Albemarle VA Loan Rates, Closing Costs & Stats

Albemarle, NC

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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.

    Albemarle's 34 lenders originated 112 VA loans during 2023. The total origination value was $32,730,000, with an average VA loan value of $292,232.

    Albemarle VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Albemarle averaged 6.43% for the week of 2024-11-08, compared to the national average (all VA variants) of 6.34% for the same period.

    Albemarle's average VA mortgage closing costs are $5,706.

    The average rate for the prior week (2024-11-01) was 6.39% and one month ago for the week of 2024-10-04, the average rate was 5.41%.

    The average rate one year ago was 6.97%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.34%.

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

    Albemarle 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 Albemarle level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 19 6.62% $6,709
    MOVEMENT MORTGAGE, LLC 13 6.43% $7,015
    DHI MORTGAGE COMPANY, LTD. 8 5.63% $3,775
    QUICKEN LOANS, LLC 8 6.09% $10,299
    UNITED WHOLESALE MORTGAGE, LLC 6 6.37% $9,214
    NAVY FEDERAL CREDIT UNION 5 6.13% $6,530
    PENNYMAC LOAN SERVICES, LLC 4 5.19% $9,208
    LOANDEPOT.COM, LLC 4 5.44% $10,609
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 6.38% $5,721
    Wells Fargo Bank 3 5.79% $6,372
    CROSSCOUNTRY MORTGAGE, LLC 3 6.69% $6,749
    NEW DAY FINANCIAL, LLC 3 7.58% $15,287
    CORNERSTONE HOME LENDING, INC. 2 6.25% $6,539
    Ameris Bank 2 6.19% $7,610
    American Security Mortgage Corp. 2 6.31% $8,715
    Mid-Continent Funding, Inc. 1 6.50% $5,898
    Citizens Bank 1 6.75% $4,047
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.25% $135
    CARDINAL FINANCIAL 1 7.25% $5,931
    MUTUAL OF OMAHA MORTGAGE, INC. 1 5.75% $7,405
    Barrington Bank & Trust Company, N.A. 1 6.25% $7,200
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 1 6.75% $7,233
    Pinnacle Bank 1 6.50% $4,828
    Prosperity Home Mortgage, LLC 1 6.13% $14,006
    RAPID MORTGAGE COMPANY 1 6.63% $9,514
    Regions Bank 1 6.25% $7,345
    SeaTrust Mortgage Company 1 6.12% $4,994
    Truist 1 5.70% $11,284
    AMERISAVE MORTGAGE CORPORATION 1 5.75% $17,829
    USAA Federal Savings Bank 1 5.63% $15,723
    FREEDOM MORTGAGE CORPORATION 1 6.75% $16,156
    Equity Prime Mortgage LLC 1 7.25% $27,106
    GUARANTEED RATE AFFINITY, LLC 1 6.25% $4,577
    Magnolia Bank 1 5.50% $15,075

    The top Albemarle VA lender as defined by loan originations is Mortgage Research Center, LLC, with 19 VA loans originated. Their average total fees are $6,709, which is $307 lower than the next largest lender, MOVEMENT MORTGAGE, LLC.

    The lowest fee Albemarle VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($6,709), MOVEMENT MORTGAGE, LLC ($7,015), .

    The lowest rate Albemarle VA lenders (with over 10 loans originated) are MOVEMENT MORTGAGE, LLC (6.43%), Mortgage Research Center, LLC (6.62%), .

    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.