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Metro Detroit • 31 mortgage lenders profiles
Conventional Mortgage in Metro Detroit
Compare verified mortgage lenders for conventional home loans in Metro Detroit. Request a consultation, get pre-approved, and compare Loan Estimates.
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31Mortgage Lenders profiles
6Metro counties
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Featured conventional mortgage pros
Top Conventional Mortgage Pros in Metro Detroit
Featured spots are paid placements shown first. The Verified badge records dated checks; other listed businesses have not been verified yet. Confirm current licensing, insurance and written scope with each provider.
Midtown Home Mortgage
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Mino Lending Solutions
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Before you hire
Conventional Mortgage in Detroit: what to expect
A conventional mortgage in Detroit is a home loan not insured or guaranteed by a government agency. Most are conforming loans that follow Fannie Mae or Freddie Mac guidelines and stay under the conforming loan limit set each year by the FHFA. They are the most common choice for buyers in suburbs like Livonia, Novi, Sterling Heights and Grosse Pointe, and for many city purchases too.
Conventional loans work for primary homes, second homes and rentals. With a smaller down payment you will usually pay private mortgage insurance, which can be removed later as you build equity. Borrowers with strong credit often find conventional loans compare well with FHA loans, while buyers with thinner credit may find FHA more flexible.
Conventional appraisals are generally less strict about property condition than FHA or VA, which helps with some older Detroit homes. Start with a pre-approval and compare Metro Detroit mortgage lenders.
What a good engagement includes
- Review of income, assets, credit and debts
- Pre-approval letter based on verified documents
- A Loan Estimate within three business days of your application
- Appraisal ordered through the lender
- Clear explanation of private mortgage insurance and removal
- Rate lock options and expiration dates in writing
- A Closing Disclosure at least three business days before closing
What drives the fee
- Credit score
- Down payment size and loan-to-value
- Debt-to-income ratio
- Loan term and fixed or adjustable rate
- Points paid to buy down the rate
- Occupancy and property type (condo, two to four units)
- Private mortgage insurance with a smaller down payment
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.
For a home purchase or refinance, the lender must send a Loan Estimate within three business days of your application and a Closing Disclosure at least three business days before closing.
Verify: NMLS Consumer Access lookup DIFS: Mortgage brokers, lenders and servicers File a complaint with DIFS How We Vet
How to compare attorneys
- Get Loan Estimates from three lenders on the same down payment and term.
- Compare rate, points, lender charges and mortgage insurance.
- Ask how and when private mortgage insurance can be removed.
- Check each loan officer on NMLS Consumer Access.
- Ask about lock length and whether the lender closes on your timeline.
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Common questions
Conventional Mortgage in Detroit: FAQ
Request consultations from a bank or credit union, a mortgage company and a broker, verify each on NMLS Consumer Access, and compare Loan Estimates for identical terms.
Credit score, down payment, debt-to-income, loan term, points, occupancy and property type. Rebuild Detroit does not quote rates.
It depends on your credit, down payment and the home's condition. Ask a lender to price both so you can compare the monthly payment and total costs.
Usually only with a larger down payment. With less down, mortgage insurance applies but can typically be removed later as your equity grows.
Get conventional mortgage consultations from local pros
Compare Metro Detroit mortgage lenders and confirm credentials, scope and cost drivers before you hire.