Springfield VA Loan Rates, Closing Costs & Stats

SPRINGFIELD, MO

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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 84 lenders originated 726 VA loans during 2023. The total origination value was $206,270,000, with an average VA loan value of $284,118.

    Springfield VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Springfield averaged 6.44% for the week of 2024-07-19, compared to the national average (all VA variants) of 6.303% for the same period.

    Springfield's average VA mortgage closing costs are $4,796.

    The average rate for the prior week (2024-07-12) was 6.58% and one month ago for the week of 2024-06-14, the average rate was 6.74%.

    The average rate one year ago was 7.02%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.23%.

    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 158 6.69% $5,104
    FLAT BRANCH MORTGAGE, INC. 49 6.83% $8,369
    QUICKEN LOANS, LLC 46 6.28% $9,026
    GERSHMAN INVESTMENT CORP. 34 7.09% $6,538
    PENNYMAC LOAN SERVICES, LLC 32 5.75% $5,826
    FREEDOM MORTGAGE CORPORATION 27 6.44% $15,247
    USAA Federal Savings Bank 24 6.46% $4,830
    DAS Acquisition Company, LLC 22 7.14% $6,584
    NAVY FEDERAL CREDIT UNION 21 5.88% $4,821
    UNITED WHOLESALE MORTGAGE, LLC 20 6.65% $5,797
    Arvest Bank 13 6.61% $7,087
    The Federal Savings Bank 13 6.19% $16,286
    LOANDEPOT.COM, LLC 11 6.75% $16,573
    NEW DAY FINANCIAL, LLC 11 7.46% $14,597
    BROKER SOLUTIONS, INC. 10 6.66% $8,505
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 10 6.69% $6,603
    Springfield First Community Bank 10 6.83% $7,333
    Oakstar Bank 9 7.01% $7,711
    MORTGAGE SOLUTIONS OF COLORADO, LLC 9 7.67% $2,530
    The Central Trust Bank 9 6.55% $8,795
    VILLAGE CAPITAL MORTGAGE 8 5.92% $7,978
    ASSEMBLIES OF GOD Credit Union 8 6.43% $6,465
    PRIMELENDING, A PLAINSCAPITAL COMPANY 8 6.88% $6,385
    Hawthorn Bank 6 6.52% $7,806
    Plains Commerce Bank 6 6.23% $10,297
    Mr. Cooper ( Nationstar Mortgage ) 6 5.85% $11,700
    MOVEMENT MORTGAGE, LLC 6 6.64% $6,705
    CROSSCOUNTRY MORTGAGE, LLC 5 7.00% $6,429
    NEWREZ LLC 5 7.10% $10,267
    CARDINAL FINANCIAL 5 6.25% $10,173
    Barrington Bank & Trust Company, N.A. 4 6.50% $3,692
    AMERISAVE MORTGAGE CORPORATION 4 5.56% $12,223
    GUARANTEED RATE, INC. 4 6.31% $2,752
    MID AMERICA MORTGAGE, INC. 4 6.97% $3,153
    MORTGAGE FINANCIAL SERVICES, LLC 4 6.91% $6,677
    PENTAGON FEDERAL CREDIT UNION 4 5.38% $5,909
    PREMIER MORTGAGE RESOURCES, L.L.C. 4 6.53% $5,775
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 3 7.13% $8,455
    Great Southern Bank 3 5.67% $4,440
    PLANET HOME LENDING, LLC 3 5.87% $1,878
    Mid-Continent Funding, Inc. 3 6.88% $11,123
    NBKC BANK 3 6.38% $7,659
    Paramount Residential Mortgage Group, Inc. 2 6.94% $7,080
    Magnolia Bank 2 5.81% $33,750
    Equity Prime Mortgage LLC 2 7.56% $696
    BLUCURRENT 2 6.44% $3,015
    DELMAR FINANCIAL COMPANY 2 7.00% $1,887
    MUTUAL OF OMAHA MORTGAGE, INC. 2 6.19% $9,359
    Ameris Bank 2 6.25% $7,462
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 6.75% $3,302
    Gateway First Bank 2 7.31% $8,364
    Midwest Mortgage Associates Corporation 2 7.56% $5,185
    BANK OF LITTLE ROCK MORTGAGE CORPORATION 2 6.50% $11,429
    LAKEVIEW LOAN SERVICING, LLC 2 6.25% $9,279
    Bank of England 2 6.69% $7,431
    Southside Bank 1 6.63% $10,694
    SUN WEST MORTGAGE COMPANY, INC. 1 7.13% $5,651
    BancorpSouth 1 6.13% $1,576
    The Huntington National Bank 1 6.63% $5,463
    TIB The Independent Bankersbank 1 7.25% $5,067
    TJC Mortgage, Inc. 1 6.88% $5,066
    Truist 1 6.75% $2,537
    UNION HOME MORTGAGE CORP. 1 5.88% $4,974
    Heartland Bank and Trust Company 1 7.13% $2,175
    GENEVA FINANCIAL, LLC 1 7.13% $13,763
    GUILD MORTGAGE COMPANY 1 7.13% $3,086
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.75% $3,805
    Flagstar Bank, FSB 1 6.75% $8,034
    U.S. Bank 1 6.63% $10,959
    VERITAS FUNDING, LLC 1 6.25% $31,434
    Farmers Bank & Trust 1 5.63% $8,107
    EVERETT FINANCIAL, INC. 1 6.63% $8,471
    COMMUNITY MORTGAGE, LLC 1 6.13% $9,838
    Commerce Bank 1 7.63% $2,777
    CMG MORTGAGE, INC. 1 6.75% $2,282
    Carrington Mortgage Services, LLC 1 5.13% $4,544
    ON Q FINANCIAL, INC. 1 7.50% $12,120
    BNC National Bank 1 5.63% $2,942
    AMERICAN FINANCING CORPORATION 1 6.25% $13,985
    Wells Fargo Bank 1 7.00% $435
    BAY EQUITY LLC 1 6.13% $4,366
    AMERICAN FINANCIAL NETWORK, INC. 1 7.38% $16,357
    ROYAL UNITED MORTGAGE LLC 1 5.00% $419
    Simmons Bank 1 6.25% $3,033

    The top Springfield VA lender as defined by loan originations is Mortgage Research Center, LLC, with 158 VA loans originated. Their average total fees are $5,104, which is $3,265 lower than the next largest lender, FLAT BRANCH MORTGAGE, INC..

    The lowest fee Springfield VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION ($4,821), USAA Federal Savings Bank ($4,830), Mortgage Research Center, LLC ($5,104), UNITED WHOLESALE MORTGAGE, LLC ($5,797) and PENNYMAC LOAN SERVICES, LLC ($5,826).

    The lowest rate Springfield VA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (5.75%), NAVY FEDERAL CREDIT UNION (5.88%), The Federal Savings Bank (6.19%), QUICKEN LOANS, LLC (6.28%) and FREEDOM MORTGAGE CORPORATION (6.44%).

    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.