Norwich VA Loan Rates, Closing Costs & Stats

NORWICH-NEW LONDON, CT

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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 77 lenders originated 628 VA loans during 2022. The total origination value was $200,380,000, with an average VA loan value of $319,076.

    Norwich VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Norwich averaged 6.09% for the week of 2023-05-26, compared to the national average (all VA variants) of 6.408% for the same period.

    Norwich's average VA mortgage closing costs are $6,962.

    The average rate for the prior week (2023-05-19) was 6.11% and one month ago for the week of 2023-04-21, the average rate was 5.74%.

    The average rate one year ago was 4.71%.

    For refis of the same type during the week of 2023-05-26, the average rate was 4.84%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    Mortgage Research Center, LLC 102 5.16% $9,216
    NAVY FEDERAL CREDIT UNION 98 3.83% $8,332
    UNITED WHOLESALE MORTGAGE, LLC 63 4.50% $10,794
    QUICKEN LOANS, LLC 32 3.95% $13,528
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 30 5.12% $9,481
    USAA Federal Savings Bank 29 4.35% $10,058
    LOANDEPOT.COM, LLC 16 4.06% $10,825
    FREEDOM MORTGAGE CORPORATION 15 3.98% $12,536
    TOTAL MORTGAGE SERVICES, LLC 14 5.21% $10,020
    NEW DAY FINANCIAL, LLC 12 5.44% $12,962
    NORWICH COMMERCIAL GROUP, INC. 12 5.01% $9,412
    Prosperity Home Mortgage, LLC 11 4.25% $10,312
    PENNYMAC LOAN SERVICES, LLC 9 3.35% $14,611
    HOME POINT FINANCIAL CORPORATION 9 4.30% $12,177
    GUARANTEED RATE AFFINITY, LLC 9 5.00% $13,812
    Mr. Cooper ( Nationstar Mortgage ) 8 5.03% $12,927
    EVERETT FINANCIAL, INC. 8 5.16% $10,917
    PRIMELENDING, A PLAINSCAPITAL COMPANY 8 4.75% $10,864
    HOMEBRIDGE FINANCIAL SERVICES, INC. 7 4.75% $14,043
    MOVEMENT MORTGAGE, LLC 7 5.02% $8,188
    HOMESTEAD FUNDING CORP. 6 4.40% $8,233
    AMERISAVE MORTGAGE CORPORATION 5 3.73% $17,400
    Barrington Bank & Trust Company, N.A. 4 4.16% $10,516
    CROSSCOUNTRY MORTGAGE, LLC 3 4.79% $13,227
    CMG MORTGAGE, INC. 3 4.21% $12,251
    Shamrock Home Loans, Inc. 3 5.17% $8,425
    First Federal Bank 3 4.21% $19,325
    BROKER SOLUTIONS, INC. 3 3.75% $9,641
    CARDINAL FINANCIAL 3 4.50% $12,054
    Wells Fargo Bank 2 4.19% $10,257
    CALIBER HOME LOANS, INC. 2 3.44% $6,681
    Chelsea Groton Bank 2 5.69% $8,192
    EMBRACE HOME LOANS, INC. 2 4.99% $13,574
    Equity Prime Mortgage LLC 2 5.88% $9,593
    First Home Bank 2 5.00% $19,928
    Flagstar Bank, FSB 2 5.00% $18,490
    GUARANTEED RATE, INC. 2 5.08% $2,599
    LAKEVIEW LOAN SERVICING, LLC 2 3.94% $5,100
    MUTUAL OF OMAHA MORTGAGE, INC. 2 5.75% $19,137
    NEWREZ LLC 2 5.69% $8,192
    North American Savings Bank, F.S.B. 2 4.50% $4,170
    NORTHPOINT MORTGAGE, INC. 2 4.50% $12,408
    OCMBC, INC. 2 5.00% $4,797
    PENTAGON FEDERAL CREDIT UNION 2 2.50% $3,677
    PROVINCE MORTGAGE ASSOCIATES, INC. 2 4.94% $4,506
    SUN WEST MORTGAGE COMPANY, INC. 2 4.79% $7,690
    T2 FINANCIAL LLC 2 4.25% $12,800
    The Federal Savings Bank 1 4.00% $13,858
    Citizens Bank 1 5.50% $9,599
    CHERRY CREEK MORTGAGE, LLC 1 4.50% $17,891
    First Guaranty Mortgage Corporation 1 2.75% $6,897
    BAY EQUITY LLC 1 3.25% $25,923
    Paramount Residential Mortgage Group, Inc. 1 3.88% $4,595
    First Federal Bank of Kansas City 1 5.13% $3,704
    VILLAGE CAPITAL MORTGAGE 1 5.75% $20,830
    People's United Bank 1 2.75% $7,201
    PLAZA HOME MORTGAGE, INC. 1 7.13% $4,254
    PREMIA MORTGAGE, LLC 1 5.13% $8,348
    FIRST COMMUNITY MORTGAGE, INC. 1 6.50% $7,904
    Princeton Mortgage Corporation 1 3.63% $13,077
    FINANCE OF AMERICA MORTGAGE LLC 1 5.50% $16,715
    Watermark Capital, Inc. 1 4.13% $19,223
    DAS Acquisition Company, LLC 1 5.75% $12,473
    Quontic Bank 1 6.88% $17,350
    CONTOUR MORTGAGE CORPORATION 1 3.63% $26,710
    Strong Home Mortgage, LLC 1 4.25% $13,795
    Waterstone Mortgage Corporation 1 5.13% $7,181
    Armed Forces Bank 1 4.25% $23,746
    MORTGAGE EQUITY PARTNERS LLC 1 5.25% $15,901
    Magnolia Bank 1 3.75% $22,649
    HARBORONE MORTGAGE, LLC 1 5.63% $11,291
    The Central Trust Bank 1 3.75% $8,713
    NATIONWIDE MORTGAGE BANKERS, INC. 1 2.75% $20,686
    GUILD MORTGAGE COMPANY 1 5.13% $11,411
    NBKC BANK 1 3.13% $11,345
    FIRST WORLD MORTGAGE CORPORATION 1 3.88% $4,472
    NEW FED MORTGAGE, CORP. 1 2.75% $3,518

    The top Norwich VA lender as defined by loan originations is Mortgage Research Center, LLC, with 102 VA loans originated. Their average total fees are $9,216, which is $884 higher than the next largest lender, NAVY FEDERAL CREDIT UNION.

    The lowest fee Norwich VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION ($8,332), Mortgage Research Center, LLC ($9,216), NORWICH COMMERCIAL GROUP, INC. ($9,412), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($9,481) and TOTAL MORTGAGE SERVICES, LLC ($10,020).

    The lowest rate Norwich VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION (3.83%), QUICKEN LOANS, LLC (3.95%), FREEDOM MORTGAGE CORPORATION (3.98%), LOANDEPOT.COM, LLC (4.06%) and Prosperity Home Mortgage, LLC (4.25%).

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Norwich (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $269,450 (-2.0%) $385,081 (0.1%) 1.00 1,335
    2018-02-01 $272,400 (-2.7%) $386,997 (-0.1%) 0.99 1,295
    2018-03-01 $289,450 (0.9%) $400,112 (1.0%) 1.02 1,312
    2018-04-01 $296,000 (-1.3%) $409,214 (-0.6%) 1.00 1,425
    2018-05-01 $299,450 (-3.2%) $409,420 (-3.1%) 1.00 1,524
    2018-06-01 $309,900 (-0.8%) $418,174 (-1.7%) 1.03 1,574
    2018-07-01 $299,950 (-4.5%) $420,745 (-2.7%) 1.00 1,685
    2018-08-01 $299,000 (-0.1%) $414,444 (-2.0%) 1.00 1,667
    2018-09-01 $289,900 (-3.0%) $403,657 (-5.2%) 0.97 1,691
    2018-10-01 $289,000 (-0.3%) $405,136 (-3.0%) 0.98 1,670
    2018-11-01 $284,850 (0.0%) $411,550 (0.9%) 0.97 1,580
    2018-12-01 $274,900 (-1.7%) $395,432 (-1.8%) 0.95 1,460
    2019-01-01 $272,175 (1.0%) $392,936 (2.0%) 0.94 1,268
    2019-02-01 $277,000 (1.7%) $397,071 (2.6%) 0.94 1,264
    2019-03-01 $290,650 (0.4%) $414,815 (3.7%) 0.97 1,269
    2019-04-01 $299,900 (1.3%) $425,227 (3.9%) 0.95 1,306
    2019-05-01 $313,675 (4.8%) $433,047 (5.8%) 0.98 1,385
    2019-06-01 $319,900 (3.2%) $436,947 (4.5%) 1.00 1,462
    2019-07-01 $309,450 (3.2%) $431,292 (2.5%) 0.97 1,472
    2019-08-01 $309,900 (3.7%) $431,914 (4.2%) 0.97 1,466
    2019-09-01 $309,500 (6.8%) $431,992 (7.0%) 0.98 1,360
    2019-10-01 $299,925 (3.8%) $418,976 (3.4%) 0.97 1,412
    2019-11-01 $299,900 (5.3%) $419,876 (2.0%) 0.98 1,325
    2019-12-01 $299,900 (9.1%) $415,046 (5.0%) 1.00 1,161
    2020-01-01 $299,000 (9.9%) $409,327 (4.2%) 1.00 1,007
    2020-02-01 $298,500 (7.8%) $408,980 (3.0%) 0.98 962
    2020-03-01 $299,000 (2.9%) $414,466 (-0.1%) 0.94 968
    2020-04-01 $316,500 (5.5%) $437,159 (2.8%) 0.99 923
    2020-05-01 $329,000 (4.9%) $459,513 (6.1%) 1.00 854
    2020-06-01 $329,900 (3.1%) $475,218 (8.8%) 0.97 794
    2020-07-01 $341,450 (10.3%) $492,577 (14.2%) 0.99 690
    2020-08-01 $349,900 (12.9%) $515,012 (19.2%) 1.00 634
    2020-09-01 $352,250 (13.8%) $514,954 (19.2%) 1.01 636
    2020-10-01 $349,450 (16.5%) $508,598 (21.4%) 1.00 648
    2020-11-01 $349,900 (16.7%) $517,699 (23.3%) 1.02 591
    2020-12-01 $350,000 (16.7%) $525,467 (26.6%) 1.04 516
    2021-01-01 $339,900 (13.7%) $523,248 (27.8%) 1.01 420
    2021-02-01 $357,475 (19.8%) $559,045 (36.7%) 1.04 329
    2021-03-01 $367,400 (22.9%) $577,307 (39.3%) 1.04 323
    2021-04-01 $377,400 (19.2%) $584,547 (33.7%) 1.02 356
    2021-05-01 $399,000 (21.3%) $561,238 (22.1%) 1.06 396
    2021-06-01 $365,950 (10.9%) $532,517 (12.1%) 0.96 477
    2021-07-01 $349,900 (2.5%) $527,190 (7.0%) 0.92 541
    2021-08-01 $345,000 (-1.4%) $506,939 (-1.6%) 0.92 576
    2021-09-01 $348,125 (-1.2%) $492,433 (-4.4%) 0.93 563
    2021-10-01 $349,000 (-0.1%) $547,747 (7.7%) 0.93 527
    2021-11-01 $349,375 (-0.2%) $553,324 (6.9%) 0.93 462
    2021-12-01 $336,725 (-3.8%) $578,364 (10.1%) 0.91 381
    2022-01-01 $344,500 (1.4%) $611,830 (16.9%) 0.93 284
    2022-02-01 $369,900 (3.5%) $650,357 (16.3%) 0.96 274
    2022-03-01 $369,900 (0.7%) $631,607 (9.4%) 0.93 287
    2022-04-01 $369,900 (-2.0%) $612,659 (4.8%) 0.88 299
    2022-05-01 $399,900 (0.2%) $690,484 (23.0%) 0.91 365
    2022-06-01 $399,725 (9.2%) $680,313 (27.8%) 0.89 421
    2022-07-01 $402,500 (15.0%) $673,607 (27.8%) 0.91 465
    2022-08-01 $409,975 (18.8%) $710,674 (40.2%) 0.95 467
    2022-09-01 $399,900 (14.9%) $716,877 (45.6%) 0.93 453
    2022-10-01 $399,900 (14.6%) $766,536 (39.9%) 0.94 446
    2022-11-01 $432,200 (23.7%) $792,414 (43.2%) 1.04 418
    2022-12-01 $435,000 (29.2%) $822,100 (42.1%) 1.07 335
    2023-01-01 $439,725 (27.6%) $784,151 (28.2%) 1.09 288
    2023-02-01 $481,725 (30.2%) $858,192 (32.0%) 1.16 261
    2023-03-01 $508,948 (37.6%) $919,378 (45.6%) 1.20 249
    2023-04-01 $499,389 (35.0%) $849,623 (38.7%) 1.16 282
    Norwich's median listing price for 2023-04-01 was $499,389, a difference of $129,489 (35.0%) versus the prior year and $-9,559 versus the prior month.

    Norwich's median listing price comes in at 116% of the national average.

    Norwich's average listing price for 2023-04-01 was $849,623, a difference of $236,964 (38.7%) versus the prior year and $-69,755 versus the prior month.

    For the 2023-04-01 period, Norwich had 282 MLS listings, a difference of 33 listings (13%) versus the prior month and -17 listings (-6%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Norwich (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 99 days 1,702 sqft
    2018-02-01 104 days 1,691 sqft
    2018-03-01 93 days 1,728 sqft
    2018-04-01 64 days 1,760 sqft
    2018-05-01 60 days 1,746 sqft
    2018-06-01 65 days 1,796 sqft
    2018-07-01 70 days 1,796 sqft
    2018-08-01 78 days 1,755 sqft
    2018-09-01 80 days 1,745 sqft
    2018-10-01 86 days 1,754 sqft
    2018-11-01 91 days 1,756 sqft
    2018-12-01 103 days 1,722 sqft
    2019-01-01 108 days 1,724 sqft
    2019-02-01 113 days 1,706 sqft
    2019-03-01 94 days 1,722 sqft
    2019-04-01 63 days 1,734 sqft
    2019-05-01 58 days 1,810 sqft
    2019-06-01 62 days 1,882 sqft
    2019-07-01 67 days 1,908 sqft
    2019-08-01 78 days 1,943 sqft
    2019-09-01 85 days 1,997 sqft
    2019-10-01 79 days 1,952 sqft
    2019-11-01 82 days 1,906 sqft
    2019-12-01 97 days 1,905 sqft
    2020-01-01 103 days 1,882 sqft
    2020-02-01 103 days 1,862 sqft
    2020-03-01 72 days 1,855 sqft
    2020-04-01 74 days 1,875 sqft
    2020-05-01 90 days 1,875 sqft
    2020-06-01 77 days 1,886 sqft
    2020-07-01 58 days 1,898 sqft
    2020-08-01 57 days 1,922 sqft
    2020-09-01 43 days 1,910 sqft
    2020-10-01 43 days 1,934 sqft
    2020-11-01 53 days 1,913 sqft
    2020-12-01 65 days 1,880 sqft
    2021-01-01 78 days 1,816 sqft
    2021-02-01 63 days 1,812 sqft
    2021-03-01 38 days 1,812 sqft
    2021-04-01 27 days 1,828 sqft
    2021-05-01 27 days 1,800 sqft
    2021-06-01 28 days 1,779 sqft
    2021-07-01 33 days 1,777 sqft
    2021-08-01 32 days 1,699 sqft
    2021-09-01 41 days 1,743 sqft
    2021-10-01 42 days 1,755 sqft
    2021-11-01 45 days 1,716 sqft
    2021-12-01 56 days 1,700 sqft
    2022-01-01 65 days 1,702 sqft
    2022-02-01 46 days 1,605 sqft
    2022-03-01 32 days 1,600 sqft
    2022-04-01 29 days 1,653 sqft
    2022-05-01 20 days 1,760 sqft
    2022-06-01 26 days 1,809 sqft
    2022-07-01 30 days 1,840 sqft
    2022-08-01 38 days 1,945 sqft
    2022-09-01 48 days 1,905 sqft
    2022-10-01 42 days 1,874 sqft
    2022-11-01 51 days 1,918 sqft
    2022-12-01 64 days 1,892 sqft
    2023-01-01 76 days 1,851 sqft
    2023-02-01 71 days 1,960 sqft
    2023-03-01 48 days 2,040 sqft
    2023-04-01 33 days 2,086 sqft
    Norwich's median listing age (time on market) for 2023-04-01 was 33 days. This is 14% longer than the same period one year ago.

    Norwich's median square footage for active listings during the 2023-04-01 period was 2,086 sqft. One year prior, the average listing was 1,653 sqft.

    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.