Duluth VA Loan Rates, Closing Costs & Stats

DULUTH, MN-WI

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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.

    Duluth's 56 lenders originated 257 VA loans during 2023. The total origination value was $66,785,000, with an average VA loan value of $259,864.

    Duluth VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Duluth averaged 6.5% for the week of 2024-07-19, compared to the national average (all VA variants) of 6.303% for the same period.

    Duluth's average VA mortgage closing costs are $5,113.

    The average rate for the prior week (2024-07-12) was 6.74% and one month ago for the week of 2024-06-14, the average rate was 6.5%.

    The average rate one year ago was 6.69%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.83%.

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

    Duluth 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 Duluth level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 49 6.87% $5,755
    North Shore Bank of Commerce 23 6.29% $5,413
    USAA Federal Savings Bank 12 6.10% $11,594
    QUICKEN LOANS, LLC 12 6.30% $8,813
    NAVY FEDERAL CREDIT UNION 9 5.93% $3,301
    UNITED WHOLESALE MORTGAGE, LLC 9 6.76% $7,929
    Regent Financial Group, Inc. 8 6.75% $10,118
    NEW DAY FINANCIAL, LLC 8 7.48% $7,207
    GUARANTEED RATE AFFINITY, LLC 7 6.39% $6,345
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 7 6.93% $1,495
    NEWREZ LLC 7 6.73% $8,559
    Nations Lending Corporation 6 6.29% $10,591
    PENNYMAC LOAN SERVICES, LLC 6 5.64% $9,993
    BROKER SOLUTIONS, INC. 6 6.71% $9,352
    Mr. Cooper ( Nationstar Mortgage ) 5 6.00% $9,777
    AMERICAN PACIFIC MORTGAGE CORPORATION 5 6.55% $10,634
    Servion, Inc. 4 6.41% $6,668
    CROSSCOUNTRY MORTGAGE, LLC 4 6.83% $9,143
    MID AMERICA MORTGAGE, INC. 3 6.33% $4,700
    American Mortgage & Equity Consultants, Inc. 3 6.58% $8,324
    The Federal Savings Bank 2 6.75% $11,727
    LOANDEPOT.COM, LLC 2 5.56% $13,380
    U.S. Bank 2 7.31% $6,046
    MANN FINANCIAL INC. 2 6.81% $5,441
    Wells Fargo Bank 2 6.06% $10,512
    EVERETT FINANCIAL, INC. 2 6.44% $11,423
    GUILD MORTGAGE COMPANY 2 6.56% $6,155
    Prosperity Home Mortgage, LLC 2 6.56% $8,345
    AMERISAVE MORTGAGE CORPORATION 2 6.63% $12,600
    TOWNE MORTGAGE COMPANY 2 5.94% $9,872
    Park State Bank 1 7.13% $4,411
    AMERICAN FINANCIAL NETWORK, INC. 1 7.25% $15,704
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 7.50% $6,036
    Associated Bank 1 5.88% $5,173
    Bell Bank 1 7.13% $3,209
    Century Mortgage Company DBA Century Lending Company 1 6.75% $5,825
    CONTOUR MORTGAGE CORPORATION 1 6.75% $6,690
    Flagstar Bank, FSB 1 6.75% $19,906
    Fortress Bank 1 7.63% $0
    FREEDOM MORTGAGE CORPORATION 1 6.75% $25,025
    GUARANTEED RATE, INC. 1 6.75% $8,050
    GUARANTY HOME MORTGAGE CORPORATION 1 6.25% $5,711
    JPMorgan Chase Bank 1 6.75% $3,925
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.75% $6,690
    NBKC BANK 1 5.99% $2,027
    Paramount Residential Mortgage Group, Inc. 1 6.99% $2,537
    AFFINITY PLUS 1 7.50% $2,280
    PENTAGON FEDERAL CREDIT UNION 1 6.63% $2,702
    PLAZA HOME MORTGAGE, INC. 1 7.25% $16,557
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.13% $2,625
    RELIANCE FIRST CAPITAL, LLC 1 6.88% $4,386
    ROYAL UNITED MORTGAGE LLC 1 7.13% $7,282
    Summit Mortgage Corporation 1 6.38% $15,070
    TOP FLITE FINANCIAL, INC. 1 7.25% $11,921
    Tradition Mortgage, LLC 1 6.75% $11,332
    VILLAGE CAPITAL MORTGAGE 1 6.00% $5,993

    The top Duluth VA lender as defined by loan originations is Mortgage Research Center, LLC, with 49 VA loans originated. Their average total fees are $5,755, which is $342 higher than the next largest lender, North Shore Bank of Commerce.

    The lowest fee Duluth VA lenders (with over 10 loans originated) are North Shore Bank of Commerce ($5,413), Mortgage Research Center, LLC ($5,755), QUICKEN LOANS, LLC ($8,813), USAA Federal Savings Bank ($11,594) and .

    The lowest rate Duluth VA lenders (with over 10 loans originated) are USAA Federal Savings Bank (6.10%), North Shore Bank of Commerce (6.29%), QUICKEN LOANS, LLC (6.30%), Mortgage Research Center, LLC (6.87%) 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.