Ashtabula VA Loan Rates, Closing Costs & Stats

Ashtabula, OH

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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.

    Ashtabula's 27 lenders originated 87 VA loans during 2023. The total origination value was $19,525,000, with an average VA loan value of $224,425.

    Ashtabula VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Ashtabula averaged 6.79% for the week of 2024-11-08, compared to the national average (all VA variants) of 6.34% for the same period.

    Ashtabula's average VA mortgage closing costs are $4,721.

    The average rate for the prior week (2024-11-01) was 6.85% and one month ago for the week of 2024-10-04, the average rate was 5.97%.

    The average rate one year ago was 7.93%.

    For refis of the same type during the week of 2024-11-08, the average rate was 7.6%.

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

    Ashtabula 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 Ashtabula level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 32 6.89% $5,413
    CROSSCOUNTRY MORTGAGE, LLC 8 6.91% $4,947
    NAVY FEDERAL CREDIT UNION 4 5.56% $3,151
    BROKER SOLUTIONS, INC. 3 6.66% $10,057
    QUICKEN LOANS, LLC 3 6.25% $7,585
    UNITED WHOLESALE MORTGAGE, LLC 3 6.33% $9,673
    NEW DAY FINANCIAL, LLC 3 7.83% $7,512
    Ixonia Bank 2 7.25% $13,081
    PENNYMAC LOAN SERVICES, LLC 2 5.94% $5,384
    Princeton Mortgage Corporation 2 7.81% $6,479
    UNION HOME MORTGAGE CORP. 2 7.19% $6,507
    USAA Federal Savings Bank 2 6.25% $4,498
    VILLAGE CAPITAL MORTGAGE 2 5.76% $2,495
    HOWARD HANNA FINANCIAL SERVICES, INC. 2 6.13% $6,116
    WEST PENN FINANCIAL SERVICE CENTER, INC. 1 7.25% $16,780
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.75% $1,469
    FREEDOM MORTGAGE CORPORATION 1 6.75% $5,655
    Gateway First Bank 1 5.63% $9,267
    GSF Mortgage Corporation 1 7.13% $18,798
    JPMorgan Chase Bank 1 6.63% $7,768
    LIBERTY HOME MORTGAGE CORPORATION 1 7.25% $625
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 8.00% $768
    Mr. Cooper ( Nationstar Mortgage ) 1 6.13% $15,952
    POLARIS HOME FUNDING CORP. 1 6.25% $14,456
    The Huntington National Bank 1 6.38% $11,856
    Wells Fargo Bank 1 5.75% $8,790
    Barrington Bank & Trust Company, N.A. 1 5.75% $9,648

    The top Ashtabula VA lender as defined by loan originations is Mortgage Research Center, LLC, with 32 VA loans originated. Their average total fees are $5,413, which is $466 higher than the next largest lender, CROSSCOUNTRY MORTGAGE, LLC.

    The lowest fee Ashtabula VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($5,413), .

    The lowest rate Ashtabula VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC (6.89%), .

    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.