Marquette VA Loan Rates, Closing Costs & Stats
Marquette, MI
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.
Marquette's 19 lenders originated 57 VA loans during 2023. The total origination value was $12,945,000, with an average VA loan value of $227,105.
Marquette VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in Marquette
averaged
6.79%
for the week of 2024-10-25, compared to the national average (all VA variants) of
6.14% for the same period.
Marquette's average VA mortgage closing costs are $4,256.
The average rate for the prior week (2024-10-18) was
6.21% and
one month ago for the week of 2024-09-20, the
average rate was 6.1%.
The average rate one year ago was 7.93%.
For refis of the same type during the week of 2024-10-25, the average rate
was 6.14%.
Marquette 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 Marquette level.
Name | # of Loans | 2023 Avg. 30yFix Rate | 2023 Avg. Closing Costs |
---|---|---|---|
Mortgage Research Center, LLC | 21 | 6.86% | $4,875 |
The Huntington National Bank | 5 | 7.03% | $4,119 |
USAA Federal Savings Bank | 4 | 6.28% | $4,624 |
QUICKEN LOANS, LLC | 3 | 5.87% | $9,352 |
NAVY FEDERAL CREDIT UNION | 2 | 5.88% | $3,928 |
PENNYMAC LOAN SERVICES, LLC | 2 | 6.25% | $16,465 |
Mr. Cooper ( Nationstar Mortgage ) | 1 | 5.75% | $4,785 |
MUTUAL OF OMAHA MORTGAGE, INC. | 1 | 6.75% | $6,182 |
NEW DAY FINANCIAL, LLC | 1 | 7.75% | $11,793 |
Paramount Residential Mortgage Group, Inc. | 1 | 7.13% | $2,899 |
SUMMIT FUNDING, INC. | 1 | 5.75% | $24,000 |
UNITED WHOLESALE MORTGAGE, LLC | 1 | 7.25% | $0 |
Armed Forces Bank | 1 | 7.13% | $2,185 |
Wells Fargo Bank | 1 | 6.63% | $0 |
Barrington Bank & Trust Company, N.A. | 1 | 6.75% | $2,440 |
Citizens Bank | 1 | 6.38% | $2,388 |
First Merchants Bank | 1 | 6.63% | $5,216 |
FREEDOM MORTGAGE CORPORATION | 1 | 6.25% | $8,107 |
LOANDEPOT.COM, LLC | 1 | 5.63% | $2,623 |
The top Marquette VA lender as defined by loan originations is Mortgage Research Center, LLC, with
21 VA loans originated. Their average total fees are
$4,875, which is $755
higher than the next largest lender,
The Huntington National Bank.
The lowest fee Marquette VA lenders (with over 10 loans originated) are
Mortgage Research Center, LLC ($4,875), .
The lowest rate Marquette VA lenders (with over 10 loans originated) are
Mortgage Research Center, LLC (6.86%), .