Ontario VA Loan Rates, Closing Costs & Stats

Ontario, OR-ID

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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.

    Ontario's 35 lenders originated 83 VA loans during 2023. The total origination value was $27,325,000, with an average VA loan value of $329,217.

    Ontario VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Ontario averaged 6.52% for the week of 2024-11-08, compared to the national average (all VA variants) of 6.34% for the same period.

    Ontario's average VA mortgage closing costs are $7,033.

    The average rate for the prior week (2024-11-01) was 6.28% and one month ago for the week of 2024-10-04, the average rate was 5.71%.

    The average rate one year ago was 7.46%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.54%.

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

    Ontario 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 Ontario level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 10 6.53% $7,845
    UNITED WHOLESALE MORTGAGE, LLC 9 5.71% $14,343
    QUICKEN LOANS, LLC 6 6.23% $7,640
    FIRST COLONY MORTGAGE CORPORATION 6 6.75% $10,511
    Barrington Bank & Trust Company, N.A. 4 6.47% $15,686
    The Federal Savings Bank 3 6.38% $25,852
    PENNYMAC LOAN SERVICES, LLC 2 4.94% $5,914
    MOVEMENT MORTGAGE, LLC 2 7.12% $8,519
    FREEDOM MORTGAGE CORPORATION 2 5.94% $14,871
    LOANDEPOT.COM, LLC 2 6.06% $18,167
    NEW DAY FINANCIAL, LLC 2 7.00% $5,633
    LOANPAL, LLC 1 5.63% $20,909
    Magnolia Bank 1 5.38% $18,357
    NATIONS DIRECT MORTGAGE, LLC 1 6.63% $6,029
    NAVY FEDERAL CREDIT UNION 1 5.38% $2,592
    NEWREZ LLC 1 5.75% $22,306
    PREMIER MORTGAGE RESOURCES, L.L.C. 1 5.75% $18,072
    ROGUE 1 6.38% $3,287
    SUMMIT FUNDING, INC. 1 8.00% $8,116
    Umpqua Bank 1 6.75% $4,908
    USAA Federal Savings Bank 1 6.25% $3,175
    VERITAS FUNDING, LLC 1 5.75% $26,075
    VILLAGE CAPITAL MORTGAGE 1 5.25% $14,517
    ACADEMY MORTGAGE CORPORATION 1 6.13% $18,940
    ZILLOW HOME LOANS, LLC 1 7.25% $9,492
    AMERISAVE MORTGAGE CORPORATION 1 5.38% $23,709
    BAY EQUITY LLC 1 5.25% $26,442
    CARDINAL FINANCIAL 1 5.75% $6,369
    CASTLE & COOKE MORTGAGE, LLC 1 7.75% $0
    CMG MORTGAGE, INC. 1 6.50% $9,210
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.75% $5,324
    Flagstar Bank, FSB 1 6.13% $666
    Gateway First Bank 1 6.75% $16,549
    GUILD MORTGAGE COMPANY 1 6.63% $4,692
    IDAHO CENTRAL 1 5.25% $767

    The top Ontario VA lender as defined by loan originations is Mortgage Research Center, LLC, with 10 VA loans originated. Their average total fees are $7,845, which is $6,498 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Ontario VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($7,845), .

    The lowest rate Ontario VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC (6.53%), .

    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.