Billings VA Loan Rates, Closing Costs & Stats

BILLINGS, MT

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.

Billings's 69 lenders originated 474 VA loans during 2022. The total origination value was $170,330,000, with an average VA loan value of $359,346.

Billings VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Billings averaged 6.12% for the week of 2023-03-17, compared to the national average (all VA variants) of 6.138% for the same period.

Billings's average VA mortgage closing costs are $6,710.

The average rate for the prior week (2023-03-10) was 6.4% and one month ago for the week of 2023-02-10, the average rate was 5.92%.

The average rate one year ago was 3.62%.

For refis of the same type during the week of 2023-03-17, the average rate was 5.06%.

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

Billings 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 Billings level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
Mortgage Research Center, LLC 57 5.15% $8,414
Opportunity Bank of Montana 48 4.51% $10,187
FREEDOM MORTGAGE CORPORATION 31 4.63% $12,277
UNITED WHOLESALE MORTGAGE, LLC 27 4.24% $9,649
Stockman Bank of Montana 26 4.62% $11,021
CORNERSTONE HOME LENDING, INC. 23 4.75% $8,904
UNIVERSAL LENDING CORPORATION 21 4.77% $8,550
QUICKEN LOANS, LLC 21 4.03% $15,923
USAA Federal Savings Bank 16 4.70% $5,373
GUILD MORTGAGE COMPANY 16 4.22% $9,294
Glacier Bank 14 4.42% $11,912
MORTGAGE SOLUTIONS OF COLORADO, LLC 13 5.44% $11,302
LOANDEPOT.COM, LLC 10 4.06% $12,156
NAVY FEDERAL CREDIT UNION 10 4.21% $6,387
PENNYMAC LOAN SERVICES, LLC 10 3.32% $9,927
NEW DAY FINANCIAL, LLC 9 4.93% $9,145
CMG MORTGAGE, INC. 8 4.64% $13,094
The Federal Savings Bank 6 3.85% $18,501
CROSSCOUNTRY MORTGAGE, LLC 6 6.08% $14,175
Flagstar Bank, FSB 5 4.44% $14,130
GUARANTEED RATE, INC. 5 4.28% $7,861
AMERISAVE MORTGAGE CORPORATION 4 3.94% $12,570
BILLINGS 3 3.92% $10,310
Mr. Cooper ( Nationstar Mortgage ) 3 5.50% $12,134
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 3.58% $13,591
First Interstate Bank 3 3.50% $6,480
Wells Fargo Bank 3 4.71% $3,822
Servion, Inc. 3 3.92% $10,310
Magnolia Bank 3 4.08% $15,807
PLAZA HOME MORTGAGE, INC. 2 5.00% $4,943
AMERICAN FINANCING CORPORATION 2 4.75% $3,645
BAY EQUITY LLC 2 3.31% $5,873
CLEARPATH LENDING 2 4.81% $21,818
Hometown Lenders, Inc. 2 5.75% $9,435
LAKEVIEW LOAN SERVICING, LLC 2 3.69% $2,522
MANN FINANCIAL INC. 2 5.38% $8,005
MUTUAL OF OMAHA MORTGAGE, INC. 2 4.38% $13,402
PENTAGON FEDERAL CREDIT UNION 2 5.13% $8,437
Altana Federal Credit Union 2 4.25% $9,481
The Yellowstone Bank 2 2.75% $3,076
NBKC BANK 1 2.75% $11,598
NETWORK CAPITAL FUNDING CORPORATION 1 6.00% $5,958
KELLER MORTGAGE, LLC 1 3.50% $2,392
NEWREZ LLC 1 6.25% $15,076
North American Savings Bank, F.S.B. 1 2.25% $5,065
Northpointe Bank 1 5.13% $15,899
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 2.50% $27,246
Cornerstone First Mortgage, Inc 1 5.75% $4,669
Armed Forces Bank 1 4.00% $13,823
Pinnacle Bank - Wyoming 1 2.25% $14,939
Plains Commerce Bank 1 3.99% $18,099
PLANET HOME LENDING, LLC 1 2.75% $6,717
VILLAGE CAPITAL MORTGAGE 1 2.88% $2,192
PREMIA MORTGAGE, LLC 1 6.13% $1,232
CASTLE & COOKE MORTGAGE, LLC 1 4.75% $14,031
RELIANCE FIRST CAPITAL, LLC 1 4.63% $18,201
S1L, Inc. 1 3.99% $14,018
Carrington Mortgage Services, LLC 1 5.25% $14,642
CALIBER HOME LOANS, INC. 1 5.50% $5,985
Sunflower Bank 1 3.88% $8,933
Texana Bank 1 4.25% $6,334
BROKER SOLUTIONS, INC. 1 5.75% $12,717
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 5.25% $31,693
UNION HOME MORTGAGE CORP. 1 6.00% $12,500
BNC National Bank 1 2.25% $3,956
MOUNTAIN AMERICA 1 5.13% $22,868
Barrington Bank & Trust Company, N.A. 1 3.75% $2,260
Nations Lending Corporation 1 5.25% $10,191
Mid-Continent Funding, Inc. 1 6.50% $13,163

The top Billings VA lender as defined by loan originations is Mortgage Research Center, LLC, with 57 VA loans originated. Their average total fees are $8,414, which is $1,774 lower than the next largest lender, Opportunity Bank of Montana.

The lowest fee Billings VA lenders (with over 10 loans originated) are USAA Federal Savings Bank ($5,373), NAVY FEDERAL CREDIT UNION ($6,387), Mortgage Research Center, LLC ($8,414), UNIVERSAL LENDING CORPORATION ($8,550) and CORNERSTONE HOME LENDING, INC. ($8,904).

The lowest rate Billings VA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (3.32%), QUICKEN LOANS, LLC (4.03%), LOANDEPOT.COM, LLC (4.06%), NAVY FEDERAL CREDIT UNION (4.21%) and GUILD MORTGAGE COMPANY (4.22%).


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Billings (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
2018-01-01 $289,950 (0.8%) $385,884 (-8.3%) 1.08 785
2018-02-01 $291,175 (0.1%) $389,718 (-8.9%) 1.06 790
2018-03-01 $299,000 (3.1%) $403,263 (-3.9%) 1.05 806
2018-04-01 $299,450 (-0.2%) $401,313 (-5.4%) 1.02 852
2018-05-01 $299,900 (-1.7%) $409,588 (-2.9%) 1.00 963
2018-06-01 $299,900 (-1.7%) $418,303 (-0.8%) 1.00 1,040
2018-07-01 $299,700 (-1.7%) $419,317 (-0.6%) 1.00 1,143
2018-08-01 $299,450 (-0.2%) $423,791 (0.9%) 1.00 1,149
2018-09-01 $298,000 (-0.3%) $410,022 (-2.2%) 1.00 1,167
2018-10-01 $295,000 (1.0%) $408,460 (-3.2%) 1.00 1,137
2018-11-01 $295,875 (2.1%) $410,517 (-3.2%) 1.00 1,037
2018-12-01 $295,000 (0.0%) $418,469 (-4.4%) 1.02 966
2019-01-01 $293,338 (1.2%) $420,794 (9.1%) 1.01 870
2019-02-01 $286,950 (-1.5%) $407,693 (4.6%) 0.97 881
2019-03-01 $293,671 (-1.8%) $407,775 (1.1%) 0.96 805
2019-04-01 $303,700 (1.4%) $404,509 (0.8%) 0.96 772
2019-05-01 $315,000 (5.0%) $410,206 (0.2%) 0.98 777
2019-06-01 $309,950 (3.4%) $422,974 (1.1%) 0.97 811
2019-07-01 $303,750 (1.4%) $427,434 (1.9%) 0.95 853
2019-08-01 $303,432 (1.3%) $419,832 (-0.9%) 0.96 851
2019-09-01 $301,080 (1.0%) $402,387 (-1.9%) 0.96 824
2019-10-01 $297,125 (0.7%) $386,425 (-5.4%) 0.96 804
2019-11-01 $295,000 (-0.3%) $386,138 (-5.9%) 0.97 729
2019-12-01 $297,000 (0.7%) $381,963 (-8.7%) 0.99 633
2020-01-01 $299,948 (2.3%) $390,715 (-7.2%) 1.00 561
2020-02-01 $299,000 (4.2%) $402,521 (-1.3%) 0.97 540
2020-03-01 $298,625 (1.7%) $441,768 (8.3%) 0.93 518
2020-04-01 $318,250 (4.8%) $444,109 (9.8%) 1.00 552
2020-05-01 $329,900 (4.7%) $459,456 (12.0%) 1.00 540
2020-06-01 $349,950 (12.9%) $499,149 (18.0%) 1.03 522
2020-07-01 $349,900 (15.2%) $504,888 (18.1%) 1.01 487
2020-08-01 $349,900 (15.3%) $514,608 (22.6%) 1.00 451
2020-09-01 $354,900 (17.9%) $527,005 (31.0%) 1.02 437
2020-10-01 $365,000 (22.8%) $577,156 (49.4%) 1.05 380
2020-11-01 $374,900 (27.1%) $603,945 (56.4%) 1.09 334
2020-12-01 $373,060 (25.6%) $610,669 (59.9%) 1.11 286
2021-01-01 $379,900 (26.7%) $655,481 (67.8%) 1.13 231
2021-02-01 $406,175 (35.8%) $678,313 (68.5%) 1.18 175
2021-03-01 $411,250 (37.7%) $680,869 (54.1%) 1.17 174
2021-04-01 $376,225 (18.2%) $658,971 (48.4%) 1.02 167
2021-05-01 $425,000 (28.8%) $649,722 (41.4%) 1.12 182
2021-06-01 $444,925 (27.1%) $701,724 (40.6%) 1.17 211
2021-07-01 $449,900 (28.6%) $703,673 (39.4%) 1.18 257
2021-08-01 $434,700 (24.2%) $651,230 (26.6%) 1.15 289
2021-09-01 $423,225 (19.3%) $677,128 (28.5%) 1.13 307
2021-10-01 $449,900 (23.3%) $768,976 (33.2%) 1.20 276
2021-11-01 $474,975 (26.7%) $841,354 (39.3%) 1.27 224
2021-12-01 $499,750 (34.0%) $926,917 (51.8%) 1.35 195
2022-01-01 $549,900 (44.8%) $911,671 (39.1%) 1.49 150
2022-02-01 $530,147 (30.5%) $960,074 (41.5%) 1.38 148
2022-03-01 $440,000 (7.0%) $833,751 (22.5%) 1.10 153
2022-04-01 $477,450 (26.9%) $794,252 (20.5%) 1.14 170
2022-05-01 $516,225 (21.5%) $744,007 (14.5%) 1.18 267
2022-06-01 $512,500 (15.2%) $727,374 (3.7%) 1.14 346
2022-07-01 $499,406 (11.0%) $701,237 (-0.4%) 1.12 431
2022-08-01 $487,450 (12.1%) $672,550 (3.3%) 1.12 449
2022-09-01 $494,450 (16.8%) $668,002 (-1.4%) 1.15 456
2022-10-01 $499,888 (11.1%) $662,182 (-13.9%) 1.18 463
2022-11-01 $480,500 (1.2%) $638,707 (-24.1%) 1.15 463
2022-12-01 $470,000 (-6.0%) $629,590 (-32.1%) 1.16 442
2023-01-01 $497,950 (-9.5%) $626,755 (-31.3%) 1.23 376
2023-02-01 $509,200 (-4.0%) $686,536 (-28.5%) 1.23 328
Billings's median listing price for 2023-02-01 was $509,200, a difference of $-20,947 (-4.0%) versus the prior year and $11,250 versus the prior month.

Billings's median listing price comes in at 123% of the national average.

Billings's average listing price for 2023-02-01 was $686,536, a difference of $-273,538 (-28.5%) versus the prior year and $59,781 versus the prior month.

For the 2023-02-01 period, Billings had 328 MLS listings, a difference of -48 listings (-13%) versus the prior month and 180 listings (122%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Billings (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 99 days 2,413 sqft
2018-02-01 94 days 2,405 sqft
2018-03-01 67 days 2,440 sqft
2018-04-01 60 days 2,458 sqft
2018-05-01 54 days 2,468 sqft
2018-06-01 54 days 2,448 sqft
2018-07-01 61 days 2,454 sqft
2018-08-01 66 days 2,400 sqft
2018-09-01 72 days 2,400 sqft
2018-10-01 77 days 2,400 sqft
2018-11-01 85 days 2,379 sqft
2018-12-01 98 days 2,376 sqft
2019-01-01 106 days 2,359 sqft
2019-02-01 100 days 2,271 sqft
2019-03-01 86 days 2,309 sqft
2019-04-01 70 days 2,382 sqft
2019-05-01 52 days 2,363 sqft
2019-06-01 54 days 2,385 sqft
2019-07-01 55 days 2,408 sqft
2019-08-01 57 days 2,364 sqft
2019-09-01 63 days 2,307 sqft
2019-10-01 69 days 2,252 sqft
2019-11-01 74 days 2,220 sqft
2019-12-01 83 days 2,210 sqft
2020-01-01 88 days 2,244 sqft
2020-02-01 82 days 2,230 sqft
2020-03-01 68 days 2,247 sqft
2020-04-01 63 days 2,251 sqft
2020-05-01 58 days 2,365 sqft
2020-06-01 46 days 2,402 sqft
2020-07-01 45 days 2,487 sqft
2020-08-01 42 days 2,433 sqft
2020-09-01 46 days 2,356 sqft
2020-10-01 52 days 2,434 sqft
2020-11-01 53 days 2,483 sqft
2020-12-01 66 days 2,374 sqft
2021-01-01 68 days 2,260 sqft
2021-02-01 50 days 2,370 sqft
2021-03-01 35 days 2,232 sqft
2021-04-01 27 days 2,260 sqft
2021-05-01 21 days 2,261 sqft
2021-06-01 22 days 2,374 sqft
2021-07-01 25 days 2,300 sqft
2021-08-01 29 days 2,227 sqft
2021-09-01 38 days 2,185 sqft
2021-10-01 45 days 2,371 sqft
2021-11-01 61 days 2,376 sqft
2021-12-01 60 days 2,321 sqft
2022-01-01 57 days 2,390 sqft
2022-02-01 38 days 2,480 sqft
2022-03-01 34 days 2,343 sqft
2022-04-01 20 days 2,282 sqft
2022-05-01 19 days 2,426 sqft
2022-06-01 28 days 2,561 sqft
2022-07-01 33 days 2,492 sqft
2022-08-01 43 days 2,386 sqft
2022-09-01 44 days 2,337 sqft
2022-10-01 45 days 2,402 sqft
2022-11-01 45 days 2,297 sqft
2022-12-01 58 days 2,280 sqft
2023-01-01 70 days 2,254 sqft
2023-02-01 68 days 2,305 sqft
Billings's median listing age (time on market) for 2023-02-01 was 68 days. This is 79% longer than the same period one year ago.

Billings's median square footage for active listings during the 2023-02-01 period was 2,305 sqft. One year prior, the average listing was 2,480 sqft.

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.