Saginaw VA Loan Rates, Closing Costs & Stats

SAGINAW, MI

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets

    • 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.

    Saginaw's 38 lenders originated 150 VA loans during 2023. The total origination value was $30,640,000, with an average VA loan value of $204,267.

    Saginaw VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Saginaw averaged 6.76% for the week of 2024-07-19, compared to the national average (all VA variants) of 6.303% for the same period.

    Saginaw's average VA mortgage closing costs are $4,291.

    The average rate for the prior week (2024-07-12) was 6.9% and one month ago for the week of 2024-06-14, the average rate was 6.66%.

    The average rate one year ago was 7.14%.

    For refis of the same type during the week of 2024-07-19, the average rate was 7.03%.

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

    Saginaw 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 Saginaw level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 51 6.98% $3,774
    QUICKEN LOANS, LLC 10 6.38% $6,828
    UNITED WHOLESALE MORTGAGE, LLC 8 6.42% $6,101
    NAVY FEDERAL CREDIT UNION 7 5.93% $2,245
    FIRST COMMUNITY MORTGAGE, INC. 6 6.71% $5,829
    PENNYMAC LOAN SERVICES, LLC 5 5.40% $3,408
    J. VIRGIL, INC. 5 6.60% $5,614
    The Huntington National Bank 4 7.09% $1,776
    NEW DAY FINANCIAL, LLC 4 7.37% $11,212
    USAA Federal Savings Bank 4 6.38% $4,010
    JPMorgan Chase Bank 3 6.33% $2,770
    LAKE MICHIGAN CREDIT UNION 3 6.38% $4,805
    UNION HOME MORTGAGE CORP. 3 6.58% $9,546
    Barrington Bank & Trust Company, N.A. 3 6.08% $5,322
    ROSS MORTGAGE CORPORATION 2 6.94% $5,301
    ROYAL UNITED MORTGAGE LLC 2 6.63% $17,164
    Independent Bank 2 6.94% $3,645
    Sunflower Bank 1 7.50% $8,555
    TOWNE MORTGAGE COMPANY 1 7.25% $2,884
    VILLAGE CAPITAL MORTGAGE 1 6.25% $3,595
    ACADEMY MORTGAGE CORPORATION 1 7.25% $14,981
    Wells Fargo Bank 1 5.38% $18,272
    AMERICAN FINANCIAL RESOURCES, INC. 1 7.50% $9,173
    CALIBER HOME LOANS, INC. 1 5.75% $6,587
    Fifth Third Bank 1 6.38% $1,622
    FREEDOM MORTGAGE CORPORATION 1 6.25% $2,335
    GENEVA FINANCIAL, LLC 1 7.13% $1,677
    LEGEND LENDING CORPORATION 1 6.00% $11,550
    Magnolia Bank 1 6.13% $7,912
    MEMBER FIRST MORTGAGE, LLC 1 7.25% $7,329
    MICHIGAN MUTUAL, INC. 1 5.13% $14,372
    Mid-Continent Funding, Inc. 1 6.75% $4,807
    MUTUAL OF OMAHA MORTGAGE, INC. 1 7.25% $13,867
    Plains Commerce Bank 1 5.50% $6,263
    PNC Bank 1 7.75% $1,918
    Preston Home Loans Inc 1 6.63% $9,667
    STAUNTON FINANCIAL, INC. 1 7.25% $11,845
    SUCCESS MORTGAGE PARTNERS, INC. 1 6.13% $6,661

    The top Saginaw VA lender as defined by loan originations is Mortgage Research Center, LLC, with 51 VA loans originated. Their average total fees are $3,774, which is $3,054 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Saginaw VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($3,774), QUICKEN LOANS, LLC ($6,828), .

    The lowest rate Saginaw VA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.38%), Mortgage Research Center, LLC (6.98%), .

    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.