Erie VA Loan Rates, Closing Costs & Stats

ERIE, PA

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets

    • 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.

    Erie's 45 lenders originated 163 VA loans during 2023. The total origination value was $33,325,000, with an average VA loan value of $204,448.

    Erie VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Erie averaged 6.84% for the week of 2024-11-08, compared to the national average (all VA variants) of 6.34% for the same period.

    Erie's average VA mortgage closing costs are $5,196.

    The average rate for the prior week (2024-11-01) was 6.39% and one month ago for the week of 2024-10-04, the average rate was 6.12%.

    The average rate one year ago was 7.78%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.44%.

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

    Erie 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 Erie level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 43 6.84% $5,472
    QUICKEN LOANS, LLC 19 6.23% $7,207
    UNITED WHOLESALE MORTGAGE, LLC 13 6.93% $9,144
    NAVY FEDERAL CREDIT UNION 8 6.23% $5,518
    USAA Federal Savings Bank 6 6.21% $8,281
    AFFORDABLE MORTGAGE ADVISORS, LLC. 6 7.50% $9,541
    Equity Prime Mortgage LLC 6 7.15% $6,082
    The Federal Savings Bank 4 6.31% $13,235
    PLAZA HOME MORTGAGE, INC. 3 6.08% $10,288
    FREEDOM MORTGAGE CORPORATION 3 6.92% $11,469
    MOVEMENT MORTGAGE, LLC 3 6.46% $5,075
    NEW DAY FINANCIAL, LLC 3 7.58% $7,959
    GUARANTEED RATE, INC. 2 6.38% $5,752
    Barrington Bank & Trust Company, N.A. 2 6.50% $9,344
    AMERISAVE MORTGAGE CORPORATION 2 5.75% $7,637
    PENNYMAC LOAN SERVICES, LLC 2 5.75% $4,097
    PNC Bank 2 6.75% $4,453
    EQUITY RESOURCES, INC. 2 6.56% $3,233
    Northwest Bank 2 6.19% $3,208
    MICHIGAN MUTUAL, INC. 1 6.13% $3,719
    First Federal Bank of Kansas City 1 7.63% $4,692
    Wells Fargo Bank 1 5.88% $7,170
    Mr. Cooper ( Nationstar Mortgage ) 1 5.75% $6,735
    MUTUAL OF OMAHA MORTGAGE, INC. 1 7.25% $13,781
    NBKC BANK 1 5.63% $3,950
    ZILLOW HOME LOANS, LLC 1 7.63% $12,555
    Paramount Residential Mortgage Group, Inc. 1 6.13% $8,646
    PENTAGON FEDERAL CREDIT UNION 1 5.88% $5,375
    Plains Commerce Bank 1 6.88% $2,864
    PLANET HOME LENDING, LLC 1 7.25% $7,878
    CONTOUR MORTGAGE CORPORATION 1 5.63% $11,015
    BROKER SOLUTIONS, INC. 1 6.75% $8,074
    RELIANCE FIRST CAPITAL, LLC 1 5.50% $8,119
    BNC National Bank 1 5.13% $4,804
    Victorian Finance, LLC 1 6.38% $7,777
    FIRST HERITAGE FINANCIAL, LLC 1 5.75% $4,509
    First National Bank of Pennsylvania 1 6.38% $4,708
    Flagstar Bank, FSB 1 7.13% $12,151
    First Western Trust Bank 1 5.88% $3,439
    VILLAGE CAPITAL MORTGAGE 1 5.50% $7,920
    HOMESIDE FINANCIAL, LLC 1 7.75% $25,537
    HOWARD HANNA FINANCIAL SERVICES, INC. 1 7.75% $5,143
    Ixonia Bank 1 6.13% $8,148
    LAKEVIEW LOAN SERVICING, LLC 1 7.25% $8,967
    Magnolia Bank 1 5.99% $12,635

    The top Erie VA lender as defined by loan originations is Mortgage Research Center, LLC, with 43 VA loans originated. Their average total fees are $5,472, which is $1,735 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Erie VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($5,472), QUICKEN LOANS, LLC ($7,207), UNITED WHOLESALE MORTGAGE, LLC ($9,144), .

    The lowest rate Erie VA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.23%), Mortgage Research Center, LLC (6.84%), UNITED WHOLESALE MORTGAGE, LLC (6.93%), .

    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.