Providence VA Loan Rates, Closing Costs & Stats
PROVIDENCE-WARWICK, RI-MA
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 102 lenders originated 1,242 VA
loans during 2024. The total origination value was $583,460,000, with an average VA loan value of
$469,775.
Providence VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in Providence
averaged
6.59%
for the week of 2025-05-09, compared to the national average (all VA variants) of
6.369% for the same period.
Providence's average VA mortgage closing costs are $7,006.
The average rate for the prior week (2025-05-02) was
6.91% and
one month ago for the week of 2025-04-04, the
average rate was 6.35%.
The average rate one year ago was 7.14%.
For refis of the same type during the week of 2025-05-09, the average rate
was 6.44%.
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 |
2024 Avg. 30yFix Rate |
2024 Avg. Closing Costs |
Mortgage Research Center, LLC
|
159
|
6.35%
|
$8,261
|
UNITED WHOLESALE MORTGAGE, LLC
|
97
|
5.96%
|
$9,023
|
MOVEMENT MORTGAGE, LLC
|
93
|
6.25%
|
$9,052
|
QUICKEN LOANS, LLC
|
74
|
6.04%
|
$10,677
|
NAVY FEDERAL CREDIT UNION
|
71
|
5.84%
|
$7,595
|
FREEDOM MORTGAGE CORPORATION
|
66
|
6.16%
|
$11,454
|
PENNYMAC LOAN SERVICES, LLC
|
36
|
5.61%
|
$12,411
|
NEWREZ LLC
|
35
|
6.07%
|
$9,457
|
LOANDEPOT.COM, LLC
|
34
|
6.38%
|
$13,034
|
The Federal Savings Bank
|
33
|
6.22%
|
$20,201
|
GUILD MORTGAGE COMPANY
|
32
|
6.41%
|
$10,004
|
USAA Federal Savings Bank
|
29
|
6.18%
|
$12,091
|
BAYCOAST MORTGAGE COMPANY, LLC
|
26
|
5.74%
|
$8,936
|
CROSSCOUNTRY MORTGAGE, LLC
|
24
|
6.13%
|
$10,999
|
GUARANTEED RATE, INC.
|
18
|
6.25%
|
$7,309
|
CMG MORTGAGE, INC.
|
18
|
6.29%
|
$10,253
|
Semper Home Loans, Inc.
|
15
|
6.45%
|
$13,283
|
VILLAGE CAPITAL MORTGAGE
|
15
|
5.72%
|
$5,751
|
NFM, INC.
|
15
|
6.23%
|
$14,955
|
TOTAL MORTGAGE SERVICES, LLC
|
14
|
6.31%
|
$11,521
|
Northpointe Bank
|
13
|
6.08%
|
$12,637
|
The Washington Trust Company, of Westerly
|
10
|
6.07%
|
$7,602
|
MUTUAL OF OMAHA MORTGAGE, INC.
|
10
|
6.24%
|
$12,585
|
BROKER SOLUTIONS, INC.
|
9
|
6.33%
|
$10,021
|
LAKEVIEW LOAN SERVICING, LLC
|
9
|
6.03%
|
$7,205
|
EMBRACE HOME LOANS, INC.
|
9
|
6.39%
|
$14,844
|
Magnolia Bank
|
8
|
5.89%
|
$15,767
|
Waterstone Mortgage Corporation
|
8
|
6.53%
|
$14,825
|
AMERICAN FINANCIAL NETWORK, INC.
|
8
|
6.31%
|
$7,523
|
Home Loan Investment Bank, F.S.B.
|
8
|
6.27%
|
$10,084
|
Leader Bank
|
8
|
5.95%
|
$9,429
|
FAIRWAY INDEPENDENT MORTGAGE CORPORATION
|
7
|
6.61%
|
$6,895
|
Fall River Five Cents Savings Bank
|
7
|
5.84%
|
$10,922
|
PROVINCE MORTGAGE ASSOCIATES, INC.
|
7
|
6.79%
|
$9,913
|
NBKC BANK
|
7
|
5.75%
|
$11,676
|
HARBORONE MORTGAGE, LLC
|
7
|
6.46%
|
$7,566
|
First Federal Bank
|
6
|
5.88%
|
$5,132
|
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC
|
6
|
6.42%
|
$11,767
|
Armed Forces Bank
|
6
|
5.94%
|
$9,112
|
Mr. Cooper ( Nationstar Mortgage )
|
6
|
6.50%
|
$12,190
|
PRIMARY RESIDENTIAL MORTGAGE, INC.
|
5
|
6.93%
|
$9,039
|
U.S. Bank
|
5
|
6.48%
|
$8,722
|
NATIONS DIRECT MORTGAGE, LLC
|
5
|
6.58%
|
$9,428
|
T2 FINANCIAL LLC
|
4
|
6.13%
|
$11,827
|
FIRST MORTGAGE COMPANY, INC.
|
4
|
6.16%
|
$8,299
|
HOMEBRIDGE FINANCIAL SERVICES, INC.
|
4
|
6.63%
|
$1,738
|
RADIUS FINANCIAL GROUP INC.
|
4
|
6.34%
|
$12,047
|
RELIANCE FIRST CAPITAL, LLC
|
4
|
5.97%
|
$13,278
|
Texana Bank
|
4
|
6.59%
|
$28,924
|
Paramount Residential Mortgage Group, Inc.
|
3
|
5.83%
|
$22,550
|
JPMorgan Chase Bank
|
3
|
6.33%
|
$2,229
|
MORTGAGE EQUITY PARTNERS LLC
|
3
|
6.42%
|
$9,624
|
Carrington Mortgage Services, LLC
|
3
|
5.96%
|
$10,850
|
Sierra Pacific Mortgage Company, Inc.
|
3
|
6.67%
|
$22,536
|
Prosperity Home Mortgage, LLC
|
3
|
6.21%
|
$7,258
|
PLANET HOME LENDING, LLC
|
3
|
6.21%
|
$3,488
|
ARK-LA-TEX FINANCIAL SERVICES, LLC.
|
3
|
6.29%
|
$5,408
|
FIRST HOME MORTGAGE CORPORATION
|
2
|
5.94%
|
$10,122
|
GUARANTEED RATE AFFINITY, LLC
|
2
|
6.00%
|
$12,051
|
PENTAGON FEDERAL CREDIT UNION
|
2
|
5.50%
|
$3,942
|
PHH Mortgage Corporation
|
2
|
5.50%
|
$5,295
|
PLAZA HOME MORTGAGE, INC.
|
2
|
6.50%
|
$5,393
|
POLARIS HOME FUNDING CORP.
|
2
|
6.88%
|
$32,649
|
Citizens Bank
|
2
|
6.50%
|
$10,594
|
AMERISAVE MORTGAGE CORPORATION
|
2
|
5.75%
|
$23,892
|
SALEM FIVE MORTGAGE COMPANY, LLC
|
2
|
6.56%
|
$9,093
|
SUCCESS MORTGAGE PARTNERS, INC.
|
2
|
6.31%
|
$22,562
|
SUMMIT FUNDING, INC.
|
2
|
6.19%
|
$6,604
|
Barrington Bank & Trust Company, N.A.
|
2
|
5.50%
|
$6,810
|
CARDINAL FINANCIAL
|
1
|
6.25%
|
$4,841
|
HOMESIDE FINANCIAL, LLC
|
1
|
5.63%
|
$4,631
|
Capital Bank
|
1
|
6.75%
|
$13,045
|
BAY-VALLEY MORTGAGE GROUP
|
1
|
5.88%
|
$13,935
|
PREMIA MORTGAGE, LLC
|
1
|
5.53%
|
$1,750
|
Cornerstone First Mortgage, Inc
|
1
|
5.75%
|
$6,893
|
PRIMELENDING, A PLAINSCAPITAL COMPANY
|
1
|
5.75%
|
$1,865
|
HOMESPIRE MORTGAGE CORPORATION
|
1
|
6.75%
|
$1,894
|
CONTOUR MORTGAGE CORPORATION
|
1
|
6.50%
|
$5,253
|
BAY EQUITY LLC
|
1
|
6.75%
|
$16,806
|
LOANPAL, LLC
|
1
|
5.63%
|
$10,577
|
AMERICAN FINANCIAL RESOURCES, INC.
|
1
|
6.75%
|
$7,942
|
Meridian Bank Corporation
|
1
|
6.75%
|
$46,535
|
CIBM Bank
|
1
|
6.75%
|
$20,120
|
Service Federal Credit Union
|
1
|
5.63%
|
$9,423
|
HOMESTEAD FUNDING CORP.
|
1
|
6.75%
|
$17,721
|
Stifel Bank and Trust
|
1
|
5.50%
|
$4,548
|
LENOX FINANCIAL MORTGAGE CORPORATION
|
1
|
6.50%
|
$4,841
|
Lakeview Community Capital, LLC
|
1
|
5.75%
|
$10,722
|
SUN WEST MORTGAGE COMPANY, INC.
|
1
|
5.38%
|
$6,495
|
Ixonia Bank
|
1
|
6.25%
|
$16,453
|
ZILLOW HOME LOANS, LLC
|
1
|
6.13%
|
$15,139
|
The Camden National Bank
|
1
|
5.88%
|
$4,952
|
Florida Capital Bank
|
1
|
6.25%
|
$3,481
|
Flagstar Bank, FSB
|
1
|
6.63%
|
$2,307
|
FM Home Loans, LLC
|
1
|
6.75%
|
$22,098
|
North American Savings Bank, F.S.B.
|
1
|
5.75%
|
$8,804
|
EMM LOANS LLC
|
1
|
6.25%
|
$13,497
|
NORTHPOINT MORTGAGE, INC.
|
1
|
6.13%
|
$11,778
|
OCEAN STATE CREDIT UNION
|
1
|
7.13%
|
$3,506
|
NATIONS RELIABLE LENDING, LLC
|
1
|
6.25%
|
$2,413
|
Easthampton Savings Bank
|
1
|
6.75%
|
$13,234
|
The Central Trust Bank
|
1
|
6.25%
|
$3,470
|
The top Providence VA lender as defined by loan originations is Mortgage Research Center, LLC, with
159 VA loans originated. Their average total fees are
$8,261, which is $761
lower than the next largest lender,
UNITED WHOLESALE MORTGAGE, LLC.
The lowest fee Providence VA lenders (with over 10 loans originated) are
VILLAGE CAPITAL MORTGAGE ($5,751), GUARANTEED RATE, INC. ($7,309), NAVY FEDERAL CREDIT UNION ($7,595), The Washington Trust Company, of Westerly ($7,602) and Mortgage Research Center, LLC ($8,261).
The lowest rate Providence VA lenders (with over 10 loans originated) are
PENNYMAC LOAN SERVICES, LLC (5.61%), VILLAGE CAPITAL MORTGAGE (5.72%), BAYCOAST MORTGAGE COMPANY, LLC (5.74%), NAVY FEDERAL CREDIT UNION (5.84%) and UNITED WHOLESALE MORTGAGE, LLC (5.96%).
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.