Mount Sterling VA Loan Rates, Closing Costs & Stats

Mount Sterling, KY

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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 Sterling's 24 lenders originated 59 VA loans during 2023. The total origination value was $13,015,000, with an average VA loan value of $220,593.

    Mount Sterling VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Mount Sterling averaged 6.49% for the week of 2024-11-08, compared to the national average (all VA variants) of 6.34% for the same period.

    Mount Sterling's average VA mortgage closing costs are $4,892.

    The average rate for the prior week (2024-11-01) was 6.35% and one month ago for the week of 2024-10-04, the average rate was 5.97%.

    The average rate one year ago was 7.43%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.54%.

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

    Mount Sterling 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 Sterling level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 19 6.72% $5,121
    Republic State Mortgage Co. 6 6.40% $7,284
    QUICKEN LOANS, LLC 6 6.08% $8,819
    STOCKTON MORTGAGE CORPORATION 3 7.54% $11,726
    USAA Federal Savings Bank 2 6.56% $2,076
    Century Mortgage Company DBA Century Lending Company 2 7.19% $6,761
    Stock Yards Bank & Trust Company 2 6.50% $4,731
    UNITED WHOLESALE MORTGAGE, LLC 2 7.19% $7,284
    NBKC BANK 1 5.88% $8,015
    NEW DAY FINANCIAL, LLC 1 7.75% $10,347
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 7.13% $4,512
    Peoples Exchange Bank 1 6.63% $4,337
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.25% $500
    Prosperity Home Mortgage, LLC 1 8.13% $9,645
    SOVEREIGN LENDING GROUP INCORPORATED 1 5.50% $23,901
    Truist 1 7.20% $1,780
    PENNYMAC LOAN SERVICES, LLC 1 4.75% $3,764
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 1 6.00% $1,948
    CARDINAL FINANCIAL 1 7.25% $7,382
    CROSSCOUNTRY MORTGAGE, LLC 1 6.50% $10,848
    FREEDOM MORTGAGE CORPORATION 1 7.25% $13,400
    GUARANTEED RATE AFFINITY, LLC 1 7.75% $5,781
    Mr. Cooper ( Nationstar Mortgage ) 1 7.25% $12,831
    NAVY FEDERAL CREDIT UNION 1 5.63% $6,779

    The top Mount Sterling VA lender as defined by loan originations is Mortgage Research Center, LLC, with 19 VA loans originated. Their average total fees are $5,121, which is $2,163 lower than the next largest lender, Republic State Mortgage Co..

    The lowest fee Mount Sterling VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($5,121), .

    The lowest rate Mount Sterling 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.