Monroe VA Loan Rates, Closing Costs & Stats

MONROE, MI

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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.

    Monroe's 40 lenders originated 156 VA loans during 2023. The total origination value was $41,760,000, with an average VA loan value of $267,692.

    Monroe VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Monroe averaged 6.85% for the week of 2024-07-19, compared to the national average (all VA variants) of 6.303% for the same period.

    Monroe's average VA mortgage closing costs are $5,456.

    The average rate for the prior week (2024-07-12) was 6.49% and one month ago for the week of 2024-06-14, the average rate was 6.55%.

    The average rate one year ago was 6.73%.

    For refis of the same type during the week of 2024-07-19, the average rate was 7.14%.

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

    Monroe 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 Monroe level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 26 6.91% $5,452
    QUICKEN LOANS, LLC 16 6.07% $9,925
    UNITED WHOLESALE MORTGAGE, LLC 14 6.76% $8,711
    AMERICAN FINANCIAL NETWORK, INC. 12 7.08% $7,207
    NAVY FEDERAL CREDIT UNION 9 5.63% $9,635
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 6 6.52% $7,599
    NEW DAY FINANCIAL, LLC 6 7.58% $10,924
    CROSSCOUNTRY MORTGAGE, LLC 5 6.84% $6,202
    PENNYMAC LOAN SERVICES, LLC 5 5.23% $5,300
    USAA Federal Savings Bank 4 6.56% $5,449
    DAS Acquisition Company, LLC 4 6.72% $6,717
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 6.47% $5,228
    ROSS MORTGAGE CORPORATION 3 7.29% $5,691
    Fifth Third Bank 3 6.92% $6,994
    GUARANTEED RATE, INC. 3 6.38% $4,204
    EQUITY RESOURCES, INC. 3 6.74% $7,108
    STAUNTON FINANCIAL, INC. 2 6.56% $7,026
    Old National Bank 2 7.00% $3,754
    The Federal Savings Bank 2 6.63% $18,093
    MORTGAGE 1 INCORPORATED 2 7.06% $6,035
    AMERISAVE MORTGAGE CORPORATION 2 5.56% $15,137
    PLAZA HOME MORTGAGE, INC. 1 6.25% $13,068
    BNC National Bank 1 5.13% $8,040
    ROYAL UNITED MORTGAGE LLC 1 6.50% $13,139
    RUOFF MORTGAGE COMPANY, INC. 1 7.50% $8,703
    SUCCESS MORTGAGE PARTNERS, INC. 1 6.99% $2,546
    SUN Federal Credit Union 1 6.50% $8,267
    The Huntington National Bank 1 7.50% $9,607
    THE MORTGAGE LINK, INC. 1 7.25% $15,628
    UNION HOME MORTGAGE CORP. 1 7.13% $12,627
    First Bank 1 6.75% $450
    CALIBER HOME LOANS, INC. 1 7.25% $5,240
    FREEDOM MORTGAGE CORPORATION 1 6.75% $20,183
    KeyBank 1 7.00% $6,483
    LAND HOME FINANCIAL SERVICES, INC. 1 8.13% $1,676
    LOANDEPOT.COM, LLC 1 6.25% $12,356
    BROKER SOLUTIONS, INC. 1 6.75% $10,240
    EVERETT FINANCIAL, INC. 1 6.63% $3,447
    NEWREZ LLC 1 7.25% $4,324
    Equity Prime Mortgage LLC 1 6.13% $9,285

    The top Monroe VA lender as defined by loan originations is Mortgage Research Center, LLC, with 26 VA loans originated. Their average total fees are $5,452, which is $4,473 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Monroe VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($5,452), AMERICAN FINANCIAL NETWORK, INC. ($7,207), UNITED WHOLESALE MORTGAGE, LLC ($8,711), QUICKEN LOANS, LLC ($9,925) and .

    The lowest rate Monroe VA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.07%), UNITED WHOLESALE MORTGAGE, LLC (6.76%), Mortgage Research Center, LLC (6.91%), AMERICAN FINANCIAL NETWORK, INC. (7.08%) and .

    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.