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 6.23% for the week of 2024-11-08, compared to the national average (all VA variants) of 6.34% for the same period.

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

    The average rate for the prior week (2024-11-01) was 6.19% and one month ago for the week of 2024-10-04, the average rate was 5.71%.

    The average rate one year ago was 7.17%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.76%.

    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%).

    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.