Ottawa VA Loan Rates, Closing Costs & Stats

Ottawa, IL

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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.

    Ottawa's 28 lenders originated 81 VA loans during 2023. The total origination value was $17,685,000, with an average VA loan value of $218,333.

    Ottawa VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Ottawa averaged 7.23% for the week of 2024-04-19, compared to the national average (all VA variants) of 6.758% for the same period.

    Ottawa's average VA mortgage closing costs are $4,509.

    The average rate for the prior week (2024-04-12) was 6.96% and one month ago for the week of 2024-03-15, the average rate was 6.93%.

    The average rate one year ago was 6.32%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.96%.

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

    Ottawa 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 Ottawa level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 28 6.90% $4,771
    QUICKEN LOANS, LLC 8 6.15% $8,203
    Wells Fargo Bank 7 6.11% $6,639
    LOANDEPOT.COM, LLC 3 7.41% $7,431
    FIRST CENTENNIAL MORTGAGE CORPORATION 3 6.42% $3,480
    CALIBER HOME LOANS, INC. 2 6.75% $5,806
    NEW DAY FINANCIAL, LLC 2 7.37% $9,195
    Community Mortgage Banc Corporation 2 7.25% $2,894
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 6.13% $7,857
    NAVY FEDERAL CREDIT UNION 2 6.31% $1,061
    GUILD MORTGAGE COMPANY 1 7.00% $6,088
    Mr. Cooper ( Nationstar Mortgage ) 1 6.75% $4,303
    Neighborhood Loans, Inc. 1 6.50% $10,198
    Paramount Residential Mortgage Group, Inc. 1 6.25% $550
    PREMIA MORTGAGE, LLC 1 5.99% $12,465
    STOCKTON MORTGAGE CORPORATION 1 5.75% $11,478
    SUN WEST MORTGAGE COMPANY, INC. 1 6.98% $6,883
    The Huntington National Bank 1 6.13% $9,527
    UNITED WHOLESALE MORTGAGE, LLC 1 5.63% $12,274
    USAA Federal Savings Bank 1 7.13% $3,569
    COMPASS MORTGAGE, INC. 1 6.50% $5,077
    Barrington Bank & Trust Company, N.A. 1 6.25% $2,611
    CROSSCOUNTRY MORTGAGE, LLC 1 7.50% $4,613
    DAS Acquisition Company, LLC 1 7.63% $0
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 5.75% $19,007
    First Savings Bank 1 5.75% $10,927
    FIRST STATE MORTGAGE SERVICES, LLC 1 6.50% $2,567
    GUARANTEED RATE AFFINITY, LLC 1 6.18% $8,094

    The top Ottawa VA lender as defined by loan originations is Mortgage Research Center, LLC, with 28 VA loans originated. Their average total fees are $4,771, which is $3,433 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Ottawa VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($4,771), .

    The lowest rate Ottawa VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC (6.90%), .

    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.