Bismarck VA Loan Rates, Closing Costs & Stats

BISMARCK, ND

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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.

    Bismarck's 39 lenders originated 124 VA loans during 2023. The total origination value was $41,440,000, with an average VA loan value of $334,194.

    Bismarck VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Bismarck averaged 6.44% for the week of 2024-11-08, compared to the national average (all VA variants) of 6.34% for the same period.

    Bismarck's average VA mortgage closing costs are $6,567.

    The average rate for the prior week (2024-11-01) was 6.4% and one month ago for the week of 2024-10-04, the average rate was 5.53%.

    The average rate one year ago was 7.08%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.34%.

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

    Bismarck 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 Bismarck level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 15 7.07% $4,571
    Gate City Bank 10 6.05% $7,546
    UNITED WHOLESALE MORTGAGE, LLC 9 6.35% $6,173
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 9 6.12% $11,075
    Dakota Community Bank & Trust 5 5.43% $12,567
    FREEDOM MORTGAGE CORPORATION 4 7.00% $6,342
    CAPITAL CREDIT UNION 4 6.28% $16,151
    QUICKEN LOANS, LLC 4 6.03% $13,200
    USAA Federal Savings Bank 3 6.63% $7,227
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 5.92% $20,065
    GUARANTEED RATE, INC. 3 6.63% $6,114
    Bank of England 2 6.94% $7,432
    The Huntington National Bank 2 6.38% $5,129
    FIRST COMMUNITY CREDIT UNION 2 5.81% $9,567
    American Bank Center 2 6.13% $6,860
    First International Bank & Trust 2 6.38% $2,693
    LOANDEPOT.COM, LLC 2 4.87% $18,563
    Barrington Bank & Trust Company, N.A. 2 7.06% $6,055
    NAVY FEDERAL CREDIT UNION 2 6.06% $3,056
    PENNYMAC LOAN SERVICES, LLC 2 5.00% $6,500
    Flagstar Bank, FSB 2 6.50% $16,325
    Wells Fargo Bank 1 6.63% $9,686
    AMERISAVE MORTGAGE CORPORATION 1 6.25% $14,331
    Armed Forces Bank 1 5.50% $19,998
    BNC National Bank 1 6.38% $16,834
    Citizens Bank 1 6.25% $2,078
    CROSSCOUNTRY MORTGAGE, LLC 1 7.13% $26,705
    Dacotah Bank 1 6.50% $5,616
    Equity Prime Mortgage LLC 1 7.38% $5,796
    First Bank & Trust 1 5.50% $7,059
    First Federal Bank 1 6.75% $6,483
    GUARANTEED RATE AFFINITY, LLC 1 6.75% $413
    JPMorgan Chase Bank 1 6.63% $0
    Mr. Cooper ( Nationstar Mortgage ) 1 4.88% $16,986
    NBKC BANK 1 5.50% $8,716
    NEWREZ LLC 1 6.13% $7,437
    PENTAGON FEDERAL CREDIT UNION 1 5.13% $15,102
    U.S. Bank 1 6.63% $2,937
    AMCAP MORTGAGE, LTD. 1 5.25% $31,085

    The top Bismarck VA lender as defined by loan originations is Mortgage Research Center, LLC, with 15 VA loans originated. Their average total fees are $4,571, which is $2,975 lower than the next largest lender, Gate City Bank.

    The lowest fee Bismarck VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($4,571), Gate City Bank ($7,546), .

    The lowest rate Bismarck VA lenders (with over 10 loans originated) are Gate City Bank (6.05%), Mortgage Research Center, LLC (7.07%), .

    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.