Enid VA Loan Rates, Closing Costs & Stats

ENID, OK

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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.

    Enid's 27 lenders originated 176 VA loans during 2023. The total origination value was $40,420,000, with an average VA loan value of $229,659.

    Enid VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Enid 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.

    Enid's average VA mortgage closing costs are $5,248.

    The average rate for the prior week (2024-11-01) was 6.49% and one month ago for the week of 2024-10-04, the average rate was 5.82%.

    The average rate one year ago was 7.47%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.14%.

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

    Enid 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 Enid level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 35 6.72% $5,034
    Gateway First Bank 11 6.33% $7,063
    NAVY FEDERAL CREDIT UNION 11 5.78% $5,727
    USAA Federal Savings Bank 8 6.28% $6,963
    BOKF 8 6.88% $7,237
    PRIMELENDING, A PLAINSCAPITAL COMPANY 7 6.80% $4,021
    NBKC BANK 7 6.20% $7,414
    UNITED WHOLESALE MORTGAGE, LLC 7 6.09% $9,189
    QUICKEN LOANS, LLC 5 6.37% $6,074
    Paramount Residential Mortgage Group, Inc. 4 6.09% $6,477
    CMG MORTGAGE, INC. 3 6.54% $8,267
    FINANCIAL CONCEPTS MORTGAGE, LLC 3 6.04% $2,834
    First United Bank and Trust Company 3 6.83% $5,605
    AMCAP MORTGAGE, LTD. 2 6.75% $10,258
    Armed Forces Bank 2 6.00% $7,371
    CORNERSTONE HOME LENDING, INC. 2 7.44% $7,090
    OPEN MORTGAGE, LLC 2 6.63% $7,639
    VAN DYK MORTGAGE CORPORATION 1 7.13% $8,628
    JPMorgan Chase Bank 1 5.49% $1,885
    PENNYMAC LOAN SERVICES, LLC 1 5.25% $6,450
    CARDINAL FINANCIAL 1 6.25% $7,082
    BROKER SOLUTIONS, INC. 1 5.75% $10,607
    Stride Bank 1 6.75% $9,645
    ASSOCIATED MORTGAGE CORPORATION 1 6.63% $2,807
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.13% $7,053
    U.S. Bank 1 7.13% $0
    NEW DAY FINANCIAL, LLC 1 7.49% $7,405

    The top Enid VA lender as defined by loan originations is Mortgage Research Center, LLC, with 35 VA loans originated. Their average total fees are $5,034, which is $2,029 lower than the next largest lender, Gateway First Bank.

    The lowest fee Enid VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($5,034), NAVY FEDERAL CREDIT UNION ($5,727), Gateway First Bank ($7,063), .

    The lowest rate Enid VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION (5.78%), Gateway First Bank (6.33%), Mortgage Research Center, LLC (6.72%), .

    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.