Mobile VA Loan Rates, Closing Costs & Stats
MOBILE, AL
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
6.33%
for the week of 2024-10-25, compared to the national average (all VA variants) of
6.14% for the same period.
Mobile's average VA mortgage closing costs are $5,015.
The average rate for the prior week (2024-10-18) was
6.05% and
one month ago for the week of 2024-09-20, the
average rate was 5.65%.
The average rate one year ago was 7.47%.
For refis of the same type during the week of 2024-10-25, the average rate
was 6.37%.
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.