Battle Creek VA Loan Rates, Closing Costs & Stats

BATTLE CREEK, MI

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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.

    Battle Creek's 37 lenders originated 176 VA loans during 2023. The total origination value was $41,060,000, with an average VA loan value of $233,295.

    Battle Creek VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Battle Creek averaged 6.56% for the week of 2024-11-08, compared to the national average (all VA variants) of 6.34% for the same period.

    Battle Creek's average VA mortgage closing costs are $4,415.

    The average rate for the prior week (2024-11-01) was 6.52% and one month ago for the week of 2024-10-04, the average rate was 5.95%.

    The average rate one year ago was 7.7%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.7%.

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

    Battle Creek 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 Battle Creek level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 56 6.77% $6,209
    UNITED WHOLESALE MORTGAGE, LLC 14 6.84% $4,174
    NAVY FEDERAL CREDIT UNION 9 5.89% $3,667
    QUICKEN LOANS, LLC 9 6.12% $8,423
    NEW DAY FINANCIAL, LLC 8 7.23% $9,951
    FREEDOM MORTGAGE CORPORATION 7 6.45% $13,511
    UNION HOME MORTGAGE CORP. 6 6.65% $5,424
    Flagstar Bank, FSB 6 7.00% $5,003
    PENNYMAC LOAN SERVICES, LLC 4 5.94% $6,801
    GVC MORTGAGE, INC. 4 6.91% $4,997
    LOANDEPOT.COM, LLC 4 5.91% $7,751
    USAA Federal Savings Bank 3 5.58% $10,034
    CONTOUR MORTGAGE CORPORATION 3 6.54% $10,572
    GUARANTEED RATE, INC. 3 5.83% $1,255
    The Huntington National Bank 3 6.79% $1,996
    SUCCESS MORTGAGE PARTNERS, INC. 2 6.81% $5,604
    LAKE MICHIGAN CREDIT UNION 2 6.31% $4,969
    MEMBER FIRST MORTGAGE, LLC 2 6.50% $12,343
    Northpointe Bank 2 6.25% $4,407
    AMERISAVE MORTGAGE CORPORATION 2 7.25% $7,225
    CARDINAL FINANCIAL 2 5.75% $11,658
    SUMMIT HOME MORTGAGE, LLC 2 7.25% $3,503
    VILLAGE CAPITAL MORTGAGE 1 6.00% $4,175
    BNC National Bank 1 5.63% $9,395
    CHURCHILL MORTGAGE CORPORATION 1 7.25% $8,051
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 6.99% $7,606
    GUILD MORTGAGE COMPANY 1 6.13% $11,240
    JPMorgan Chase Bank 1 6.50% $14,831
    MORTGAGE 1 INCORPORATED 1 6.13% $0
    Mr. Cooper ( Nationstar Mortgage ) 1 5.75% $18,413
    Neighborhood Loans, Inc. 1 7.13% $7,072
    NEWREZ LLC 1 7.25% $8,537
    PLAZA HOME MORTGAGE, INC. 1 7.63% $10,863
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.75% $625
    Regions Bank 1 7.25% $7,547
    The Dart Bank 1 6.63% $6,692
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 7.75% $4,905

    The top Battle Creek VA lender as defined by loan originations is Mortgage Research Center, LLC, with 56 VA loans originated. Their average total fees are $6,209, which is $2,035 higher than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Battle Creek VA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC ($4,174), Mortgage Research Center, LLC ($6,209), .

    The lowest rate Battle Creek VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC (6.77%), UNITED WHOLESALE MORTGAGE, LLC (6.84%), .

    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.