Iron Mountain VA Loan Rates, Closing Costs & Stats
Iron Mountain, MI-WI
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.
Iron Mountain's 15 lenders originated 40 VA loans during 2023. The total origination value was $7,920,000, with an average VA loan value of $198,000.
Iron Mountain VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in Iron Mountain
averaged
6.59%
for the week of 2024-11-08, compared to the national average (all VA variants) of
6.34% for the same period.
Iron Mountain's average VA mortgage closing costs are $3,801.
The average rate for the prior week (2024-11-01) was
6.84% and
one month ago for the week of 2024-10-04, the
average rate was 6.17%.
The average rate one year ago was 7.63%.
For refis of the same type during the week of 2024-11-08, the average rate
was 6.24%.
Iron Mountain 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 Iron Mountain level.
| Name | # of Loans | 2023 Avg. 30yFix Rate | 2023 Avg. Closing Costs |
|---|---|---|---|
| Mortgage Research Center, LLC | 18 | 6.64% | $4,080 |
| Flagstar Bank, FSB | 3 | 7.04% | $1,854 |
| NEW DAY FINANCIAL, LLC | 3 | 7.75% | $6,692 |
| USAA Federal Savings Bank | 3 | 6.17% | $4,317 |
| ROYAL UNITED MORTGAGE LLC | 2 | 7.75% | $7,294 |
| QUICKEN LOANS, LLC | 2 | 5.75% | $8,407 |
| The Federal Savings Bank | 1 | 5.25% | $10,667 |
| UNITED WHOLESALE MORTGAGE, LLC | 1 | 6.13% | $3,899 |
| CROSSCOUNTRY MORTGAGE, LLC | 1 | 6.75% | $1,885 |
| Wells Fargo Bank | 1 | 7.25% | $1,727 |
| GUARANTEED RATE AFFINITY, LLC | 1 | 6.05% | $0 |
| LOANDEPOT.COM, LLC | 1 | 6.50% | $10,271 |
| Mr. Cooper ( Nationstar Mortgage ) | 1 | 5.63% | $9,572 |
| NAVY FEDERAL CREDIT UNION | 1 | 6.13% | $1,767 |
| RAPID MORTGAGE COMPANY | 1 | 6.63% | $3,119 |
The top Iron Mountain VA lender as defined by loan originations is Mortgage Research Center, LLC, with
18 VA loans originated. Their average total fees are
$4,080, which is $2,226
higher than the next largest lender,
Flagstar Bank, FSB.
The lowest fee Iron Mountain VA lenders (with over 10 loans originated) are
Mortgage Research Center, LLC ($4,080), .
The lowest rate Iron Mountain VA lenders (with over 10 loans originated) are
Mortgage Research Center, LLC (6.64%), .