Joplin VA Loan Rates, Closing Costs & Stats

JOPLIN, MO

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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.

    Joplin's 46 lenders originated 261 VA loans during 2023. The total origination value was $60,795,000, with an average VA loan value of $232,931.

    Joplin VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Joplin averaged 6.41% for the week of 2024-07-19, compared to the national average (all VA variants) of 6.303% for the same period.

    Joplin's average VA mortgage closing costs are $4,552.

    The average rate for the prior week (2024-07-12) was 6.65% and one month ago for the week of 2024-06-14, the average rate was 6.81%.

    The average rate one year ago was 7.09%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.61%.

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

    Joplin 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 Joplin level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 64 6.88% $3,886
    FLAT BRANCH MORTGAGE, INC. 64 6.69% $6,098
    QUICKEN LOANS, LLC 17 6.27% $8,370
    NAVY FEDERAL CREDIT UNION 12 5.94% $3,060
    Gateway First Bank 11 7.05% $5,485
    USAA Federal Savings Bank 6 6.29% $4,978
    NEW DAY FINANCIAL, LLC 6 7.56% $10,247
    PENNYMAC LOAN SERVICES, LLC 6 5.33% $2,782
    Southwest Missouri Bank 5 6.18% $5,617
    Mr. Cooper ( Nationstar Mortgage ) 4 5.81% $10,290
    FREEDOM MORTGAGE CORPORATION 3 6.58% $12,250
    Arvest Bank 3 6.13% $5,299
    LOANDEPOT.COM, LLC 3 7.29% $7,829
    AMERISAVE MORTGAGE CORPORATION 3 5.71% $12,973
    The Central Trust Bank 3 6.91% $4,699
    UNITED WHOLESALE MORTGAGE, LLC 3 6.46% $5,134
    U.S. Bank 3 6.83% $4,226
    Barrington Bank & Trust Company, N.A. 3 6.33% $5,559
    MORTGAGE SOLUTIONS OF COLORADO, LLC 2 7.75% $11
    Nations Lending Corporation 2 6.88% $4,694
    GERSHMAN INVESTMENT CORP. 2 7.13% $5,648
    DAS Acquisition Company, LLC 2 5.88% $7,650
    BROKER SOLUTIONS, INC. 2 6.00% $9,050
    VILLAGE CAPITAL MORTGAGE 2 6.25% $5,799
    First Federal Bank 2 6.00% $9,696
    Midwest Mortgage Associates Corporation 2 6.63% $9,156
    Mortgage Investment Services Corporation 1 7.25% $9,142
    BAY EQUITY LLC 1 6.50% $6,437
    CARDINAL FINANCIAL 1 5.75% $7,115
    Commerce Bank 1 6.50% $18,818
    Equity Prime Mortgage LLC 1 7.50% $5,714
    First Bank 1 5.75% $14,214
    First Community Bank 1 6.00% $8,182
    Great Southern Bank 1 6.49% $1,846
    GSF Mortgage Corporation 1 4.63% $7,405
    GUILD MORTGAGE COMPANY 1 7.13% $14,793
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.13% $5,632
    Magnolia Bank 1 6.75% $9,343
    MUTUAL OF OMAHA MORTGAGE, INC. 1 5.75% $9,032
    NEWREZ LLC 1 7.13% $6,400
    Pinnacle Bank 1 6.13% $3,258
    Plains Commerce Bank 1 6.25% $12,028
    TOWNE MORTGAGE COMPANY 1 6.63% $10,007
    UNITED 1 7.25% $3,622
    Wells Fargo Bank 1 5.38% $0
    ZILLOW HOME LOANS, LLC 1 6.63% $8,176

    The top Joplin VA lender as defined by loan originations is Mortgage Research Center, LLC, with 64 VA loans originated. Their average total fees are $3,886, which is $2,212 lower than the next largest lender, FLAT BRANCH MORTGAGE, INC..

    The lowest fee Joplin VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION ($3,060), Mortgage Research Center, LLC ($3,886), Gateway First Bank ($5,485), FLAT BRANCH MORTGAGE, INC. ($6,098) and QUICKEN LOANS, LLC ($8,370).

    The lowest rate Joplin VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION (5.94%), QUICKEN LOANS, LLC (6.27%), FLAT BRANCH MORTGAGE, INC. (6.69%), Mortgage Research Center, LLC (6.88%) and Gateway First Bank (7.05%).

    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.