Michigan City VA Loans
MICHIGAN CITY-LA PORTE, IN
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%.
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.
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%), .