Glens Falls VA Loan Rates, Closing Costs & Stats

GLENS FALLS, NY

  • 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.

    Glens Falls's 24 lenders originated 94 VA loans during 2023. The total origination value was $23,890,000, with an average VA loan value of $254,149.

    Glens Falls VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Glens Falls averaged 6.54% for the week of 2024-11-08, compared to the national average (all VA variants) of 6.34% for the same period.

    Glens Falls's average VA mortgage closing costs are $5,536.

    The average rate for the prior week (2024-11-01) was 6.2% and one month ago for the week of 2024-10-04, the average rate was 5.42%.

    The average rate one year ago was 7.28%.

    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.

    Glens Falls 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 Glens Falls level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 15 6.97% $7,485
    HOMESTEAD FUNDING CORP. 13 6.68% $5,563
    UNITED WHOLESALE MORTGAGE, LLC 11 6.68% $5,789
    QUICKEN LOANS, LLC 6 5.89% $10,903
    Barrington Bank & Trust Company, N.A. 5 6.85% $5,306
    NAVY FEDERAL CREDIT UNION 5 5.75% $9,310
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 6.08% $5,588
    USAA Federal Savings Bank 3 6.71% $10,986
    GUARANTEED RATE, INC. 3 6.42% $8,153
    SEFCU SERVICES, LLC 3 6.58% $9,421
    Glens Falls National Bank and Trust Company 2 6.00% $6,975
    HUNT MORTGAGE CORPORATION 2 6.25% $8,390
    PLAZA HOME MORTGAGE, INC. 2 6.25% $7,284
    Premium Mortgage Corporation 2 6.69% $5,111
    Evolve Bank & Trust 2 5.94% $4,412
    NORTHERN CREDIT UNION 1 6.63% $8,555
    PENNYMAC LOAN SERVICES, LLC 1 6.13% $8,497
    The Federal Savings Bank 1 6.25% $10,526
    Citizens Bank 1 6.13% $15,696
    Flagstar Bank, FSB 1 6.13% $8,614
    LOANDEPOT.COM, LLC 1 6.25% $8,351
    Mr. Cooper ( Nationstar Mortgage ) 1 6.25% $9,910
    NEWREZ LLC 1 7.25% $8,589
    North American Savings Bank, F.S.B. 1 6.13% $39,369

    The top Glens Falls VA lender as defined by loan originations is Mortgage Research Center, LLC, with 15 VA loans originated. Their average total fees are $7,485, which is $1,922 higher than the next largest lender, HOMESTEAD FUNDING CORP..

    The lowest fee Glens Falls VA lenders (with over 10 loans originated) are HOMESTEAD FUNDING CORP. ($5,563), UNITED WHOLESALE MORTGAGE, LLC ($5,789), Mortgage Research Center, LLC ($7,485), .

    The lowest rate Glens Falls VA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.68%), HOMESTEAD FUNDING CORP. (6.68%), Mortgage Research Center, LLC (6.97%), .

    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.