Auburn VA Loan Rates, Closing Costs & Stats

AUBURN-OPELIKA, AL

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets

    • 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.

    Auburn's 67 lenders originated 509 VA loans during 2023. The total origination value was $160,045,000, with an average VA loan value of $314,430.

    Auburn VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Auburn averaged 6.57% for the week of 2024-11-08, compared to the national average (all VA variants) of 6.34% for the same period.

    Auburn's average VA mortgage closing costs are $5,767.

    The average rate for the prior week (2024-11-01) was 6.62% and one month ago for the week of 2024-10-04, the average rate was 5.65%.

    The average rate one year ago was 7.21%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.82%.

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

    Auburn 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 Auburn level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 62 6.71% $6,225
    CMG MORTGAGE, INC. 34 6.70% $9,902
    UNITED WHOLESALE MORTGAGE, LLC 27 6.44% $7,340
    Trustmark National Bank 26 5.98% $8,542
    NAVY FEDERAL CREDIT UNION 22 6.08% $6,096
    Renasant Bank 18 6.18% $9,339
    CANOPY MORTGAGE, LLC 18 6.74% $12,929
    QUICKEN LOANS, LLC 18 5.96% $9,876
    CROSSCOUNTRY MORTGAGE, LLC 17 6.51% $7,465
    MOVEMENT MORTGAGE, LLC 17 6.46% $7,347
    GUILD MORTGAGE COMPANY 16 6.38% $7,515
    NEW DAY FINANCIAL, LLC 15 7.51% $11,557
    Northpointe Bank 13 6.28% $8,780
    FREEDOM MORTGAGE CORPORATION 11 6.82% $14,920
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 10 5.98% $10,307
    GUARANTEED RATE, INC. 9 6.16% $5,286
    PENNYMAC LOAN SERVICES, LLC 9 5.67% $6,028
    HOMESTAR FINANCIAL CORPORATION 9 6.00% $7,360
    LOANDEPOT.COM, LLC 8 6.20% $10,827
    NEWREZ LLC 7 6.45% $5,080
    The Federal Savings Bank 7 6.36% $13,740
    EVERETT FINANCIAL, INC. 7 6.80% $6,738
    BROKER SOLUTIONS, INC. 7 6.42% $8,014
    Keystone Funding, Inc. 6 6.04% $9,854
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 6 6.75% $5,671
    VANDERBILT MORTGAGE AND FINANCE, INC. 6 6.46% $4,390
    MORTGAGE SOLUTIONS OF COLORADO, LLC 5 7.75% $2,834
    PENTAGON FEDERAL CREDIT UNION 5 5.63% $6,469
    Ameris Bank 5 6.08% $7,571
    USAA Federal Savings Bank 5 6.08% $7,018
    TJC Mortgage, Inc. 4 6.78% $8,235
    Synovus Bank 4 6.78% $4,591
    VILLAGE CAPITAL MORTGAGE 3 6.08% $14,856
    Plains Commerce Bank 3 6.46% $11,426
    RUOFF MORTGAGE COMPANY, INC. 3 7.25% $7,622
    South State Bank 3 5.79% $7,879
    Flagstar Bank, FSB 3 6.00% $5,457
    GMFS LLC 3 6.87% $3,799
    EMM LOANS LLC 3 6.29% $15,317
    AMERISAVE MORTGAGE CORPORATION 3 5.92% $12,234
    Mr. Cooper ( Nationstar Mortgage ) 2 5.69% $9,396
    Magnolia Bank 2 6.00% $11,461
    SOUTHEAST MORTGAGE OF GEORGIA, INC. 2 5.81% $6,076
    PLANET HOME LENDING, LLC 2 5.50% $11,227
    The Central Trust Bank 1 5.63% $2,733
    BancorpSouth 1 7.50% $2,602
    Bank of England 1 6.25% $8,473
    Barrington Bank & Trust Company, N.A. 1 7.25% $6,791
    BAYSHORE MORTGAGE FUNDING, LLC 1 7.25% $12,146
    Bell Bank 1 6.63% $6,472
    Capital City Home Loans, LLC 1 6.50% $3,613
    CARDINAL FINANCIAL 1 6.25% $11,894
    ENVOY MORTGAGE, LTD 1 5.75% $9,936
    First Federal Bank 1 6.63% $0
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 6.13% $37,761
    Mid-Continent Funding, Inc. 1 6.63% $13,962
    NBKC BANK 1 5.50% $2,602
    NORWICH COMMERCIAL GROUP, INC. 1 6.13% $2,337
    OPEN MORTGAGE, LLC 1 5.75% $3,890
    PHH Mortgage Corporation 1 6.63% $2,935
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 5.75% $7,955
    Regions Bank 1 7.13% $14,228
    RELIANCE FIRST CAPITAL, LLC 1 6.88% $15,514
    STOCKTON MORTGAGE CORPORATION 1 6.63% $8,102
    SUN WEST MORTGAGE COMPANY, INC. 1 6.63% $6,878
    American Mortgage & Equity Consultants, Inc. 1 7.75% $16,009
    Truist 1 6.50% $2,942

    The top Auburn VA lender as defined by loan originations is Mortgage Research Center, LLC, with 62 VA loans originated. Their average total fees are $6,225, which is $3,677 lower than the next largest lender, CMG MORTGAGE, INC..

    The lowest fee Auburn VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION ($6,096), Mortgage Research Center, LLC ($6,225), UNITED WHOLESALE MORTGAGE, LLC ($7,340), MOVEMENT MORTGAGE, LLC ($7,347) and CROSSCOUNTRY MORTGAGE, LLC ($7,465).

    The lowest rate Auburn VA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (5.96%), ARK-LA-TEX FINANCIAL SERVICES, LLC. (5.98%), Trustmark National Bank (5.98%), NAVY FEDERAL CREDIT UNION (6.08%) and Renasant Bank (6.18%).

    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.