Lake Charles VA Loan Rates, Closing Costs & Stats

LAKE CHARLES, LA

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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.

    Lake Charles's 36 lenders originated 186 VA loans during 2023. The total origination value was $45,750,000, with an average VA loan value of $245,968.

    Lake Charles VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Lake Charles averaged 6.38% for the week of 2024-11-08, compared to the national average (all VA variants) of 6.34% for the same period.

    Lake Charles's average VA mortgage closing costs are $5,344.

    The average rate for the prior week (2024-11-01) was 6.44% and one month ago for the week of 2024-10-04, the average rate was 5.67%.

    The average rate one year ago was 7.62%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.54%.

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

    Lake Charles 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 Lake Charles level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 43 6.81% $4,803
    UNITED WHOLESALE MORTGAGE, LLC 19 6.38% $6,306
    NAVY FEDERAL CREDIT UNION 12 5.89% $5,462
    FIDELITY BANK 11 6.76% $3,647
    DHI MORTGAGE COMPANY, LTD. 9 5.19% $7,596
    USAA Federal Savings Bank 8 6.23% $7,982
    DSLD MORTGAGE, LLC 8 5.73% $3,736
    GMFS LLC 6 6.00% $8,785
    NTFN, INC. 5 7.03% $8,596
    FREEDOM MORTGAGE CORPORATION 5 6.52% $13,670
    QUICKEN LOANS, LLC 4 6.25% $8,260
    NEWREZ LLC 4 7.00% $8,303
    PENNYMAC LOAN SERVICES, LLC 3 6.04% $7,102
    AMERICAN PACIFIC MORTGAGE CORPORATION 3 7.25% $9,679
    NEW DAY FINANCIAL, LLC 3 7.67% $9,799
    T2 FINANCIAL LLC 3 6.96% $8,440
    MORTGAGE SOLUTIONS OF COLORADO, LLC 3 7.75% $2,544
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 6.37% $1,928
    JPMorgan Chase Bank 2 5.06% $0
    Barrington Bank & Trust Company, N.A. 2 6.75% $10,722
    Chickasaw Community Bank 2 7.00% $6,773
    Red River Bank 2 5.94% $3,742
    Mr. Cooper ( Nationstar Mortgage ) 2 5.94% $7,543
    PENTAGON FEDERAL CREDIT UNION 2 5.88% $5,127
    VILLAGE CAPITAL MORTGAGE 1 7.13% $11,735
    Citizens Bank 1 6.25% $3,345
    CROSSCOUNTRY MORTGAGE, LLC 1 6.25% $2,085
    FBC MORTGAGE, LLC 1 5.75% $15,725
    Flagstar Bank, FSB 1 6.25% $21,694
    LAKEVIEW LOAN SERVICING, LLC 1 5.75% $16,134
    LEGEND LENDING CORPORATION 1 7.25% $6,687
    Plains Commerce Bank 1 5.75% $4,023
    PREMIA MORTGAGE, LLC 1 6.18% $13,248
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.75% $3,071
    UNION HOME MORTGAGE CORP. 1 6.00% $7,623
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 7.63% $4,852

    The top Lake Charles VA lender as defined by loan originations is Mortgage Research Center, LLC, with 43 VA loans originated. Their average total fees are $4,803, which is $1,503 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Lake Charles VA lenders (with over 10 loans originated) are FIDELITY BANK ($3,647), Mortgage Research Center, LLC ($4,803), NAVY FEDERAL CREDIT UNION ($5,462), UNITED WHOLESALE MORTGAGE, LLC ($6,306) and .

    The lowest rate Lake Charles VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION (5.89%), UNITED WHOLESALE MORTGAGE, LLC (6.38%), FIDELITY BANK (6.76%), Mortgage Research Center, LLC (6.81%) and .

    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.