Norwich VA Loans

NORWICH-NEW LONDON, CT

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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 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.

    Norwich's 89 lenders originated 1,381 VA loans during 2021. The total origination value was $387,025,000, with an average VA loan value of $280,250.

    Norwich VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Norwich averaged 5.46% for the week of 2022-05-13, compared to the national average (all VA variants) of 5.158% for the same period.

    The average rate for the prior week (2022-05-06) was 5.59% and one month ago for the week of 2022-04-08, the average rate was 4.91%.

    The average rate one year ago was 3.03%.

    For refis of the same type during the week of 2022-05-13, the average rate was 5.16%.

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

    Norwich VA Loan Lenders by Rates & Fees

    The below table looks at the average fees and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Norwich level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    NAVY FEDERAL CREDIT UNION 202 2.49% $6,575
    Mortgage Research Center, LLC 191 2.82% $7,276
    QUICKEN LOANS, LLC 93 2.38% $4,801
    FREEDOM MORTGAGE CORPORATION 64 2.60% $3,934
    USAA Federal Savings Bank 52 2.90% $5,824
    UNITED WHOLESALE MORTGAGE, LLC 47 2.51% $7,476
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 42 2.79% $8,223
    Prosperity Home Mortgage, LLC 36 2.69% $8,859
    LOANDEPOT.COM, LLC 35 2.48% $8,661
    PENNYMAC LOAN SERVICES, LLC 31 2.39% $6,869
    NEW DAY FINANCIAL, LLC 28 2.86% $9,615
    GUARANTEED RATE, INC. 25 2.67% $7,386
    TOTAL MORTGAGE SERVICES, LLC 23 2.88% $9,924
    HOME POINT FINANCIAL CORPORATION 20 2.54% $7,376
    PRIMELENDING, A PLAINSCAPITAL COMPANY 18 2.92% $6,320
    LAKEVIEW LOAN SERVICING, LLC 16 2.62% $2,507
    GUARANTEED RATE AFFINITY, LLC 14 2.59% $6,523
    HOMEBRIDGE FINANCIAL SERVICES, INC. 13 2.67% $7,036
    ACCELERATE MORTGAGE, LLC 12 2.13% $7,022
    Wells Fargo Bank 12 2.56% $3,445
    NEWREZ LLC 11 2.49% $6,946
    Mr. Cooper ( Nationstar Mortgage ) 11 2.69% $4,350
    CALIBER HOME LOANS, INC. 11 2.49% $4,135
    Barrington Bank & Trust Company, N.A. 10 2.64% $4,596
    The Federal Savings Bank 9 2.64% $8,795
    NORWICH COMMERCIAL GROUP, INC. 9 2.86% $9,038
    MOVEMENT MORTGAGE, LLC 8 2.80% $7,980
    HOMESTEAD FUNDING CORP. 7 2.86% $6,054
    AMERICAN FINANCIAL NETWORK, INC. 7 2.27% $9,460
    CONTOUR MORTGAGE CORPORATION 6 2.46% $5,811
    CROSSCOUNTRY MORTGAGE, LLC 6 2.79% $10,022
    Paramount Residential Mortgage Group, Inc. 6 2.92% $6,740
    MUTUAL OF OMAHA MORTGAGE, INC. 6 2.85% $5,717
    Carrington Mortgage Services, LLC 6 3.23% $4,855
    Citizens Bank 6 2.67% $5,474
    AMERISAVE MORTGAGE CORPORATION 5 2.45% $8,461
    PLANET HOME LENDING, LLC 4 2.75% $2,576
    PENTAGON FEDERAL CREDIT UNION 4 2.38% $886
    Magnolia Bank 3 2.71% $6,351
    North American Savings Bank, F.S.B. 3 2.50% $11,940
    PLAZA HOME MORTGAGE, INC. 3 2.96% $11,249
    PRIMARY RESIDENTIAL MORTGAGE, INC. 3 3.42% $6,374
    RESIDENTIAL MORTGAGE SERVICES, INC. 3 2.75% $6,289
    First Guaranty Mortgage Corporation 3 2.63% $3,086
    NBKC BANK 3 2.67% $8,915
    KS StateBank 2 2.25% $15,016
    InterContinental Capital Group, Inc 2 2.25% $3,709
    BAY EQUITY LLC 2 2.88% $5,420
    Berkshire Bank 2 2.44% $7,189
    HOMESIDE FINANCIAL, LLC 2 2.75% $5,645
    Low VA Rates, LLC 2 2.50% $1,670
    Atlantic Home Loans, Inc. 2 3.06% $2,565
    FIRST WORLD MORTGAGE CORPORATION 2 2.63% $7,529
    First Federal Bank of Kansas City 2 2.88% $3,355
    SUN WEST MORTGAGE COMPANY, INC. 2 2.31% $7,642
    First Federal Bank 2 3.06% $16,701
    PROVINCE MORTGAGE ASSOCIATES, INC. 2 3.19% $9,404
    PHH Mortgage Corporation 2 3.31% $4,014
    Lakeview Community Capital, LLC 2 2.94% $1,631
    Wyndham Capital Mortgage, Inc. 1 2.38% $462
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 2.75% $3,795
    AmeriHome Mortgage Company, LLC 1 2.50% $5,187
    Arvest Bank 1 2.25% $3,866
    Bank of England 1 2.75% $10,064
    BROKER SOLUTIONS, INC. 1 2.25% $2,027
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 1 3.25% $8,293
    CELEBRITY HOME LOANS, LLC 1 3.00% $7,415
    Chelsea Groton Bank 1 3.25% $19,022
    DAS Acquisition Company, LLC 1 2.75% $10,024
    EMBRACE HOME LOANS, INC. 1 2.88% $4,472
    EMM LOANS LLC 1 3.00% $6,052
    Equity Prime Mortgage LLC 1 3.25% $12,413
    EVERETT FINANCIAL, INC. 1 3.50% $768
    Evolve Bank & Trust 1 2.75% $10,944
    FINANCE OF AMERICA MORTGAGE LLC 1 2.75% $6,187
    First Mortgage Solutions, LLC 1 2.13% $3,797
    First Savings Bank 1 2.25% $2,583
    HARBORONE MORTGAGE, LLC 1 2.25% $2,969
    LEADERONE FINANCIAL CORPORATION 1 2.38% $1,514
    LENDUS, LLC 1 2.25% $4,627
    Liberty Bank 1 2.75% $13,109
    MID AMERICA MORTGAGE, INC. 1 2.75% $1,424
    NATIONS DIRECT MORTGAGE, LLC 1 3.75% $8,824
    Network Funding, L.P. 1 2.38% $9,589
    Northpointe Bank 1 2.63% $3,797
    NP, Inc. 1 2.25% $4,240
    RELIANCE FIRST CAPITAL, LLC 1 3.38% $11,851
    SOVEREIGN LENDING GROUP INCORPORATED 1 2.25% $12,144
    The Washington Trust Company, of Westerly 1 2.75% $13,041

    The top Norwich VA lender as defined by loan originations is NAVY FEDERAL CREDIT UNION, with 202 VA loans originated. Their average total fees are $6,575, which is $701 lower than the next largest lender, Mortgage Research Center, LLC.

    The lowest fee Norwich VA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($2,507), Wells Fargo Bank ($3,445), FREEDOM MORTGAGE CORPORATION ($3,934), CALIBER HOME LOANS, INC. ($4,135) and Mr. Cooper ( Nationstar Mortgage ) ($4,350).

    The lowest rate Norwich VA lenders (with over 10 loans originated) are ACCELERATE MORTGAGE, LLC (2.13%), QUICKEN LOANS, LLC (2.38%), PENNYMAC LOAN SERVICES, LLC (2.39%), LOANDEPOT.COM, LLC (2.48%) and NAVY FEDERAL CREDIT UNION (2.49%).

    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.