Burlington VA Loan Rates, Closing Costs & Stats

BURLINGTON, NC

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 62 lenders originated 257 VA loans during 2023. The total origination value was $82,825,000, with an average VA loan value of $322,276.

Burlington VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Burlington averaged 5.83% for the week of 2024-12-06, compared to the national average (all VA variants) of 6.143% for the same period.

Burlington's average VA mortgage closing costs are $5,777.

The average rate for the prior week (2024-11-29) was 6.23% and one month ago for the week of 2024-11-01, the average rate was 5.99%.

The average rate one year ago was 6.53%.

For refis of the same type during the week of 2024-12-06, the average rate was 6.47%.

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 44 6.77% $7,471
DHI MORTGAGE COMPANY, LTD. 34 5.52% $6,592
NAVY FEDERAL CREDIT UNION 14 5.76% $4,908
LOANDEPOT.COM, LLC 13 5.77% $10,836
MOVEMENT MORTGAGE, LLC 12 6.90% $6,320
QUICKEN LOANS, LLC 12 6.10% $10,803
UNION HOME MORTGAGE CORP. 9 6.21% $7,834
USAA Federal Savings Bank 7 6.52% $7,941
NEW DAY FINANCIAL, LLC 7 7.57% $13,743
CROSSCOUNTRY MORTGAGE, LLC 6 6.88% $8,948
UNITED WHOLESALE MORTGAGE, LLC 5 6.07% $14,508
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 4 6.25% $6,631
MORTGAGE SOLUTIONS OF COLORADO, LLC 4 7.56% $6,853
The Federal Savings Bank 4 6.50% $14,292
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 4 7.12% $6,574
Barrington Bank & Trust Company, N.A. 3 6.42% $5,028
FREEDOM MORTGAGE CORPORATION 3 6.46% $29,563
PENNYMAC LOAN SERVICES, LLC 3 5.96% $10,696
GUARANTEED RATE, INC. 3 5.85% $9,647
Corporate Investors Mortgage Group, Inc. 3 6.42% $5,867
Truist 3 6.35% $5,334
VILLAGE CAPITAL MORTGAGE 3 6.42% $4,181
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 5.67% $5,998
North State Bank 2 5.81% $14,280
VANDERBILT MORTGAGE AND FINANCE, INC. 2 6.06% $19,398
NEWREZ LLC 2 6.19% $5,809
BROKER SOLUTIONS, INC. 2 6.50% $10,382
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 6.88% $11,270
SOVEREIGN LENDING GROUP INCORPORATED 2 6.38% $17,088
PRIMELENDING, A PLAINSCAPITAL COMPANY 2 6.50% $3,723
GUILD MORTGAGE COMPANY 2 7.38% $2,524
Wells Fargo Bank 1 5.50% $10,400
AMERICAN FINANCING CORPORATION 1 5.50% $11,573
American Security Mortgage Corp. 1 6.25% $11,339
Ameris Bank 1 6.25% $9,069
Blue Ridge Bank 1 6.25% $13,924
CARDINAL FINANCIAL 1 6.99% $10,263
Citizens Bank 1 5.63% $10,275
CMG MORTGAGE, INC. 1 7.13% $19,985
Core Bank 1 5.75% $2,963
DELMAR FINANCIAL COMPANY 1 5.00% $5,687
First Federal Bank 1 6.63% $18,416
FIRST HOME MORTGAGE CORPORATION 1 7.63% $3,341
GoPrime Mortgage, Inc. 1 6.99% $7,291
HOMESIDE FINANCIAL, LLC 1 6.25% $11,597
HOWARD HANNA FINANCIAL SERVICES, INC. 1 7.00% $2,937
Integrity Home Mortgage Corp 1 6.00% $2,345
INTERCOASTAL MORTGAGE COMPANY 1 6.00% $7,229
LOANPAL, LLC 1 6.63% $10,243
MICHIGAN MUTUAL, INC. 1 4.75% $11,693
MORTGAGE EQUITY PARTNERS LLC 1 6.63% $9,467
NBKC BANK 1 5.63% $1,922
Network Funding, L.P. 1 6.13% $25,491
PLANET HOME LENDING, LLC 1 6.63% $2,172
PLAZA HOME MORTGAGE, INC. 1 5.99% $5,462
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 7.00% $4,497
RELIANCE FIRST CAPITAL, LLC 1 5.50% $15,485
Residential Mortgage Solutions, Inc. 1 7.50% $14,564
Sierra Pacific Mortgage Company, Inc. 1 6.13% $10,060
SUN WEST MORTGAGE COMPANY, INC. 1 6.25% $7,593
Towne Mortgage of the Carolinas, LLC 1 7.50% $14,691
Alcova Mortgage LLC 1 6.25% $600

The top Burlington VA lender as defined by loan originations is Mortgage Research Center, LLC, with 44 VA loans originated. Their average total fees are $7,471, which is $880 higher than the next largest lender, DHI MORTGAGE COMPANY, LTD..

The lowest fee Burlington VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION ($4,908), MOVEMENT MORTGAGE, LLC ($6,320), DHI MORTGAGE COMPANY, LTD. ($6,592), Mortgage Research Center, LLC ($7,471) and QUICKEN LOANS, LLC ($10,803).

The lowest rate Burlington VA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.52%), NAVY FEDERAL CREDIT UNION (5.76%), LOANDEPOT.COM, LLC (5.77%), QUICKEN LOANS, LLC (6.10%) and Mortgage Research Center, LLC (6.77%).


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 $197,500 (14.7%) $267,574 (28.2%) 0.73 634
2018-02-01 $199,250 (16.8%) $268,902 (25.6%) 0.72 598
2018-03-01 $215,500 (18.9%) $274,678 (22.7%) 0.76 540
2018-04-01 $216,175 (23.5%) $252,793 (10.5%) 0.73 486
2018-05-01 $221,748 (23.7%) $266,684 (0.6%) 0.74 501
2018-06-01 $222,655 (25.8%) $272,335 (3.1%) 0.74 480
2018-07-01 $221,575 (24.2%) $272,470 (3.2%) 0.74 477
2018-08-01 $217,925 (23.5%) $254,470 (-0.6%) 0.73 451
2018-09-01 $229,000 (28.7%) $256,905 (2.4%) 0.77 446
2018-10-01 $225,000 (23.6%) $253,884 (1.4%) 0.76 493
2018-11-01 $229,500 (21.5%) $262,146 (2.5%) 0.78 474
2018-12-01 $231,900 (22.3%) $262,441 (3.0%) 0.80 456
2019-01-01 $233,925 (18.4%) $259,803 (-2.9%) 0.81 433
2019-02-01 $244,329 (22.6%) $271,097 (0.8%) 0.83 406
2019-03-01 $250,243 (16.1%) $274,603 (0.0%) 0.82 382
2019-04-01 $253,118 (17.1%) $275,421 (9.0%) 0.80 357
2019-05-01 $255,000 (15.0%) $283,267 (6.2%) 0.80 363
2019-06-01 $255,000 (14.5%) $285,900 (5.0%) 0.80 343
2019-07-01 $249,950 (12.8%) $295,737 (8.5%) 0.78 353
2019-08-01 $246,518 (13.1%) $293,303 (15.3%) 0.78 357
2019-09-01 $241,445 (5.4%) $289,308 (12.6%) 0.77 364
2019-10-01 $239,264 (6.3%) $287,913 (13.4%) 0.77 357
2019-11-01 $237,000 (3.3%) $281,200 (7.3%) 0.78 329
2019-12-01 $233,542 (0.7%) $279,524 (6.5%) 0.78 314
2020-01-01 $245,788 (5.1%) $294,124 (13.2%) 0.82 314
2020-02-01 $249,900 (2.3%) $312,352 (15.2%) 0.82 291
2020-03-01 $250,576 (0.1%) $308,957 (12.5%) 0.79 305
2020-04-01 $261,064 (3.1%) $320,947 (16.5%) 0.82 330
2020-05-01 $270,000 (5.9%) $345,684 (22.0%) 0.82 273
2020-06-01 $286,140 (12.2%) $362,906 (26.9%) 0.84 234
2020-07-01 $280,945 (12.4%) $324,628 (9.8%) 0.81 227
2020-08-01 $289,220 (17.3%) $345,568 (17.8%) 0.83 214
2020-09-01 $297,570 (23.3%) $335,360 (15.9%) 0.85 211
2020-10-01 $276,225 (15.5%) $328,358 (14.1%) 0.79 212
2020-11-01 $287,500 (21.3%) $344,011 (22.3%) 0.84 193
2020-12-01 $289,585 (24.0%) $343,363 (22.8%) 0.86 176
2021-01-01 $284,500 (15.8%) $344,767 (17.2%) 0.85 155
2021-02-01 $270,250 (8.1%) $337,715 (8.1%) 0.79 149
2021-03-01 $284,975 (13.7%) $358,104 (15.9%) 0.81 128
2021-04-01 $299,700 (14.8%) $385,066 (20.0%) 0.81 104
2021-05-01 $284,950 (5.5%) $364,931 (5.6%) 0.76 125
2021-06-01 $274,618 (-4.0%) $386,116 (6.4%) 0.72 128
2021-07-01 $286,000 (1.8%) $379,752 (17.0%) 0.75 152
2021-08-01 $289,945 (0.3%) $365,305 (5.7%) 0.77 169
2021-09-01 $292,500 (-1.7%) $372,031 (10.9%) 0.78 190
2021-10-01 $290,000 (5.0%) $357,272 (8.8%) 0.77 174
2021-11-01 $290,870 (1.2%) $350,304 (1.8%) 0.78 190
2021-12-01 $315,130 (8.8%) $368,412 (7.3%) 0.85 170
2022-01-01 $339,425 (19.3%) $378,912 (9.9%) 0.92 133
2022-02-01 $323,422 (19.7%) $380,405 (12.6%) 0.84 104
2022-03-01 $352,878 (23.8%) $407,994 (13.9%) 0.88 98
2022-04-01 $374,108 (24.8%) $413,374 (7.4%) 0.89 105
2022-05-01 $365,000 (28.1%) $396,363 (8.6%) 0.83 125
2022-06-01 $383,500 (39.7%) $435,294 (12.7%) 0.85 177
2022-07-01 $385,000 (34.6%) $437,031 (15.1%) 0.87 214
2022-08-01 $362,498 (25.0%) $383,239 (4.9%) 0.84 241
2022-09-01 $355,070 (21.4%) $379,938 (2.1%) 0.83 234
2022-10-01 $362,450 (25.0%) $381,878 (6.9%) 0.85 239
2022-11-01 $367,995 (26.5%) $385,791 (10.1%) 0.88 284
2022-12-01 $353,470 (12.2%) $371,379 (0.8%) 0.87 293
2023-01-01 $362,300 (6.7%) $375,335 (-0.9%) 0.90 298
2023-02-01 $359,975 (11.3%) $381,682 (0.3%) 0.87 272
2023-03-01 $367,500 (4.1%) $383,071 (-6.1%) 0.87 244
2023-04-01 $365,000 (-2.4%) $391,687 (-5.3%) 0.85 260
2023-05-01 $363,585 (-0.4%) $388,100 (-2.1%) 0.82 275
2023-06-01 $365,500 (-4.7%) $396,030 (-9.0%) 0.82 296
2023-07-01 $359,900 (-6.5%) $394,348 (-9.8%) 0.82 296
2023-08-01 $360,481 (-0.6%) $394,264 (2.9%) 0.83 304
2023-09-01 $359,240 (1.2%) $383,825 (1.0%) 0.84 343
2023-10-01 $352,535 (-2.7%) $383,397 (0.4%) 0.83 355
2023-11-01 $355,764 (-3.3%) $381,399 (-1.1%) 0.85 375
2023-12-01 $344,990 (-2.4%) $382,328 (3.0%) 0.84 431
2024-01-01 $339,968 (-6.2%) $371,973 (-0.9%) 0.83 381
2024-02-01 $336,000 (-6.7%) $369,464 (-3.2%) 0.81 364
2024-03-01 $331,495 (-9.8%) $366,828 (-4.2%) 0.78 335
2024-04-01 $354,473 (-2.9%) $388,229 (-0.9%) 0.82 340
2024-05-01 $359,468 (-1.1%) $400,396 (3.2%) 0.81 362
2024-06-01 $364,995 (-0.1%) $402,883 (1.7%) 0.82 376
2024-07-01 $358,240 (-0.5%) $393,400 (-0.2%) 0.82 424
2024-08-01 $351,990 (-2.4%) $396,857 (0.7%) 0.82 486
2024-09-01 $354,248 (-1.4%) $395,161 (3.0%) 0.83 480
2024-10-01 $354,990 (0.7%) $387,097 (1.0%) 0.84 522
2024-11-01 $358,000 (0.6%) $381,205 (-0.1%) 0.00 532
Burlington's median listing price for 2024-11-01 was $358,000, a difference of $2,236 (0.6%) versus the prior year and $3,010 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 $381,205, a difference of $-194 (-0.1%) versus the prior year and $-5,892 versus the prior month.

For the 2024-11-01 period, Burlington had 532 MLS listings, a difference of 10 listings (2%) versus the prior month and 157 listings (42%) 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
2018-01-01 105 days 1,972 sqft
2018-02-01 95 days 1,924 sqft
2018-03-01 68 days 1,943 sqft
2018-04-01 63 days 1,963 sqft
2018-05-01 60 days 1,956 sqft
2018-06-01 54 days 1,981 sqft
2018-07-01 70 days 1,933 sqft
2018-08-01 67 days 1,933 sqft
2018-09-01 68 days 1,951 sqft
2018-10-01 63 days 1,940 sqft
2018-11-01 71 days 1,955 sqft
2018-12-01 74 days 1,936 sqft
2019-01-01 87 days 2,002 sqft
2019-02-01 91 days 2,095 sqft
2019-03-01 71 days 2,133 sqft
2019-04-01 64 days 2,134 sqft
2019-05-01 43 days 2,173 sqft
2019-06-01 48 days 2,193 sqft
2019-07-01 53 days 2,067 sqft
2019-08-01 51 days 2,006 sqft
2019-09-01 52 days 1,964 sqft
2019-10-01 54 days 1,942 sqft
2019-11-01 48 days 1,975 sqft
2019-12-01 59 days 1,926 sqft
2020-01-01 66 days 1,954 sqft
2020-02-01 54 days 1,998 sqft
2020-03-01 43 days 2,020 sqft
2020-04-01 42 days 2,065 sqft
2020-05-01 58 days 2,117 sqft
2020-06-01 57 days 2,210 sqft
2020-07-01 38 days 2,137 sqft
2020-08-01 40 days 2,115 sqft
2020-09-01 32 days 2,155 sqft
2020-10-01 31 days 2,051 sqft
2020-11-01 41 days 2,045 sqft
2020-12-01 58 days 2,075 sqft
2021-01-01 60 days 1,929 sqft
2021-02-01 29 days 1,875 sqft
2021-03-01 27 days 1,934 sqft
2021-04-01 25 days 1,944 sqft
2021-05-01 16 days 1,801 sqft
2021-06-01 21 days 1,874 sqft
2021-07-01 23 days 1,874 sqft
2021-08-01 21 days 1,876 sqft
2021-09-01 30 days 1,948 sqft
2021-10-01 33 days 1,858 sqft
2021-11-01 28 days 1,881 sqft
2021-12-01 37 days 2,002 sqft
2022-01-01 46 days 2,026 sqft
2022-02-01 37 days 1,932 sqft
2022-03-01 25 days 1,997 sqft
2022-04-01 13 days 2,026 sqft
2022-05-01 19 days 1,968 sqft
2022-06-01 19 days 2,121 sqft
2022-07-01 28 days 2,175 sqft
2022-08-01 30 days 2,063 sqft
2022-09-01 39 days 2,038 sqft
2022-10-01 43 days 2,057 sqft
2022-11-01 45 days 2,057 sqft
2022-12-01 49 days 1,946 sqft
2023-01-01 60 days 2,008 sqft
2023-02-01 56 days 1,994 sqft
2023-03-01 52 days 1,985 sqft
2023-04-01 36 days 2,026 sqft
2023-05-01 39 days 1,993 sqft
2023-06-01 40 days 2,047 sqft
2023-07-01 43 days 1,997 sqft
2023-08-01 45 days 1,971 sqft
2023-09-01 44 days 1,930 sqft
2023-10-01 48 days 1,904 sqft
2023-11-01 50 days 1,916 sqft
2023-12-01 55 days 1,892 sqft
2024-01-01 58 days 1,893 sqft
2024-02-01 60 days 1,911 sqft
2024-03-01 55 days 1,812 sqft
2024-04-01 50 days 1,927 sqft
2024-05-01 42 days 1,954 sqft
2024-06-01 40 days 1,925 sqft
2024-07-01 44 days 1,925 sqft
2024-08-01 47 days 1,925 sqft
2024-09-01 50 days 1,898 sqft
2024-10-01 44 days 1,872 sqft
2024-11-01 0 days 1,902 sqft
Burlington's median listing age (time on market) for 2024-11-01 was 0 days. This is -100% shorter than the same period one year ago.

Burlington's median square footage for active listings during the 2024-11-01 period was 1,902 sqft. One year prior, the average listing was 1,916 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.