Best Mortgage Lenders in Kalamazoo, 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 Kalamazoo, Michigan for buying a home or refinancing.

Best Mortgage Lenders in Kalamazoo, Michigan

Kalamazoo has been known as both “The Paper City” and “The Celery City”. It is a mid-sized city of 73,598 residents, located equidistant from Chicago and Detroit. It's the 16th largest city in Michigan and home to the popular outdoor Kalamazoo Mall. Gibson Guitars was founded in Kalamazoo, as well as Checker Cabs. However, Kalamazoo is largely known as a college town, home to Western Michigan University, Kalamazoo College, and Kalamazoo Valley Community College. 

Notable companies in the area include Stryker, Pfizer and Nxtwall.

Kalamazoo Real Estate Market. 

The median home value in Kalamazoo is currently $163,674. The average annual appreciation rate has increased in this market by 5.3% over the last 10 years. Being a popular college town, renters make up almost 60% of the real estate market here. The average market rental price is $1,170. 

Homes in this market are mostly small to mid-sized (2-3 Bedroom) single-family homes and apartments built between 1940 and 1970. Many residents of Kalamazoo are either currently enrolled in college or are recent graduates. Young professionals and service providers with a range of blue and white-collar jobs make up the Kalamazoo workforce.  

Texas Corners
Dougherty’s Corners
East Cooper

Nearby Communities

Battle Creek
Paw Paw

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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