Burlington VA Loan Rates, Closing Costs & Stats

BURLINGTON, NC

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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 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 6.55% for the week of 2024-04-19, compared to the national average (all VA variants) of 6.758% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.28% and one month ago for the week of 2024-03-15, the average rate was 6.24%.

    The average rate one year ago was 6.13%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.08%.

    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
    Burlington's median listing price for 2024-03-01 was $331,495, a difference of $-36,005 (-9.8%) versus the prior year and $-4,505 versus the prior month.

    Burlington's median listing price comes in at 78% of the national average.

    Burlington's average listing price for 2024-03-01 was $366,828, a difference of $-16,243 (-4.2%) versus the prior year and $-2,636 versus the prior month.

    For the 2024-03-01 period, Burlington had 335 MLS listings, a difference of -29 listings (-8%) versus the prior month and 91 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
    2018-01-01 105 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 1,909 sqft
    2024-03-01 55 days 1,812 sqft
    Burlington's median listing age (time on market) for 2024-03-01 was 55 days. This is 7% longer than the same period one year ago.

    Burlington's median square footage for active listings during the 2024-03-01 period was 1,812 sqft. One year prior, the average listing was 1,985 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.