Elizabeth City VA Loan Rates, Closing Costs & Stats

Elizabeth City, 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.

    Elizabeth City's 56 lenders originated 280 VA loans during 2023. The total origination value was $85,850,000, with an average VA loan value of $306,607.

    Elizabeth City VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Elizabeth City averaged 6.53% for the week of 2024-11-08, compared to the national average (all VA variants) of 6.34% for the same period.

    Elizabeth City's average VA mortgage closing costs are $5,960.

    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 5.82%.

    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 6.24%.

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

    Elizabeth 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 Elizabeth City level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 50 6.82% $4,684
    NAVY FEDERAL CREDIT UNION 22 5.71% $6,088
    NVR Mortgage Finance, Inc. 22 5.66% $5,528
    UNITED WHOLESALE MORTGAGE, LLC 17 6.07% $7,991
    CORNERSTONE HOME LENDING, INC. 11 6.15% $6,569
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 11 6.56% $8,851
    QUICKEN LOANS, LLC 10 6.21% $13,049
    LOANDEPOT.COM, LLC 7 6.34% $7,986
    MOVEMENT MORTGAGE, LLC 7 6.16% $9,069
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 7 6.14% $17,320
    George Mason Mortgage, LLC 7 6.41% $9,389
    NEW DAY FINANCIAL, LLC 7 7.80% $15,006
    PENNYMAC LOAN SERVICES, LLC 5 5.28% $6,764
    GUARANTEED RATE, INC. 5 6.32% $7,113
    FREEDOM MORTGAGE CORPORATION 5 6.75% $12,082
    SOUTHERN TRUST MORTGAGE, LLC 4 5.88% $13,902
    CBM Mortgage, Inc. 4 5.94% $10,419
    NEWREZ LLC 3 7.08% $8,879
    MUTUAL OF OMAHA MORTGAGE, INC. 3 6.21% $7,051
    Southern Bank and Trust Company 3 6.08% $7,451
    VILLAGE CAPITAL MORTGAGE 3 6.21% $9,513
    BROKER SOLUTIONS, INC. 3 6.25% $9,486
    PENTAGON FEDERAL CREDIT UNION 3 5.25% $10,207
    Presidential Bank, FSB 3 5.88% $13,636
    Tidewater Home Funding, LLC 3 6.00% $6,302
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 6.00% $6,760
    Atlantic Coast Mortgage, LLC 2 6.69% $10,023
    CROSSCOUNTRY MORTGAGE, LLC 2 7.00% $9,396
    INTERCOASTAL MORTGAGE COMPANY 2 6.62% $7,776
    The Federal Savings Bank 2 6.88% $20,931
    TIDEWATER MORTGAGE SERVICES, INC. 2 6.50% $17,451
    Towne Mortgage, LLC 2 6.19% $14,443
    Truist 2 6.05% $5,554
    USAA Federal Savings Bank 2 6.00% $3,881
    HOMESPIRE MORTGAGE CORPORATION 1 6.50% $4,551
    GoPrime Mortgage, Inc. 1 6.50% $7,957
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 6.63% $19,868
    Gateway First Bank 1 6.13% $650
    Flagstar Bank, FSB 1 5.63% $7,179
    PLANET HOME LENDING, LLC 1 5.38% $5,300
    CHURCHILL MORTGAGE CORPORATION 1 5.63% $10,545
    Advance Financial Group, LLC 1 5.75% $20,205
    Carrington Mortgage Services, LLC 1 5.38% $9,309
    CARDINAL FINANCIAL 1 6.75% $7,210
    Blue Ridge Bank 1 6.99% $19,483
    SOVEREIGN LENDING GROUP INCORPORATED 1 6.38% $18,447
    STAUNTON FINANCIAL, INC. 1 6.63% $2,469
    American Mortgage & Equity Consultants, Inc. 1 7.75% $7,773
    Barrington Bank & Trust Company, N.A. 1 7.25% $6,717
    AMERISAVE MORTGAGE CORPORATION 1 6.25% $18,594
    Wells Fargo Bank 1 5.63% $11,636
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 7.75% $408
    Mid-Continent Funding, Inc. 1 7.13% $13,270
    LOANPAL, LLC 1 5.00% $8,990
    Nations Lending Corporation 1 6.25% $8,507
    Keystone Funding, Inc. 1 5.75% $14,008

    The top Elizabeth City VA lender as defined by loan originations is Mortgage Research Center, LLC, with 50 VA loans originated. Their average total fees are $4,684, which is $1,404 lower than the next largest lender, NAVY FEDERAL CREDIT UNION.

    The lowest fee Elizabeth City VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($4,684), NVR Mortgage Finance, Inc. ($5,528), NAVY FEDERAL CREDIT UNION ($6,088), CORNERSTONE HOME LENDING, INC. ($6,569) and UNITED WHOLESALE MORTGAGE, LLC ($7,991).

    The lowest rate Elizabeth City VA lenders (with over 10 loans originated) are NVR Mortgage Finance, Inc. (5.66%), NAVY FEDERAL CREDIT UNION (5.71%), UNITED WHOLESALE MORTGAGE, LLC (6.07%), CORNERSTONE HOME LENDING, INC. (6.15%) and QUICKEN LOANS, LLC (6.21%).

    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.