Billings VA Loan Rates, Closing Costs & Stats

BILLINGS, MT

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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.

    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.