DetribMort Best Discover Mortgage Lenders Equity
mort.detribpas.com – The decision to purchase a home and take out a mortgage is one of the most significant financial commitments you will ever make. With the large monthly payments and lengthy terms involved, it is imperative to find the best mortgage deal possible. This means researching loan terms, mortgage rates, fees, closing times, and credit types, among other factors, to secure a loan that suits your specific needs.
If you are a first-time home buyer, you may wonder if you can find a good mortgage lender in Detroit. This article aims to guide you in your search for the best mortgage lenders in the city.
Detroit Housing Market: An Overview
Before we dive into the list of mortgage lenders, let’s take a brief look at the current state of the Detroit housing market. The average home price in Detroit is $61,454, and the median home value has increased by 5.69% over the past decade. Additionally, more than half of the homes for sale in Detroit are rentals, with an average monthly rent of $1,303.
Most houses available in the Detroit market were built between 1940 and 1969, and the average age of residents is around 28. The interest rate you pay on your mortgage is based on several factors, including your credit score, down payment, and the type of mortgage you choose.
Best Mortgage Lenders in Detroit
When it comes to finding the best mortgage lender in Detroit, several factors need consideration. One of the primary considerations is the lender’s reputation, including its experience and customer service. In addition, a good mortgage lender will offer competitive rates and flexible loan terms to help you find the best deal possible.
Security Mortgage Corporation
Security Mortgage Corporation is one of the most renowned mortgage lenders in Detroit. The company has been serving the city since 1975 and specializes in helping homebuyers and homeowners in the area. The company offers a range of services, including home refinancing, VA and FHA cash-out loans, and conventional, streamline, and jumbo loans. Security Mortgage Corporation is known for its competitive rates and personalized service, making it an excellent option for anyone looking for a mortgage in Detroit.
Homesite Mortgage
Homesite Mortgage is another direct-to-consumer mortgage lender in Detroit. The company has been in business since 2004 and offers mortgage refinancing solutions. Its team of experienced bankers provides services tailored to meet different needs, including cash-out refinancing. Homesite Mortgage is known for its excellent customer service and has earned the title of the “Best Mortgage Lender in Detroit” by scouring the internet for consumer reviews.
Quicken Loans
Quicken Loans is the largest mortgage lender in Michigan and one of the most significant mortgage companies in the country. The company has an outstanding reputation for its customer service and offers a range of mortgage solutions, including FHA, VA, and conventional loans. Quicken Loans has a large presence in Detroit and is a top choice for many homebuyers in the area.
Lake Michigan Credit Union
Lake Michigan Credit Union is one of the largest lenders in Detroit, offering a wide range of loan options for homebuyers. The company has a robust online presence, making it easy for customers to research and apply for a mortgage. Additionally, Lake Michigan Credit Union is known for its competitive rates and excellent customer service, making it a great option for anyone in the market for a mortgage.
Omega Lending
Omega Lending is a smaller mortgage provider in Detroit that has received top ratings for its services. The company has an experienced team of mortgage professionals and offers a range of loan options, including FHA, VA, and conventional loans. Omega Lending is known for its personalized service and competitive rates, making it an excellent option for anyone in search of a mortgage in Detroit.
VEMA Mortgage
VEMA Mortgage is another small lender in the area that has received excellent ratings from customers. The company has an experienced team of professionals who can help you secure a mortgage that suits your needs. VEMA Mortgage offers a variety of loan options, including FHA, VA, and conventional loans. The company’s competitive rates and personalized service make it a top choice for many homebuyers in Detroit.
Regal Home Lending
Regal Home Lending is a boutique mortgage company that offers a wide range of loan options to homebuyers. The company has an experienced team of professionals who can help you find the best mortgage for your needs. Regal Home Lending is known for its competitive rates and excellent customer service, making it an excellent option for anyone looking for a mortgage in Detroit.
Conclusion
In conclusion, finding the best mortgage lender in Detroit requires research, due diligence, and an understanding of your needs. With this guide, you now have a better idea of the top mortgage lenders in Detroit, including Security Mortgage Corporation, Homesite Mortgage, Quicken Loans, Lake Michigan Credit Union, Omega Lending, VEMA Mortgage, and Regal Home Lending. Remember to compare rates, loan terms, and customer service when selecting a mortgage lender to ensure that you secure the best deal possible for your dream home.