Marion VA Loan Rates, Closing Costs & Stats

Marion, IN

  • 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.

    Marion's 22 lenders originated 68 VA loans during 2023. The total origination value was $13,180,000, with an average VA loan value of $193,824.

    Marion VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Marion averaged 6.72% for the week of 2024-11-08, compared to the national average (all VA variants) of 6.34% for the same period.

    Marion's average VA mortgage closing costs are $3,545.

    The average rate for the prior week (2024-11-01) was 6.67% and one month ago for the week of 2024-10-04, the average rate was 6.3%.

    The average rate one year ago was 7.56%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.44%.

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

    Marion 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 Marion level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 19 6.74% $4,750
    NEW DAY FINANCIAL, LLC 6 7.66% $7,312
    RUOFF MORTGAGE COMPANY, INC. 6 6.75% $4,367
    UNION HOME MORTGAGE CORP. 6 7.04% $6,026
    NAVY FEDERAL CREDIT UNION 6 5.63% $4,603
    QUICKEN LOANS, LLC 4 6.37% $6,331
    MOVEMENT MORTGAGE, LLC 3 7.21% $4,751
    MORTGAGE SOLUTIONS OF COLORADO, LLC 2 7.88% $1,374
    LOANDEPOT.COM, LLC 2 5.99% $8,194
    GVC MORTGAGE, INC. 2 7.13% $5,652
    UNITED WHOLESALE MORTGAGE, LLC 1 6.38% $2,489
    American Mortgage & Equity Consultants, Inc. 1 7.13% $5,409
    V.I.P. MORTGAGE, INC. 1 7.00% $5,926
    Barrington Bank & Trust Company, N.A. 1 7.25% $4,154
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 6.50% $11,125
    FREEDOM MORTGAGE CORPORATION 1 6.75% $6,801
    JPMorgan Chase Bank 1 6.00% $4,517
    NATIONWIDE MORTGAGE BANKERS, INC. 1 7.00% $6,646
    PENNYMAC LOAN SERVICES, LLC 1 5.13% $2,277
    ROYAL UNITED MORTGAGE LLC 1 7.00% $5,821
    SUN WEST MORTGAGE COMPANY, INC. 1 6.88% $3,656
    TOP FLITE FINANCIAL, INC. 1 6.75% $10,130

    The top Marion VA lender as defined by loan originations is Mortgage Research Center, LLC, with 19 VA loans originated. Their average total fees are $4,750, which is $2,561 lower than the next largest lender, NEW DAY FINANCIAL, LLC.

    The lowest fee Marion VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($4,750), .

    The lowest rate Marion VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC (6.74%), .

    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.