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Metro Detroit • 31 mortgage lenders profiles
Portfolio Loans in Metro Detroit
Compare verified banks and credit unions that offer portfolio loans for unique properties and borrowers in Metro Detroit. Request a consultation.
5Featured pros
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 portfolio loan pros
Top Portfolio Loans Pros in Metro Detroit
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Midtown Home Mortgage
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Mino Lending Solutions
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Mortgage Book
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Before you hire
Portfolio Loans in Detroit: what to expect
A portfolio loan in Detroit is a mortgage the lender keeps on its own books instead of selling it to Fannie Mae, Freddie Mac or investors. Because the lender sets its own rules, portfolio loans help borrowers and properties that do not fit standard guidelines: self-employed borrowers, investors with many rentals, mixed-use buildings, condos that cannot get conventional financing, or homes that need work.
Community banks and credit unions around Metro Detroit, from Dearborn to Troy and Mount Clemens, are the most common portfolio lenders. Terms vary widely. Some are adjustable or have a balloon, and some carry prepayment penalties, so read the terms carefully.
Investors often compare portfolio loans with DSCR loans. Browse all Metro Detroit lenders.
What a good engagement includes
- Review of why your loan may not fit standard programs
- Explanation of the lender's own guidelines
- Appraisal and review of property condition
- Written disclosures or term sheet with all terms
- Clear explanation of any adjustment, balloon or prepayment terms
- Documentation list tailored to your income type
- Coordination with title and insurance at closing
What drives the fee
- Property type and condition
- Down payment and loan-to-value
- Credit, income documentation and reserves
- Adjustable, fixed or balloon structure
- Prepayment penalty terms
- Owner-occupied versus investment use
- Deposit relationship with the bank or credit union
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.
Owner-occupied portfolio loans still come with a Loan Estimate and ability-to-repay review. Loans for investment or business purposes may use a term sheet instead.
Verify: NMLS Consumer Access lookup DIFS: Mortgage brokers, lenders and servicers File a complaint with DIFS How We Vet
How to compare attorneys
- Ask local banks and credit unions whether they keep loans in portfolio.
- Compare terms on adjustment periods, caps and balloons.
- Ask about prepayment penalties before applying.
- Compare against a DSCR or conventional option for the same property.
- Check the lender through NMLS Consumer Access.
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Common questions
Portfolio Loans FAQ
A mortgage the lender keeps instead of selling, which lets it set its own underwriting rules.
Community banks and credit unions are the most common. Ask a loan officer directly whether a loan will be held in portfolio.
Property type and condition, down payment, credit, loan structure and prepayment terms. Rebuild Detroit does not quote rates.
Not always. Portfolio lenders can be more flexible on unusual income or property, but may ask for a larger down payment or a deposit relationship.
They can be, especially for mixed-use property or larger rental portfolios. Compare them with DSCR and commercial options.
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Compare Metro Detroit mortgage lenders and confirm credentials, scope and cost drivers before you hire.