Morristown VA Loan Rates, Closing Costs & Stats

MORRISTOWN, TN

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.

Morristown's 49 lenders originated 229 VA loans during 2023. The total origination value was $70,895,000, with an average VA loan value of $309,585.

Morristown VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Morristown averaged 6.24% for the week of 2024-07-19, compared to the national average (all VA variants) of 6.303% for the same period.

Morristown's average VA mortgage closing costs are $5,851.

The average rate for the prior week (2024-07-12) was 6.38% and one month ago for the week of 2024-06-14, the average rate was 6.45%.

The average rate one year ago was 6.83%.

For refis of the same type during the week of 2024-07-19, the average rate was 6.48%.

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

Morristown 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 Morristown level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Mortgage Research Center, LLC 38 6.81% $6,773
DHI MORTGAGE COMPANY, LTD. 33 6.06% $6,405
UNITED WHOLESALE MORTGAGE, LLC 18 6.16% $12,621
CMG MORTGAGE, INC. 14 6.53% $10,938
MORTGAGE INVESTORS GROUP, INC. 14 6.28% $4,999
QUICKEN LOANS, LLC 7 6.17% $8,755
The Federal Savings Bank 7 6.05% $14,641
CARDINAL FINANCIAL 7 6.38% $14,752
NAVY FEDERAL CREDIT UNION 6 6.08% $3,727
FIRST COMMUNITY MORTGAGE, INC. 6 6.50% $13,163
PENNYMAC LOAN SERVICES, LLC 5 5.42% $11,587
FREEDOM MORTGAGE CORPORATION 5 6.25% $18,719
MOVEMENT MORTGAGE, LLC 5 6.58% $11,535
UNION HOME MORTGAGE CORP. 4 6.16% $9,078
USAA Federal Savings Bank 3 5.71% $7,114
NEW DAY FINANCIAL, LLC 3 6.83% $6,731
AMERISAVE MORTGAGE CORPORATION 2 5.63% $8,477
VILLAGE CAPITAL MORTGAGE 2 6.75% $5,431
Northpointe Bank 2 7.13% $4,736
MORTGAGE SOLUTIONS OF COLORADO, LLC 2 7.75% $1,601
NEWREZ LLC 2 6.50% $6,072
PLANET HOME LENDING, LLC 2 6.13% $4,924
STOCKTON MORTGAGE CORPORATION 2 6.25% $7,153
Equity Prime Mortgage LLC 2 7.38% $3,460
GUARANTEED RATE, INC. 2 5.86% $7,432
ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 6.44% $6,092
LOANDEPOT.COM, LLC 2 7.56% $10,991
Wells Fargo Bank 1 5.75% $96
Ameris Bank 1 6.75% $9,343
BROKER SOLUTIONS, INC. 1 7.13% $4,532
CHURCHILL MORTGAGE CORPORATION 1 6.88% $2,625
COMPASS MORTGAGE, INC. 1 5.75% $10,246
CRESCENT MORTGAGE COMPANY 1 6.50% $3,483
CROSSCOUNTRY MORTGAGE, LLC 1 6.75% $27,875
DAS Acquisition Company, LLC 1 6.38% $8,627
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.25% $5,742
Flanagan State Bank 1 6.75% $1,124
LAKEVIEW LOAN SERVICING, LLC 1 5.50% $7,101
NATIONS DIRECT MORTGAGE, LLC 1 5.75% $19,333
NP, Inc. 1 7.75% $18,133
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 5.88% $3,955
RANLIFE, INC. 1 6.38% $14,767
RELIANCE FIRST CAPITAL, LLC 1 6.50% $7,442
SeaTrust Mortgage Company 1 6.50% $7,978
SUN WEST MORTGAGE COMPANY, INC. 1 5.88% $16,612
TIDEWATER MORTGAGE SERVICES, INC. 1 7.00% $7,031
TOWNE MORTGAGE COMPANY 1 7.25% $6,152
Truist 1 6.25% $4,565
AmeriHome Mortgage Company, LLC 1 6.63% $15,350

The top Morristown VA lender as defined by loan originations is Mortgage Research Center, LLC, with 38 VA loans originated. Their average total fees are $6,773, which is $367 higher than the next largest lender, DHI MORTGAGE COMPANY, LTD..

The lowest fee Morristown VA lenders (with over 10 loans originated) are MORTGAGE INVESTORS GROUP, INC. ($4,999), DHI MORTGAGE COMPANY, LTD. ($6,405), Mortgage Research Center, LLC ($6,773), CMG MORTGAGE, INC. ($10,938) and UNITED WHOLESALE MORTGAGE, LLC ($12,621).

The lowest rate Morristown VA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (6.06%), UNITED WHOLESALE MORTGAGE, LLC (6.16%), MORTGAGE INVESTORS GROUP, INC. (6.28%), CMG MORTGAGE, INC. (6.53%) and Mortgage Research Center, LLC (6.81%).

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.