Who has low mortgage rates in Michigan?
A good rate for a primary, single-family home in for , and credit score
Insights
Negotiate everything—rates, fees, and terms are not set in stone.
George Robinson Chief Data ScientistLenders with low rates in MI
It’s hard to find a lender in the good rate range—we’ve analyzed 442 lenders and found some likely to get you a good deal.
| Lender | Lender fees | Customer synopsis | |
|---|---|---|---|
Insights
Negotiate everything—rates, fees, and terms are not set in stone.
George Robinson Chief Data ScientistLenders in MI likely to have high rates
We dont accept advertising, so TrueRate can give the real lender story. We looked at 442 lenders and these lenders are likely to offer you a high rate.
| Lender | Lender fees | Summary | |
|---|---|---|---|
Insights
Whether a lender has high margins or is simply inefficient and passing their costs on to you, the result is the same—you’ll likely end up paying more for your home. Our data shows that if you choose these lenders you will likely regret it.
George Robinson Chief Data ScientistMethodology
We believe in transparency. Here’s how we crunched the numbers.
Based on lender data from 2023 with at least 10 loans similar to yours with 0 points for a 30-year fixed mortgage.
Michigan is looking even better to buy right now
If you’ve been considering a move to the Great Lakes State, now’s a fantastic time to dive into the market without stretching your budget too thin.
Detroit, once known for its industrial roots, is experiencing a resurgence with a revitalized downtown and a growing arts scene. Neighborhoods like Corktown and Midtown are leading the charge, showcasing a blend of historic charm and modern development. The median home price in Detroit hovers around $70,000, significantly lower than the national average, making it a prime spot for first-time buyers or those looking to invest.
But the appeal of Michigan extends beyond the Motor City. Grand Rapids is becoming a hotspot, known for its craft breweries and vibrant cultural scene. With a median home price of about $270,000, it offers a balance of affordability and quality of life, making it popular among young professionals and families alike.
For those who prefer a quieter pace, areas like Ann Arbor and Traverse City are worth exploring. Ann Arbor, home to the University of Michigan, has a strong economy and a thriving community with a median home price of around $400,000. Traverse City, known for its stunning lakes and outdoor activities, attracts those seeking a picturesque lifestyle, though it can be pricier due to its popularity as a vacation destination.
Michigan also offers various programs aimed at assisting first-time homebuyers, including down payment assistance and favorable loan options, which can help ease the financial burden of purchasing a home.