Which mortgage lender in the Lansing, 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 Lansing, 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 Lansing, MI area in terms of interest rate is Financial Plus Credit Union, with an average “Rate Difference” of -0.35%. This means that, comparing similar borrowers, Financial Plus Credit Union provided a -0.35% lower interest rate for its customers than other lenders in the area. Financial Plus Credit Union has a market share of 0.9%. On the other hand, the most popular lender in the Lansing, MI area is Quicken Loans, with a larger market share of 13.3%. 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 Lansing, 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 Lansing, MI is Financial Plus Credit Union. 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 The State 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 Lansing, MI
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| The State Bank | -0.02% | 18.75% | |
| Bank of America | -0.01% | 8.33% | |
| Movement Mortgage | -0.00% | 2.08% | |
| MSU Federal Credit Union | -0.00% | 2.08% | |
| Fifth Third Bank | -0.00% | 6.25% | |
| PNC Bank | -0.00% | 14.58% | |
| Huntington National Bank | 0.00% | 6.25% | |
| Flagstar Bank | 0.00% | 2.08% | |
| Lake Michigan Credit Union | 0.00% | 8.33% | |
| John Adams Mortgage Company | 0.00% | 2.08% | |
| JPMorgan Chase Bank | 0.01% | 12.50% | |
| Independent Bank Michigan | 0.01% | 4.17% | |
| NewRez | 0.01% | 2.08% | |
| Wells Fargo Bank | 0.01% | 2.08% | |
| Dart Bank | 0.03% | 6.25% | |
| Plaza Home Mortgage | 0.03% | 2.08% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| PNC Bank | -0.02% | 10.53% | |
| The State Bank | -0.02% | 10.53% | |
| Bank of America | -0.01% | 15.79% | |
| Fifth Third Bank | -0.00% | 10.53% | |
| Movement Mortgage | -0.00% | 5.26% | |
| MSU Federal Credit Union | -0.00% | 5.26% | |
| Lake Michigan Credit Union | 0.00% | 5.26% | |
| JPMorgan Chase Bank | 0.00% | 5.26% | |
| Independent Bank Michigan | 0.01% | 5.26% | |
| NewRez | 0.01% | 5.26% | |
| Wells Fargo Bank | 0.01% | 5.26% | |
| Dart Bank | 0.02% | 10.53% | |
| Plaza Home Mortgage | 0.03% | 5.26% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| The State Bank | -0.02% | 24.14% | |
| Bank of America | -0.01% | 3.45% | |
| Huntington National Bank | 0.00% | 10.34% | |
| Fifth Third Bank | 0.00% | 3.45% | |
| Flagstar Bank | 0.00% | 3.45% | |
| Lake Michigan Credit Union | 0.00% | 10.34% | |
| John Adams Mortgage Company | 0.01% | 3.45% | |
| JPMorgan Chase Bank | 0.01% | 17.24% | |
| PNC Bank | 0.01% | 17.24% | |
| Independent Bank Michigan | 0.01% | 3.45% | |
| Dart Bank | 0.03% | 3.45% |
* Data is compiled for the Lansing, MI commuting zone area, which comprises of counties of Clinton County, MI, Eaton County, MI, Genesee County, MI, Ingham County, MI, and Shiawassee County, MI. This includes cities/towns/communities of Lansing, MI as well as Holt, MI, Okemos, MI, Burton, MI, Waverly, MI, Haslett, MI, Owosso, MI, Charlotte, MI, Fenton, MI, DeWitt, MI, Lake Fenton, MI, Flint, MI, Goodrich, MI, East Lansing, MI, Williamston, MI, Grand Ledge, MI, St. Johns, MI, Flushing, MI, Mason, MI, Wacousta, MI, Grand Blanc, MI, Laingsburg, MI, Linden, MI, Argentine, MI, Webberville, MI, Morrice, MI, Dansville, MI, New Lothrop, MI, Swartz Creek, MI, Gaines, MI, Eaton Rapids, MI, Davison, MI, Dimondale, MI, Bath, MI, Bancroft, MI, Lake Victoria, MI, East Lansing, MI, Bellevue, MI, Westphalia, MI, Leslie, MI, Durand, MI, Potterville, MI, Olivet, MI, Mulliken, MI, Byron, MI, Ovid, MI, Middletown, MI, Vermontville, MI, Ovid, MI, Lennon, MI, and Vernon, 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 Lansing, MI area. For mortgage lender rankings in other cities, click here.