development Authority (MSHDA), Eric Dusenbury said that the purchase price caps might rise this summer.
List of Mortgage Lenders in Michigan 2022
The Michigan mortgage lenders listed below have an excellent reputation and are well equipped to give you the best financing services. Their company rating and client testimonials attest to their competence and professionalism.
1. Reliance Financial
With the lowest mortgage rates and quickest response times, Reliance Financial has been regarded as one of the top mortgage lenders in Michigan. With more than 18 years of expertise, we have established a solid reputation in the home financing sector. Our main goal is to give you the best mortgage and financing experience possible. As a result, our services are incredibly friendly, practical, and honest.
We work hard to provide all of our borrowers with responsive communication, competitive pricing, and speedy approvals. Over the years, we have delivered above and beyond our customers’ expectations by prioritizing transparency and speed in closing transactions. We close our purchase transactions in under 21 days.
Excellent loan options are provided by Reliance Financial mortgage professionals for both first-time home buyers and those who want to purchase properties backed by conventional and jumbo mortgages. We have the most competitive mortgage rates and terms to meet your needs, whether you’re purchasing your first home or refinancing your existing one.
SoFi began providing mortgages in 2014 after being established as Social Finance in 2011. The company was initially focused on providing student loans. As of right now, the company has financed more than $50 billion in all types of financing, covering anything from refinancing vehicle loans to wedding loans.
The business also provides a wide range of other services, such as investing, credit cards, and checking accounts. According to a SoFi spokeswoman, closing on a home purchase typically takes 24 days with the Company.
One of the newest names in mortgage lending in the state of Michigan is Tomo. The mortgage lender was established in 2020, and last year it began operations in three significant markets – Seattle, Dallas, and Houston. They don’t charge origination or processing fees, and since then, they have expanded operations to assist homeowners in 15 states.
The lender only works with borrowers who want to purchase homes and does not offer to refinance. However, it does provide some distinctive points of differentiation, such as 120-day rate locks, and a price-matching program that will match any offer made by a competitor.
A fully online mortgage lender called AmeriSave provides a range of home loans with a focus on assisting homeowners with refinancing. They provide some of the lowest average rates in Michigan, making them a solid option for those looking to refinance. You can check your potential mortgage rates using their website’s current refinance rates.
Furthermore, prequalification is possible without a hard credit pull or social security number. AmeriSave may be able to assist you if you’re seeking a lender that is more accommodating with credit scores.
5. Synergy One Lending
Although not all lenders receive high rankings for customer service, Synergy One Lending stands out from the competition. Hundreds of consumers praise the company’s loan officers for their knowledge, communication, and customer service skills. Synergy One aspires to combine the best human resources with cutting-edge technology to produce a seamless, client-focused process.
You can use any device to apply for a loan, upload, and in papers, and monitor the status of your loan. If you’re prepared to apply for a mortgage or refinance loan, you can do it online or using the S1 Connect app provided by the business.
6. Citizen National Bank
Citizen National Bank is a respectable name on the list of top mortgage lenders in Michigan. Seven locations in lower northern Michigan are served by the full-service, independent Citizens National Bank. They are the largest locally held bank in Michigan’s northern Lower Peninsula.
The goal of Citizens National Bank is to be the bank of choice in northern Michigan by assisting the development of robust local economies.
The incomparable natural beauty in Michigan is just the beginning of what makes it such a wonderful state. Additionally, its four unique seasons, nationally famous breweries, and remarkable architecture make it even more attractive to call home. Numerous house purchasers have used Reliance Financial to buy their dream homes.
We provide customers with the greatest financial advice and mortgage finance to meet their needs. For the most affordable, most competitive mortgage rates, and fast closing times, try Reliance Financial. You can also take advantage of our years of knowledge and expertise by emailing us at email@example.com. We are eager to serve you. You can also call us right away at (888) 973-5346. You will love our rats and our excellent customer service.