Milwaukee VA Loan Rates, Closing Costs & Stats
MILWAUKEE-WAUKESHA, WI
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.
Milwaukee's 116 lenders originated 1,155 VA
loans during 2022. The total origination value was $345,185,000, with an average VA loan value of
$298,861.
Milwaukee VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in Milwaukee
averaged
6.46%
for the week of 2023-12-01, compared to the national average (all VA variants) of
6.774% for the same period.
Milwaukee's average VA mortgage closing costs are $4,982.
The average rate for the prior week (2023-11-24) was
6.89% and
one month ago for the week of 2023-10-27, the
average rate was 7.33%.
The average rate one year ago was 6.21%.
For refis of the same type during the week of 2023-12-01, the average rate
was 5.32%.
Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.
Milwaukee 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 Milwaukee level.
Name |
# of Loans |
2022 Avg. 30yFix Rate |
2022 Avg. Closing Costs |
Mortgage Research Center, LLC
|
195
|
5.12%
|
$6,594
|
QUICKEN LOANS, LLC
|
56
|
4.02%
|
$8,773
|
FAIRWAY INDEPENDENT MORTGAGE CORPORATION
|
51
|
5.12%
|
$8,650
|
FREEDOM MORTGAGE CORPORATION
|
44
|
4.59%
|
$10,633
|
UNITED WHOLESALE MORTGAGE, LLC
|
40
|
3.93%
|
$7,764
|
NAVY FEDERAL CREDIT UNION
|
38
|
4.14%
|
$6,108
|
USAA Federal Savings Bank
|
38
|
4.54%
|
$7,775
|
PENNYMAC LOAN SERVICES, LLC
|
31
|
3.37%
|
$8,394
|
NEW DAY FINANCIAL, LLC
|
26
|
5.17%
|
$10,688
|
Prosperity Home Mortgage, LLC
|
25
|
4.52%
|
$8,142
|
FINANCE OF AMERICA MORTGAGE LLC
|
24
|
4.68%
|
$8,335
|
INLANTA MORTGAGE, INC.
|
23
|
4.71%
|
$6,352
|
Bank of England
|
23
|
4.51%
|
$9,921
|
LOANDEPOT.COM, LLC
|
20
|
4.17%
|
$10,523
|
CMG MORTGAGE, INC.
|
19
|
4.54%
|
$9,729
|
A + MORTGAGE SERVICES, INC.
|
19
|
4.43%
|
$7,121
|
The Federal Savings Bank
|
19
|
4.68%
|
$18,504
|
Mr. Cooper ( Nationstar Mortgage )
|
17
|
4.49%
|
$9,376
|
GUARANTEED RATE, INC.
|
15
|
4.71%
|
$4,489
|
WISCONSIN MORTGAGE CORPORATION
|
14
|
4.42%
|
$4,285
|
NEWREZ LLC
|
13
|
4.75%
|
$6,123
|
PLANET HOME LENDING, LLC
|
12
|
4.24%
|
$7,206
|
Associated Bank
|
12
|
4.05%
|
$3,626
|
Flagstar Bank, FSB
|
12
|
4.49%
|
$5,141
|
CALIBER HOME LOANS, INC.
|
11
|
4.48%
|
$9,363
|
Paramount Residential Mortgage Group, Inc.
|
11
|
5.81%
|
$5,743
|
CARDINAL FINANCIAL
|
11
|
5.34%
|
$10,717
|
ARK-LA-TEX FINANCIAL SERVICES, LLC.
|
10
|
4.16%
|
$4,282
|
Barrington Bank & Trust Company, N.A.
|
9
|
5.39%
|
$11,519
|
CHERRY CREEK MORTGAGE, LLC
|
9
|
4.88%
|
$4,426
|
FIRST CENTENNIAL MORTGAGE CORPORATION
|
9
|
5.01%
|
$7,339
|
GSF Mortgage Corporation
|
8
|
4.55%
|
$4,853
|
ACADEMY MORTGAGE CORPORATION
|
8
|
5.25%
|
$10,124
|
CROSSCOUNTRY MORTGAGE, LLC
|
8
|
5.48%
|
$5,909
|
GUARANTEED RATE AFFINITY, LLC
|
8
|
4.74%
|
$6,181
|
American Mortgage & Equity Consultants, Inc.
|
7
|
5.02%
|
$7,500
|
DIAMOND RESIDENTIAL MORTGAGE CORPORATION
|
7
|
5.70%
|
$7,801
|
CLEARPATH LENDING
|
7
|
3.80%
|
$16,509
|
LAKEVIEW LOAN SERVICING, LLC
|
7
|
3.18%
|
$3,050
|
BROKER SOLUTIONS, INC.
|
7
|
5.43%
|
$11,799
|
Waukesha State Bank
|
7
|
4.57%
|
$6,684
|
AMERISAVE MORTGAGE CORPORATION
|
6
|
5.00%
|
$8,525
|
MUTUAL OF OMAHA MORTGAGE, INC.
|
6
|
5.06%
|
$8,882
|
AMERICAN PACIFIC MORTGAGE CORPORATION
|
6
|
5.25%
|
$5,104
|
Ixonia Bank
|
6
|
4.60%
|
$10,321
|
HOMEBRIDGE FINANCIAL SERVICES, INC.
|
6
|
5.35%
|
$9,748
|
HOME POINT FINANCIAL CORPORATION
|
6
|
4.81%
|
$7,750
|
JPMorgan Chase Bank
|
6
|
5.23%
|
$4,166
|
TOTAL MORTGAGE SERVICES, LLC
|
5
|
3.72%
|
$4,383
|
ENVOY MORTGAGE, LTD
|
5
|
4.63%
|
$6,552
|
MID AMERICA MORTGAGE, INC.
|
5
|
4.85%
|
$6,349
|
Bell Bank
|
4
|
5.75%
|
$6,612
|
PNC Bank
|
4
|
4.63%
|
$8,139
|
Wells Fargo Bank
|
4
|
4.34%
|
$7,334
|
The Equitable Bank, S.S.B.
|
4
|
4.34%
|
$5,379
|
SUN WEST MORTGAGE COMPANY, INC.
|
4
|
6.53%
|
$13,907
|
Bank Five Nine
|
4
|
4.34%
|
$11,405
|
CITY FIRST MORTGAGE SERVICES, L.L.C.
|
3
|
6.33%
|
$9,375
|
Carrington Mortgage Services, LLC
|
3
|
4.04%
|
$11,804
|
EDUCATORS CREDIT UNION
|
3
|
5.75%
|
$7,507
|
Loan Simple, Inc.
|
3
|
4.21%
|
$7,842
|
Low VA Rates, LLC
|
3
|
4.58%
|
$5,773
|
Magnolia Bank
|
3
|
4.54%
|
$11,965
|
Mid-Continent Funding, Inc.
|
3
|
6.17%
|
$7,496
|
Nations Lending Corporation
|
3
|
5.17%
|
$12,469
|
North Shore Bank FSB
|
3
|
3.50%
|
$3,645
|
U.S. Bank
|
3
|
4.83%
|
$6,178
|
North American Savings Bank, F.S.B.
|
2
|
3.63%
|
$12,659
|
NATIONS RELIABLE LENDING, LLC
|
2
|
5.38%
|
$6,815
|
First Federal Bank
|
2
|
4.13%
|
$6,218
|
NBKC BANK
|
2
|
2.63%
|
$9,307
|
First-Citizens Bank & Trust Company
|
2
|
5.00%
|
$4,942
|
Equity Prime Mortgage LLC
|
2
|
3.94%
|
$2,677
|
PENTAGON FEDERAL CREDIT UNION
|
2
|
3.44%
|
$7,613
|
PLAZA HOME MORTGAGE, INC.
|
2
|
4.13%
|
$4,872
|
ROYAL UNITED MORTGAGE LLC
|
2
|
4.69%
|
$16,351
|
BNC National Bank
|
2
|
3.50%
|
$5,342
|
T2 FINANCIAL LLC
|
2
|
4.50%
|
$15,582
|
AXIA FINANCIAL, LLC
|
2
|
5.38%
|
$2,474
|
The Huntington National Bank
|
2
|
4.44%
|
$2,018
|
THOMPSON KANE & COMPANY, LLC
|
2
|
4.50%
|
$2,889
|
Wyndham Capital Mortgage, Inc.
|
2
|
3.31%
|
$16,439
|
VILLAGE CAPITAL MORTGAGE
|
2
|
3.38%
|
$5,153
|
Waterstone Mortgage Corporation
|
2
|
6.88%
|
$9,532
|
DRAPER AND KRAMER MORTGAGE CORP.
|
1
|
5.13%
|
$15,552
|
UNION HOME MORTGAGE CORP.
|
1
|
6.25%
|
$11,931
|
PHH Mortgage Corporation
|
1
|
4.38%
|
$6,876
|
Colten Mortgage, LLC
|
1
|
4.13%
|
$8,782
|
Ameris Bank
|
1
|
5.50%
|
$2,531
|
Citizens Bank
|
1
|
2.63%
|
$3,464
|
PRIMELENDING, A PLAINSCAPITAL COMPANY
|
1
|
3.13%
|
$9,433
|
CIBM Bank
|
1
|
3.13%
|
$2,670
|
Cambria Financial Group, LLC
|
1
|
2.75%
|
$2,795
|
Amerifirst Financial, Inc.
|
1
|
2.75%
|
$2,679
|
Servion, Inc.
|
1
|
5.38%
|
$4,141
|
SUCCESS MORTGAGE PARTNERS, INC.
|
1
|
5.13%
|
$13,445
|
AMERICAN FINANCING CORPORATION
|
1
|
2.75%
|
$3,710
|
LEADERONE FINANCIAL CORPORATION
|
1
|
5.63%
|
$3,135
|
The Central Trust Bank
|
1
|
4.50%
|
$1,325
|
Johnson Bank
|
1
|
5.00%
|
$6,292
|
MORTGAGE SOLUTIONS OF COLORADO, LLC
|
1
|
5.75%
|
$2,852
|
FIRST STATE MORTGAGE SERVICES, LLC
|
1
|
4.13%
|
$2,373
|
First Guaranty Mortgage Corporation
|
1
|
3.63%
|
$2,023
|
NATIONS DIRECT MORTGAGE, LLC
|
1
|
5.63%
|
$19,059
|
Westbury Bank
|
1
|
3.00%
|
$10,800
|
Armed Forces Bank
|
1
|
4.75%
|
$7,681
|
HOMESIDE FINANCIAL, LLC
|
1
|
4.50%
|
$17,925
|
AMERICAN FINANCIAL RESOURCES, INC.
|
1
|
3.63%
|
$11,234
|
NETWORK CAPITAL FUNDING CORPORATION
|
1
|
4.38%
|
$12,014
|
TJC Mortgage, Inc.
|
1
|
2.25%
|
$4,078
|
Fifth Third Bank
|
1
|
6.75%
|
$5,591
|
GREENSTATE CREDIT UNION
|
1
|
6.13%
|
$18,185
|
AMCAP MORTGAGE, LTD.
|
1
|
5.38%
|
$4,174
|
OCMBC, INC.
|
1
|
4.75%
|
$3,813
|
Old National Bank
|
1
|
5.25%
|
$13,901
|
ANGEL OAK HOME LOANS LLC
|
1
|
4.50%
|
$10,855
|
The top Milwaukee VA lender as defined by loan originations is Mortgage Research Center, LLC, with
195 VA loans originated. Their average total fees are
$6,594, which is $2,179
lower than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Milwaukee VA lenders (with over 10 loans originated) are
Associated Bank ($3,626), ARK-LA-TEX FINANCIAL SERVICES, LLC. ($4,282), WISCONSIN MORTGAGE CORPORATION ($4,285), GUARANTEED RATE, INC. ($4,489) and Flagstar Bank, FSB ($5,141).
The lowest rate Milwaukee VA lenders (with over 10 loans originated) are
PENNYMAC LOAN SERVICES, LLC (3.37%), UNITED WHOLESALE MORTGAGE, LLC (3.93%), QUICKEN LOANS, LLC (4.02%), Associated Bank (4.05%) and NAVY FEDERAL CREDIT UNION (4.14%).
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.