Rochelle VA Loan Rates, Closing Costs & Stats
Rochelle, IL
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.
Rochelle's 19 lenders originated 45 VA loans during 2023. The total origination value was $10,305,000, with an average VA loan value of $229,000.
Rochelle VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in Rochelle
averaged
6.67%
for the week of 2024-11-08, compared to the national average (all VA variants) of
6.34% for the same period.
Rochelle's average VA mortgage closing costs are $4,842.
The average rate for the prior week (2024-11-01) was
6.83% and
one month ago for the week of 2024-10-04, the
average rate was 6.15%.
The average rate one year ago was 7.61%.
For refis of the same type during the week of 2024-11-08, the average rate
was 6.14%.
Rochelle 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 Rochelle level.
| Name | # of Loans | 2023 Avg. 30yFix Rate | 2023 Avg. Closing Costs |
|---|---|---|---|
| Mortgage Research Center, LLC | 17 | 6.87% | $4,794 |
| QUICKEN LOANS, LLC | 4 | 6.09% | $13,699 |
| USAA Federal Savings Bank | 3 | 6.04% | $9,835 |
| LOANDEPOT.COM, LLC | 3 | 6.29% | $10,304 |
| GUARANTEED RATE, INC. | 2 | 6.50% | $2,941 |
| NEW DAY FINANCIAL, LLC | 2 | 8.25% | $8,457 |
| Community Mortgage Banc Corporation | 1 | 7.75% | $2,220 |
| Magnolia Bank | 1 | 6.38% | $18,260 |
| CROSSCOUNTRY MORTGAGE, LLC | 1 | 6.75% | $5,239 |
| Mr. Cooper ( Nationstar Mortgage ) | 1 | 5.75% | $8,183 |
| MUTUAL OF OMAHA MORTGAGE, INC. | 1 | 6.75% | $6,681 |
| NEWREZ LLC | 1 | 6.25% | $14,611 |
| Old Second National Bank | 1 | 6.50% | $4,011 |
| PRIMELENDING, A PLAINSCAPITAL COMPANY | 1 | 6.25% | $6,262 |
| COMPASS MORTGAGE, INC. | 1 | 7.25% | $10,865 |
| UNITED WHOLESALE MORTGAGE, LLC | 1 | 7.00% | $5,650 |
| FIRST CENTENNIAL MORTGAGE CORPORATION | 1 | 6.63% | $6,470 |
| DRAPER AND KRAMER MORTGAGE CORP. | 1 | 6.13% | $5,725 |
| JPMorgan Chase Bank | 1 | 4.88% | $6,837 |
The top Rochelle VA lender as defined by loan originations is Mortgage Research Center, LLC, with
17 VA loans originated. Their average total fees are
$4,794, which is $8,905
lower than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Rochelle VA lenders (with over 10 loans originated) are
Mortgage Research Center, LLC ($4,794), .
The lowest rate Rochelle VA lenders (with over 10 loans originated) are
Mortgage Research Center, LLC (6.87%), .