Newport VA Loan Rates, Closing Costs & Stats

Newport, OR

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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.

    Newport's 33 lenders originated 61 VA loans during 2023. The total origination value was $23,965,000, with an average VA loan value of $392,869.

    Newport VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Newport averaged 6.92% for the week of 2024-11-08, compared to the national average (all VA variants) of 6.34% for the same period.

    Newport's average VA mortgage closing costs are $7,210.

    The average rate for the prior week (2024-11-01) was 6.77% and one month ago for the week of 2024-10-04, the average rate was 6.2%.

    The average rate one year ago was 7.46%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.24%.

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

    Newport 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 Newport level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 8 6.07% $10,471
    ENVOY MORTGAGE, LTD 4 6.56% $6,685
    NAVY FEDERAL CREDIT UNION 3 5.75% $6,580
    QUICKEN LOANS, LLC 3 6.42% $11,212
    Sierra Pacific Mortgage Company, Inc. 3 6.29% $6,456
    FREEDOM MORTGAGE CORPORATION 3 6.29% $14,911
    USAA Federal Savings Bank 3 6.17% $12,460
    GUILD MORTGAGE COMPANY 2 7.13% $18,696
    Mortgage Research Center, LLC 2 7.63% $11,353
    NEWREZ LLC 2 6.75% $12,026
    PENNYMAC LOAN SERVICES, LLC 2 5.75% $20,897
    NEW DAY FINANCIAL, LLC 2 7.50% $13,915
    S1L, Inc. 2 7.25% $6,628
    NATIONS DIRECT MORTGAGE, LLC 2 6.13% $3,689
    SOVEREIGN LENDING GROUP INCORPORATED 1 5.13% $17,673
    The Federal Savings Bank 1 5.63% $17,189
    Umpqua Bank 1 7.38% $9,613
    VILLAGE CAPITAL MORTGAGE 1 7.50% $9,037
    AMERICAN FINANCING CORPORATION 1 6.13% $11,507
    Wells Fargo Bank 1 6.88% $18,320
    Barrington Bank & Trust Company, N.A. 1 6.25% $6,168
    CARDINAL FINANCIAL 1 7.63% $4,173
    Century Mortgage Company DBA Century Lending Company 1 6.00% $11,237
    CROSSCOUNTRY MORTGAGE, LLC 1 6.13% $10,456
    EVERGREEN MONEYSOURCE MORTGAGE COMPANY 1 6.25% $26,537
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 7.75% $12,768
    Glacier Bank 1 6.50% $10,381
    Hometown Equity Mortgage, LLC 1 6.75% $45,359
    INTERCAP LENDING INC. 1 6.63% $3,312
    LPMC, LLC 1 6.50% $1,032
    MANN FINANCIAL INC. 1 5.50% $26,692
    MOVEMENT MORTGAGE, LLC 1 6.75% $11,407
    Mr. Cooper ( Nationstar Mortgage ) 1 5.75% $41,090

    The top Newport VA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 8 VA loans originated. Their average total fees are $10,471, which is $3,785 higher than the next largest lender, ENVOY MORTGAGE, LTD.

    The lowest fee Newport VA lenders (with over 10 loans originated) are .

    The lowest rate Newport VA lenders (with over 10 loans originated) are .

    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.