Mobile VA Loan Rates, Closing Costs & Stats

MOBILE, AL

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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.

    Mobile's 88 lenders originated 699 VA loans during 2023. The total origination value was $181,755,000, with an average VA loan value of $260,021.

    Mobile VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Mobile averaged 6.4% for the week of 2024-07-19, compared to the national average (all VA variants) of 6.303% for the same period.

    Mobile's average VA mortgage closing costs are $5,015.

    The average rate for the prior week (2024-07-12) was 6.24% and one month ago for the week of 2024-06-14, the average rate was 6.7%.

    The average rate one year ago was 6.48%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.73%.

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

    Mobile 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 Mobile level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 124 6.73% $4,154
    DHI MORTGAGE COMPANY, LTD. 79 5.22% $5,007
    QUICKEN LOANS, LLC 43 6.25% $9,864
    UNITED WHOLESALE MORTGAGE, LLC 31 6.26% $6,455
    NAVY FEDERAL CREDIT UNION 31 5.88% $5,230
    Trustmark National Bank 22 6.28% $4,876
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 21 6.63% $6,081
    USAA Federal Savings Bank 18 6.06% $8,268
    NEW DAY FINANCIAL, LLC 15 7.45% $10,000
    EMBRACE HOME LOANS, INC. 14 6.32% $7,312
    The Federal Savings Bank 11 6.30% $13,837
    Presidential Bank, FSB 11 5.93% $6,686
    FREEDOM MORTGAGE CORPORATION 11 6.86% $11,958
    MORTGAGE SOLUTIONS OF COLORADO, LLC 10 7.55% $2,176
    PRIMELENDING, A PLAINSCAPITAL COMPANY 9 6.57% $5,986
    Renasant Bank 9 6.35% $5,423
    Plains Commerce Bank 9 6.28% $8,923
    UNION HOME MORTGAGE CORP. 9 6.31% $9,824
    LOANDEPOT.COM, LLC 9 6.44% $8,470
    PENNYMAC LOAN SERVICES, LLC 9 5.79% $5,105
    SWBC MORTGAGE CORPORATION 8 7.00% $3,306
    GMFS LLC 7 6.14% $4,556
    Prosperity Home Mortgage, LLC 7 6.14% $6,940
    FirstBank 6 6.29% $3,822
    Regions Bank 6 6.38% $6,446
    First Federal Bank, A FSB 6 6.52% $9,113
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 6 6.10% $5,834
    Equity Prime Mortgage LLC 6 7.38% $5,373
    Mr. Cooper ( Nationstar Mortgage ) 5 6.18% $11,118
    MUTUAL OF OMAHA MORTGAGE, INC. 5 6.80% $9,131
    Barrington Bank & Trust Company, N.A. 5 5.95% $6,616
    CMG MORTGAGE, INC. 4 5.78% $14,068
    CROSSCOUNTRY MORTGAGE, LLC 4 6.91% $8,947
    HOMETRUST MORTGAGE COMPANY 4 6.56% $11,268
    Paramount Residential Mortgage Group, Inc. 4 6.09% $3,485
    PACIFIC RESIDENTIAL MORTGAGE, LLC 4 6.94% $5,538
    LOANPAL, LLC 4 6.28% $13,230
    DIRECT MORTGAGE LOANS, LLC 4 6.97% $7,928
    PENTAGON FEDERAL CREDIT UNION 4 5.56% $5,118
    MOVEMENT MORTGAGE, LLC 4 6.56% $10,017
    Flagstar Bank, FSB 4 7.00% $5,095
    VILLAGE CAPITAL MORTGAGE 3 5.92% $8,196
    CARDINAL FINANCIAL 3 7.42% $9,001
    PNC Bank 3 6.88% $1,639
    Hancock Whitney Bank 3 6.54% $6,825
    BancorpSouth 3 5.75% $9,810
    STOCKTON MORTGAGE CORPORATION 3 4.88% $15,233
    Bank of England 3 6.88% $9,676
    Tyndall Federal Credit Union 2 6.44% $3,929
    FBC MORTGAGE, LLC 2 5.49% $7,540
    RELIANCE FIRST CAPITAL, LLC 2 6.50% $11,103
    NEWREZ LLC 2 6.12% $10,511
    Synovus Bank 2 6.44% $4,794
    AMERICAN FINANCIAL NETWORK, INC. 2 6.31% $3,348
    AMERISAVE MORTGAGE CORPORATION 2 5.75% $20,309
    KEESLER 2 5.06% $2,816
    AMERICAN PACIFIC MORTGAGE CORPORATION 2 7.19% $5,775
    Nations Lending Corporation 2 6.75% $5,426
    Wells Fargo Bank 1 5.63% $0
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 7.13% $10,434
    BankPlus 1 6.75% $4,290
    BNC National Bank 1 5.25% $8,354
    CASTLE & COOKE MORTGAGE, LLC 1 6.25% $550
    Consumer First Mortgage, Inc. 1 6.75% $6,690
    Evolve Bank & Trust 1 6.63% $8,227
    FCB Banks 1 6.50% $15,307
    FIDELITY BANK 1 7.13% $13,426
    First Federal Bank 1 6.63% $3,055
    First Horizon Bank 1 5.75% $4,942
    GUARANTEED RATE AFFINITY, LLC 1 6.23% $8,937
    GUARANTEED RATE, INC. 1 7.63% $750
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.63% $1,544
    HomePromise Corporation 1 8.13% $5,962
    Magnolia Bank 1 6.75% $9,457
    Mid-Continent Funding, Inc. 1 5.75% $6,365
    NETWORK CAPITAL FUNDING CORPORATION 1 6.75% $5,150
    OCEANSIDE MORTGAGE COMPANY 1 6.50% $1,848
    ON Q FINANCIAL, INC. 1 7.75% $7,384
    PLANET HOME LENDING, LLC 1 5.75% $4,606
    ServisFirst Bank 1 5.50% $15,979
    SUCCESS MORTGAGE PARTNERS, INC. 1 7.13% $5,168
    SUMMIT FUNDING, INC. 1 7.25% $2,953
    SUN WEST MORTGAGE COMPANY, INC. 1 7.75% $2,507
    T2 FINANCIAL LLC 1 7.13% $8,377
    The Central Trust Bank 1 5.25% $10,663
    THE MORTGAGE FIRM, INC. 1 6.13% $6,999
    Truist 1 5.75% $776
    United Fidelity Funding Corp. 1 5.50% $10,766

    The top Mobile VA lender as defined by loan originations is Mortgage Research Center, LLC, with 124 VA loans originated. Their average total fees are $4,154, which is $853 lower than the next largest lender, DHI MORTGAGE COMPANY, LTD..

    The lowest fee Mobile VA lenders (with over 10 loans originated) are MORTGAGE SOLUTIONS OF COLORADO, LLC ($2,176), Mortgage Research Center, LLC ($4,154), Trustmark National Bank ($4,876), DHI MORTGAGE COMPANY, LTD. ($5,007) and NAVY FEDERAL CREDIT UNION ($5,230).

    The lowest rate Mobile VA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.22%), NAVY FEDERAL CREDIT UNION (5.88%), Presidential Bank, FSB (5.93%), USAA Federal Savings Bank (6.06%) and QUICKEN LOANS, LLC (6.25%).

    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.