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.