Worcester VA Loan Rates, Closing Costs & Stats

WORCESTER, MA-CT

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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.

    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.