Alexander City VA Loan Rates, Closing Costs & Stats

Alexander City, AL

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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.

    Alexander City's 28 lenders originated 88 VA loans during 2023. The total origination value was $25,990,000, with an average VA loan value of $295,341.

    Alexander City VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Alexander City averaged 7.13% for the week of 2024-04-19, compared to the national average (all VA variants) of 6.758% for the same period.

    Alexander City's average VA mortgage closing costs are $4,888.

    The average rate for the prior week (2024-04-12) was 6.96% and one month ago for the week of 2024-03-15, the average rate was 6.93%.

    The average rate one year ago was 6.22%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.56%.

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

    Alexander City 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 Alexander City level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 16 6.20% $6,148
    Mortgage Research Center, LLC 10 7.21% $3,342
    NEW DAY FINANCIAL, LLC 6 7.89% $11,231
    PENNYMAC LOAN SERVICES, LLC 5 5.52% $4,362
    QUICKEN LOANS, LLC 4 5.62% $10,761
    MOVEMENT MORTGAGE, LLC 4 6.44% $3,125
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 6.53% $8,084
    Renasant Bank 4 6.25% $6,024
    FREEDOM MORTGAGE CORPORATION 4 6.63% $10,437
    NAVY FEDERAL CREDIT UNION 3 5.67% $3,857
    GMFS LLC 3 6.50% $633
    CROSSCOUNTRY MORTGAGE, LLC 2 6.50% $7,053
    LOANDEPOT.COM, LLC 2 5.50% $17,594
    Trustmark National Bank 1 5.75% $0
    AMERICAN FINANCIAL RESOURCES, INC. 1 7.25% $2,948
    VILLAGE CAPITAL MORTGAGE 1 5.75% $7,730
    Ameris Bank 1 6.75% $3,636
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.63% $1,631
    Assurance Financial Group, L.L.C. 1 7.63% $6,869
    Bank Independent 1 6.25% $18,721
    BAY EQUITY LLC 1 6.75% $4,653
    CARDINAL FINANCIAL 1 5.63% $6,571
    Carrington Mortgage Services, LLC 1 5.50% $7,588
    Equity Prime Mortgage LLC 1 8.25% $654
    FirstBank 1 6.75% $12,229
    GUILD MORTGAGE COMPANY 1 6.63% $9,475
    PNC Bank 1 6.25% $3,625
    TJC Mortgage, Inc. 1 7.13% $5,716

    The top Alexander City VA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 16 VA loans originated. Their average total fees are $6,148, which is $2,807 higher than the next largest lender, Mortgage Research Center, LLC.

    The lowest fee Alexander City VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($3,342), UNITED WHOLESALE MORTGAGE, LLC ($6,148), .

    The lowest rate Alexander City VA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.20%), Mortgage Research Center, LLC (7.21%), .

    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.