Providence VA Loan Rates, Closing Costs & Stats

PROVIDENCE-WARWICK, RI-MA

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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.

    Providence's 92 lenders originated 889 VA loans during 2023. The total origination value was $387,755,000, with an average VA loan value of $436,170.

    Providence VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Providence averaged 6.49% for the week of 2024-11-08, compared to the national average (all VA variants) of 6.34% for the same period.

    Providence's average VA mortgage closing costs are $6,706.

    The average rate for the prior week (2024-11-01) was 6.34% and one month ago for the week of 2024-10-04, the average rate was 5.57%.

    The average rate one year ago was 7.23%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.46%.

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

    Providence 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 Providence level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 129 6.66% $9,948
    MOVEMENT MORTGAGE, LLC 77 6.51% $10,802
    QUICKEN LOANS, LLC 66 6.08% $13,948
    NAVY FEDERAL CREDIT UNION 63 5.83% $8,751
    UNITED WHOLESALE MORTGAGE, LLC 47 6.27% $9,870
    LOANDEPOT.COM, LLC 32 5.91% $15,514
    The Federal Savings Bank 25 6.25% $21,335
    Shamrock Home Loans, Inc. 24 6.23% $11,632
    FREEDOM MORTGAGE CORPORATION 23 6.49% $14,588
    USAA Federal Savings Bank 22 6.09% $12,075
    PENNYMAC LOAN SERVICES, LLC 21 5.72% $11,481
    GUILD MORTGAGE COMPANY 21 6.57% $9,246
    Semper Home Loans, Inc. 20 6.49% $13,641
    Northpointe Bank 19 6.48% $10,014
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 15 6.39% $11,166
    NFM, INC. 14 6.41% $8,413
    AMERICAN FINANCIAL NETWORK, INC. 11 6.43% $9,361
    CROSSCOUNTRY MORTGAGE, LLC 11 6.55% $9,762
    BAYCOAST MORTGAGE COMPANY, LLC 11 5.95% $9,502
    GUARANTEED RATE, INC. 10 6.56% $6,949
    EMBRACE HOME LOANS, INC. 8 6.39% $10,110
    NEWREZ LLC 7 6.48% $11,201
    The Washington Trust Company, of Westerly 7 6.00% $8,462
    TOTAL MORTGAGE SERVICES, LLC 7 6.55% $12,323
    VILLAGE CAPITAL MORTGAGE 7 6.14% $9,197
    Magnolia Bank 7 5.59% $17,541
    Mr. Cooper ( Nationstar Mortgage ) 6 5.69% $20,059
    MORTGAGE EQUITY PARTNERS LLC 6 6.50% $15,768
    PROVINCE MORTGAGE ASSOCIATES, INC. 6 6.71% $8,422
    American Mortgage & Equity Consultants, Inc. 6 6.13% $14,273
    FIRST MORTGAGE COMPANY, INC. 5 6.27% $5,770
    RADIUS FINANCIAL GROUP INC. 5 6.33% $15,892
    PRIMARY RESIDENTIAL MORTGAGE, INC. 5 6.83% $16,420
    PENTAGON FEDERAL CREDIT UNION 5 5.20% $14,008
    GUARANTEED RATE AFFINITY, LLC 4 6.37% $10,725
    Citizens Bank 4 6.56% $6,678
    CMG MORTGAGE, INC. 4 6.41% $13,602
    Barrington Bank & Trust Company, N.A. 4 6.13% $12,491
    AMERISAVE MORTGAGE CORPORATION 4 5.75% $9,937
    MUTUAL OF OMAHA MORTGAGE, INC. 3 6.04% $16,276
    Leader Bank 3 6.21% $7,540
    LEADERONE FINANCIAL CORPORATION 3 6.54% $11,310
    Flagstar Bank, FSB 3 6.82% $10,637
    LAKEVIEW LOAN SERVICING, LLC 3 6.08% $17,842
    FIRST HOME MORTGAGE CORPORATION 3 5.63% $18,794
    Fall River Five Cents Savings Bank 2 6.56% $8,949
    Waterstone Mortgage Corporation 2 6.00% $13,794
    BAY EQUITY LLC 2 6.69% $8,292
    U.S. Bank 2 6.25% $4,967
    T2 FINANCIAL LLC 2 6.44% $32,248
    EVERETT FINANCIAL, INC. 2 6.88% $15,012
    HARBORONE MORTGAGE, LLC 2 6.25% $3,426
    BROKER SOLUTIONS, INC. 2 6.25% $25,505
    Home Loan Investment Bank, F.S.B. 2 6.13% $10,247
    Sierra Pacific Mortgage Company, Inc. 2 5.88% $8,206
    ENVOY MORTGAGE, LTD 2 6.44% $19,565
    CARDINAL FINANCIAL 2 6.87% $9,666
    DRAPER AND KRAMER MORTGAGE CORP. 2 5.88% $6,446
    RELIANCE FIRST CAPITAL, LLC 2 6.44% $11,262
    CHURCHILL MORTGAGE CORPORATION 2 6.25% $7,122
    NBKC BANK 2 5.94% $11,033
    Princeton Mortgage Corporation 2 6.38% $18,366
    NORWICH COMMERCIAL GROUP, INC. 2 6.25% $25,384
    Paramount Residential Mortgage Group, Inc. 2 6.50% $11,067
    PREMIA MORTGAGE, LLC 2 6.13% $0
    Wells Fargo Bank 1 5.75% $0
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 7.25% $17,604
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 5.75% $22,077
    Armed Forces Bank 1 6.00% $11,608
    BAYSHORE MORTGAGE FUNDING, LLC 1 6.75% $15,880
    Berkshire Bank 1 5.63% $16,002
    Capital Bank 1 5.75% $22,258
    CONTOUR MORTGAGE CORPORATION 1 5.50% $9,769
    Equity Prime Mortgage LLC 1 6.75% $7,582
    FirstBank 1 6.63% $7,959
    First Federal Bank 1 6.13% $9,860
    GENEVA FINANCIAL, LLC 1 7.50% $14,767
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.75% $7,166
    JPMorgan Chase Bank 1 5.75% $11,159
    MILEND, INC. 1 6.38% $10,278
    NATIONS RELIABLE LENDING, LLC 1 7.49% $9,353
    NEW FED MORTGAGE, CORP. 1 6.25% $12,021
    NORTHPOINT MORTGAGE, INC. 1 5.75% $11,278
    Old National Bank 1 5.99% $10,332
    PLANET HOME LENDING, LLC 1 5.75% $9,359
    RESIDENTIAL BANCORP 1 6.25% $5,008
    Rockland Trust Company 1 7.13% $10,658
    SECURITYNATIONAL MORTGAGE COMPANY 1 5.75% $23,770
    Stifel Bank and Trust 1 7.38% $11,807
    SUN WEST MORTGAGE COMPANY, INC. 1 7.25% $12,500
    The Central Trust Bank 1 5.75% $23,680
    ALLIED MORTGAGE GROUP, INC. 1 6.63% $6,051

    The top Providence VA lender as defined by loan originations is Mortgage Research Center, LLC, with 129 VA loans originated. Their average total fees are $9,948, which is $854 lower than the next largest lender, MOVEMENT MORTGAGE, LLC.

    The lowest fee Providence VA lenders (with over 10 loans originated) are GUARANTEED RATE, INC. ($6,949), NFM, INC. ($8,413), NAVY FEDERAL CREDIT UNION ($8,751), GUILD MORTGAGE COMPANY ($9,246) and AMERICAN FINANCIAL NETWORK, INC. ($9,361).

    The lowest rate Providence VA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (5.72%), NAVY FEDERAL CREDIT UNION (5.83%), LOANDEPOT.COM, LLC (5.91%), BAYCOAST MORTGAGE COMPANY, LLC (5.95%) and QUICKEN LOANS, LLC (6.08%).

    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.