Toledo VA Loan Rates, Closing Costs & Stats

TOLEDO, OH

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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.

    Toledo's 56 lenders originated 465 VA loans during 2023. The total origination value was $109,975,000, with an average VA loan value of $236,505.

    Toledo VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Toledo averaged 6.93% for the week of 2024-07-19, compared to the national average (all VA variants) of 6.303% for the same period.

    Toledo's average VA mortgage closing costs are $5,576.

    The average rate for the prior week (2024-07-12) was 6.97% and one month ago for the week of 2024-06-14, the average rate was 6.93%.

    The average rate one year ago was 7.01%.

    For refis of the same type during the week of 2024-07-19, the average rate was 7.13%.

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

    Toledo 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 Toledo level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 101 6.85% $6,735
    QUICKEN LOANS, LLC 45 6.22% $10,545
    UNITED WHOLESALE MORTGAGE, LLC 35 6.66% $7,180
    NAVY FEDERAL CREDIT UNION 23 5.77% $5,009
    UNION HOME MORTGAGE CORP. 22 6.41% $9,861
    EQUITY RESOURCES, INC. 18 6.66% $3,719
    NEWREZ LLC 16 6.80% $9,004
    The Huntington National Bank 14 6.71% $8,383
    NEW DAY FINANCIAL, LLC 12 7.57% $10,442
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 12 6.53% $10,028
    LOANDEPOT.COM, LLC 12 6.73% $8,490
    FREEDOM MORTGAGE CORPORATION 11 6.50% $13,419
    PENNYMAC LOAN SERVICES, LLC 10 5.66% $6,030
    USAA Federal Savings Bank 9 6.24% $7,527
    MID AMERICA MORTGAGE, INC. 9 6.36% $4,751
    MUTUAL OF OMAHA MORTGAGE, INC. 7 6.07% $8,047
    CROSSCOUNTRY MORTGAGE, LLC 6 6.65% $6,240
    KeyBank 5 6.38% $5,785
    Fifth Third Bank 5 6.60% $5,573
    First Federal Bank of the Midwest 5 6.35% $7,001
    Mr. Cooper ( Nationstar Mortgage ) 5 5.88% $10,423
    RUOFF MORTGAGE COMPANY, INC. 4 6.50% $5,750
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 4 6.97% $9,988
    The Federal Savings Bank 4 6.44% $16,432
    VAN DYK MORTGAGE CORPORATION 4 6.78% $6,308
    NFM, INC. 3 7.21% $6,796
    Paramount Residential Mortgage Group, Inc. 3 6.00% $9,845
    Flagstar Bank, FSB 3 6.63% $3,834
    GVC MORTGAGE, INC. 3 6.67% $8,489
    MORTGAGE SOLUTIONS OF COLORADO, LLC 3 8.13% $2,248
    MOVEMENT MORTGAGE, LLC 2 6.13% $7,776
    BROKER SOLUTIONS, INC. 2 7.06% $9,269
    Barrington Bank & Trust Company, N.A. 2 6.25% $7,833
    AMERISAVE MORTGAGE CORPORATION 2 5.88% $14,335
    SUCCESS MORTGAGE PARTNERS, INC. 2 7.63% $8,110
    RELIANCE FIRST CAPITAL, LLC 2 5.88% $8,283
    First Federal Bank 2 6.38% $7,656
    VILLAGE CAPITAL MORTGAGE 1 6.25% $4,902
    Ameris Bank 1 6.63% $12,327
    Citizens Bank 1 7.00% $2,619
    CMG MORTGAGE, INC. 1 7.63% $4,358
    Colonial Savings, F.A. 1 6.00% $11,224
    CONTOUR MORTGAGE CORPORATION 1 6.38% $2,578
    GUARANTEED RATE, INC. 1 5.75% $843
    HOWARD HANNA FINANCIAL SERVICES, INC. 1 6.25% $8,236
    Mid-Continent Funding, Inc. 1 6.99% $5,293
    MORTGAGE ACCESS CORP. 1 5.75% $3,948
    M&T Bank 1 6.25% $3,573
    NATIONS DIRECT MORTGAGE, LLC 1 7.50% $3,999
    NATIONWIDE MORTGAGE BANKERS, INC. 1 7.00% $11,365
    PNC Bank 1 7.75% $5,934
    RAPID MORTGAGE COMPANY 1 6.75% $7,356
    SUN Federal Credit Union 1 6.50% $6,643
    The Genoa Banking Company 1 7.63% $8,277
    U.S. Bank 1 7.00% $7,963
    AMCAP MORTGAGE, LTD. 1 7.13% $1,479

    The top Toledo VA lender as defined by loan originations is Mortgage Research Center, LLC, with 101 VA loans originated. Their average total fees are $6,735, which is $3,810 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Toledo VA lenders (with over 10 loans originated) are EQUITY RESOURCES, INC. ($3,719), NAVY FEDERAL CREDIT UNION ($5,009), PENNYMAC LOAN SERVICES, LLC ($6,030), Mortgage Research Center, LLC ($6,735) and UNITED WHOLESALE MORTGAGE, LLC ($7,180).

    The lowest rate Toledo VA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (5.66%), NAVY FEDERAL CREDIT UNION (5.77%), QUICKEN LOANS, LLC (6.22%), UNION HOME MORTGAGE CORP. (6.41%) and FREEDOM MORTGAGE CORPORATION (6.50%).

    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.