Worcester VA Loan Rates, Closing Costs & Stats
WORCESTER, MA-CT
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.
Worcester's 106 lenders originated 914 VA
loans during 2022. The total origination value was $335,390,000, with an average VA loan value of
$366,947.
Worcester VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in Worcester
averaged
6.37%
for the week of 2023-12-01, compared to the national average (all VA variants) of
6.774% for the same period.
Worcester's average VA mortgage closing costs are $6,383.
The average rate for the prior week (2023-11-24) was
6.71% and
one month ago for the week of 2023-10-27, the
average rate was 7.24%.
The average rate one year ago was 6.23%.
For refis of the same type during the week of 2023-12-01, the average rate
was 5.26%.
Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.
Worcester 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 Worcester level.
Name |
# of Loans |
2022 Avg. 30yFix Rate |
2022 Avg. Closing Costs |
Mortgage Research Center, LLC
|
186
|
5.00%
|
$8,430
|
QUICKEN LOANS, LLC
|
59
|
4.15%
|
$12,293
|
FREEDOM MORTGAGE CORPORATION
|
50
|
3.74%
|
$11,644
|
UNITED WHOLESALE MORTGAGE, LLC
|
44
|
4.10%
|
$10,837
|
PENNYMAC LOAN SERVICES, LLC
|
40
|
3.58%
|
$10,823
|
FAIRWAY INDEPENDENT MORTGAGE CORPORATION
|
39
|
4.62%
|
$8,609
|
NAVY FEDERAL CREDIT UNION
|
37
|
3.71%
|
$8,109
|
TOTAL MORTGAGE SERVICES, LLC
|
28
|
4.86%
|
$12,747
|
USAA Federal Savings Bank
|
28
|
4.35%
|
$8,109
|
LOANDEPOT.COM, LLC
|
27
|
3.77%
|
$12,092
|
GUARANTEED RATE, INC.
|
26
|
4.79%
|
$8,891
|
CROSSCOUNTRY MORTGAGE, LLC
|
20
|
5.03%
|
$11,161
|
The Federal Savings Bank
|
19
|
4.44%
|
$16,372
|
CALIBER HOME LOANS, INC.
|
18
|
4.44%
|
$11,441
|
AMERISAVE MORTGAGE CORPORATION
|
12
|
4.11%
|
$13,590
|
Mr. Cooper ( Nationstar Mortgage )
|
11
|
4.33%
|
$10,509
|
GUILD MORTGAGE COMPANY
|
11
|
4.78%
|
$10,467
|
LAKEVIEW LOAN SERVICING, LLC
|
10
|
3.37%
|
$7,120
|
HOMEBRIDGE FINANCIAL SERVICES, INC.
|
10
|
4.70%
|
$8,122
|
NEWREZ LLC
|
10
|
4.06%
|
$9,319
|
MOVEMENT MORTGAGE, LLC
|
9
|
4.79%
|
$11,244
|
HOME POINT FINANCIAL CORPORATION
|
8
|
3.98%
|
$12,341
|
Paramount Residential Mortgage Group, Inc.
|
7
|
5.41%
|
$9,961
|
ENVOY MORTGAGE, LTD
|
6
|
5.04%
|
$15,106
|
BROKER SOLUTIONS, INC.
|
6
|
4.23%
|
$10,120
|
CMG MORTGAGE, INC.
|
6
|
4.71%
|
$13,557
|
BAY EQUITY LLC
|
6
|
4.54%
|
$13,383
|
Prosperity Home Mortgage, LLC
|
5
|
4.60%
|
$12,013
|
PRIMELENDING, A PLAINSCAPITAL COMPANY
|
5
|
4.57%
|
$11,476
|
Northpointe Bank
|
5
|
5.43%
|
$7,877
|
Carrington Mortgage Services, LLC
|
4
|
3.41%
|
$7,933
|
HOMESIDE FINANCIAL, LLC
|
4
|
4.28%
|
$12,166
|
PENTAGON FEDERAL CREDIT UNION
|
3
|
3.83%
|
$5,552
|
Barrington Bank & Trust Company, N.A.
|
3
|
3.21%
|
$11,190
|
BNC National Bank
|
3
|
3.63%
|
$12,152
|
CARDINAL FINANCIAL
|
3
|
4.83%
|
$6,951
|
DREW MORTGAGE ASSOCIATES, INC.
|
3
|
4.21%
|
$8,720
|
Evolve Bank & Trust
|
3
|
5.71%
|
$5,188
|
First Federal Bank
|
3
|
4.21%
|
$10,007
|
GUARANTEED RATE AFFINITY, LLC
|
3
|
4.96%
|
$16,312
|
HARBORONE MORTGAGE, LLC
|
3
|
5.50%
|
$8,746
|
INLAND BANK & TRUST
|
3
|
4.29%
|
$11,845
|
Nations Lending Corporation
|
3
|
4.63%
|
$20,652
|
Semper Home Loans, Inc.
|
3
|
6.38%
|
$11,212
|
VILLAGE CAPITAL MORTGAGE
|
3
|
4.83%
|
$18,774
|
RELIANCE FIRST CAPITAL, LLC
|
2
|
4.13%
|
$12,898
|
MORTGAGE EQUITY PARTNERS LLC
|
2
|
4.44%
|
$11,961
|
NEW DAY FINANCIAL, LLC
|
2
|
5.68%
|
$6,737
|
ZILLOW HOME LOANS, LLC
|
2
|
4.25%
|
$11,860
|
Workers Credit Union
|
2
|
3.69%
|
$7,970
|
Shamrock Home Loans, Inc.
|
2
|
4.75%
|
$13,050
|
EMBRACE HOME LOANS, INC.
|
2
|
4.18%
|
$11,554
|
TD Bank
|
2
|
4.25%
|
$6,897
|
Magnolia Bank
|
2
|
4.00%
|
$18,091
|
PNC Bank
|
2
|
3.31%
|
$3,371
|
AMERICAN FINANCING CORPORATION
|
2
|
3.87%
|
$6,909
|
AMERICAN BANCSHARES MORTGAGE
|
2
|
4.25%
|
$14,330
|
North American Savings Bank, F.S.B.
|
2
|
4.44%
|
$10,304
|
EVERETT FINANCIAL, INC.
|
2
|
6.38%
|
$3,063
|
Wells Fargo Bank
|
2
|
3.75%
|
$12,536
|
EMM LOANS LLC
|
2
|
4.81%
|
$15,816
|
NBKC BANK
|
2
|
4.25%
|
$8,424
|
RADIUS FINANCIAL GROUP INC.
|
2
|
5.19%
|
$11,786
|
NORTHPOINT MORTGAGE, INC.
|
1
|
2.88%
|
$16,365
|
NORWICH COMMERCIAL GROUP, INC.
|
1
|
3.25%
|
$12,018
|
NP, Inc.
|
1
|
3.25%
|
$5,416
|
OCMBC, INC.
|
1
|
7.00%
|
$10,315
|
DRAPER AND KRAMER MORTGAGE CORP.
|
1
|
4.25%
|
$12,516
|
CONTOUR MORTGAGE CORPORATION
|
1
|
4.25%
|
$8,904
|
Academy Bank
|
1
|
6.25%
|
$2,048
|
PLAZA HOME MORTGAGE, INC.
|
1
|
7.50%
|
$7,871
|
Prime Choice Funding Inc.
|
1
|
2.88%
|
$8,030
|
Citizens Bank
|
1
|
3.75%
|
$4,532
|
Capital Bank
|
1
|
2.75%
|
$2,949
|
PROVINCE MORTGAGE ASSOCIATES, INC.
|
1
|
5.25%
|
$6,913
|
BAYSHORE MORTGAGE FUNDING, LLC
|
1
|
2.75%
|
$6,613
|
Ross Mortgage Company, Inc.
|
1
|
4.25%
|
$12,779
|
S1L, Inc.
|
1
|
3.38%
|
$5,446
|
SALEM FIVE MORTGAGE COMPANY, LLC
|
1
|
6.13%
|
$9,006
|
Sierra Pacific Mortgage Company, Inc.
|
1
|
5.13%
|
$3,301
|
Texana Bank
|
1
|
4.75%
|
$15,500
|
Armed Forces Bank
|
1
|
3.25%
|
$15,131
|
ALLIED MORTGAGE GROUP, INC.
|
1
|
5.00%
|
$17,699
|
GENEVA FINANCIAL, LLC
|
1
|
5.25%
|
$11,392
|
HANSCOM
|
1
|
4.75%
|
$12,661
|
U.S. Bank
|
1
|
4.75%
|
$3,039
|
Flagstar Bank, FSB
|
1
|
6.50%
|
$3,895
|
First United Bank and Trust Company
|
1
|
4.63%
|
$17,121
|
Home Loan Investment Bank, F.S.B.
|
1
|
5.63%
|
$4,519
|
First Savings Bank
|
1
|
5.75%
|
$25,811
|
Ixonia Bank
|
1
|
4.75%
|
$4,899
|
JPMorgan Chase Bank
|
1
|
4.63%
|
$18,705
|
LADERA LENDING, INC.
|
1
|
3.25%
|
$12,249
|
FIRST HOME MORTGAGE CORPORATION
|
1
|
3.00%
|
$23,223
|
Leader Bank
|
1
|
2.25%
|
$3,740
|
First Guaranty Mortgage Corporation
|
1
|
2.75%
|
$2,502
|
Mortgage Network, Inc.
|
1
|
5.63%
|
$16,478
|
First Federal Bank of Kansas City
|
1
|
3.50%
|
$15,919
|
Equity Prime Mortgage LLC
|
1
|
5.63%
|
$16,659
|
M&T Bank
|
1
|
3.00%
|
$2,929
|
Mutual Federal Bank
|
1
|
4.75%
|
$8,359
|
MUTUAL OF OMAHA MORTGAGE, INC.
|
1
|
2.75%
|
$4,147
|
Network Funding, L.P.
|
1
|
3.13%
|
$11,362
|
NEW ENGLAND FEDERAL CREDIT UNION
|
1
|
5.38%
|
$4,503
|
NFM, INC.
|
1
|
3.13%
|
$0
|
Easthampton Savings Bank
|
1
|
5.63%
|
$4,277
|
The top Worcester VA lender as defined by loan originations is Mortgage Research Center, LLC, with
186 VA loans originated. Their average total fees are
$8,430, which is $3,863
lower than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Worcester VA lenders (with over 10 loans originated) are
LAKEVIEW LOAN SERVICING, LLC ($7,120), USAA Federal Savings Bank ($8,109), NAVY FEDERAL CREDIT UNION ($8,109), HOMEBRIDGE FINANCIAL SERVICES, INC. ($8,122) and Mortgage Research Center, LLC ($8,430).
The lowest rate Worcester VA lenders (with over 10 loans originated) are
LAKEVIEW LOAN SERVICING, LLC (3.37%), PENNYMAC LOAN SERVICES, LLC (3.58%), NAVY FEDERAL CREDIT UNION (3.71%), FREEDOM MORTGAGE CORPORATION (3.74%) and LOANDEPOT.COM, LLC (3.77%).
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.