Top 5 Bankrate mortgage lenders in Michigan
- Fairway Independent Mortgage Corporation
- Bethpage Federal Credit Union
- Garden State Home Loans
- Sage Mortgage
- Rocket Mortgage
Methodology
Bankrate helps thousands of borrowers find mortgage and refinance lenders every day. To determine the top mortgage lenders, we analyzed proprietary data across more than 150 lenders to assess which on our platform received the most inquiries within a three-month period. We then assigned superlatives based on factors such as fees, products offered, convenience and other criteria. These top lenders are updated regularly.
Fairway Independent Mortgage Corporation
Sometimes, the numbers say it all: Fairway Independent Mortgage Corporation funded more than $71 billion in home loans in 2021. While you’ll have to contact a loan officer for information about the lender’s rates and fees, the majority of the experience at Fairway can be done via your screen. The FairwayNOW mobile app helps you get preapproved quickly, upload your documents and monitor the status of your application. If you’re looking for an in-person touch, you’re in luck: The lender also has branch locations in Bay City, Coldwater and Saline.
Strengths: Mobile app makes managing application easy; three locations in Michigan.
Weaknesses: Doesn’t publicly advertise rates or list specific fees; have to contact a loan officer to start the process.
Read Bankrate’s Fairway Independent Mortgage Corporation review.
Bethpage Federal Credit Union
Bethpage Federal Credit Union, based on New York’s Long Island, has 430,000 members. Membership is open to any U.S. citizen who deposits $5 into a share (savings) account. The nonprofit lender offers a variety of fixed-rate and adjustable-rate mortgages, along with FHA loans.
Strengths: Mortgage rates easy to find online.
Weaknesses: No branch locations in Michigan.
Read Bankrate’s Bethpage Federal Credit Union mortgage review.
Garden State Home Loans
This lender is named for New Jersey, but borrowers in The Wolverine State can also take advantage of its competitive rates and quick turn times. Most closings happen within 30 days, and Garden State Home Loans will work with borrowers who have sub-par credit: A few programs require just a 580 credit score.
Strengths: Live chat feature on the lender’s website; instant online loan estimates; low overhead costs translate to lower fees for borrowers.
Weaknesses: Mortgage rates are not advertised online; website experience is not as sophisticated as that of some other lenders.
Read Bankrate’s Garden State Home Loans review.
Sage Mortgage
Sage Mortgage is newer to the game — founded in 2020 — but it’s already gained the wisdom associated with its name by helping several thousand borrowers close mortgages. It’s an especially solid choice if you’re looking to refinance. By working with multiple lenders, Sage can help you find the best terms on a new loan.
Strengths: Specializes in refinancing; convenient ability to text with loan officers; easy online application process.
Weaknesses: Only starting rates available online.
Read Bankrate’s Sage Mortgage review.
Rocket Mortgage
The nation’s largest lender does business everywhere, and it’s the biggest lender by volume in Michigan (where Rocket is headquartered) and in many other major U.S. states.
Strengths: Offers a broad selection of purchase and refinance options.
Weaknesses: No brick-and-mortar locations.
Read Bankrate’s Rocket Mortgage review.
Source: thesimpledollar.com