Cañon City VA Loan Rates, Closing Costs & Stats

Cañon City, CO

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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.

    Cañon City's 41 lenders originated 139 VA loans during 2023. The total origination value was $48,545,000, with an average VA loan value of $349,245.

    Cañon City VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Cañon City averaged 6.71% for the week of 2024-11-08, compared to the national average (all VA variants) of 6.34% for the same period.

    Cañon City's average VA mortgage closing costs are $6,075.

    The average rate for the prior week (2024-11-01) was 6.57% and one month ago for the week of 2024-10-04, the average rate was 5.7%.

    The average rate one year ago was 7.55%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.34%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Cañon City 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 Cañon City level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 24 6.12% $7,624
    Mortgage Research Center, LLC 13 6.65% $7,560
    QUICKEN LOANS, LLC 12 6.38% $12,565
    NAVY FEDERAL CREDIT UNION 10 5.83% $3,720
    MORTGAGE SOLUTIONS OF COLORADO, LLC 7 6.89% $11,076
    FREEDOM MORTGAGE CORPORATION 5 6.35% $19,167
    LOANDEPOT.COM, LLC 5 6.58% $9,403
    NEW DAY FINANCIAL, LLC 4 7.34% $8,860
    LOANPAL, LLC 3 5.58% $23,072
    CARDINAL FINANCIAL 3 6.50% $8,548
    The Central Trust Bank 3 6.62% $13,956
    PENNYMAC LOAN SERVICES, LLC 2 5.19% $9,206
    BROKER SOLUTIONS, INC. 2 6.63% $11,181
    Ent Credit Union 2 6.31% $4,551
    GUARANTEED RATE, INC. 2 5.71% $2,429
    PENTAGON FEDERAL CREDIT UNION 2 5.13% $5,095
    The Federal Savings Bank 2 6.25% $17,182
    MICHIGAN MUTUAL, INC. 1 5.13% $11,934
    Mid-Continent Funding, Inc. 1 6.49% $16,992
    EVERETT FINANCIAL, INC. 1 6.13% $7,995
    CROSSCOUNTRY MORTGAGE, LLC 1 6.50% $995
    MOVEMENT MORTGAGE, LLC 1 6.25% $3,546
    Nations Lending Corporation 1 5.25% $6,827
    CORNERSTONE HOME LENDING, INC. 1 5.75% $8,447
    NBH Bank 1 6.88% $8,374
    BAY EQUITY LLC 1 6.63% $2,353
    NEWREZ LLC 1 5.50% $6,769
    NFM, INC. 1 6.63% $9,229
    Northpointe Bank 1 5.75% $17,582
    NOVA FINANCIAL & INVESTMENT CORPORATION 1 6.25% $5,741
    AMERICAN FINANCIAL RESOURCES, INC. 1 6.88% $2,633
    USAA Federal Savings Bank 1 7.13% $2,254
    PLAZA HOME MORTGAGE, INC. 1 7.25% $12,238
    AXIA FINANCIAL, LLC 1 5.75% $12,661
    Strong Home Mortgage, LLC 1 6.75% $21,170
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 5.88% $20,551
    VERITAS FUNDING, LLC 1 6.50% $13,694
    THE MORTGAGE COMPANY 1 7.13% $13,172
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 5.50% $19,239
    FLAT BRANCH MORTGAGE, INC. 1 6.25% $9,829
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.63% $7,475

    The top Cañon City VA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 24 VA loans originated. Their average total fees are $7,624, which is $64 higher than the next largest lender, Mortgage Research Center, LLC.

    The lowest fee Cañon City VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION ($3,720), Mortgage Research Center, LLC ($7,560), UNITED WHOLESALE MORTGAGE, LLC ($7,624), QUICKEN LOANS, LLC ($12,565) and .

    The lowest rate Cañon City VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION (5.83%), UNITED WHOLESALE MORTGAGE, LLC (6.12%), QUICKEN LOANS, LLC (6.38%), Mortgage Research Center, LLC (6.65%) and .

    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.