Which mortgage lender in the Ann Arbor, MI area typically has the best rates? To help you narrow down where to shop for a mortgage, MortgageWaldo.com provides an objective and data driven ranking of mortgage lenders operating in the Ann Arbor, MI area by interest rate and market share. We maintain our independence by not accepting any compensation from the mortgage lenders we rank, and use data on all fixed rate mortgages that were closed in the past year to generate our rankings.
Going by historical data, the best mortgage lender in the Ann Arbor, MI area in terms of interest rate is Premier Bank, with an average “Rate Difference” of -0.22%. This means that, comparing similar borrowers, Premier Bank provided a -0.22% lower interest rate for its customers than other lenders in the area. Premier Bank has a market share of 1.6%. On the other hand, the most popular lender in the Ann Arbor, MI area is Quicken Loans, with a larger market share of 15.4%. However, Quicken Loans also tends to be an expensive lender in the area, with an average “Rate Difference” of +0.11% compared to those of other lenders. We recommend shopping around before going with this popular lender.
Our detailed ranking of mortgage lenders in the Ann Arbor, MI area is shown in the table below. In the table, we also give our assessment of whether they are, on average, a cheap/expensive lender through a star rating system. You can choose to tailor our ranking table to a specific mortgage type (Conventional/Jumbo/FHA/VA) and purpose (purchase/refinance) through the drop-down menu. For example, going by historical data, the cheapest lender for Conventional mortgages in Ann Arbor, MI is Premier Bank. If you want to take out a loan that is above conforming limits (above $548,250 or $822,375 depending on the area in 2021), the cheapest Jumbo mortgage provider is Old National Bank. If on the other hand, you want lower down payment or credit score requirements, the cheapest FHA mortgage provider is Huntington National Bank. The cheapest VA mortgage provider is Navy Federal Credit Union. Note that as a consumer advocate we always recommend shopping among several of our top ranked lenders in order to get the best rates and fees.
Ranking of Mortgage Lenders in Ann Arbor, MI
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Old National Bank | -0.06% | 18.00% | |
| Bank of America | -0.01% | 18.67% | |
| Wells Fargo Bank | -0.01% | 8.00% | |
| KeyBank | 0.00% | 2.00% | |
| US Bank | 0.00% | 2.00% | |
| Lake Michigan Credit Union | 0.00% | 4.00% | |
| TCF Bank | 0.00% | 1.33% | |
| Provident Funding | 0.01% | 0.67% | |
| University of Michigan Credit Union | 0.01% | 4.00% | |
| Quicken Loans | 0.01% | 0.67% | |
| Academy Mortgage Corporation Utah | 0.01% | 0.67% | |
| Fifth Third Bank | 0.01% | 2.00% | |
| PNC Bank | 0.01% | 0.67% | |
| University Lending Group | 0.02% | 2.00% | |
| Pulte Mortgage LLC | 0.02% | 1.33% | |
| Mortgage 1 Inc | 0.02% | 0.67% | |
| Independent Bank Michigan | 0.02% | 1.33% | |
| JPMorgan Chase Bank | 0.02% | 9.33% | |
| John Adams Mortgage Company | 0.03% | 3.33% | |
| Waterstone Mortgage Corporation | 0.03% | 0.67% | |
| Fairway Independent Mortgage Corporation | 0.03% | 1.33% | |
| Navy Federal Credit Union | 0.03% | 1.33% | |
| TBI Mortgage Company | 0.04% | 6.00% | |
| Huntington National Bank | 0.04% | 2.67% | |
| Guaranteed Rate | 0.06% | 5.33% | |
| GreenStone Farm Credit Services | 0.08% | 2.00% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Huntington National Bank | -0.03% | 5.04% | |
| Old National Bank | -0.03% | 16.81% | |
| Credit Union One | -0.02% | 2.52% | |
| Community Financial Credit Union | -0.02% | 2.52% | |
| KeyBank | -0.02% | 4.20% | |
| Guaranteed Rate | -0.01% | 1.68% | |
| Bank of America | -0.01% | 10.08% | |
| Fifth Third Bank | -0.01% | 0.84% | |
| PNC Bank | -0.01% | 9.24% | |
| University of Michigan Credit Union | -0.01% | 3.36% | |
| loanDepot | -0.00% | 0.84% | |
| John Adams Mortgage Company | -0.00% | 1.68% | |
| MSU Federal Credit Union | -0.00% | 0.84% | |
| Independent Bank Michigan | 0.00% | 5.04% | |
| US Bank | 0.00% | 0.84% | |
| Wells Fargo Bank | 0.01% | 5.04% | |
| Flagstar Bank | 0.01% | 0.84% | |
| Lake Michigan Credit Union | 0.01% | 6.72% | |
| County National Bank | 0.01% | 3.36% | |
| Quicken Loans | 0.03% | 5.04% | |
| JPMorgan Chase Bank | 0.04% | 8.40% | |
| GreenStone Farm Credit Services | 0.07% | 5.04% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Caliber Home Loans | -0.11% | 6.50% | |
| loanDepot | -0.11% | 12.20% | |
| Navy Federal Credit Union | -0.08% | 2.85% | |
| PennyMac Loan Services | -0.05% | 4.07% | |
| Mortgage 1 Inc | -0.02% | 6.50% | |
| Old National Bank | -0.02% | 0.81% | |
| Ross Mortgage Corporation | -0.02% | 0.81% | |
| Fifth Third Bank | -0.02% | 0.81% | |
| John Adams Mortgage Company | -0.01% | 0.81% | |
| Cardinal Financial Company | -0.00% | 0.81% | |
| PNC Bank | -0.00% | 0.81% | |
| Summit Funding Inc | -0.00% | 0.41% | |
| Member First Mortgage | -0.00% | 0.41% | |
| Guaranteed Rate | 0.00% | 0.41% | |
| Huntington National Bank | 0.00% | 4.47% | |
| Ruoff Mortgage | 0.00% | 0.41% | |
| Academy Mortgage Corporation Utah | 0.01% | 0.41% | |
| University Lending Group | 0.01% | 0.41% | |
| New American Funding | 0.01% | 0.41% | |
| TCF Bank | 0.01% | 2.03% | |
| Amerifirst Home Mortgage | 0.01% | 0.41% | |
| USAA | 0.01% | 3.25% | |
| Mr. Cooper | 0.03% | 2.03% | |
| Wells Fargo Bank | 0.03% | 0.41% | |
| Flagstar Bank | 0.04% | 6.10% | |
| Quicken Loans | 0.05% | 33.74% | |
| Carrington Mortgage Services | 0.05% | 2.44% | |
| Freedom Mortgage Corporation | 0.09% | 5.28% |
* Data is compiled for the Ann Arbor, MI commuting zone area, which comprises of counties of Hillsdale County, MI, Jackson County, MI, Lenawee County, MI, and Washtenaw County, MI. This includes cities/towns/communities of Ann Arbor, MI as well as Tecumseh, MI, Adrian, MI, Jackson, MI, Dexter, MI, Ypsilanti, MI, Saline, MI, Vandercook Lake, MI, Hillsdale, MI, Grass Lake, MI, Vineyard Lake, MI, Spring Arbor, MI, Chelsea, MI, Blissfield, MI, Napoleon, MI, Michigan Center, MI, Manchester, MI, Concord, MI, Whitmore Lake, MI, Onsted, MI, Milan, MI, Parma, MI, Cement City, MI, Manitou Beach-Devils Lake, MI, Britton, MI, Addison, MI, Springport, MI, Hudson, MI, Clayton, MI, Allen, MI, North Adams, MI, Morenci, MI, Waldron, MI, Jasper, MI, Camden, MI, and Litchfield, MI. Lenders must have made at least 30 loans in the area to be included. Source of the data is Federal Financial Institutions Examination Council (FFIEC). Rate Difference (the average difference of interest rates relative to those of other lenders) were computed by subtracting the rate at origination from the average predicted rate conditional on the commuting zone, borrower LTV, DTI, Loan Amount, Loan Type, and Loan Purpose, and then regularized based on a Bayesian approach to account for smaller sample sizes. Above-average mortgage closing costs were then added to the rate difference at a rate of +0.15/point. Star ratings were determined in intervals of 0.10% in rate difference per half star.
Mortgage Lender Rankings in Other Cities
This page contains information about the top mortgage lenders in the Ann Arbor, MI area. For mortgage lender rankings in other cities, click here.