Burlington VA Loan Rates, Closing Costs & Stats

Burlington, IA-IL

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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.

    Burlington's 14 lenders originated 38 VA loans during 2023. The total origination value was $7,690,000, with an average VA loan value of $202,368.

    Burlington VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Burlington averaged 6.09% for the week of 2024-12-13, compared to the national average (all VA variants) of 6.077% for the same period.

    Burlington's average VA mortgage closing costs are $4,186.

    The average rate for the prior week (2024-12-06) was 6.33% and one month ago for the week of 2024-11-08, the average rate was 6.32%.

    The average rate one year ago was 6.67%.

    For refis of the same type during the week of 2024-12-13, the average rate was 5.88%.

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

    Burlington 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 Burlington level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 15 6.92% $3,579
    QUICKEN LOANS, LLC 5 6.07% $8,577
    USAA Federal Savings Bank 3 6.75% $3,306
    RUHL MORTGAGE, LLC 2 6.50% $4,719
    NEWREZ LLC 2 6.50% $4,719
    Plains Commerce Bank 2 6.63% $4,947
    U.S. Bank 1 6.63% $2,744
    BNC National Bank 1 6.75% $6,846
    VERIDIAN CREDIT UNION 1 7.00% $3,139
    CARDINAL FINANCIAL 1 7.25% $3,210
    FREEDOM MORTGAGE CORPORATION 1 7.25% $5,812
    IOWA BANKERS MORTGAGE CORPORATION 1 6.88% $6,448
    MOVEMENT MORTGAGE, LLC 1 7.25% $1,852
    RESIDENTIAL MORTGAGE NETWORK, INC. 1 7.25% $5,814

    The top Burlington VA lender as defined by loan originations is Mortgage Research Center, LLC, with 15 VA loans originated. Their average total fees are $3,579, which is $4,998 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Burlington VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($3,579), .

    The lowest rate Burlington VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC (6.92%), .

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Burlington (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 $109,450 (-17.4%) $146,841 (-16.8%) 0.00 250
    2018-02-01 $116,125 (-10.6%) $153,291 (-13.5%) 0.00 231
    2018-03-01 $119,500 (-5.4%) $154,531 (-7.5%) 0.00 236
    2018-04-01 $119,000 (-8.4%) $154,465 (-8.0%) 0.00 241
    2018-05-01 $117,500 (-6.0%) $154,546 (-8.2%) 0.00 252
    2018-06-01 $119,000 (-1.4%) $159,485 (-3.8%) 0.00 259
    2018-07-01 $118,900 (-0.1%) $163,325 (-0.4%) 0.00 274
    2018-08-01 $115,000 (1.1%) $160,939 (-0.5%) 0.00 270
    2018-09-01 $109,900 (-4.0%) $156,231 (-0.1%) 0.00 282
    2018-10-01 $112,450 (-2.2%) $158,365 (1.5%) 0.00 293
    2018-11-01 $115,000 (-3.9%) $156,368 (-3.2%) 0.00 302
    2018-12-01 $114,999 (4.6%) $160,570 (4.0%) 0.00 294
    2019-01-01 $116,462 (6.4%) $161,639 (10.1%) 0.00 268
    2019-02-01 $119,825 (3.2%) $165,998 (8.3%) 0.00 262
    2019-03-01 $118,400 (-0.9%) $165,706 (7.2%) 0.00 254
    2019-04-01 $117,125 (-1.6%) $167,131 (8.2%) 0.00 252
    2019-05-01 $119,825 (2.0%) $165,421 (7.0%) 0.00 254
    2019-06-01 $119,750 (0.6%) $165,914 (4.0%) 0.00 252
    2019-07-01 $125,125 (5.2%) $164,647 (0.8%) 0.00 259
    2019-08-01 $125,455 (9.1%) $159,265 (-1.0%) 0.00 272
    2019-09-01 $125,761 (14.4%) $159,367 (2.0%) 0.00 287
    2019-10-01 $127,950 (13.8%) $159,329 (0.6%) 0.00 293
    2019-11-01 $129,900 (13.0%) $156,345 (0.0%) 0.00 282
    2019-12-01 $129,900 (13.0%) $157,430 (-2.0%) 0.00 277
    2020-01-01 $122,450 (5.1%) $158,064 (-2.2%) 0.00 290
    2020-02-01 $119,950 (0.1%) $155,040 (-6.6%) 0.00 288
    2020-03-01 $119,950 (1.3%) $158,846 (-4.1%) 0.00 299
    2020-04-01 $124,900 (6.6%) $160,178 (-4.2%) 0.00 286
    2020-05-01 $125,900 (5.1%) $165,414 (0.0%) 0.00 266
    2020-06-01 $133,950 (11.9%) $171,841 (3.6%) 0.00 263
    2020-07-01 $136,950 (9.5%) $175,261 (6.5%) 0.00 279
    2020-08-01 $137,500 (9.6%) $175,653 (10.3%) 0.00 280
    2020-09-01 $129,900 (3.3%) $172,106 (8.0%) 0.00 267
    2020-10-01 $129,900 (1.5%) $167,314 (5.0%) 0.00 260
    2020-11-01 $125,875 (-3.1%) $166,536 (6.5%) 0.00 248
    2020-12-01 $122,200 (-5.9%) $164,770 (4.7%) 0.00 224
    2021-01-01 $110,500 (-9.8%) $153,496 (-2.9%) 0.00 199
    2021-02-01 $108,450 (-9.6%) $152,009 (-2.0%) 0.00 173
    2021-03-01 $115,925 (-3.4%) $159,547 (0.4%) 0.00 170
    2021-04-01 $122,925 (-1.6%) $160,005 (-0.1%) 0.00 171
    2021-05-01 $139,900 (11.1%) $167,560 (1.3%) 0.00 165
    2021-06-01 $136,925 (2.2%) $167,936 (-2.3%) 0.00 169
    2021-07-01 $139,950 (2.2%) $169,371 (-3.4%) 0.00 164
    2021-08-01 $134,900 (-1.9%) $161,265 (-8.2%) 0.00 163
    2021-09-01 $132,675 (2.1%) $155,465 (-9.7%) 0.00 166
    2021-10-01 $122,900 (-5.4%) $147,449 (-11.9%) 0.00 183
    2021-11-01 $124,900 (-0.8%) $152,145 (-8.6%) 0.00 165
    2021-12-01 $130,050 (6.4%) $152,130 (-7.7%) 0.00 124
    2022-01-01 $138,400 (25.3%) $152,262 (-0.8%) 0.00 121
    2022-02-01 $127,500 (17.6%) $153,042 (0.7%) 0.00 112
    2022-03-01 $133,675 (15.3%) $153,352 (-3.9%) 0.00 93
    2022-04-01 $135,000 (9.8%) $157,131 (-1.8%) 0.00 77
    2022-05-01 $137,000 (-2.1%) $151,736 (-9.4%) 0.00 88
    2022-06-01 $140,000 (2.3%) $154,914 (-7.8%) 0.00 111
    2022-07-01 $139,950 (0.0%) $158,465 (-6.4%) 0.00 123
    2022-08-01 $139,500 (3.4%) $167,641 (4.0%) 0.00 100
    2022-09-01 $150,000 (13.1%) $175,917 (13.2%) 0.00 99
    2022-10-01 $158,950 (29.3%) $187,337 (27.1%) 0.00 97
    2022-11-01 $146,450 (17.3%) $169,351 (11.3%) 0.00 115
    2022-12-01 $149,000 (14.6%) $168,357 (10.7%) 0.00 107
    2023-01-01 $157,900 (14.1%) $170,426 (11.9%) 0.00 94
    2023-02-01 $151,150 (18.6%) $165,714 (8.3%) 0.00 81
    2023-03-01 $142,450 (6.6%) $163,204 (6.4%) 0.00 71
    2023-04-01 $139,900 (3.6%) $169,011 (7.6%) 0.00 75
    2023-05-01 $160,000 (16.8%) $189,559 (24.9%) 0.00 89
    2023-06-01 $159,900 (14.2%) $186,956 (20.7%) 0.00 95
    2023-07-01 $159,450 (13.9%) $189,146 (19.4%) 0.00 91
    2023-08-01 $164,675 (18.1%) $187,598 (11.9%) 0.00 101
    2023-09-01 $136,000 (-9.3%) $169,152 (-3.9%) 0.00 108
    2023-10-01 $139,900 (-12.0%) $176,824 (-5.6%) 0.00 114
    2023-11-01 $131,875 (-10.0%) $174,702 (3.2%) 0.00 109
    2023-12-01 $129,950 (-12.8%) $170,475 (1.3%) 0.00 94
    2024-01-01 $123,675 (-21.7%) $167,649 (-1.6%) 0.00 83
    2024-02-01 $131,475 (-13.0%) $180,734 (9.1%) 0.00 74
    2024-03-01 $154,900 (8.7%) $193,536 (18.6%) 0.00 87
    2024-04-01 $147,450 (5.4%) $187,173 (10.8%) 0.00 102
    2024-05-01 $152,450 (-4.7%) $187,866 (-0.9%) 0.00 107
    2024-06-01 $160,000 (0.1%) $186,244 (-0.4%) 0.00 118
    2024-07-01 $159,450 (0.0%) $188,228 (-0.5%) 0.00 123
    2024-08-01 $149,900 (-9.0%) $186,121 (-0.8%) 0.00 125
    2024-09-01 $145,950 (7.3%) $189,653 (12.1%) 0.00 129
    2024-10-01 $148,950 (6.5%) $193,839 (9.6%) 0.00 157
    2024-11-01 $139,000 (5.4%) $179,841 (2.9%) 0.00 149
    Burlington's median listing price for 2024-11-01 was $139,000, a difference of $7,125 (5.4%) versus the prior year and $-9,950 versus the prior month.

    Burlington's median listing price comes in at 0% of the national average.

    Burlington's average listing price for 2024-11-01 was $179,841, a difference of $5,139 (2.9%) versus the prior year and $-13,998 versus the prior month.

    For the 2024-11-01 period, Burlington had 149 MLS listings, a difference of -8 listings (-5%) versus the prior month and 40 listings (37%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Burlington (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,484 sqft
    2018-02-01 0 days 1,513 sqft
    2018-03-01 0 days 1,500 sqft
    2018-04-01 0 days 1,523 sqft
    2018-05-01 0 days 1,548 sqft
    2018-06-01 0 days 1,600 sqft
    2018-07-01 0 days 1,594 sqft
    2018-08-01 0 days 1,561 sqft
    2018-09-01 0 days 1,536 sqft
    2018-10-01 0 days 1,518 sqft
    2018-11-01 0 days 1,535 sqft
    2018-12-01 0 days 1,500 sqft
    2019-01-01 0 days 1,463 sqft
    2019-02-01 0 days 1,484 sqft
    2019-03-01 0 days 1,478 sqft
    2019-04-01 0 days 1,505 sqft
    2019-05-01 0 days 1,551 sqft
    2019-06-01 0 days 1,598 sqft
    2019-07-01 0 days 1,592 sqft
    2019-08-01 0 days 1,587 sqft
    2019-09-01 0 days 1,589 sqft
    2019-10-01 0 days 1,594 sqft
    2019-11-01 0 days 1,574 sqft
    2019-12-01 0 days 1,500 sqft
    2020-01-01 0 days 1,679 sqft
    2020-02-01 0 days 1,473 sqft
    2020-03-01 0 days 1,473 sqft
    2020-04-01 0 days 1,487 sqft
    2020-05-01 0 days 1,500 sqft
    2020-06-01 0 days 1,561 sqft
    2020-07-01 0 days 1,574 sqft
    2020-08-01 0 days 1,590 sqft
    2020-09-01 0 days 1,593 sqft
    2020-10-01 0 days 1,585 sqft
    2020-11-01 0 days 1,578 sqft
    2020-12-01 0 days 1,491 sqft
    2021-01-01 0 days 1,482 sqft
    2021-02-01 0 days 1,484 sqft
    2021-03-01 0 days 1,500 sqft
    2021-04-01 0 days 1,500 sqft
    2021-05-01 0 days 1,497 sqft
    2021-06-01 0 days 1,487 sqft
    2021-07-01 0 days 1,460 sqft
    2021-08-01 0 days 1,407 sqft
    2021-09-01 0 days 1,426 sqft
    2021-10-01 0 days 1,406 sqft
    2021-11-01 0 days 1,388 sqft
    2021-12-01 0 days 1,395 sqft
    2022-01-01 0 days 1,393 sqft
    2022-02-01 0 days 1,450 sqft
    2022-03-01 0 days 1,460 sqft
    2022-04-01 0 days 1,440 sqft
    2022-05-01 0 days 1,360 sqft
    2022-06-01 0 days 1,336 sqft
    2022-07-01 0 days 1,341 sqft
    2022-08-01 0 days 1,434 sqft
    2022-09-01 0 days 1,452 sqft
    2022-10-01 0 days 1,470 sqft
    2022-11-01 0 days 1,448 sqft
    2022-12-01 0 days 1,486 sqft
    2023-01-01 0 days 1,539 sqft
    2023-02-01 0 days 1,524 sqft
    2023-03-01 0 days 1,461 sqft
    2023-04-01 0 days 1,486 sqft
    2023-05-01 0 days 1,501 sqft
    2023-06-01 0 days 1,481 sqft
    2023-07-01 0 days 1,439 sqft
    2023-08-01 0 days 1,441 sqft
    2023-09-01 0 days 1,407 sqft
    2023-10-01 0 days 1,432 sqft
    2023-11-01 0 days 1,401 sqft
    2023-12-01 0 days 1,438 sqft
    2024-01-01 0 days 1,467 sqft
    2024-02-01 0 days 1,512 sqft
    2024-03-01 0 days 1,460 sqft
    2024-04-01 0 days 1,484 sqft
    2024-05-01 0 days 1,436 sqft
    2024-06-01 0 days 1,444 sqft
    2024-07-01 0 days 1,435 sqft
    2024-08-01 0 days 1,488 sqft
    2024-09-01 0 days 1,475 sqft
    2024-10-01 0 days 1,479 sqft
    2024-11-01 0 days 1,428 sqft
    Burlington's median listing age (time on market) for 2024-11-01 was 0 days.

    Burlington's median square footage for active listings during the 2024-11-01 period was 1,428 sqft. One year prior, the average listing was 1,401 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.