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.