Springfield VA Loan Rates, Closing Costs & Stats

SPRINGFIELD, MA

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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.

    Springfield's 59 lenders originated 415 VA loans during 2023. The total origination value was $129,925,000, with an average VA loan value of $313,072.

    Springfield VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Springfield averaged 6.59% for the week of 2024-11-08, compared to the national average (all VA variants) of 6.34% for the same period.

    Springfield's average VA mortgage closing costs are $6,056.

    The average rate for the prior week (2024-11-01) was 6.14% and one month ago for the week of 2024-10-04, the average rate was 5.67%.

    The average rate one year ago was 7.53%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.62%.

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

    Springfield 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 Springfield level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 99 6.82% $8,643
    QUICKEN LOANS, LLC 30 6.25% $11,402
    NAVY FEDERAL CREDIT UNION 25 5.93% $7,681
    MOVEMENT MORTGAGE, LLC 21 6.38% $8,006
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 20 6.79% $9,316
    UNITED WHOLESALE MORTGAGE, LLC 20 6.43% $10,739
    USAA Federal Savings Bank 16 6.42% $7,873
    FREEDOM MORTGAGE CORPORATION 12 6.60% $15,316
    PENNYMAC LOAN SERVICES, LLC 11 5.51% $6,717
    The Federal Savings Bank 9 6.24% $16,087
    GUARANTEED RATE, INC. 8 6.46% $11,558
    NEWREZ LLC 8 6.59% $10,715
    ACADEMY MORTGAGE CORPORATION 7 6.73% $9,858
    LOANDEPOT.COM, LLC 6 5.87% $12,620
    TOTAL MORTGAGE SERVICES, LLC 5 6.90% $10,989
    Mr. Cooper ( Nationstar Mortgage ) 5 5.90% $10,711
    HARBORONE MORTGAGE, LLC 5 7.10% $9,220
    Evolve Bank & Trust 5 6.53% $10,416
    GUARANTEED RATE AFFINITY, LLC 5 6.22% $5,782
    MUTUAL OF OMAHA MORTGAGE, INC. 4 6.44% $13,268
    HOMESTEAD FUNDING CORP. 4 7.06% $10,603
    PENTAGON FEDERAL CREDIT UNION 4 5.19% $13,143
    NORTHPOINT MORTGAGE, INC. 4 6.75% $8,984
    Nations Lending Corporation 3 6.83% $10,025
    Barrington Bank & Trust Company, N.A. 3 6.58% $12,490
    RELIANCE FIRST CAPITAL, LLC 3 6.42% $7,979
    CROSSCOUNTRY MORTGAGE, LLC 3 7.33% $8,651
    NORWICH COMMERCIAL GROUP, INC. 3 6.58% $8,717
    BROKER SOLUTIONS, INC. 3 6.46% $12,886
    GUILD MORTGAGE COMPANY 3 6.79% $13,218
    NBKC BANK 3 6.00% $4,165
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 3 6.42% $7,219
    FIRST WORLD MORTGAGE CORPORATION 2 6.50% $12,796
    AMERICAN FINANCIAL NETWORK, INC. 2 6.38% $9,822
    AMERISAVE MORTGAGE CORPORATION 2 6.88% $11,262
    GENEVA FINANCIAL, LLC 2 6.75% $5,750
    LEADERONE FINANCIAL CORPORATION 2 6.19% $17,701
    North American Savings Bank, F.S.B. 2 6.13% $10,889
    Paramount Residential Mortgage Group, Inc. 2 6.13% $11,799
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 6.75% $4,253
    Strong Home Mortgage, LLC 2 5.75% $8,293
    VILLAGE CAPITAL MORTGAGE 2 5.75% $4,766
    LADERA LENDING, INC. 1 7.25% $16,638
    Plains Commerce Bank 1 5.25% $21,380
    PLAZA HOME MORTGAGE, INC. 1 6.25% $7,150
    BNC National Bank 1 5.13% $3,491
    PROVINCE MORTGAGE ASSOCIATES, INC. 1 6.25% $12,767
    Keystone Funding, Inc. 1 5.88% $7,616
    RADIUS FINANCIAL GROUP INC. 1 7.25% $9,796
    FIRST MORTGAGE COMPANY, INC. 1 6.25% $8,723
    Semper Home Loans, Inc. 1 7.13% $20,875
    Wells Fargo Bank 1 6.50% $13,034
    T2 FINANCIAL LLC 1 7.25% $12,211
    Fall River Five Cents Savings Bank 1 7.13% $9,773
    EVERETT FINANCIAL, INC. 1 6.13% $2,300
    M&T Bank 1 5.75% $7,262
    MORTGAGE EQUITY PARTNERS LLC 1 6.75% $4,602
    CARDINAL FINANCIAL 1 7.25% $19,563
    LOANPAL, LLC 1 5.99% $13,367

    The top Springfield VA lender as defined by loan originations is Mortgage Research Center, LLC, with 99 VA loans originated. Their average total fees are $8,643, which is $2,759 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Springfield VA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC ($6,717), NAVY FEDERAL CREDIT UNION ($7,681), USAA Federal Savings Bank ($7,873), MOVEMENT MORTGAGE, LLC ($8,006) and Mortgage Research Center, LLC ($8,643).

    The lowest rate Springfield VA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (5.51%), NAVY FEDERAL CREDIT UNION (5.93%), QUICKEN LOANS, LLC (6.25%), MOVEMENT MORTGAGE, LLC (6.38%) and USAA Federal Savings Bank (6.42%).

    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.