Montgomery VA Loan Rates, Closing Costs & Stats
MONTGOMERY, 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.
Montgomery's 94 lenders originated 1,124 VA
loans during 2023. The total origination value was $328,120,000, with an average VA loan value of
$291,922.
Montgomery VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in Montgomery
averaged
6.46%
for the week of 2024-10-25, compared to the national average (all VA variants) of
6.14% for the same period.
Montgomery's average VA mortgage closing costs are $5,362.
The average rate for the prior week (2024-10-18) was
6.37% and
one month ago for the week of 2024-09-20, the
average rate was 5.67%.
The average rate one year ago was 7.7%.
For refis of the same type during the week of 2024-10-25, the average rate
was 6.66%.
Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.
Montgomery 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 Montgomery level.
Name |
# of Loans |
2023 Avg. 30yFix Rate |
2023 Avg. Closing Costs |
Mortgage Research Center, LLC
|
152
|
6.81%
|
$4,952
|
GUILD MORTGAGE COMPANY
|
106
|
6.29%
|
$10,692
|
Trustmark National Bank
|
75
|
6.21%
|
$6,368
|
FAIRWAY INDEPENDENT MORTGAGE CORPORATION
|
66
|
6.64%
|
$5,991
|
CROSSCOUNTRY MORTGAGE, LLC
|
65
|
6.41%
|
$7,366
|
QUICKEN LOANS, LLC
|
46
|
6.24%
|
$9,019
|
UNITED WHOLESALE MORTGAGE, LLC
|
46
|
6.44%
|
$7,413
|
Renasant Bank
|
40
|
6.23%
|
$9,551
|
NAVY FEDERAL CREDIT UNION
|
40
|
5.77%
|
$4,657
|
MOVEMENT MORTGAGE, LLC
|
34
|
6.69%
|
$8,314
|
PENNYMAC LOAN SERVICES, LLC
|
33
|
5.67%
|
$7,821
|
USAA Federal Savings Bank
|
28
|
6.29%
|
$10,701
|
FREEDOM MORTGAGE CORPORATION
|
27
|
6.59%
|
$12,434
|
NEW DAY FINANCIAL, LLC
|
22
|
7.44%
|
$9,760
|
DHI MORTGAGE COMPANY, LTD.
|
19
|
5.36%
|
$7,226
|
GMFS LLC
|
18
|
6.44%
|
$5,526
|
CMG MORTGAGE, INC.
|
15
|
6.67%
|
$9,339
|
The Federal Savings Bank
|
14
|
6.86%
|
$18,344
|
Flagstar Bank, FSB
|
13
|
6.60%
|
$6,445
|
LOANDEPOT.COM, LLC
|
12
|
6.16%
|
$11,381
|
NEWREZ LLC
|
12
|
6.26%
|
$10,734
|
VILLAGE CAPITAL MORTGAGE
|
11
|
6.08%
|
$10,438
|
GUARANTEED RATE, INC.
|
10
|
5.92%
|
$3,912
|
MORTGAGE SOLUTIONS OF COLORADO, LLC
|
10
|
7.80%
|
$3,101
|
Mr. Cooper ( Nationstar Mortgage )
|
10
|
5.74%
|
$9,060
|
Regions Bank
|
9
|
6.22%
|
$9,465
|
UNION HOME MORTGAGE CORP.
|
9
|
6.53%
|
$9,890
|
BROKER SOLUTIONS, INC.
|
6
|
6.45%
|
$7,439
|
FIRST COMMUNITY MORTGAGE, INC.
|
6
|
6.23%
|
$11,285
|
SouthPoint Bank
|
5
|
6.73%
|
$4,441
|
AMERISAVE MORTGAGE CORPORATION
|
5
|
6.23%
|
$10,476
|
Wells Fargo Bank
|
5
|
6.00%
|
$12,638
|
PENTAGON FEDERAL CREDIT UNION
|
5
|
5.23%
|
$6,151
|
Plains Commerce Bank
|
4
|
6.06%
|
$9,071
|
NBKC BANK
|
4
|
5.28%
|
$7,614
|
Prosperity Home Mortgage, LLC
|
3
|
6.62%
|
$7,464
|
PRIMELENDING, A PLAINSCAPITAL COMPANY
|
3
|
6.92%
|
$6,627
|
First Federal Bank
|
3
|
6.38%
|
$1,778
|
Magnolia Bank
|
3
|
6.75%
|
$16,918
|
Synovus Bank
|
3
|
6.17%
|
$6,619
|
HOMESTAR FINANCIAL CORPORATION
|
2
|
6.75%
|
$4,588
|
Nations Lending Corporation
|
2
|
6.75%
|
$10,075
|
BancorpSouth
|
2
|
5.94%
|
$6,738
|
MILEND, INC.
|
2
|
6.69%
|
$9,707
|
Mid-Continent Funding, Inc.
|
2
|
5.69%
|
$6,431
|
AMERICAN FINANCIAL NETWORK, INC.
|
2
|
6.69%
|
$438
|
AMERICAN FINANCIAL RESOURCES, INC.
|
2
|
6.94%
|
$3,614
|
CARDINAL FINANCIAL
|
2
|
7.00%
|
$11,144
|
BAY EQUITY LLC
|
2
|
6.69%
|
$3,941
|
Consumer First Mortgage, Inc.
|
2
|
7.37%
|
$5,969
|
Wolfe Financial, Inc
|
1
|
6.50%
|
$3,897
|
AMERICAN FINANCING CORPORATION
|
1
|
6.25%
|
$7,140
|
AMERICAN PACIFIC MORTGAGE CORPORATION
|
1
|
5.75%
|
$14,210
|
ARK-LA-TEX FINANCIAL SERVICES, LLC.
|
1
|
5.25%
|
$18,183
|
Armed Forces Bank
|
1
|
6.25%
|
$5,941
|
ATLANTIC BAY MORTGAGE GROUP, L.L.C.
|
1
|
5.75%
|
$3,263
|
Bank of England
|
1
|
6.75%
|
$44,447
|
BANKSOUTH MORTGAGE COMPANY, LLC
|
1
|
5.75%
|
$9,082
|
Barrington Bank & Trust Company, N.A.
|
1
|
6.75%
|
$2,947
|
BNC National Bank
|
1
|
5.63%
|
$12,205
|
CANOPY MORTGAGE, LLC
|
1
|
6.75%
|
$11,714
|
CONTOUR MORTGAGE CORPORATION
|
1
|
5.88%
|
$3,522
|
CORNERSTONE HOME LENDING, INC.
|
1
|
7.25%
|
$6,159
|
DAS Acquisition Company, LLC
|
1
|
6.25%
|
$9,760
|
EMBRACE HOME LOANS, INC.
|
1
|
6.99%
|
$9,016
|
EMM LOANS LLC
|
1
|
5.88%
|
$0
|
ENVOY MORTGAGE, LTD
|
1
|
7.13%
|
$3,880
|
Equity Prime Mortgage LLC
|
1
|
6.75%
|
$851
|
FBC MORTGAGE, LLC
|
1
|
5.75%
|
$6,067
|
FirstBank
|
1
|
6.75%
|
$7,532
|
GENEVA FINANCIAL, LLC
|
1
|
6.63%
|
$6,955
|
Hamilton Mortgage Corporation
|
1
|
6.75%
|
$15,526
|
HOMEBRIDGE FINANCIAL SERVICES, INC.
|
1
|
7.50%
|
$6,051
|
HomePromise Corporation
|
1
|
7.25%
|
$5,553
|
Ixonia Bank
|
1
|
7.88%
|
$10,359
|
JPMorgan Chase Bank
|
1
|
5.38%
|
$2,006
|
LEADERONE FINANCIAL CORPORATION
|
1
|
6.25%
|
$4,958
|
MICHIGAN MUTUAL, INC.
|
1
|
6.50%
|
$2,097
|
MID AMERICA MORTGAGE, INC.
|
1
|
6.75%
|
$2,451
|
MORTGAGE MANAGEMENT CONSULTANTS, INC.
|
1
|
6.88%
|
$6,365
|
MUTUAL OF OMAHA MORTGAGE, INC.
|
1
|
6.63%
|
$13,052
|
NFM, INC.
|
1
|
5.88%
|
$8,609
|
Northpointe Bank
|
1
|
5.75%
|
$21,931
|
NORWICH COMMERCIAL GROUP, INC.
|
1
|
7.25%
|
$4,134
|
PLANET HOME LENDING, LLC
|
1
|
5.88%
|
$5,745
|
PREMIA MORTGAGE, LLC
|
1
|
5.75%
|
$8,771
|
ServisFirst Bank
|
1
|
5.75%
|
$14,437
|
SUN WEST MORTGAGE COMPANY, INC.
|
1
|
2.75%
|
$3,033
|
SWBC MORTGAGE CORPORATION
|
1
|
6.50%
|
$7,940
|
TOWN AND COUNTRY Credit Union
|
1
|
6.25%
|
$8,184
|
United Community Bank
|
1
|
5.25%
|
$7,815
|
U.S. Bank
|
1
|
6.13%
|
$9,122
|
VANDERBILT MORTGAGE AND FINANCE, INC.
|
1
|
6.50%
|
$5,507
|
ACADEMY MORTGAGE CORPORATION
|
1
|
7.25%
|
$4,420
|
The top Montgomery VA lender as defined by loan originations is Mortgage Research Center, LLC, with
152 VA loans originated. Their average total fees are
$4,952, which is $5,740
lower than the next largest lender,
GUILD MORTGAGE COMPANY.
The lowest fee Montgomery VA lenders (with over 10 loans originated) are
MORTGAGE SOLUTIONS OF COLORADO, LLC ($3,101), GUARANTEED RATE, INC. ($3,912), NAVY FEDERAL CREDIT UNION ($4,657), Mortgage Research Center, LLC ($4,952) and GMFS LLC ($5,526).
The lowest rate Montgomery VA lenders (with over 10 loans originated) are
DHI MORTGAGE COMPANY, LTD. (5.36%), PENNYMAC LOAN SERVICES, LLC (5.67%), Mr. Cooper ( Nationstar Mortgage ) (5.74%), NAVY FEDERAL CREDIT UNION (5.77%) and GUARANTEED RATE, INC. (5.92%).
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.