Which mortgage lender in the Traverse City, 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 Traverse City, 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 Traverse City, MI area in terms of interest rate is TCF Bank, with an average “Rate Difference” of -0.13%. This means that, comparing similar borrowers, TCF Bank provided a -0.13% lower interest rate for its customers than other lenders in the area. TCF Bank has a market share of 6.0%. On the other hand, the most popular lender in the Traverse City, MI area is Quicken Loans, with a larger market share of 17.6%. However, Quicken Loans also tends to be an expensive lender in the area, with an average “Rate Difference” of +0.16% compared to those of other lenders. We recommend shopping around before going with this popular lender.
Our detailed ranking of mortgage lenders in the Traverse City, 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 Traverse City, MI is TCF 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 Huntington National Bank. If on the other hand, you want lower down payment or credit score requirements, the cheapest FHA mortgage provider is Lake Michigan Credit Union. The cheapest VA mortgage provider is TCF Bank. 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 Traverse City, MI
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| TCF Bank | -0.13% | 6.03% | |
| Huntington National Bank | -0.10% | 8.99% | |
| Lake Michigan Credit Union | -0.09% | 14.44% | |
| JPMorgan Chase Bank | -0.06% | 6.64% | |
| Fifth Third Bank | -0.06% | 7.72% | |
| mBank | -0.06% | 1.91% | |
| Bank of America | -0.06% | 1.48% | |
| Member First Mortgage | -0.02% | 1.26% | |
| PNC Bank | -0.02% | 1.41% | |
| MSU Federal Credit Union | -0.02% | 1.15% | |
| Wells Fargo Bank | 0.01% | 2.74% | |
| John Adams Mortgage Company | 0.01% | 2.92% | |
| loanDepot | 0.01% | 1.19% | |
| Union Home Mortgage | 0.02% | 2.53% | |
| Credit Union One | 0.03% | 2.85% | |
| Flagstar Bank | 0.04% | 1.12% | |
| GSF Mortgage Corporation | 0.04% | 1.12% | |
| Caliber Home Loans | 0.05% | 7.00% | |
| Independent Bank Michigan | 0.06% | 7.76% | |
| Amerifirst Home Mortgage | 0.10% | 2.13% | |
| Quicken Loans | 0.16% | 17.61% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Bank of America | -0.08% | 1.94% | |
| Huntington National Bank | -0.08% | 7.70% | |
| TCF Bank | -0.08% | 3.96% | |
| Lake Michigan Credit Union | -0.07% | 18.43% | |
| JPMorgan Chase Bank | -0.07% | 5.33% | |
| Fifth Third Bank | -0.06% | 7.70% | |
| PNC Bank | -0.03% | 1.51% | |
| Credit Union One | -0.02% | 1.22% | |
| Wells Fargo Bank | -0.01% | 3.10% | |
| MSU Federal Credit Union | -0.01% | 1.44% | |
| Member First Mortgage | -0.01% | 1.37% | |
| loanDepot | -0.00% | 0.14% | |
| John Adams Mortgage Company | 0.00% | 4.54% | |
| mBank | 0.00% | 1.51% | |
| Flagstar Bank | 0.03% | 1.51% | |
| Union Home Mortgage | 0.03% | 3.46% | |
| GSF Mortgage Corporation | 0.05% | 1.87% | |
| Independent Bank Michigan | 0.07% | 9.00% | |
| Caliber Home Loans | 0.08% | 10.08% | |
| Quicken Loans | 0.11% | 10.66% | |
| Amerifirst Home Mortgage | 0.12% | 3.53% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| TCF Bank | -0.16% | 8.10% | |
| Lake Michigan Credit Union | -0.13% | 10.42% | |
| mBank | -0.11% | 2.32% | |
| Huntington National Bank | -0.11% | 10.27% | |
| Fifth Third Bank | -0.07% | 7.74% | |
| JPMorgan Chase Bank | -0.06% | 7.96% | |
| Member First Mortgage | -0.04% | 1.16% | |
| MSU Federal Credit Union | -0.03% | 0.87% | |
| Caliber Home Loans | -0.01% | 3.91% | |
| PNC Bank | -0.01% | 1.30% | |
| Bank of America | -0.01% | 1.01% | |
| Union Home Mortgage | 0.00% | 1.59% | |
| GSF Mortgage Corporation | 0.01% | 0.36% | |
| loanDepot | 0.01% | 2.24% | |
| Wells Fargo Bank | 0.03% | 2.39% | |
| Amerifirst Home Mortgage | 0.04% | 0.72% | |
| Independent Bank Michigan | 0.04% | 6.51% | |
| Flagstar Bank | 0.04% | 0.72% | |
| Credit Union One | 0.05% | 4.49% | |
| John Adams Mortgage Company | 0.05% | 1.30% | |
| Quicken Loans | 0.18% | 24.60% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| TCF Bank | -0.15% | 6.11% | |
| Huntington National Bank | -0.10% | 9.30% | |
| Lake Michigan Credit Union | -0.09% | 15.03% | |
| Fifth Third Bank | -0.07% | 8.19% | |
| JPMorgan Chase Bank | -0.07% | 7.30% | |
| Bank of America | -0.07% | 1.40% | |
| mBank | -0.06% | 2.25% | |
| loanDepot | -0.03% | 0.89% | |
| Member First Mortgage | -0.02% | 1.27% | |
| MSU Federal Credit Union | -0.02% | 1.19% | |
| PNC Bank | -0.02% | 1.49% | |
| Wells Fargo Bank | 0.01% | 2.84% | |
| John Adams Mortgage Company | 0.01% | 3.06% | |
| Union Home Mortgage | 0.03% | 2.46% | |
| Credit Union One | 0.04% | 3.35% | |
| GSF Mortgage Corporation | 0.04% | 0.85% | |
| Flagstar Bank | 0.05% | 0.98% | |
| Amerifirst Home Mortgage | 0.06% | 1.49% | |
| Independent Bank Michigan | 0.06% | 8.53% | |
| Caliber Home Loans | 0.07% | 6.03% | |
| Quicken Loans | 0.21% | 16.00% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Bank of America | -0.10% | 1.90% | |
| TCF Bank | -0.08% | 3.89% | |
| Huntington National Bank | -0.08% | 7.77% | |
| JPMorgan Chase Bank | -0.07% | 5.87% | |
| Fifth Third Bank | -0.06% | 8.29% | |
| Lake Michigan Credit Union | -0.06% | 19.86% | |
| PNC Bank | -0.02% | 1.64% | |
| Wells Fargo Bank | -0.01% | 3.28% | |
| Credit Union One | -0.01% | 1.47% | |
| MSU Federal Credit Union | -0.01% | 1.55% | |
| Member First Mortgage | -0.00% | 1.30% | |
| loanDepot | 0.00% | 0.17% | |
| John Adams Mortgage Company | 0.00% | 4.66% | |
| mBank | 0.00% | 1.81% | |
| Union Home Mortgage | 0.05% | 3.11% | |
| Flagstar Bank | 0.05% | 1.30% | |
| GSF Mortgage Corporation | 0.05% | 1.38% | |
| Amerifirst Home Mortgage | 0.06% | 2.33% | |
| Independent Bank Michigan | 0.07% | 10.28% | |
| Caliber Home Loans | 0.11% | 8.29% | |
| Quicken Loans | 0.14% | 9.84% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| TCF Bank | -0.18% | 8.26% | |
| Lake Michigan Credit Union | -0.14% | 10.35% | |
| Huntington National Bank | -0.11% | 10.77% | |
| mBank | -0.11% | 2.67% | |
| Fifth Third Bank | -0.08% | 8.10% | |
| JPMorgan Chase Bank | -0.07% | 8.68% | |
| Member First Mortgage | -0.04% | 1.25% | |
| MSU Federal Credit Union | -0.03% | 0.83% | |
| loanDepot | -0.03% | 1.59% | |
| Caliber Home Loans | -0.01% | 3.84% | |
| PNC Bank | -0.01% | 1.34% | |
| Bank of America | -0.01% | 0.92% | |
| Union Home Mortgage | 0.00% | 1.84% | |
| GSF Mortgage Corporation | 0.01% | 0.33% | |
| Wells Fargo Bank | 0.03% | 2.42% | |
| Amerifirst Home Mortgage | 0.04% | 0.67% | |
| Independent Bank Michigan | 0.05% | 6.84% | |
| Flagstar Bank | 0.05% | 0.67% | |
| Credit Union One | 0.05% | 5.18% | |
| John Adams Mortgage Company | 0.05% | 1.50% | |
| Quicken Loans | 0.23% | 21.95% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Lake Michigan Credit Union | -0.12% | 7.80% | |
| Huntington National Bank | -0.09% | 7.34% | |
| TCF Bank | -0.06% | 3.21% | |
| Member First Mortgage | -0.02% | 0.92% | |
| Quicken Loans | -0.02% | 31.65% | |
| Fifth Third Bank | -0.01% | 3.67% | |
| Union Home Mortgage | -0.00% | 2.29% | |
| Flagstar Bank | -0.00% | 2.75% | |
| PNC Bank | -0.00% | 0.92% | |
| John Adams Mortgage Company | 0.01% | 2.75% | |
| Caliber Home Loans | 0.02% | 18.35% | |
| Independent Bank Michigan | 0.04% | 2.29% | |
| GSF Mortgage Corporation | 0.05% | 4.13% | |
| Wells Fargo Bank | 0.06% | 0.92% | |
| loanDepot | 0.08% | 2.75% | |
| Amerifirst Home Mortgage | 0.20% | 8.26% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Lake Michigan Credit Union | -0.14% | 11.19% | |
| Huntington National Bank | -0.11% | 8.39% | |
| TCF Bank | -0.08% | 4.20% | |
| Member First Mortgage | -0.03% | 1.40% | |
| Flagstar Bank | -0.02% | 2.80% | |
| Fifth Third Bank | -0.02% | 2.80% | |
| Quicken Loans | -0.01% | 15.38% | |
| Union Home Mortgage | -0.01% | 3.50% | |
| John Adams Mortgage Company | 0.00% | 4.20% | |
| Caliber Home Loans | 0.01% | 25.87% | |
| GSF Mortgage Corporation | 0.04% | 6.29% | |
| Independent Bank Michigan | 0.05% | 2.80% | |
| Amerifirst Home Mortgage | 0.21% | 11.19% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Huntington National Bank | -0.03% | 5.33% | |
| Quicken Loans | -0.02% | 62.67% | |
| Fifth Third Bank | 0.00% | 5.33% | |
| Lake Michigan Credit Union | 0.00% | 1.33% | |
| Caliber Home Loans | 0.00% | 4.00% | |
| Independent Bank Michigan | 0.01% | 1.33% | |
| TCF Bank | 0.01% | 1.33% | |
| PNC Bank | 0.01% | 2.67% | |
| Amerifirst Home Mortgage | 0.03% | 2.67% | |
| Flagstar Bank | 0.04% | 2.67% | |
| Wells Fargo Bank | 0.07% | 2.67% | |
| loanDepot | 0.09% | 8.00% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Huntington National Bank | -0.02% | 13.19% | |
| Bank of America | -0.01% | 8.79% | |
| PNC Bank | -0.01% | 2.20% | |
| Lake Michigan Credit Union | -0.00% | 24.18% | |
| Fifth Third Bank | -0.00% | 7.69% | |
| Quicken Loans | -0.00% | 3.30% | |
| MSU Federal Credit Union | -0.00% | 4.40% | |
| Flagstar Bank | -0.00% | 1.10% | |
| John Adams Mortgage Company | 0.01% | 1.10% | |
| Wells Fargo Bank | 0.01% | 4.40% | |
| Caliber Home Loans | 0.01% | 1.10% | |
| TCF Bank | 0.01% | 8.79% | |
| JPMorgan Chase Bank | 0.02% | 12.09% | |
| Independent Bank Michigan | 0.02% | 7.69% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Bank of America | -0.02% | 13.16% | |
| PNC Bank | -0.01% | 5.26% | |
| Fifth Third Bank | -0.01% | 7.89% | |
| Lake Michigan Credit Union | -0.00% | 21.05% | |
| MSU Federal Credit Union | -0.00% | 5.26% | |
| Flagstar Bank | -0.00% | 2.63% | |
| Quicken Loans | 0.00% | 2.63% | |
| Huntington National Bank | 0.00% | 10.53% | |
| John Adams Mortgage Company | 0.01% | 2.63% | |
| TCF Bank | 0.01% | 5.26% | |
| Wells Fargo Bank | 0.01% | 5.26% | |
| Independent Bank Michigan | 0.01% | 2.63% | |
| JPMorgan Chase Bank | 0.02% | 15.79% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Huntington National Bank | -0.03% | 15.09% | |
| Lake Michigan Credit Union | -0.01% | 26.42% | |
| Quicken Loans | -0.00% | 3.77% | |
| Bank of America | -0.00% | 5.66% | |
| Fifth Third Bank | 0.00% | 7.55% | |
| MSU Federal Credit Union | 0.00% | 3.77% | |
| Wells Fargo Bank | 0.01% | 3.77% | |
| Caliber Home Loans | 0.01% | 1.89% | |
| TCF Bank | 0.01% | 11.32% | |
| Independent Bank Michigan | 0.02% | 11.32% | |
| JPMorgan Chase Bank | 0.02% | 9.43% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| TCF Bank | -0.07% | 7.55% | |
| Lake Michigan Credit Union | -0.04% | 6.60% | |
| John Adams Mortgage Company | -0.03% | 1.89% | |
| Member First Mortgage | -0.03% | 2.83% | |
| Huntington National Bank | -0.03% | 1.89% | |
| GSF Mortgage Corporation | -0.03% | 1.89% | |
| Flagstar Bank | -0.02% | 0.94% | |
| Fifth Third Bank | -0.02% | 5.66% | |
| Union Home Mortgage | -0.02% | 6.60% | |
| Wells Fargo Bank | -0.02% | 2.83% | |
| JPMorgan Chase Bank | -0.02% | 0.94% | |
| Independent Bank Michigan | -0.01% | 1.89% | |
| Caliber Home Loans | 0.01% | 10.38% | |
| Quicken Loans | 0.02% | 36.79% | |
| Amerifirst Home Mortgage | 0.05% | 5.66% | |
| loanDepot | 0.06% | 5.66% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Member First Mortgage | -0.04% | 4.00% | |
| John Adams Mortgage Company | -0.04% | 4.00% | |
| TCF Bank | -0.04% | 4.00% | |
| Huntington National Bank | -0.03% | 2.00% | |
| Lake Michigan Credit Union | -0.03% | 4.00% | |
| Fifth Third Bank | -0.03% | 8.00% | |
| Flagstar Bank | -0.02% | 2.00% | |
| Union Home Mortgage | -0.02% | 14.00% | |
| Wells Fargo Bank | -0.02% | 6.00% | |
| GSF Mortgage Corporation | -0.02% | 2.00% | |
| Independent Bank Michigan | 0.00% | 2.00% | |
| Quicken Loans | 0.01% | 22.00% | |
| Caliber Home Loans | 0.03% | 14.00% | |
| Amerifirst Home Mortgage | 0.05% | 12.00% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| TCF Bank | -0.08% | 10.71% | |
| Lake Michigan Credit Union | -0.04% | 8.93% | |
| Caliber Home Loans | -0.04% | 7.14% | |
| GSF Mortgage Corporation | -0.04% | 1.79% | |
| Huntington National Bank | -0.02% | 1.79% | |
| Member First Mortgage | -0.02% | 1.79% | |
| Independent Bank Michigan | -0.02% | 1.79% | |
| JPMorgan Chase Bank | -0.01% | 1.79% | |
| Fifth Third Bank | -0.00% | 3.57% | |
| Quicken Loans | 0.02% | 50.00% | |
| loanDepot | 0.06% | 10.71% |
* Data is compiled for the Traverse City, MI commuting zone area, which comprises of counties of Antrim County, MI, Benzie County, MI, Grand Traverse County, MI, Kalkaska County, MI, and Leelanau County, MI. This includes cities/towns/communities of Traverse City, MI as well as Grawn, MI, Kingsley, MI, Interlochen, MI, Nessen City, MI, Suttons Bay, MI, Fife Lake, MI, Cedar, MI, Leland, MI, Bellaire, MI, Alden, MI, Elk Rapids, MI, Empire, MI, Northport, MI, Rapid City, MI, Lakes of the North, MI, Ellsworth, MI, Central Lake, MI, Kalkaska, MI, Beulah, MI, Manistee Lake, MI, South Boardman, MI, Crystal Mountain, MI, Alba, MI, Benzonia, MI, Frankfort, MI, and Bear Lake, 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 Traverse City, MI area. For mortgage lender rankings in other cities, click here.