Norwich VA Loans
NORWICH-NEW LONDON, CT
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.