Red Wing VA Loan Rates, Closing Costs & Stats

Red Wing, MN

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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.

    Red Wing's 25 lenders originated 60 VA loans during 2024. The total origination value was $18,980,000, with an average VA loan value of $316,333.

    Red Wing VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Red Wing averaged 0.29% for the week of 2025-06-20, compared to the national average (all VA variants) of 0% for the same period.

    Red Wing's average VA mortgage closing costs are $5,323.

    The average rate for the prior week (2025-06-13) was 6.94% and one month ago for the week of 2025-05-16, the average rate was 6.8%.

    The average rate one year ago was 6.8%.

    For refis of the same type during the week of 2025-06-20, the average rate was -0.2%.

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

    Red Wing 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 Red Wing level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 8 6.03% $7,646
    Mortgage Research Center, LLC 7 6.18% $10,173
    Bell Bank 4 6.19% $5,664
    QUICKEN LOANS, LLC 3 6.12% $11,862
    FREEDOM MORTGAGE CORPORATION 3 6.50% $5,440
    VILLAGE CAPITAL MORTGAGE 3 5.83% $4,409
    GUARANTEED RATE, INC. 3 6.68% $4,003
    Prosperity Home Mortgage, LLC 3 6.21% $7,046
    PENNYMAC LOAN SERVICES, LLC 3 5.88% $6,256
    NEWREZ LLC 2 5.75% $4,904
    Flagstar Bank, FSB 2 6.19% $7,795
    Summit Mortgage Corporation 1 7.25% $7,522
    Tradition Mortgage, LLC 1 6.25% $6,473
    USAA Federal Savings Bank 1 5.88% $16,224
    NAVY FEDERAL CREDIT UNION 1 5.50% $11,801
    CMG MORTGAGE, INC. 1 6.38% $8,128
    CROSSCOUNTRY MORTGAGE, LLC 1 6.75% $7,186
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 5.99% $47,572
    First Federal Bank 1 5.25% $1,404
    JMAC LENDING, INC. 1 6.25% $7,291
    LOANDEPOT.COM, LLC 1 6.50% $18,809
    Barrington Bank & Trust Company, N.A. 1 6.75% $12,909
    Plains Commerce Bank 1 6.25% $7,759
    PLANET HOME LENDING, LLC 1 7.63% $11,999
    PLUS RELOCATION MORTGAGE, LLC 1 6.75% $4,340

    The top Red Wing VA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 8 VA loans originated. Their average total fees are $7,646, which is $2,527 lower than the next largest lender, Mortgage Research Center, LLC.

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

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

    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.