Racine VA Loan Rates, Closing Costs & Stats

RACINE, WI

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.

Racine's 52 lenders originated 179 VA loans during 2023. The total origination value was $50,635,000, with an average VA loan value of $282,877.

Racine VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Racine averaged 6.5% for the week of 2024-07-19, compared to the national average (all VA variants) of 6.303% for the same period.

Racine's average VA mortgage closing costs are $5,230.

The average rate for the prior week (2024-07-12) was 6.75% and one month ago for the week of 2024-06-14, the average rate was 6.71%.

The average rate one year ago was 6.99%.

For refis of the same type during the week of 2024-07-19, the average rate was 6.04%.

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

Racine 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 Racine level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Mortgage Research Center, LLC 40 6.72% $7,558
QUICKEN LOANS, LLC 10 6.07% $12,307
NAVY FEDERAL CREDIT UNION 9 5.67% $6,562
FREEDOM MORTGAGE CORPORATION 8 6.31% $17,245
Barrington Bank & Trust Company, N.A. 6 6.67% $3,574
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 5 6.83% $4,819
UNITED WHOLESALE MORTGAGE, LLC 5 6.32% $7,867
The Federal Savings Bank 5 6.50% $14,327
CMG MORTGAGE, INC. 5 6.63% $7,566
GUARANTEED RATE, INC. 4 6.49% $7,242
Mr. Cooper ( Nationstar Mortgage ) 4 6.00% $14,376
PENNYMAC LOAN SERVICES, LLC 4 5.22% $3,566
USAA Federal Savings Bank 4 6.13% $7,525
WISCONSIN MORTGAGE CORPORATION 4 6.22% $3,304
CROSSCOUNTRY MORTGAGE, LLC 3 6.08% $9,897
LOANDEPOT.COM, LLC 3 6.71% $6,043
JPMorgan Chase Bank 3 6.41% $2,504
GATEWAY MORTGAGE CORPORATION 2 7.00% $2,552
AMERICAN PACIFIC MORTGAGE CORPORATION 2 7.50% $5,418
HOMEBRIDGE FINANCIAL SERVICES, INC. 2 6.94% $7,365
PLANET HOME LENDING, LLC 2 6.94% $2,811
U.S. Bank 2 6.13% $8,688
GSF Mortgage Corporation 2 6.69% $3,930
ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 6.31% $2,634
NEW DAY FINANCIAL, LLC 2 7.50% $15,472
The Huntington National Bank 2 6.31% $6,189
VILLAGE CAPITAL MORTGAGE 1 5.75% $4,189
Plains Commerce Bank 1 5.25% $2,550
PLAZA HOME MORTGAGE, INC. 1 7.00% $21,596
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 7.25% $4,838
SUN WEST MORTGAGE COMPANY, INC. 1 7.13% $5,773
T2 FINANCIAL LLC 1 6.25% $8,667
A + MORTGAGE SERVICES, INC. 1 6.75% $2,295
TRUSTONE FINANCIAL FEDERAL CREDIT UNION 1 6.13% $4,289
AMERISAVE MORTGAGE CORPORATION 1 5.00% $12,151
University of Wisconsin Credit Union 1 7.13% $3,631
V.I.P. MORTGAGE, INC. 1 7.00% $9,419
Colonial Savings, F.A. 1 6.50% $8,381
DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 7.13% $5,874
CARDINAL FINANCIAL 1 6.25% $2,893
ENVOY MORTGAGE, LTD 1 7.13% $4,270
FIRST CENTENNIAL MORTGAGE CORPORATION 1 6.88% $11,799
BNC National Bank 1 5.63% $17,495
GUARANTEED RATE AFFINITY, LLC 1 6.25% $3,630
HOMESIDE FINANCIAL, LLC 1 7.25% $9,296
Magnolia Bank 1 6.25% $17,847
Bank of England 1 6.25% $11,203
MOVEMENT MORTGAGE, LLC 1 6.75% $8,303
NATIONS RELIABLE LENDING, LLC 1 7.13% $10,800
Associated Bank 1 6.38% $263
NexBank 1 6.13% $4,922
North Shore Bank FSB 1 7.63% $5,925

The top Racine VA lender as defined by loan originations is Mortgage Research Center, LLC, with 40 VA loans originated. Their average total fees are $7,558, which is $4,750 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Racine VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($7,558), QUICKEN LOANS, LLC ($12,307), .

The lowest rate Racine VA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.07%), Mortgage Research Center, LLC (6.72%), .

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.