Pontiac VA Loan Rates, Closing Costs & Stats

Pontiac, 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.

    Pontiac's 14 lenders originated 19 VA loans during 2023. The total origination value was $3,435,000, with an average VA loan value of $180,789.

    Pontiac VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Pontiac averaged 7.14% for the week of 2024-04-19, compared to the national average (all VA variants) of 6.758% for the same period.

    Pontiac's average VA mortgage closing costs are $3,690.

    The average rate for the prior week (2024-04-12) was 7.07% and one month ago for the week of 2024-03-15, the average rate was 6.53%.

    The average rate one year ago was 6.52%.

    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.

    Pontiac 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 Pontiac level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 4 6.72% $4,389
    FLAT BRANCH MORTGAGE, INC. 2 6.94% $6,476
    GUARANTEED RATE, INC. 2 6.50% $4,824
    FIRST STATE MORTGAGE SERVICES, LLC 1 6.00% $5,041
    FREEDOM MORTGAGE CORPORATION 1 6.75% $1,130
    NAVY FEDERAL CREDIT UNION 1 6.25% $1,816
    NEW DAY FINANCIAL, LLC 1 7.75% $5,451
    PNC Bank 1 6.63% $979
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.75% $550
    QUICKEN LOANS, LLC 1 6.13% $7,481
    AMERISAVE MORTGAGE CORPORATION 1 6.13% $7,335
    USAA Federal Savings Bank 1 6.25% $3,100
    CALIBER HOME LOANS, INC. 1 6.75% $6,129
    COMPASS MORTGAGE, INC. 1 6.88% $2,360

    The top Pontiac VA lender as defined by loan originations is Mortgage Research Center, LLC, with 4 VA loans originated. Their average total fees are $4,389, which is $2,086 lower than the next largest lender, FLAT BRANCH MORTGAGE, INC..

    The lowest fee Pontiac VA lenders (with over 10 loans originated) are .

    The lowest rate Pontiac VA lenders (with over 10 loans originated) are .

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Pontiac (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 $90,000 (-1.4%) $118,876 (4.6%) 0.00 221
    2018-02-01 $90,250 (-2.6%) $117,456 (1.0%) 0.00 212
    2018-03-01 $92,450 (-7.2%) $117,547 (-2.8%) 0.00 211
    2018-04-01 $94,400 (-8.8%) $117,008 (-7.0%) 0.00 195
    2018-05-01 $94,425 (-9.0%) $114,065 (-10.2%) 0.00 187
    2018-06-01 $94,000 (-7.3%) $115,761 (-9.3%) 0.00 191
    2018-07-01 $94,375 (-7.0%) $114,760 (-12.2%) 0.00 199
    2018-08-01 $99,900 (0.8%) $118,212 (-7.1%) 0.00 202
    2018-09-01 $99,900 (0.4%) $117,806 (-6.0%) 0.00 179
    2018-10-01 $100,200 (3.1%) $119,658 (-3.3%) 0.00 173
    2018-11-01 $99,500 (4.9%) $119,400 (-3.6%) 0.00 170
    2018-12-01 $99,900 (6.1%) $118,737 (-2.4%) 0.00 162
    2019-01-01 $101,800 (13.1%) $119,035 (0.1%) 0.00 164
    2019-02-01 $99,900 (10.7%) $116,953 (-0.4%) 0.00 163
    2019-03-01 $96,300 (4.2%) $112,905 (-4.0%) 0.00 156
    2019-04-01 $90,700 (-3.9%) $110,634 (-5.5%) 0.00 156
    2019-05-01 $92,000 (-2.6%) $115,756 (1.5%) 0.00 156
    2019-06-01 $98,250 (4.5%) $119,462 (3.2%) 0.00 171
    2019-07-01 $99,900 (5.9%) $121,469 (5.9%) 0.00 168
    2019-08-01 $97,200 (-2.7%) $119,780 (1.3%) 0.00 165
    2019-09-01 $93,150 (-6.8%) $119,770 (1.7%) 0.00 163
    2019-10-01 $90,450 (-9.7%) $119,679 (0.0%) 0.00 165
    2019-11-01 $95,000 (-4.5%) $119,204 (-0.2%) 0.00 178
    2019-12-01 $97,425 (-2.5%) $116,865 (-1.6%) 0.00 180
    2020-01-01 $99,900 (-1.9%) $118,170 (-0.7%) 0.00 179
    2020-02-01 $99,450 (-0.5%) $116,994 (0.0%) 0.00 168
    2020-03-01 $100,600 (4.5%) $120,362 (6.6%) 0.00 152
    2020-04-01 $109,900 (21.2%) $126,117 (14.0%) 0.00 135
    2020-05-01 $112,000 (21.7%) $126,603 (9.4%) 0.00 129
    2020-06-01 $111,225 (13.2%) $128,060 (7.2%) 0.00 122
    2020-07-01 $111,200 (11.3%) $128,415 (5.7%) 0.00 121
    2020-08-01 $105,950 (9.0%) $130,704 (9.1%) 0.00 117
    2020-09-01 $111,200 (19.4%) $131,358 (9.7%) 0.00 99
    2020-10-01 $99,900 (10.5%) $131,745 (10.1%) 0.00 85
    2020-11-01 $102,200 (7.6%) $123,257 (3.4%) 0.00 90
    2020-12-01 $102,500 (5.2%) $123,756 (5.9%) 0.00 86
    2021-01-01 $100,000 (0.1%) $125,314 (6.1%) 0.00 86
    2021-02-01 $100,425 (1.0%) $124,534 (6.4%) 0.00 71
    2021-03-01 $113,075 (12.4%) $134,804 (12.0%) 0.00 64
    2021-04-01 $107,400 (-2.3%) $136,163 (8.0%) 0.00 55
    2021-05-01 $109,900 (-1.9%) $152,737 (20.6%) 0.00 47
    2021-06-01 $122,450 (10.1%) $157,578 (23.1%) 0.00 52
    2021-07-01 $129,900 (16.8%) $163,895 (27.6%) 0.00 63
    2021-08-01 $127,425 (20.3%) $163,019 (24.7%) 0.00 66
    2021-09-01 $137,750 (23.9%) $168,799 (28.5%) 0.00 62
    2021-10-01 $127,750 (27.9%) $150,291 (14.1%) 0.00 67
    2021-11-01 $132,475 (29.6%) $159,947 (29.8%) 0.00 71
    2021-12-01 $121,425 (18.5%) $147,388 (19.1%) 0.00 60
    2022-01-01 $110,000 (10.0%) $138,469 (10.5%) 0.00 45
    2022-02-01 $101,900 (1.5%) $137,464 (10.4%) 0.00 39
    2022-03-01 $129,225 (14.3%) $171,540 (27.3%) 0.00 35
    2022-04-01 $128,250 (19.4%) $159,363 (17.0%) 0.00 31
    2022-05-01 $136,200 (23.9%) $176,421 (15.5%) 0.00 34
    2022-06-01 $167,450 (36.8%) $184,043 (16.8%) 0.00 34
    2022-07-01 $149,900 (15.4%) $167,715 (2.3%) 0.00 45
    2022-08-01 $139,900 (9.8%) $168,810 (3.6%) 0.00 52
    2022-09-01 $138,675 (0.7%) $166,040 (-1.6%) 0.00 57
    2022-10-01 $144,900 (13.4%) $161,840 (7.7%) 0.00 54
    2022-11-01 $139,900 (5.6%) $157,849 (-1.3%) 0.00 57
    2022-12-01 $149,900 (23.5%) $160,730 (9.1%) 0.00 58
    2023-01-01 $148,675 (35.2%) $167,291 (20.8%) 0.00 46
    2023-02-01 $146,200 (43.5%) $164,395 (19.6%) 0.00 44
    2023-03-01 $144,975 (12.2%) $167,333 (-2.5%) 0.00 31
    2023-04-01 $138,900 (8.3%) $163,093 (2.3%) 0.00 38
    2023-05-01 $130,725 (-4.0%) $142,404 (-19.3%) 0.00 33
    2023-06-01 $145,000 (-13.4%) $165,752 (-9.9%) 0.00 38
    2023-07-01 $145,000 (-3.3%) $162,236 (-3.3%) 0.00 39
    2023-08-01 $137,500 (-1.7%) $172,082 (1.9%) 0.00 39
    2023-09-01 $140,000 (1.0%) $169,492 (2.1%) 0.00 41
    2023-10-01 $130,675 (-9.8%) $161,731 (-0.1%) 0.00 43
    2023-11-01 $148,425 (6.1%) $170,851 (8.2%) 0.00 51
    2023-12-01 $129,900 (-13.3%) $162,272 (1.0%) 0.00 50
    2024-01-01 $139,925 (-5.9%) $177,801 (6.3%) 0.00 48
    2024-02-01 $129,900 (-11.2%) $169,252 (3.0%) 0.00 47
    2024-03-01 $142,450 (-1.7%) $178,330 (6.6%) 0.00 34
    Pontiac's median listing price for 2024-03-01 was $142,450, a difference of $-2,525 (-1.7%) versus the prior year and $12,550 versus the prior month.

    Pontiac's median listing price comes in at 0% of the national average.

    Pontiac's average listing price for 2024-03-01 was $178,330, a difference of $10,997 (6.6%) versus the prior year and $9,078 versus the prior month.

    For the 2024-03-01 period, Pontiac had 34 MLS listings, a difference of -13 listings (-28%) versus the prior month and 3 listings (10%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Pontiac (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,514 sqft
    2018-02-01 0 days 1,517 sqft
    2018-03-01 0 days 1,550 sqft
    2018-04-01 0 days 1,500 sqft
    2018-05-01 0 days 1,524 sqft
    2018-06-01 0 days 1,568 sqft
    2018-07-01 0 days 1,566 sqft
    2018-08-01 0 days 1,575 sqft
    2018-09-01 0 days 1,616 sqft
    2018-10-01 0 days 1,630 sqft
    2018-11-01 0 days 1,619 sqft
    2018-12-01 0 days 1,621 sqft
    2019-01-01 0 days 1,617 sqft
    2019-02-01 0 days 1,592 sqft
    2019-03-01 0 days 1,540 sqft
    2019-04-01 0 days 1,529 sqft
    2019-05-01 0 days 1,539 sqft
    2019-06-01 0 days 1,540 sqft
    2019-07-01 0 days 1,523 sqft
    2019-08-01 0 days 1,523 sqft
    2019-09-01 0 days 1,523 sqft
    2019-10-01 0 days 1,523 sqft
    2019-11-01 0 days 1,565 sqft
    2019-12-01 0 days 1,573 sqft
    2020-01-01 0 days 1,580 sqft
    2020-02-01 0 days 1,565 sqft
    2020-03-01 0 days 1,569 sqft
    2020-04-01 0 days 1,566 sqft
    2020-05-01 0 days 1,663 sqft
    2020-06-01 0 days 1,660 sqft
    2020-07-01 0 days 1,615 sqft
    2020-08-01 0 days 1,617 sqft
    2020-09-01 0 days 1,632 sqft
    2020-10-01 0 days 1,623 sqft
    2020-11-01 0 days 1,592 sqft
    2020-12-01 0 days 1,604 sqft
    2021-01-01 0 days 1,608 sqft
    2021-02-01 0 days 1,632 sqft
    2021-03-01 0 days 1,673 sqft
    2021-04-01 0 days 1,644 sqft
    2021-05-01 0 days 1,643 sqft
    2021-06-01 0 days 1,687 sqft
    2021-07-01 0 days 1,693 sqft
    2021-08-01 0 days 1,678 sqft
    2021-09-01 0 days 1,728 sqft
    2021-10-01 0 days 1,785 sqft
    2021-11-01 0 days 1,865 sqft
    2021-12-01 0 days 1,752 sqft
    2022-01-01 0 days 1,599 sqft
    2022-02-01 0 days 1,501 sqft
    2022-03-01 0 days 1,546 sqft
    2022-04-01 0 days 1,554 sqft
    2022-05-01 0 days 1,659 sqft
    2022-06-01 0 days 1,731 sqft
    2022-07-01 0 days 1,665 sqft
    2022-08-01 0 days 1,551 sqft
    2022-09-01 0 days 1,548 sqft
    2022-10-01 0 days 1,532 sqft
    2022-11-01 0 days 1,573 sqft
    2022-12-01 0 days 1,615 sqft
    2023-01-01 0 days 1,556 sqft
    2023-02-01 0 days 1,611 sqft
    2023-03-01 0 days 1,556 sqft
    2023-04-01 0 days 1,581 sqft
    2023-05-01 0 days 1,552 sqft
    2023-06-01 0 days 1,594 sqft
    2023-07-01 0 days 1,547 sqft
    2023-08-01 0 days 1,575 sqft
    2023-09-01 0 days 1,552 sqft
    2023-10-01 0 days 1,627 sqft
    2023-11-01 0 days 1,643 sqft
    2023-12-01 0 days 1,714 sqft
    2024-01-01 0 days 1,736 sqft
    2024-02-01 0 days 1,644 sqft
    2024-03-01 0 days 1,703 sqft
    Pontiac's median listing age (time on market) for 2024-03-01 was 0 days.

    Pontiac's median square footage for active listings during the 2024-03-01 period was 1,703 sqft. One year prior, the average listing was 1,556 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.