Norwich VA Loan Rates, Closing Costs & Stats

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 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.

    Norwich's 55 lenders originated 422 VA loans during 2023. The total origination value was $143,360,000, with an average VA loan value of $339,716.

    Norwich VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Norwich averaged 6.49% for the week of 2024-07-19, compared to the national average (all VA variants) of 6.303% for the same period.

    Norwich's average VA mortgage closing costs are $7,340.

    The average rate for the prior week (2024-07-12) was 6.33% and one month ago for the week of 2024-06-14, the average rate was 6.79%.

    The average rate one year ago was 6.87%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.36%.

    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/closing costs and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Norwich level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 93 6.64% $9,695
    NAVY FEDERAL CREDIT UNION 67 5.92% $9,181
    UNITED WHOLESALE MORTGAGE, LLC 50 6.47% $9,800
    QUICKEN LOANS, LLC 25 6.13% $11,481
    TOTAL MORTGAGE SERVICES, LLC 19 6.40% $12,950
    MOVEMENT MORTGAGE, LLC 13 6.54% $8,258
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 13 6.75% $12,691
    USAA Federal Savings Bank 10 6.63% $11,424
    GUARANTEED RATE, INC. 8 6.49% $9,698
    PENNYMAC LOAN SERVICES, LLC 7 5.70% $10,038
    Prosperity Home Mortgage, LLC 7 6.02% $15,936
    HOMESTEAD FUNDING CORP. 6 6.19% $6,622
    T2 FINANCIAL LLC 6 6.17% $12,936
    Mr. Cooper ( Nationstar Mortgage ) 5 6.03% $18,316
    FREEDOM MORTGAGE CORPORATION 5 6.75% $18,793
    NORWICH COMMERCIAL GROUP, INC. 5 6.53% $11,483
    LOANDEPOT.COM, LLC 4 6.19% $13,053
    EVERETT FINANCIAL, INC. 4 7.13% $8,572
    PLAZA HOME MORTGAGE, INC. 4 6.37% $11,956
    PRIMELENDING, A PLAINSCAPITAL COMPANY 4 6.84% $14,551
    CROSSCOUNTRY MORTGAGE, LLC 4 6.84% $9,909
    NEW DAY FINANCIAL, LLC 3 7.66% $17,547
    GUARANTEED RATE AFFINITY, LLC 3 6.73% $6,673
    CMG MORTGAGE, INC. 3 6.17% $11,661
    HOMEBRIDGE FINANCIAL SERVICES, INC. 3 6.29% $14,337
    PRIMARY RESIDENTIAL MORTGAGE, INC. 3 6.29% $21,176
    Waterstone Mortgage Corporation 3 6.63% $16,321
    The Federal Savings Bank 3 6.54% $18,254
    AMERISAVE MORTGAGE CORPORATION 2 6.63% $31,712
    CONTOUR MORTGAGE CORPORATION 2 6.00% $11,083
    Magnolia Bank 2 6.50% $15,512
    NBKC BANK 2 6.38% $7,759
    Wells Fargo Bank 1 6.13% $7,361
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.25% $17,562
    NEWREZ LLC 1 7.50% $6,892
    MORTGAGE EQUITY PARTNERS LLC 1 5.63% $14,612
    OCMBC, INC. 1 7.13% $39,241
    Paramount Residential Mortgage Group, Inc. 1 6.25% $20,750
    Leader Bank 1 5.63% $11,953
    PHH Mortgage Corporation 1 6.88% $13,094
    LAKEVIEW LOAN SERVICING, LLC 1 6.00% $12,443
    POLARIS HOME FUNDING CORP. 1 7.63% $11,766
    Presidential Bank, FSB 1 6.13% $24,327
    Lakeview Community Capital, LLC 1 6.63% $15,681
    FIRST WORLD MORTGAGE CORPORATION 1 7.00% $4,312
    EMM LOANS LLC 1 7.00% $13,442
    Eastern Bank 1 6.38% $18,945
    East Coast Capital Corp. 1 5.75% $10,423
    Community First National Bank 1 7.13% $10,539
    TJC Mortgage, Inc. 1 5.75% $11,096
    Citizens Bank 1 6.63% $13,521
    BROKER SOLUTIONS, INC. 1 7.00% $12,691
    Barrington Bank & Trust Company, N.A. 1 6.25% $13,616
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.13% $6,279
    NATIONS DIRECT MORTGAGE, LLC 1 6.75% $12,643

    The top Norwich VA lender as defined by loan originations is Mortgage Research Center, LLC, with 93 VA loans originated. Their average total fees are $9,695, which is $513 higher than the next largest lender, NAVY FEDERAL CREDIT UNION.

    The lowest fee Norwich VA lenders (with over 10 loans originated) are MOVEMENT MORTGAGE, LLC ($8,258), NAVY FEDERAL CREDIT UNION ($9,181), Mortgage Research Center, LLC ($9,695), UNITED WHOLESALE MORTGAGE, LLC ($9,800) and USAA Federal Savings Bank ($11,424).

    The lowest rate Norwich VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION (5.92%), QUICKEN LOANS, LLC (6.13%), TOTAL MORTGAGE SERVICES, LLC (6.40%), UNITED WHOLESALE MORTGAGE, LLC (6.47%) and MOVEMENT MORTGAGE, LLC (6.54%).

    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.