Albany VA Loan Rates, Closing Costs & Stats

ALBANY, GA

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    • A VA loan is a mortgage loan that’s backed by the Department of Veterans Affairs (VA) for those who have served or are presently serving in the U.S. military. The VA does not directly lend, it guarantees the loans made by private lenders to veterans, active military personnel, and qualifying military spouses.

    The most obvious benefit of VA loans is that no downpayment is necessary to purchase a home. They will also typically have significantly lower fees-- meaning that if you're eligible to receive a VA loan, it will likely be the most favorable option. VA loans come in 3 varities: purchase, refinance and cash out refis.

    For additional benefits of VA loans, click here.

    Albany's 40 lenders originated 238 VA loans during 2023. The total origination value was $58,870,000, with an average VA loan value of $247,353.

    Albany VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Albany averaged 6.44% for the week of 2024-11-08, compared to the national average (all VA variants) of 6.34% for the same period.

    Albany's average VA mortgage closing costs are $4,398.

    The average rate for the prior week (2024-11-01) was 6.7% and one month ago for the week of 2024-10-04, the average rate was 5.73%.

    The average rate one year ago was 7.48%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.44%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Albany VA Loan Lenders by Rates & Fees

    The below table looks at the average fees/closing costs and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Albany level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 79 6.95% $3,746
    QUICKEN LOANS, LLC 18 6.08% $11,382
    NAVY FEDERAL CREDIT UNION 17 5.72% $3,643
    Flagstar Bank, FSB 9 6.82% $1,957
    USAA Federal Savings Bank 8 6.11% $7,939
    BROKER SOLUTIONS, INC. 7 6.39% $10,610
    Colony Bank 6 6.31% $7,675
    MORTGAGE SOLUTIONS OF COLORADO, LLC 6 7.29% $1,069
    Renasant Bank 6 6.58% $2,096
    UNITED WHOLESALE MORTGAGE, LLC 5 6.55% $4,405
    NEW DAY FINANCIAL, LLC 5 7.95% $9,546
    Barrington Bank & Trust Company, N.A. 5 6.60% $5,877
    PENNYMAC LOAN SERVICES, LLC 4 5.44% $7,020
    NEWREZ LLC 4 6.31% $13,707
    Wells Fargo Bank 3 6.00% $8,803
    FREEDOM MORTGAGE CORPORATION 3 6.37% $12,297
    Mr. Cooper ( Nationstar Mortgage ) 3 6.21% $13,859
    The Federal Savings Bank 3 6.42% $14,523
    VILLAGE CAPITAL MORTGAGE 3 7.08% $6,472
    Truist 2 5.50% $2,794
    Equity Prime Mortgage LLC 2 7.75% $2,395
    Synovus Bank 2 6.94% $7,597
    Ameris Bank 2 6.88% $4,523
    LOANDEPOT.COM, LLC 2 6.37% $11,387
    CityWorth Mortgage LLC 1 6.50% $18,124
    CARDINAL FINANCIAL 1 7.75% $3,704
    PENTAGON FEDERAL CREDIT UNION 1 5.50% $8,543
    Bell Bank 1 6.25% $4,038
    BancorpSouth 1 6.38% $3,667
    ROYAL UNITED MORTGAGE LLC 1 6.13% $13,502
    Shamrock Home Loans, Inc. 1 6.75% $4,928
    AMERISAVE MORTGAGE CORPORATION 1 5.00% $25,788
    Armed Forces Bank 1 6.50% $6,516
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.88% $18,797
    HOMESIDE FINANCIAL, LLC 1 6.75% $11,361
    HOMESTAR FINANCIAL CORPORATION 1 7.25% $1,285
    GUARANTEED RATE, INC. 1 6.75% $650
    EVERETT FINANCIAL, INC. 1 7.63% $4,979
    M&T Bank 1 6.50% $6,102
    EMM LOANS LLC 1 5.25% $10,141

    The top Albany VA lender as defined by loan originations is Mortgage Research Center, LLC, with 79 VA loans originated. Their average total fees are $3,746, which is $7,635 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Albany VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION ($3,643), Mortgage Research Center, LLC ($3,746), QUICKEN LOANS, LLC ($11,382), .

    The lowest rate Albany VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION (5.72%), QUICKEN LOANS, LLC (6.08%), Mortgage Research Center, LLC (6.95%), .

    VA Loan Features

  • No down payment required
  • Negotiable and competitive interest rate.
  • Ability to finance the VA funding fee (plus reduced funding fees with a down payment of at least 5 percent and exemption for veterans receiving VA compensation).
  • VA rules limit the amount you can be charged for closing costs.
  • Closing costs are comparable with other financing types (and may be lower).
  • Closing costs may be paid by the seller.
  • No private mortgage insurance premiums are required.
  • An assumable mortgage.
  • Right to prepay your mortgage without penalty.
  • For homes inspected by VA during construction, a warranty from builder and assistance from VA to obtain cooperation of builder.
  • VA assistance to veteran borrowers in default due to temporary financial difficulty.