Mcminnville VA Loan Rates, Closing Costs & Stats

McMinnville, TN

  • 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.

    Mcminnville's 34 lenders originated 67 VA loans during 2023. The total origination value was $20,615,000, with an average VA loan value of $307,687.

    Mcminnville VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Mcminnville averaged 6.22% for the week of 2024-11-08, compared to the national average (all VA variants) of 6.34% for the same period.

    Mcminnville's average VA mortgage closing costs are $5,507.

    The average rate for the prior week (2024-11-01) was 6.38% and one month ago for the week of 2024-10-04, the average rate was 5.71%.

    The average rate one year ago was 7.46%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.14%.

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

    Mcminnville 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 Mcminnville level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 15 6.70% $6,190
    NAVY FEDERAL CREDIT UNION 4 5.94% $7,500
    Renasant Bank 4 6.03% $6,708
    QUICKEN LOANS, LLC 4 6.37% $10,928
    UNION HOME MORTGAGE CORP. 2 6.56% $8,676
    UNITED WHOLESALE MORTGAGE, LLC 2 6.31% $9,198
    VILLAGE CAPITAL MORTGAGE 2 6.50% $9,963
    CMG MORTGAGE, INC. 2 6.75% $8,519
    The Federal Savings Bank 2 5.88% $20,567
    The First National Bank of Middle Tennessee 2 5.75% $8,663
    FREEDOM MORTGAGE CORPORATION 1 6.75% $18,241
    GUILD MORTGAGE COMPANY 1 7.13% $5,036
    HOMESIDE FINANCIAL, LLC 1 7.25% $1,727
    INTERLINC MORTGAGE SERVICES, LLC 1 7.25% $1,224
    JMJ FINANCIAL GROUP 1 6.25% $9,878
    LAKEVIEW LOAN SERVICING, LLC 1 5.75% $4,400
    AMERICAN FINANCIAL NETWORK, INC. 1 6.13% $66
    LOANDEPOT.COM, LLC 1 5.25% $19,957
    NEW DAY FINANCIAL, LLC 1 7.50% $11,049
    PENTAGON FEDERAL CREDIT UNION 1 5.38% $6,588
    Princeton Mortgage Corporation 1 6.88% $3,671
    ROSS MORTGAGE CORPORATION 1 6.13% $10,638
    Semper Home Loans, Inc. 1 5.25% $13,295
    SWBC MORTGAGE CORPORATION 1 5.38% $3,655
    Legacy Home Loans, LLC 1 6.88% $16,269
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 5.38% $11,018
    AMERISAVE MORTGAGE CORPORATION 1 6.00% $20,640
    Armed Forces Bank 1 7.50% $12,669
    ASCEND FEDERAL CREDIT UNION 1 7.13% $5,298
    BROKER SOLUTIONS, INC. 1 6.38% $3,344
    CROSSCOUNTRY MORTGAGE, LLC 1 7.25% $13,720
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 5.99% $11,715
    FIRST COMMUNITY MORTGAGE, INC. 1 6.63% $2,597
    Flagstar Bank, FSB 1 7.12% $0

    The top Mcminnville VA lender as defined by loan originations is Mortgage Research Center, LLC, with 15 VA loans originated. Their average total fees are $6,190, which is $1,309 lower than the next largest lender, NAVY FEDERAL CREDIT UNION.

    The lowest fee Mcminnville VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($6,190), .

    The lowest rate Mcminnville VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC (6.70%), .

    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.