Michigan City VA Loan Rates, Closing Costs & Stats

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 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.

    Michigan City's 33 lenders originated 86 VA loans during 2023. The total origination value was $21,310,000, with an average VA loan value of $247,791.

    Michigan City VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Michigan City averaged 6.8% for the week of 2024-07-19, compared to the national average (all VA variants) of 6.303% for the same period.

    Michigan City's average VA mortgage closing costs are $5,094.

    The average rate for the prior week (2024-07-12) was 6.84% and one month ago for the week of 2024-06-14, the average rate was 6.8%.

    The average rate one year ago was 7.28%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.4%.

    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/closing costs and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Michigan City level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 21 6.82% $4,552
    QUICKEN LOANS, LLC 9 6.42% $9,315
    NAVY FEDERAL CREDIT UNION 5 5.55% $7,692
    NEW DAY FINANCIAL, LLC 4 7.62% $11,489
    FREEDOM MORTGAGE CORPORATION 3 6.83% $10,059
    AMERICAN FINANCIAL NETWORK, INC. 3 7.08% $3,649
    INSPIRE HOME LOANS INC. 3 5.50% $9,058
    FIRST CENTENNIAL MORTGAGE CORPORATION 3 6.71% $2,046
    MORTGAGE SOLUTIONS OF COLORADO, LLC 2 7.75% $265
    LOANDEPOT.COM, LLC 2 6.87% $6,923
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 2 6.56% $6,816
    CITY FIRST MORTGAGE SERVICES, L.L.C. 2 7.56% $5,814
    CROSSCOUNTRY MORTGAGE, LLC 2 7.25% $10,815
    PENNYMAC LOAN SERVICES, LLC 2 5.69% $5,786
    Mr. Cooper ( Nationstar Mortgage ) 2 5.69% $11,494
    UNION HOME MORTGAGE CORP. 1 5.75% $12,255
    UNITED WHOLESALE MORTGAGE, LLC 1 7.75% $5,247
    ALLIED MORTGAGE GROUP, INC. 1 6.63% $6,764
    USAA Federal Savings Bank 1 5.63% $7,031
    AMERISAVE MORTGAGE CORPORATION 1 6.88% $13,947
    Barrington Bank & Trust Company, N.A. 1 7.25% $5,308
    CHURCHILL MORTGAGE CORPORATION 1 5.50% $13,984
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 6.75% $14,979
    Fifth Third Bank 1 7.13% $3,740
    First Federal Bank 1 5.63% $7,232
    GENEVA FINANCIAL, LLC 1 5.88% $15,320
    GUARANTEED RATE, INC. 1 7.25% $15,001
    JPMorgan Chase Bank 1 7.50% $950
    NEWREZ LLC 1 6.75% $8,886
    POLARIS HOME FUNDING CORP. 1 6.25% $8,613
    RUOFF MORTGAGE COMPANY, INC. 1 7.25% $550
    SUN WEST MORTGAGE COMPANY, INC. 1 6.62% $7,743
    The Huntington National Bank 1 7.25% $8,937

    The top Michigan City VA lender as defined by loan originations is Mortgage Research Center, LLC, with 21 VA loans originated. Their average total fees are $4,552, which is $4,763 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Michigan City VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($4,552), .

    The lowest rate Michigan City VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC (6.82%), .

    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.