Mount Airy VA Loan Rates, Closing Costs & Stats

Mount Airy, NC

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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.

    Mount Airy's 24 lenders originated 62 VA loans during 2023. The total origination value was $16,170,000, with an average VA loan value of $260,806.

    Mount Airy VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Mount Airy averaged 6.27% for the week of 2024-11-08, compared to the national average (all VA variants) of 6.34% for the same period.

    Mount Airy's average VA mortgage closing costs are $4,949.

    The average rate for the prior week (2024-11-01) was 6.62% and one month ago for the week of 2024-10-04, the average rate was 5.75%.

    The average rate one year ago was 7.21%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.44%.

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

    Mount Airy 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 Mount Airy level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 21 6.72% $5,440
    Renasant Bank 5 5.95% $5,070
    INTERCOASTAL MORTGAGE COMPANY 4 6.56% $10,889
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 3 6.75% $3,830
    QUICKEN LOANS, LLC 3 5.83% $7,417
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 2 6.69% $3,577
    PENNYMAC LOAN SERVICES, LLC 2 5.25% $7,394
    NEW DAY FINANCIAL, LLC 2 6.63% $8,744
    UNITED WHOLESALE MORTGAGE, LLC 2 6.37% $11,603
    MOVEMENT MORTGAGE, LLC 2 6.50% $4,807
    Pinnacle Bank 1 6.88% $4,691
    Sunflower Bank 1 6.99% $8,361
    Truist 1 5.60% $4,384
    AMERISAVE MORTGAGE CORPORATION 1 6.00% $21,145
    USAA Federal Savings Bank 1 6.50% $7,247
    Chickasaw Community Bank 1 7.75% $13,134
    CROSSCOUNTRY MORTGAGE, LLC 1 6.50% $10,367
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.75% $7,465
    FIRST HOME MORTGAGE CORPORATION 1 6.63% $12,804
    FREEDOM MORTGAGE CORPORATION 1 6.75% $15,857
    LOANDEPOT.COM, LLC 1 6.63% $6,437
    Mid-Continent Funding, Inc. 1 5.75% $5,666
    MORTGAGE ACCESS CORP. 1 6.00% $5,507
    NAVY FEDERAL CREDIT UNION 1 5.13% $2,186

    The top Mount Airy VA lender as defined by loan originations is Mortgage Research Center, LLC, with 21 VA loans originated. Their average total fees are $5,440, which is $370 higher than the next largest lender, Renasant Bank.

    The lowest fee Mount Airy VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($5,440), .

    The lowest rate Mount Airy VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC (6.72%), .

    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.