Michigan City VA Loans

MICHIGAN CITY-LA PORTE, IN

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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 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.

    Michigan City's 58 lenders originated 283 VA loans during 2021. The total origination value was $54,075,000, with an average VA loan value of $191,078.

    Michigan City VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Michigan City averaged 5.72% for the week of 2022-05-13, compared to the national average (all VA variants) of 5.158% for the same period.

    The average rate for the prior week (2022-05-06) was 5.65% and one month ago for the week of 2022-04-08, the average rate was 5.07%.

    The average rate one year ago was 3.39%.

    For refis of the same type during the week of 2022-05-13, the average rate was 5.17%.

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

    Michigan City VA Loan Lenders by Rates & Fees

    The below table looks at the average fees and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Michigan City level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    Mortgage Research Center, LLC 49 2.98% $5,524
    QUICKEN LOANS, LLC 35 2.61% $5,301
    FREEDOM MORTGAGE CORPORATION 15 2.43% $3,104
    PENNYMAC LOAN SERVICES, LLC 9 2.57% $4,129
    NEW DAY FINANCIAL, LLC 9 2.79% $6,033
    USAA Federal Savings Bank 9 2.89% $2,695
    CALIBER HOME LOANS, INC. 7 2.62% $2,570
    VILLAGE CAPITAL & INVESTMENT LLC 6 2.29% $2,563
    The Federal Savings Bank 5 2.70% $7,020
    LAKEVIEW LOAN SERVICING, LLC 5 2.73% $2,769
    Bank of England 5 2.75% $7,611
    UNION HOME MORTGAGE CORP. 5 2.95% $5,841
    RUOFF MORTGAGE COMPANY, INC. 5 3.18% $6,357
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 5 3.25% $8,506
    Mr. Cooper ( Nationstar Mortgage ) 5 3.40% $3,311
    LOANDEPOT.COM, LLC 4 2.38% $3,471
    Wells Fargo Bank 4 2.88% $1,298
    CLEARPATH LENDING 4 2.25% $5,488
    GUARANTEED RATE, INC. 3 2.83% $7,091
    AMERISAVE MORTGAGE CORPORATION 3 2.46% $6,228
    Centier Bank 3 3.04% $4,617
    HOME POINT FINANCIAL CORPORATION 3 2.63% $2,427
    NEWREZ LLC 3 2.63% $2,033
    UNITED WHOLESALE MORTGAGE, LLC 3 2.83% $2,456
    Fifth Third Bank 2 2.94% $9,931
    Carrington Mortgage Services, LLC 2 3.00% $8,566
    AMERICAN FINANCIAL NETWORK, INC. 2 2.50% $5,947
    CROSSCOUNTRY MORTGAGE, LLC 2 3.38% $1,814
    NP, Inc. 2 2.25% $2,617
    Barrington Bank & Trust Company, N.A. 2 2.88% $7,405
    Flagstar Bank, FSB 1 2.38% $6,537
    Low VA Rates, LLC 1 2.25% $3,417
    Magnolia Bank 1 2.75% $3,590
    First Guaranty Mortgage Corporation 1 3.25% $1,228
    FIRST CENTENNIAL MORTGAGE CORPORATION 1 2.75% $12,128
    NAVY FEDERAL CREDIT UNION 1 2.25% $2,726
    NETWORK CAPITAL FUNDING CORPORATION 1 2.25% $7,636
    North American Savings Bank, F.S.B. 1 3.50% $4,418
    OCMBC, INC. 1 2.75% $2,296
    OPEN MORTGAGE, LLC 1 2.25% $1,678
    EMBRACE HOME LOANS, INC. 1 2.25% $2,010
    PENTAGON FEDERAL CREDIT UNION 1 2.25% $1,706
    PLANET HOME LENDING, LLC 1 2.25% $3,142
    PNC Bank 1 3.00% $1,586
    POLARIS HOME FUNDING CORP. 1 2.50% $7,641
    DAS Acquisition Company, LLC 1 2.75% $6,940
    SUCCESS MORTGAGE PARTNERS, INC. 1 3.63% $570
    TEACHERS CREDIT UNION 1 2.75% $9,331
    Citizens Bank 1 2.75% $3,019
    GUARANTEED RATE AFFINITY, LLC 1 2.38% $525
    ACCELERATE MORTGAGE, LLC 1 2.25% $3,033
    BAYSHORE MORTGAGE FUNDING, LLC 1 2.75% $4,105
    HALLMARK HOME MORTGAGE, LLC 1 3.13% $13,841
    Hometown Lenders, Inc. 1 4.63% $9,678
    Horizon Bank 1 3.25% $3,152
    InterContinental Capital Group, Inc 1 2.50% $4,421
    JPMorgan Chase Bank 1 3.75% $2,938
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 2.99% $6,594

    The top Michigan City VA lender as defined by loan originations is Mortgage Research Center, LLC, with 49 VA loans originated. Their average total fees are $5,524, which is $223 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Michigan City VA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($3,104), QUICKEN LOANS, LLC ($5,301), Mortgage Research Center, LLC ($5,524), .

    The lowest rate Michigan City VA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION (2.43%), QUICKEN LOANS, LLC (2.61%), Mortgage Research Center, LLC (2.98%), .

    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.