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.