Salt Lake City VA Loan Rates, Closing Costs & Stats
SALT LAKE CITY, UT
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.
Salt Lake City's 87 lenders originated 688 VA
loans during 2023. The total origination value was $353,280,000, with an average VA loan value of
$513,488.
Salt Lake City VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in Salt Lake City
averaged
6.11%
for the week of 2024-10-25, compared to the national average (all VA variants) of
6.14% for the same period.
Salt Lake City's average VA mortgage closing costs are $7,535.
The average rate for the prior week (2024-10-18) was
5.93% and
one month ago for the week of 2024-09-20, the
average rate was 5.33%.
The average rate one year ago was 7.35%.
For refis of the same type during the week of 2024-10-25, the average rate
was 6.58%.
Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.
Salt Lake City 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 Salt Lake City level.
Name |
# of Loans |
2023 Avg. 30yFix Rate |
2023 Avg. Closing Costs |
UNITED WHOLESALE MORTGAGE, LLC
|
145
|
6.10%
|
$9,539
|
INTERCAP LENDING INC.
|
45
|
6.35%
|
$11,687
|
Mortgage Research Center, LLC
|
38
|
6.46%
|
$7,074
|
QUICKEN LOANS, LLC
|
32
|
6.12%
|
$16,561
|
DHI MORTGAGE COMPANY, LTD.
|
29
|
5.81%
|
$10,773
|
SECURITYNATIONAL MORTGAGE COMPANY
|
23
|
6.39%
|
$18,015
|
The Federal Savings Bank
|
16
|
6.40%
|
$21,373
|
FIRST COLONY MORTGAGE CORPORATION
|
16
|
6.16%
|
$9,413
|
CITYWIDE HOME LOANS, LLC
|
16
|
5.98%
|
$15,463
|
FREEDOM MORTGAGE CORPORATION
|
15
|
6.46%
|
$22,540
|
Plains Commerce Bank
|
14
|
5.89%
|
$12,784
|
ACADEMY MORTGAGE CORPORATION
|
13
|
6.27%
|
$12,116
|
PENNYMAC LOAN SERVICES, LLC
|
13
|
5.72%
|
$18,977
|
USAA Federal Savings Bank
|
13
|
6.18%
|
$10,303
|
NAVY FEDERAL CREDIT UNION
|
12
|
5.82%
|
$4,807
|
NEWREZ LLC
|
10
|
6.09%
|
$13,998
|
CARDINAL FINANCIAL
|
10
|
6.15%
|
$15,295
|
VILLAGE CAPITAL MORTGAGE
|
9
|
6.21%
|
$16,119
|
GUARANTEED RATE, INC.
|
9
|
6.02%
|
$8,987
|
BROKER SOLUTIONS, INC.
|
9
|
6.24%
|
$17,509
|
LOANDEPOT.COM, LLC
|
8
|
6.34%
|
$18,453
|
CROSSCOUNTRY MORTGAGE, LLC
|
8
|
6.36%
|
$12,401
|
RANLIFE, INC.
|
8
|
6.05%
|
$16,138
|
SECURITY HOME MORTGAGE, LLC.
|
7
|
5.66%
|
$8,286
|
MY MOVE MORTGAGE, LLC
|
7
|
6.21%
|
$16,804
|
AMERICAN PACIFIC MORTGAGE CORPORATION
|
6
|
6.67%
|
$6,944
|
Barrington Bank & Trust Company, N.A.
|
6
|
6.17%
|
$15,057
|
Century Mortgage Company DBA Century Lending Company
|
6
|
6.04%
|
$6,650
|
VERITAS FUNDING, LLC
|
6
|
6.17%
|
$15,276
|
HOMEAMERICAN MORTGAGE CORPORATION
|
6
|
5.60%
|
$4,496
|
Magnolia Bank
|
5
|
6.38%
|
$19,566
|
NBKC BANK
|
4
|
6.09%
|
$6,866
|
SUN WEST MORTGAGE COMPANY, INC.
|
4
|
6.28%
|
$8,665
|
Paramount Residential Mortgage Group, Inc.
|
4
|
6.15%
|
$13,093
|
LAKEVIEW LOAN SERVICING, LLC
|
3
|
6.58%
|
$8,823
|
ARK-LA-TEX FINANCIAL SERVICES, LLC.
|
3
|
6.96%
|
$20,296
|
EVERETT FINANCIAL, INC.
|
3
|
6.00%
|
$14,031
|
FAIRWAY INDEPENDENT MORTGAGE CORPORATION
|
3
|
6.83%
|
$12,663
|
GUILD MORTGAGE COMPANY
|
3
|
6.38%
|
$19,932
|
NEST HOME LENDING, LLC
|
3
|
5.29%
|
$2,255
|
PLAZA HOME MORTGAGE, INC.
|
3
|
6.88%
|
$17,552
|
Mr. Cooper ( Nationstar Mortgage )
|
2
|
6.50%
|
$28,808
|
MASON MCDUFFIE MORTGAGE CORPORATION
|
2
|
7.00%
|
$14,515
|
Equity Prime Mortgage LLC
|
2
|
6.75%
|
$35,163
|
MOUNTAIN AMERICA
|
2
|
6.56%
|
$9,257
|
DIRECT MORTGAGE, CORP.
|
2
|
6.50%
|
$18,522
|
Wells Fargo Bank
|
2
|
5.44%
|
$4,004
|
Network Funding, L.P.
|
2
|
6.50%
|
$19,166
|
CONTOUR MORTGAGE CORPORATION
|
2
|
6.69%
|
$16,923
|
PACIFIC RESIDENTIAL MORTGAGE, LLC
|
2
|
7.00%
|
$18,272
|
CMG MORTGAGE, INC.
|
2
|
5.63%
|
$4,513
|
PENTAGON FEDERAL CREDIT UNION
|
2
|
5.56%
|
$3,834
|
Zions Bank
|
2
|
6.00%
|
$5,514
|
PRIMARY RESIDENTIAL MORTGAGE, INC.
|
2
|
6.44%
|
$27,303
|
CASTLE & COOKE MORTGAGE, LLC
|
2
|
6.25%
|
$9,207
|
BAY EQUITY LLC
|
2
|
6.00%
|
$11,460
|
AMERISAVE MORTGAGE CORPORATION
|
2
|
5.69%
|
$24,979
|
AMERICAN FINANCIAL NETWORK, INC.
|
2
|
6.88%
|
$11,138
|
AMERICA FIRST
|
2
|
5.56%
|
$14,387
|
Northpointe Bank
|
1
|
6.25%
|
$6,265
|
ON Q FINANCIAL, INC.
|
1
|
6.49%
|
$3,115
|
AXIA FINANCIAL, LLC
|
1
|
6.25%
|
$4,350
|
Ameris Bank
|
1
|
5.25%
|
$4,403
|
CLM MORTGAGE, INC
|
1
|
6.00%
|
$16,323
|
HOMESIDE FINANCIAL, LLC
|
1
|
6.63%
|
$14,819
|
CHERRY CREEK MORTGAGE, LLC
|
1
|
6.00%
|
$824
|
PLANET HOME LENDING, LLC
|
1
|
6.25%
|
$3,075
|
American Mortgage & Equity Consultants, Inc.
|
1
|
6.63%
|
$13,985
|
Presidential Bank, FSB
|
1
|
7.00%
|
$4,544
|
U.S. Bank
|
1
|
5.99%
|
$18,021
|
JPMorgan Chase Bank
|
1
|
6.13%
|
$1,294
|
Glacier Bank
|
1
|
5.63%
|
$25,604
|
GENEVA FINANCIAL, LLC
|
1
|
7.50%
|
$6,548
|
Flagstar Bank, FSB
|
1
|
5.63%
|
$18,036
|
PRIMELENDING, A PLAINSCAPITAL COMPANY
|
1
|
7.75%
|
$9,723
|
MORTGAGEONE, INC.
|
1
|
7.25%
|
$18,889
|
Utah Mortgage Loan Corporation
|
1
|
5.00%
|
$9,411
|
MORTGAGE SOLUTIONS OF COLORADO, LLC
|
1
|
6.63%
|
$16,963
|
CANOPY MORTGAGE, LLC
|
1
|
5.63%
|
$19,043
|
GUARANTEED RATE AFFINITY, LLC
|
1
|
7.75%
|
$1,794
|
DRAPER AND KRAMER MORTGAGE CORP.
|
1
|
5.63%
|
$7,074
|
S1L, Inc.
|
1
|
6.25%
|
$14,306
|
NBH Bank
|
1
|
6.62%
|
$6,557
|
CORNERSTONE HOME LENDING, INC.
|
1
|
6.25%
|
$0
|
Guaranty Bank & Trust, N.A.
|
1
|
6.75%
|
$7,762
|
Bank of Utah
|
1
|
6.63%
|
$16,698
|
Sierra Pacific Mortgage Company, Inc.
|
1
|
5.63%
|
$4,779
|
The top Salt Lake City VA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with
145 VA loans originated. Their average total fees are
$9,539, which is $2,148
lower than the next largest lender,
INTERCAP LENDING INC..
The lowest fee Salt Lake City VA lenders (with over 10 loans originated) are
NAVY FEDERAL CREDIT UNION ($4,807), Mortgage Research Center, LLC ($7,074), FIRST COLONY MORTGAGE CORPORATION ($9,413), UNITED WHOLESALE MORTGAGE, LLC ($9,539) and USAA Federal Savings Bank ($10,303).
The lowest rate Salt Lake City VA lenders (with over 10 loans originated) are
PENNYMAC LOAN SERVICES, LLC (5.72%), DHI MORTGAGE COMPANY, LTD. (5.81%), NAVY FEDERAL CREDIT UNION (5.82%), Plains Commerce Bank (5.89%) and CITYWIDE HOME LOANS, LLC (5.98%).
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.