Burlington VA Loan Rates, Closing Costs & Stats

BURLINGTON-SOUTH BURLINGTON, VT

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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 31 lenders originated 123 VA loans during 2023. The total origination value was $44,475,000, with an average VA loan value of $361,585.

    Burlington VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Burlington averaged 6.27% 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 $6,564.

    The average rate for the prior week (2024-11-01) was 6.53% and one month ago for the week of 2024-10-04, the average rate was 5.96%.

    The average rate one year ago was 7.41%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.02%.

    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 24 6.87% $9,335
    QUICKEN LOANS, LLC 11 6.35% $11,813
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 9 6.50% $11,188
    NEW ENGLAND FEDERAL CREDIT UNION 8 6.50% $9,733
    USAA Federal Savings Bank 7 6.59% $8,824
    NAVY FEDERAL CREDIT UNION 6 5.48% $6,668
    PENNYMAC LOAN SERVICES, LLC 6 6.25% $10,924
    NORTHEAST HOME LOAN, LLC 4 6.16% $9,221
    UNITED WHOLESALE MORTGAGE, LLC 4 6.12% $5,284
    FREEDOM MORTGAGE CORPORATION 4 6.50% $20,960
    Mr. Cooper ( Nationstar Mortgage ) 3 5.54% $17,894
    CMG MORTGAGE, INC. 3 6.50% $10,288
    HOMEBRIDGE FINANCIAL SERVICES, INC. 3 6.54% $4,011
    Paramount Residential Mortgage Group, Inc. 3 5.54% $10,726
    PENTAGON FEDERAL CREDIT UNION 3 5.96% $8,865
    NBKC BANK 2 6.06% $14,944
    RELIANCE FIRST CAPITAL, LLC 2 6.38% $13,409
    ACADEMY MORTGAGE CORPORATION 2 7.50% $14,172
    DRAPER AND KRAMER MORTGAGE CORP. 1 6.25% $11,442
    American Mortgage & Equity Consultants, Inc. 1 7.25% $22,642
    Cornerstone First Mortgage, Inc 1 5.75% $5,213
    AMERICAN FINANCING CORPORATION 1 6.25% $6,608
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.63% $22,418
    BROKER SOLUTIONS, INC. 1 6.75% $11,582
    Service Federal Credit Union 1 6.63% $3,479
    The Central Trust Bank 1 5.13% $6,254
    Union Bank 1 6.25% $4,597
    LOANDEPOT.COM, LLC 1 6.50% $13,592
    MOVEMENT MORTGAGE, LLC 1 6.75% $3,680
    GUARANTEED RATE, INC. 1 7.75% $775
    Flagstar Bank, FSB 1 6.50% $10,608

    The top Burlington VA lender as defined by loan originations is Mortgage Research Center, LLC, with 24 VA loans originated. Their average total fees are $9,335, which is $2,479 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 ($9,335), QUICKEN LOANS, LLC ($11,813), .

    The lowest rate Burlington VA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.35%), Mortgage Research Center, LLC (6.87%), .

    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.