Kalamazoo VA Loan Rates, Closing Costs & Stats

KALAMAZOO-PORTAGE, MI

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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.

    Kalamazoo's 46 lenders originated 181 VA loans during 2023. The total origination value was $48,775,000, with an average VA loan value of $269,475.

    Kalamazoo VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Kalamazoo averaged 6.43% for the week of 2024-11-08, compared to the national average (all VA variants) of 6.34% for the same period.

    Kalamazoo's average VA mortgage closing costs are $5,240.

    The average rate for the prior week (2024-11-01) was 6.68% and one month ago for the week of 2024-10-04, the average rate was 5.91%.

    The average rate one year ago was 7.77%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.76%.

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

    Kalamazoo 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 Kalamazoo level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 47 6.72% $5,778
    QUICKEN LOANS, LLC 15 6.39% $12,904
    UNITED WHOLESALE MORTGAGE, LLC 11 6.42% $8,404
    NAVY FEDERAL CREDIT UNION 9 5.61% $6,682
    FREEDOM MORTGAGE CORPORATION 9 6.61% $13,288
    USAA Federal Savings Bank 8 6.63% $8,503
    PENNYMAC LOAN SERVICES, LLC 5 5.13% $7,146
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 5 6.15% $5,316
    SUCCESS MORTGAGE PARTNERS, INC. 4 6.81% $10,371
    Fifth Third Bank 3 6.75% $1,960
    NEW DAY FINANCIAL, LLC 3 7.41% $13,959
    LAKE MICHIGAN CREDIT UNION 3 6.75% $7,428
    PENTAGON FEDERAL CREDIT UNION 3 5.79% $7,580
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 3 6.50% $7,613
    GUARANTEED RATE, INC. 3 6.37% $5,389
    GVC MORTGAGE, INC. 3 6.50% $13,594
    CONTOUR MORTGAGE CORPORATION 3 7.25% $9,386
    Neighborhood Loans, Inc. 3 7.12% $9,318
    LOANDEPOT.COM, LLC 2 5.25% $6,138
    VAN DYK MORTGAGE CORPORATION 2 6.38% $7,733
    UNION HOME MORTGAGE CORP. 2 6.44% $6,128
    SUN WEST MORTGAGE COMPANY, INC. 1 6.63% $8,288
    The Huntington National Bank 1 6.75% $2,154
    TOP FLITE FINANCIAL, INC. 1 7.25% $1,754
    AMERICAN FINANCIAL NETWORK, INC. 1 7.75% $4,823
    Waterstone Mortgage Corporation 1 7.50% $10,751
    AMERISAVE MORTGAGE CORPORATION 1 5.63% $17,075
    Barrington Bank & Trust Company, N.A. 1 7.25% $6,189
    BROKER SOLUTIONS, INC. 1 6.00% $3,623
    Flagstar Bank, FSB 1 7.75% $9,719
    Horizon Bank 1 6.75% $3,069
    INSPIRE HOME LOANS INC. 1 5.50% $12,186
    Magnolia Bank 1 6.88% $16,407
    MICHIGAN MUTUAL, INC. 1 6.63% $3,749
    Mid-Continent Funding, Inc. 1 6.99% $7,239
    MORTGAGE CENTER L.C 1 6.63% $5,542
    Mr. Cooper ( Nationstar Mortgage ) 1 6.13% $11,180
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.25% $10,330
    NBKC BANK 1 6.25% $7,865
    NEWREZ LLC 1 6.25% $12,365
    Pacor Mortgage Corp 1 6.13% $9,700
    Plains Commerce Bank 1 6.75% $9,962
    PLANET HOME LENDING, LLC 1 5.99% $6,658
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.25% $8,373
    ROSS MORTGAGE CORPORATION 1 8.13% $10,764
    RUOFF MORTGAGE COMPANY, INC. 1 6.63% $0

    The top Kalamazoo VA lender as defined by loan originations is Mortgage Research Center, LLC, with 47 VA loans originated. Their average total fees are $5,778, which is $7,126 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Kalamazoo VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($5,778), UNITED WHOLESALE MORTGAGE, LLC ($8,404), QUICKEN LOANS, LLC ($12,904), .

    The lowest rate Kalamazoo VA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.39%), UNITED WHOLESALE MORTGAGE, LLC (6.42%), 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.