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Metro Detroit • 31 mortgage lenders profiles
Home Equity Loan in Metro Detroit
Compare verified lenders for a fixed home equity loan on your Metro Detroit home. Request a consultation and compare Loan Estimates before you borrow.
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31Mortgage Lenders profiles
6Metro counties
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Rebuild Detroit is not a lender or mortgage broker, does not make credit decisions or quote rates, and information here is general, not financial advice.
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Featured home equity loan pros
Top Home Equity Loan Pros in Metro Detroit
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Before you hire
Home Equity Loan in Detroit: what to expect
A home equity loan in Detroit is a second mortgage that pays you one lump sum, repaid over a set term, usually at a fixed rate. Homeowners in Livonia, St. Clair Shores, Southfield and across Detroit use them for a single known expense: a roof, a foundation repair, a new furnace, or consolidating higher-cost debt.
Your first mortgage stays in place, which matters if it carries a low rate. The lender looks at your combined loan-to-value (first mortgage plus the new loan against the home's value), your credit and your income. Because the home secures the loan, missing payments can put the house at risk, so borrow for a clear purpose.
If you expect costs to come in stages, a HELOC may fit better. If you want to replace your first mortgage too, compare a cash out refinance. See all Metro Detroit lenders.
What a good engagement includes
- Review of your home value, existing mortgage and equity
- Valuation by appraisal or another lender-approved method
- A Loan Estimate within three business days of your application
- Income, credit and debt review for underwriting
- Title search and lien position confirmed
- A Closing Disclosure at least three business days before closing
- A three business day right to cancel on your primary home
What drives the fee
- Combined loan-to-value after the new loan
- Credit score and debt-to-income ratio
- Loan amount and repayment term
- Second lien position, which lenders price for risk
- Points or origination charges
- Appraisal, title and recording charges
- Whether the lender offers a relationship discount
Rebuild Detroit does not publish fees. Ask each attorney to explain the fee basis in writing and compare.
Licensing and disclosures in Michigan
Michigan licenses mortgage brokers, lenders and servicers through DIFS (the Department of Insurance and Financial Services), and individual mortgage loan originators need their own license unless an exemption applies. Banks and credit unions are exempt from the state company license, and their loan officers are registered in NMLS instead. Either way, the NMLS ID must appear on applications and ads: look it up on NMLS Consumer Access.
A closed-end home equity loan comes with a Loan Estimate and Closing Disclosure. On your primary home you generally have three business days after signing to cancel in writing.
Verify: NMLS Consumer Access lookup DIFS: Mortgage brokers, lenders and servicers File a complaint with DIFS How We Vet
How to compare attorneys
- Request Loan Estimates from three lenders for the same amount and term.
- Compare the rate, points and closing costs, not just the payment.
- Compare the total cost against a HELOC and a cash out refinance.
- Ask about any prepayment penalty.
- Check each lender on NMLS Consumer Access.
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Common questions
Home Equity Loan FAQ
Lenders cap your combined loan-to-value, and the limit varies by lender and credit. A lender can calculate it after valuing your home.
Combined loan-to-value, credit score, debt-to-income, term and points. Rebuild Detroit does not quote rates; compare written Loan Estimates.
Yes. It is a second lien behind your first mortgage, paid out as a lump sum with a set repayment schedule.
Start with your bank or credit union, add two other lenders, verify each on NMLS Consumer Access, and compare Loan Estimates.
Get home equity loan consultations from local pros
Compare Metro Detroit mortgage lenders and confirm credentials, scope and cost drivers before you hire.