Niles VA Loan Rates, Closing Costs & Stats

NILES, MI

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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.

    Niles's 35 lenders originated 105 VA loans during 2023. The total origination value was $27,985,000, with an average VA loan value of $266,524.

    Niles VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Niles averaged 6.55% for the week of 2024-11-08, compared to the national average (all VA variants) of 6.34% for the same period.

    Niles's average VA mortgage closing costs are $5,096.

    The average rate for the prior week (2024-11-01) was 6.81% and one month ago for the week of 2024-10-04, the average rate was 5.93%.

    The average rate one year ago was 7.79%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.97%.

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

    Niles 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 Niles level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 14 6.55% $7,017
    QUICKEN LOANS, LLC 8 6.04% $7,842
    UNION HOME MORTGAGE CORP. 7 6.73% $8,839
    GUARANTEED RATE, INC. 7 6.22% $7,454
    RUOFF MORTGAGE COMPANY, INC. 6 6.65% $3,420
    NAVY FEDERAL CREDIT UNION 5 5.50% $4,891
    UNITED WHOLESALE MORTGAGE, LLC 4 5.72% $12,613
    USAA Federal Savings Bank 4 6.34% $8,475
    FREEDOM MORTGAGE CORPORATION 4 6.53% $17,019
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 4 6.59% $17,721
    PENNYMAC LOAN SERVICES, LLC 3 5.21% $3,028
    LOANDEPOT.COM, LLC 3 6.70% $12,603
    Neighborhood Loans, Inc. 2 5.94% $3,566
    PROPER RATE, LLC 2 6.56% $2,797
    HALLMARK HOME MORTGAGE, LLC 2 6.44% $6,156
    INSPIRE HOME LOANS INC. 2 5.69% $10,089
    VILLAGE CAPITAL MORTGAGE 2 5.50% $11,813
    NEW DAY FINANCIAL, LLC 2 6.99% $13,800
    Wells Fargo Bank 1 5.75% $8,597
    AMERISAVE MORTGAGE CORPORATION 1 6.25% $7,526
    Arvest Bank 1 7.00% $7,496
    BROKER SOLUTIONS, INC. 1 7.25% $7,051
    Capital Bank 1 6.75% $6,914
    Fifth Third Bank 1 6.38% $2,215
    First Western Trust Bank 1 6.25% $23,753
    Flagstar Bank, FSB 1 6.75% $6,256
    JPMorgan Chase Bank 1 5.63% $0
    Northpointe Bank 1 6.13% $6,454
    ROSS MORTGAGE CORPORATION 1 7.38% $2,196
    SUCCESS MORTGAGE PARTNERS, INC. 1 6.63% $14,024
    The Federal Savings Bank 1 6.63% $13,988
    The Huntington National Bank 1 6.13% $2,083
    UNITED 1 7.75% $3,219
    U.S. Bank 1 7.75% $3,219
    AMERICAN FINANCING CORPORATION 1 6.25% $5,705

    The top Niles VA lender as defined by loan originations is Mortgage Research Center, LLC, with 14 VA loans originated. Their average total fees are $7,017, which is $826 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Niles VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($7,017), .

    The lowest rate Niles VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC (6.55%), .

    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.