Best Mortgage Lenders in Grand Rapids, Michigan

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Contributor, Benzinga
January 18, 2022

Benzinga has researched the top mortgage lenders to show you the best mortgage lenders in Grand Rapids, Michigan for buying a home or refinancing.

Best Mortgage Lenders in Grand Rapids

See also: Best Mortgage Lenders in Michigan

Nestled along the Grand River, Grand Rapids is known as “Furniture City”, “Beer City”, and “River City” and is the 2nd most populated city in Michigan. Home to 198,917 ethnically diverse residents, it has been one of the fastest-growing cities in the Midwest. Grand Rapids is a historic manufacturing city popular for its furniture and consumer goods manufacturing as well as information technology, aviation, and healthcare. 

Grand Rapids Real Estate Market

The median home value in Grand Rapids is $215,885. While just over half of the residents here are homeowners, renters make up 46.7% of the real estate market. The average rental in this market goes for $1,338 per month. Over the last 10 years, this city has seen an annual appreciation rate increase of 8.42%. Most of the homes here are older, built before 1940. They are mostly single-family mid-sized houses, with some apartment complexes as well. Many young professionals call Grand Rapids home, with jobs in the manufacturing and healthcare fields, as well as retail and education. Residents hold a mixture of white and blue-collar jobs.

Whitneyville/McCords
Eastmont
Northview
Lamont/Grand Valley
Cutlerville
Cornerstone U/Knapp St NE
Waybridge Dr SE/Grenelefe Dr SE
Kuyper College/3 Mile Rd NE
Michigan St NE/Maryland Ave NE

Nearby Communities

Ada
Belmont
Byron Center
Caledonia
East Grand Rapids
Hudsonville
Jenison
Kentwood
Rockford
Wyoming

Current Mortgage Rates in Michigan

The interest rate on your loan is referred to as your mortgage rate. This is primarily determined by your credit score, but your down payment, home location, mortgage type and mortgage term also play a role in determining your mortgage rate. 

Mortgage rate averages range from city to city but you can get a good idea of your expected rate by viewing your state’s average rates. Here’s a quick look at average mortgage rates for the most popular mortgage terms in Michigan.

Loan TypeRateAPR
30-year fixed N/A N/A
15-year fixed N/A N/A
7/1 ARM (adjustable rate) N/A N/A
5/1 ARM (adjustable rate) N/A N/A
Rates based on an average home price of $173,277 and a down payment of 20%.
See more mortgage rates on Zillow

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