Largest lenders in Iron County
| # | Lender | Grade | Applications | Originated | Denial rate | Median rate |
|---|---|---|---|---|---|---|
| 1 | Covantage Credit Union | B | 233 | 179 | 10.3% | 6.75% |
| 2 | Flagstar Bank | C | 41 | 18 | 17.1% | 6.56% |
| 3 | Rocket Mortgage | C | 30 | 18 | 26.7% | 6.19% |
| 4 | United Shore Financial Services | B | 13 | 9 | 7.7% | 6.63% |
| 5 | New Day Financial | F | 11 | 1 | 45.5% | 6.49% |
| 6 | Mortgage Research Center | C | 11 | 3 | 36.4% | 5.99% |
| 7 | IncredibleBank | C | 8 | 6 | 12.5% | 7.13% |
| 8 | Broker Solutions | D | 8 | 1 | 25.0% | 7.00% |
| 9 | Nicolet National Bank | A | 7 | 7 | 0.0% | 6.88% |
| 10 | Loandepot.Com | D | 6 | 1 | 66.7% | 5.88% |
| 11 | Crosscountry Mortgage | B | 5 | 0 | 20.0% | — |
Best approval odds in Iron County
Lowest decision denial rate among lenders that decided at least 50 applications here in 2025.
| # | Lender | Decided | Decision denial rate |
|---|---|---|---|
| 1 | Covantage Credit Union | 210 | 11.4% |
What Iron County borrowers applied for
By loan purpose
By loan type
Why applications were denied
Iron County by year
| Year | Applications | Originated | Denial rate | Median rate | Median loan |
|---|---|---|---|---|---|
| 2023 | 391 | 259 | 12.8% | 7.25% | $65,000 |
| 2024 | 420 | 279 | 15.2% | 7.49% | $65,000 |
| 2025 | 483 | 299 | 15.1% | 6.63% | $95,000 |
Frequently asked questions
15.1% of applications in Iron County were denied in 2025, against 18.5% statewide in Michigan.
Covantage Credit Union, with 233 applications in 2025 and a denial rate of 10.3%.
The median mortgage application in Iron County in 2025 was for $95,000; the median property value on originated loans was $135,000.