Burlington VA Loans

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 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 102 lenders originated 601 VA loans during 2021. The total origination value was $140,965,000, with an average VA loan value of $234,551.

    Burlington VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Burlington averaged 5.49% for the week of 2022-05-13, compared to the national average (all VA variants) of 5.158% for the same period.

    The average rate for the prior week (2022-05-06) was 5.72% and one month ago for the week of 2022-04-08, the average rate was 5.24%.

    The average rate one year ago was 3.26%.

    For refis of the same type during the week of 2022-05-13, the average rate was 5.55%.

    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 and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Burlington level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    QUICKEN LOANS, LLC 56 2.49% $4,698
    Mortgage Research Center, LLC 54 2.83% $6,429
    PENNYMAC LOAN SERVICES, LLC 31 2.47% $4,332
    FREEDOM MORTGAGE CORPORATION 29 2.43% $2,098
    NAVY FEDERAL CREDIT UNION 25 2.41% $6,242
    NEW DAY FINANCIAL, LLC 24 2.75% $7,567
    UNION HOME MORTGAGE CORP. 22 2.57% $6,072
    LOANDEPOT.COM, LLC 18 2.53% $3,729
    Wells Fargo Bank 18 2.63% $2,829
    VILLAGE CAPITAL & INVESTMENT LLC 15 2.27% $3,155
    MOVEMENT MORTGAGE, LLC 13 2.94% $5,203
    USAA Federal Savings Bank 12 2.97% $5,545
    CROSSCOUNTRY MORTGAGE, LLC 12 2.92% $6,309
    VANDERBILT MORTGAGE AND FINANCE, INC. 9 2.68% $6,143
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 9 3.14% $8,542
    Mr. Cooper ( Nationstar Mortgage ) 8 2.70% $4,270
    CALIBER HOME LOANS, INC. 7 2.50% $2,367
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 7 2.88% $5,949
    CLEARPATH LENDING 7 2.11% $3,019
    PENTAGON FEDERAL CREDIT UNION 7 2.38% $2,338
    Barrington Bank & Trust Company, N.A. 6 2.49% $3,503
    DHI MORTGAGE COMPANY, LTD. 6 2.77% $6,827
    HOME POINT FINANCIAL CORPORATION 5 2.52% $2,507
    Corporate Investors Mortgage Group, Inc. 5 2.70% $2,093
    NEWREZ LLC 5 2.58% $2,487
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 5 2.80% $3,702
    UNITED WHOLESALE MORTGAGE, LLC 5 2.46% $6,802
    Low VA Rates, LLC 5 2.45% $2,952
    The Federal Savings Bank 4 2.41% $6,566
    LAKEVIEW LOAN SERVICING, LLC 3 2.63% $2,362
    BROKER SOLUTIONS, INC. 3 3.13% $6,512
    AMERICAN FINANCING CORPORATION 3 2.25% $3,071
    GUARANTEED RATE, INC. 3 2.50% $7,946
    SUN WEST MORTGAGE COMPANY, INC. 3 2.33% $3,794
    HAMILTON HOME LOANS, INC. 3 3.04% $5,898
    Towne Mortgage of the Carolinas, LLC 3 2.38% $6,775
    AMERICAN FINANCIAL NETWORK, INC. 3 2.38% $4,332
    Prosperity Home Mortgage, LLC 2 2.69% $8,751
    HOMESIDE FINANCIAL, LLC 2 2.25% $4,931
    AMERISAVE MORTGAGE CORPORATION 2 2.88% $2,875
    PNC Bank 2 2.56% $4,868
    BELEM SERVICING LLC 2 2.44% $6,390
    PLANET HOME LENDING, LLC 2 2.50% $1,069
    Victorian Finance, LLC 2 2.94% $8,007
    First Federal Bank 2 4.62% $9,921
    MILEND, INC. 2 3.06% $8,260
    ACCELERATE MORTGAGE, LLC 2 2.12% $8,193
    CORNERSTONE HOME LENDING, INC. 2 3.25% $5,201
    Hometown Lenders, Inc. 2 3.69% $3,201
    Mid-Continent Funding, Inc. 2 2.94% $2,898
    Magnolia Bank 2 2.63% $11,709
    EQUITY RESOURCES, INC. 2 2.50% $4,342
    Blue Ridge Bank 2 3.19% $3,812
    RELIANCE FIRST CAPITAL, LLC 2 2.81% $4,868
    Lakeview Community Capital, LLC 2 2.38% $2,666
    Wyndham Capital Mortgage, Inc. 1 2.63% $18,652
    Advance Financial Group, LLC 1 2.25% $3,109
    Alcova Mortgage LLC 1 2.88% $6,605
    Allen Tate Mortgage Partners, LLC 1 2.75% $1,025
    AMCAP MORTGAGE, LTD. 1 2.38% $3,523
    AMERICAN NATIONWIDE MORTGAGE COMPANY, INC. 1 2.88% $7,649
    AmeriHome Mortgage Company, LLC 1 2.63% $2,478
    BNC National Bank 1 2.25% $2,142
    CALCON MUTUAL MORTGAGE LLC 1 3.00% $13,368
    Carrington Mortgage Services, LLC 1 3.25% $5,767
    CERTAINTY HOME LOANS, LLC 1 3.13% $1,485
    CHURCHILL MORTGAGE CORPORATION 1 2.25% $10,375
    Community First National Bank 1 2.50% $3,597
    EMBRACE HOME LOANS, INC. 1 2.25% $2,115
    Equity Prime Mortgage LLC 1 3.75% $2,689
    FINANCE OF AMERICA MORTGAGE LLC 1 3.50% $14,265
    First Guaranty Mortgage Corporation 1 2.25% $7,467
    First Home Bank 1 3.13% $5,808
    Flagstar Bank, FSB 1 3.00% $3,068
    George Mason Mortgage, LLC 1 2.75% $2,774
    GoPrime Mortgage, Inc. 1 3.13% $2,502
    GUILD MORTGAGE COMPANY 1 2.63% $2,882
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 2.63% $4,497
    HOMESPIRE MORTGAGE CORPORATION 1 3.00% $846
    HOMESTAR FINANCIAL CORPORATION 1 3.25% $15,606
    INSPIRE HOME LOANS INC. 1 2.75% $8,586
    INTERCOASTAL MORTGAGE COMPANY 1 3.00% $1,465
    Ixonia Bank 1 2.63% $12,050
    KELLER MORTGAGE, LLC 1 2.38% $1,865
    KS StateBank 1 2.25% $2,346
    LOANPAL, LLC 1 2.25% $19,230
    MUTUAL OF OMAHA MORTGAGE, INC. 1 2.25% $5,620
    Nations Lending Corporation 1 3.25% $7,356
    NFM, INC. 1 2.75% $2,514
    North American Savings Bank, F.S.B. 1 2.75% $2,160
    NP, Inc. 1 2.25% $4,141
    NTFN, INC. 1 2.75% $6,192
    Paramount Residential Mortgage Group, Inc. 1 3.25% $3,157
    Prime Choice Funding Inc. 1 2.38% $2,898
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 2.38% $2,180
    SUCCESS MORTGAGE PARTNERS, INC. 1 2.75% $3,851
    T2 FINANCIAL LLC 1 3.25% $11,631
    The Central Trust Bank 1 2.75% $5,654
    TOTAL MORTGAGE SERVICES, LLC 1 2.50% $3,956
    Towne Bank 1 2.88% $3,245
    UNITED SECURITY FINANCIAL CORP 1 2.25% $1,394
    U.S. Bank 1 2.25% $6,116

    The top Burlington VA lender as defined by loan originations is QUICKEN LOANS, LLC, with 56 VA loans originated. Their average total fees are $4,698, which is $1,731 lower than the next largest lender, Mortgage Research Center, LLC.

    The lowest fee Burlington VA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($2,098), Wells Fargo Bank ($2,829), VILLAGE CAPITAL & INVESTMENT LLC ($3,155), LOANDEPOT.COM, LLC ($3,729) and PENNYMAC LOAN SERVICES, LLC ($4,332).

    The lowest rate Burlington VA lenders (with over 10 loans originated) are VILLAGE CAPITAL & INVESTMENT LLC (2.27%), NAVY FEDERAL CREDIT UNION (2.41%), FREEDOM MORTGAGE CORPORATION (2.43%), PENNYMAC LOAN SERVICES, LLC (2.47%) and QUICKEN LOANS, LLC (2.49%).

    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 $217,450 (17.6%) $278,392 (26.4%) 0.80 951
    2018-02-01 $217,500 (16.0%) $279,244 (24.3%) 0.78 885
    2018-03-01 $227,499 (16.5%) $279,454 (19.8%) 0.79 841
    2018-04-01 $228,289 (14.2%) $260,118 (7.7%) 0.77 783
    2018-05-01 $237,900 (17.1%) $271,050 (-5.0%) 0.79 791
    2018-06-01 $232,500 (18.6%) $276,416 (-1.0%) 0.78 798
    2018-07-01 $235,680 (18.7%) $277,250 (0.0%) 0.79 809
    2018-08-01 $236,400 (18.2%) $268,635 (-0.4%) 0.79 793
    2018-09-01 $245,000 (19.5%) $273,362 (1.3%) 0.82 759
    2018-10-01 $240,500 (19.7%) $269,188 (0.4%) 0.80 844
    2018-11-01 $240,975 (12.1%) $271,278 (-0.3%) 0.81 805
    2018-12-01 $246,330 (14.6%) $274,567 (1.7%) 0.84 746
    2019-01-01 $240,155 (10.4%) $268,041 (-3.7%) 0.83 715
    2019-02-01 $252,293 (16.0%) $284,499 (1.9%) 0.85 666
    2019-03-01 $259,900 (14.2%) $291,620 (4.4%) 0.85 630
    2019-04-01 $259,900 (13.9%) $293,568 (12.9%) 0.82 582
    2019-05-01 $257,450 (8.2%) $291,247 (7.5%) 0.79 610
    2019-06-01 $255,000 (9.7%) $294,368 (6.5%) 0.78 591
    2019-07-01 $252,450 (7.1%) $306,758 (10.6%) 0.78 601
    2019-08-01 $247,386 (4.7%) $302,064 (12.4%) 0.78 596
    2019-09-01 $242,785 (-0.9%) $291,158 (6.5%) 0.77 603
    2019-10-01 $243,950 (1.4%) $290,197 (7.8%) 0.78 637
    2019-11-01 $239,900 (-0.5%) $284,915 (5.0%) 0.77 623
    2019-12-01 $235,000 (-4.6%) $282,712 (3.0%) 0.78 601
    2020-01-01 $245,035 (2.0%) $287,379 (7.2%) 0.82 559
    2020-02-01 $250,000 (-0.9%) $300,921 (5.8%) 0.81 511
    2020-03-01 $261,490 (0.6%) $305,490 (4.8%) 0.82 499
    2020-04-01 $267,240 (2.8%) $322,181 (9.8%) 0.83 528
    2020-05-01 $276,465 (7.4%) $349,744 (20.1%) 0.84 461
    2020-06-01 $281,400 (10.4%) $349,996 (18.9%) 0.82 413
    2020-07-01 $280,450 (11.1%) $328,898 (7.2%) 0.80 382
    2020-08-01 $286,900 (16.0%) $345,244 (14.3%) 0.82 344
    2020-09-01 $292,935 (20.7%) $347,190 (19.2%) 0.84 353
    2020-10-01 $275,000 (12.7%) $340,447 (17.3%) 0.79 330
    2020-11-01 $294,189 (22.6%) $349,572 (22.7%) 0.84 305
    2020-12-01 $299,000 (27.2%) $363,719 (28.7%) 0.88 258
    2021-01-01 $289,000 (17.9%) $376,441 (31.0%) 0.85 220
    2021-02-01 $259,945 (4.0%) $368,669 (22.5%) 0.75 217
    2021-03-01 $275,000 (5.2%) $387,950 (27.0%) 0.77 180
    2021-04-01 $291,248 (9.0%) $407,939 (26.6%) 0.78 157
    2021-05-01 $270,000 (-2.3%) $385,619 (10.3%) 0.71 180
    2021-06-01 $274,750 (-2.4%) $410,114 (17.2%) 0.71 191
    2021-07-01 $297,000 (5.9%) $404,461 (23.0%) 0.77 217
    2021-08-01 $289,990 (1.1%) $379,190 (9.8%) 0.76 267
    2021-09-01 $294,250 (0.5%) $374,147 (7.8%) 0.77 291
    2021-10-01 $290,000 (5.5%) $347,649 (2.1%) 0.76 274
    2021-11-01 $283,750 (-3.6%) $337,258 (-3.5%) 0.75 304
    2021-12-01 $295,000 (-1.3%) $353,499 (-2.8%) 0.79 272
    2022-01-01 $325,000 (12.5%) $377,748 (0.4%) 0.87 198
    2022-02-01 $314,253 (20.9%) $377,096 (2.3%) 0.80 146
    2022-03-01 $349,950 (27.3%) $407,137 (5.0%) 0.86 144
    2022-04-01 $360,000 (23.6%) $408,262 (0.1%) 0.85 158
    Burlington's median listing price for 2022-04-01 was $360,000, a difference of $68,752 (23.6%) versus the prior year and $10,050 versus the prior month.

    Burlington's median listing price comes in at 85% of the national average.

    Burlington's average listing price for 2022-04-01 was $408,262, a difference of $323 (0.1%) versus the prior year and $1,125 versus the prior month.

    For the 2022-04-01 period, Burlington had 158 MLS listings, a difference of 14 listings (10%) versus the prior month and 1 listings (1%) 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
    2018-01-01 113 days 2,021 sqft
    2018-02-01 107 days 2,011 sqft
    2018-03-01 77 days 2,045 sqft
    2018-04-01 63 days 2,055 sqft
    2018-05-01 66 days 2,074 sqft
    2018-06-01 58 days 2,048 sqft
    2018-07-01 66 days 2,043 sqft
    2018-08-01 64 days 2,067 sqft
    2018-09-01 67 days 2,131 sqft
    2018-10-01 61 days 2,098 sqft
    2018-11-01 73 days 2,060 sqft
    2018-12-01 75 days 2,069 sqft
    2019-01-01 90 days 2,067 sqft
    2019-02-01 98 days 2,192 sqft
    2019-03-01 67 days 2,214 sqft
    2019-04-01 57 days 2,195 sqft
    2019-05-01 42 days 2,196 sqft
    2019-06-01 47 days 2,217 sqft
    2019-07-01 50 days 2,140 sqft
    2019-08-01 51 days 2,045 sqft
    2019-09-01 50 days 1,977 sqft
    2019-10-01 50 days 1,970 sqft
    2019-11-01 46 days 1,979 sqft
    2019-12-01 59 days 1,942 sqft
    2020-01-01 74 days 1,963 sqft
    2020-02-01 65 days 2,008 sqft
    2020-03-01 48 days 2,054 sqft
    2020-04-01 45 days 2,099 sqft
    2020-05-01 51 days 2,231 sqft
    2020-06-01 51 days 2,261 sqft
    2020-07-01 35 days 2,226 sqft
    2020-08-01 44 days 2,180 sqft
    2020-09-01 34 days 2,279 sqft
    2020-10-01 30 days 2,102 sqft
    2020-11-01 32 days 2,090 sqft
    2020-12-01 43 days 2,133 sqft
    2021-01-01 39 days 1,929 sqft
    2021-02-01 22 days 1,875 sqft
    2021-03-01 23 days 1,939 sqft
    2021-04-01 29 days 2,024 sqft
    2021-05-01 16 days 1,874 sqft
    2021-06-01 18 days 1,918 sqft
    2021-07-01 19 days 1,909 sqft
    2021-08-01 20 days 1,878 sqft
    2021-09-01 22 days 1,934 sqft
    2021-10-01 29 days 1,887 sqft
    2021-11-01 22 days 1,855 sqft
    2021-12-01 35 days 1,921 sqft
    2022-01-01 45 days 1,918 sqft
    2022-02-01 35 days 1,955 sqft
    2022-03-01 19 days 2,058 sqft
    2022-04-01 13 days 2,026 sqft
    Burlington's median listing age (time on market) for 2022-04-01 was 13 days. This is -55% shorter than the same period one year ago.

    Burlington's median square footage for active listings during the 2022-04-01 period was 2,026 sqft. One year prior, the average listing was 2,024 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.