Canton VA Loan Rates, Closing Costs & Stats

CANTON-MASSILLON, OH

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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.

    Canton's 62 lenders originated 368 VA loans during 2023. The total origination value was $88,220,000, with an average VA loan value of $239,728.

    Canton VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Canton averaged 6.69% for the week of 2024-07-19, compared to the national average (all VA variants) of 6.303% for the same period.

    Canton's average VA mortgage closing costs are $5,343.

    The average rate for the prior week (2024-07-12) was 6.93% and one month ago for the week of 2024-06-14, the average rate was 6.79%.

    The average rate one year ago was 7.17%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.92%.

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

    Canton 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 Canton level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 81 6.80% $5,200
    QUICKEN LOANS, LLC 34 6.21% $10,074
    CROSSCOUNTRY MORTGAGE, LLC 25 6.75% $7,465
    NAVY FEDERAL CREDIT UNION 18 5.98% $6,236
    The Huntington National Bank 17 6.90% $5,252
    NEW DAY FINANCIAL, LLC 11 7.45% $5,402
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 10 6.44% $8,527
    NVR Mortgage Finance, Inc. 10 5.70% $8,076
    GUARANTEED RATE, INC. 9 6.07% $5,047
    UNITED WHOLESALE MORTGAGE, LLC 8 6.00% $10,436
    POLARIS HOME FUNDING CORP. 8 6.77% $10,425
    PENNYMAC LOAN SERVICES, LLC 7 5.20% $6,199
    USAA Federal Savings Bank 7 6.20% $6,383
    LOANDEPOT.COM, LLC 7 6.64% $8,392
    UNION HOME MORTGAGE CORP. 6 7.13% $8,892
    RUOFF MORTGAGE COMPANY, INC. 5 6.45% $9,290
    FREEDOM MORTGAGE CORPORATION 5 6.53% $12,172
    Magnolia Bank 5 6.53% $15,802
    Nations Lending Corporation 5 6.68% $8,194
    JPMorgan Chase Bank 4 6.41% $1,795
    GVC MORTGAGE, INC. 4 7.19% $7,650
    Mr. Cooper ( Nationstar Mortgage ) 4 6.13% $6,947
    NFM, INC. 3 6.83% $12,973
    The Federal Savings Bank 3 6.58% $15,736
    EUSTIS AND AMERICAN MORTGAGE COMPANY 3 6.67% $4,012
    BROKER SOLUTIONS, INC. 3 6.79% $12,601
    MORTGAGE SOLUTIONS OF COLORADO, LLC 2 8.19% $190
    NEWREZ LLC 2 6.50% $6,029
    AMERISAVE MORTGAGE CORPORATION 2 6.13% $12,752
    AMERICAN PACIFIC MORTGAGE CORPORATION 2 6.94% $10,250
    WEST PENN FINANCIAL SERVICE CENTER, INC. 2 7.13% $7,901
    ZILLOW HOME LOANS, LLC 1 6.13% $5,270
    Equity Prime Mortgage LLC 1 7.75% $1,915
    CMG MORTGAGE, INC. 1 5.25% $6,333
    Citizens Bank 1 6.38% $14,392
    Century Mortgage Company DBA Century Lending Company 1 7.13% $0
    PLANET HOME LENDING, LLC 1 6.75% $3,285
    PNC Bank 1 6.63% $6,619
    CARDINAL FINANCIAL 1 6.75% $7,507
    PREMIA MORTGAGE, LLC 1 5.63% $154
    Republic State Mortgage Co. 1 7.63% $6,247
    BAY EQUITY LLC 1 6.75% $693
    SUCCESS MORTGAGE PARTNERS, INC. 1 6.88% $14,976
    SUN WEST MORTGAGE COMPANY, INC. 1 8.00% $9,737
    AXIA FINANCIAL, LLC 1 6.50% $2,163
    The State Bank and Trust Company 1 7.88% $6,934
    TOP FLITE FINANCIAL, INC. 1 7.13% $9,543
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 6.63% $11,986
    U.S. Bank 1 7.13% $4,418
    VILLAGE CAPITAL MORTGAGE 1 5.75% $4,705
    Waterstone Mortgage Corporation 1 6.50% $18,724
    GENEVA FINANCIAL, LLC 1 6.63% $4,923
    GUILD MORTGAGE COMPANY 1 6.75% $9,183
    Flagstar Bank, FSB 1 6.75% $15,042
    AMCAP MORTGAGE, LTD. 1 7.13% $5,779
    KeyBank 1 5.88% $14,485
    LAKEVIEW LOAN SERVICING, LLC 1 5.75% $4,995
    LIBERTY HOME MORTGAGE CORPORATION 1 6.25% $19,662
    First Savings Bank 1 7.25% $6,639
    First Federal Bank 1 5.50% $3,229
    MICHIGAN MUTUAL, INC. 1 6.63% $8,367
    Fifth Third Bank 1 7.38% $150

    The top Canton VA lender as defined by loan originations is Mortgage Research Center, LLC, with 81 VA loans originated. Their average total fees are $5,200, which is $4,875 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Canton VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($5,200), The Huntington National Bank ($5,252), NEW DAY FINANCIAL, LLC ($5,402), NAVY FEDERAL CREDIT UNION ($6,236) and CROSSCOUNTRY MORTGAGE, LLC ($7,465).

    The lowest rate Canton VA lenders (with over 10 loans originated) are NVR Mortgage Finance, Inc. (5.70%), NAVY FEDERAL CREDIT UNION (5.98%), QUICKEN LOANS, LLC (6.21%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (6.44%) and CROSSCOUNTRY MORTGAGE, LLC (6.75%).

    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.