Compare Top Mortgage Lenders
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Quicken Loans
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Learn More | Read More | |
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Rocket Mortgage
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Learn More (800) 762-5471 | Read More | |
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AmeriSave
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Learn More (866) 815-0655 | Read More | |
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Detroit Home Mortgage
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Location
5 particpating banks in
Detroit, MI
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Riverbank Finance
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Location
3205 Eagelcrest Dr., NE Ste. 206
Grand Rapids, MI 49525
(800) 555-2098
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HomeSure Lending
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Location
1001 Woodward Ave.
Detroit, MI 48226
(313) 960-4150
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Chase
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Location
685 St. Clair Ave.
Grosse Pointe, MI 48230
(313) 640-9501
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One Reverse Mortgage
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Location
644 Woodward Ave.
Detroit, MI 48226
(800) 401-8114
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American Mortgage
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Insurance company focused on retirement annuities. Most plans come with yearly, no-penalty withdrawals. Its lifetime income benefit add-on guarantees you won’t outlive your income. Offers fixed and fixed-index annuities. |
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Location
1249 Washington Blvd.
Detroit, MI 48226
(888) 421-9600
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Top Flite Financal
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Location
123 E. Grand River Ave.
Williamston, MI 48895
(517) 655-2140
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How to choose a mortgage lender in Detroit
Now is a great time to buy a house in Detroit. With more than 200 neighborhoods, the Detroit housing market has options for every budget. The downtown core and surrounding neighborhoods have some of the best houses on the market right now, with median values between $300,000 to $730,000. A few scattered high-end neighborhoods have even nicer homes with prices to match.
The Midtown and Downtown area lofts and condos are wildly popular, but are too pricey for many buyers. The price range in those areas isn’t the norm for Detroit, where the majority of neighborhoods are classified as up-and-coming or high-value for long-term investment.
Three bedroom homes in up-and-coming neighborhoods have a median value of $166,000, which is about 12 percent less than the national average of $188,000.
In investment neighborhoods, median price for a fully-renovated home of the same size is $69,333, a whopping 63 percent less than the national average. These neighborhoods also have a large amount of even cheaper homes, perfect for someone who enjoys renovations or has ever dreamed of flipping a house.
The best neighborhoods for first-time home buyers looking to move to the city are (from most expensive to least): Lafayette Park, East English Village, Bagley and North End. All four areas have rising home values and are popular among current residents and prospective buyers.
Lafayette Park: Median home value: $108,000- Beautiful, modern lofts
- Millennial hotspot
- Proximity to restaurants, bars
- Lafayette Park
- Unique architecture
- Safe neighborhood
- Cultural diversity
- Neighborhood association
- Proximity to downtown
- Nearby shopping
- Proximity to I-94
- Nearby parks
- Proximity to universities
- Proximity to M-10
- Beautiful homes
- Quiet neighborhoods
- Active community
- Community and development planning underway
- Unique architecture
- Five minutes from downtown
- New developments underway
- Cultural diversity
- Creative/entrepreneurial community
- Proximity to multiple highways
A great resource on affordable housing in the City is the Detroit Land Bank Authority. For a closer look at Detroit’s neighborhoods, check out theneighborhoods.org, a publication of the City of Detroit.
If you’re serious about buying a home, the first thing to do is check your credit score and get pre-approved for a mortgage loan. Quicken Loans, headquartered downtown, is the metro Detroit area’s most popular mortgage lender.
Mortgages in Detroit are mostly conventional loans—with three to 20 percent of the purchase price up-front—and FHA loans, which are backed by the Federal Housing Administration and make it possible for people with not-so-great credit to obtain a mortgage. VA loans (for veterans) and USDA agricultural land loans (in eligible rural areas) are also popular with first-time homebuyers in Michigan.
Detroit Mortgage Companies Reviews
Quicken Loans |
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Quicken Loans applicants can select from FHA, jumbo, VA, adjustable-rate, and 15- and 30-year fixed mortgages. Its other services assist clients in refinancing their homes or investment properties. Consider a cash-out refinance if you already have equity in your home and need some extra funds. At the time of publishing, Quicken Loans offers 15-year fixed mortgages starting at 2.75% APR and 30-year fixed mortgages starting at 3.375% APR. |
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Rocket Mortgage |
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Rocket Mortgage offers FHA, jumbo, and VA mortgages, including interest rate reduction refinance loans. It also helps clients refinance condos and houses. You can apply online via the Mint app and get a Verified Approval Letter to help purchase a property. At the time of publishing, Rocket Mortgage’s rates for 15- and 30-year fixed mortgages start at 2.626% APR and 2.875% APR, respectively. |
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Learn More (800) 762-5471 |
AmeriSave |
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Customers say AmeriSave has one of the easiest and most transparent application processes. Reviews note helpful loan officers, a wide variety of financing options, great technology and quick turn-around times as some of the best things about working with this mortgage lender. |
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Learn More (866) 815-0655 |
Detroit Home Mortgage |
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Detroit Home Mortgage is as close to borrowing from a non-profit as possible, with their focus on revitalizing Detroit’s neighborhoods and practice of only lending to people buying homes within the city. They are known for lending up to $75,000 more than the appraised value to encourage home improvements and renovations. |
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Riverbank Finance |
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This Grand Rapids mortgage company offers competitive rates and loan options to homebuyers throughout Southeast Michigan. They employ agents with in-depth knowledge about the Detroit marketplace and have several Detroit home loan programs. The terms “it was a pleasure working with” and “best experience” frequently appear in online reviews. |
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