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 89 lenders originated 589 VA
loans during 2023. The total origination value was $237,885,000, with an average VA loan value of
$403,879.
Worcester VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in Worcester
averaged
6.47%
for the week of 2024-10-25, compared to the national average (all VA variants) of
6.14% for the same period.
Worcester's average VA mortgage closing costs are $6,766.
The average rate for the prior week (2024-10-18) was
6.19% and
one month ago for the week of 2024-09-20, the
average rate was 5.59%.
The average rate one year ago was 7.81%.
For refis of the same type during the week of 2024-10-25, the average rate
was 6.22%.
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 |
2023 Avg. 30yFix Rate |
2023 Avg. Closing Costs |
Mortgage Research Center, LLC
|
127
|
6.74%
|
$10,846
|
QUICKEN LOANS, LLC
|
37
|
5.89%
|
$14,405
|
UNITED WHOLESALE MORTGAGE, LLC
|
29
|
6.48%
|
$8,416
|
GUARANTEED RATE, INC.
|
29
|
6.73%
|
$9,888
|
LOANDEPOT.COM, LLC
|
28
|
5.82%
|
$17,615
|
NAVY FEDERAL CREDIT UNION
|
26
|
5.63%
|
$8,375
|
PENNYMAC LOAN SERVICES, LLC
|
23
|
5.44%
|
$9,063
|
FAIRWAY INDEPENDENT MORTGAGE CORPORATION
|
20
|
6.66%
|
$9,120
|
FREEDOM MORTGAGE CORPORATION
|
16
|
6.43%
|
$14,721
|
TOTAL MORTGAGE SERVICES, LLC
|
15
|
6.70%
|
$16,258
|
NEWREZ LLC
|
12
|
6.07%
|
$10,055
|
CMG MORTGAGE, INC.
|
12
|
6.64%
|
$9,179
|
The Federal Savings Bank
|
12
|
6.46%
|
$17,858
|
USAA Federal Savings Bank
|
11
|
6.34%
|
$11,442
|
MOVEMENT MORTGAGE, LLC
|
11
|
6.58%
|
$9,179
|
GUILD MORTGAGE COMPANY
|
9
|
6.85%
|
$11,594
|
HOMEBRIDGE FINANCIAL SERVICES, INC.
|
9
|
6.40%
|
$10,222
|
Mr. Cooper ( Nationstar Mortgage )
|
8
|
6.23%
|
$16,220
|
CROSSCOUNTRY MORTGAGE, LLC
|
7
|
6.50%
|
$11,404
|
AMERISAVE MORTGAGE CORPORATION
|
6
|
5.33%
|
$20,140
|
Leader Bank
|
6
|
6.71%
|
$10,640
|
GUARANTEED RATE AFFINITY, LLC
|
5
|
6.23%
|
$8,342
|
NORWICH COMMERCIAL GROUP, INC.
|
5
|
6.93%
|
$15,131
|
PENTAGON FEDERAL CREDIT UNION
|
4
|
5.78%
|
$6,578
|
Semper Home Loans, Inc.
|
4
|
6.75%
|
$17,172
|
Barrington Bank & Trust Company, N.A.
|
4
|
6.25%
|
$15,250
|
Paramount Residential Mortgage Group, Inc.
|
4
|
6.91%
|
$13,062
|
NORTHPOINT MORTGAGE, INC.
|
4
|
6.97%
|
$8,936
|
AMERICAN FINANCIAL NETWORK, INC.
|
4
|
6.31%
|
$9,128
|
ENVOY MORTGAGE, LTD
|
3
|
6.58%
|
$11,933
|
Shamrock Home Loans, Inc.
|
3
|
6.37%
|
$18,589
|
U.S. Bank
|
3
|
6.42%
|
$8,297
|
LAKEVIEW LOAN SERVICING, LLC
|
3
|
6.38%
|
$14,449
|
VILLAGE CAPITAL MORTGAGE
|
2
|
6.25%
|
$6,501
|
Wells Fargo Bank
|
2
|
5.56%
|
$0
|
RELIANCE FIRST CAPITAL, LLC
|
2
|
6.81%
|
$6,845
|
HARBORONE MORTGAGE, LLC
|
2
|
6.38%
|
$6,929
|
RADIUS FINANCIAL GROUP INC.
|
2
|
6.56%
|
$24,689
|
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC
|
2
|
7.44%
|
$6,508
|
Keystone Funding, Inc.
|
2
|
6.13%
|
$10,670
|
Nations Lending Corporation
|
2
|
7.25%
|
$12,046
|
Plains Commerce Bank
|
2
|
6.88%
|
$5,105
|
OCMBC, INC.
|
2
|
6.31%
|
$15,121
|
Magnolia Bank
|
2
|
5.94%
|
$14,715
|
CIBM Bank
|
2
|
6.94%
|
$5,885
|
BROKER SOLUTIONS, INC.
|
2
|
6.69%
|
$8,631
|
NFM, INC.
|
2
|
6.38%
|
$2,563
|
CARDINAL FINANCIAL
|
2
|
6.94%
|
$10,842
|
FBC MORTGAGE, LLC
|
2
|
6.75%
|
$12,265
|
Evolve Bank & Trust
|
2
|
7.19%
|
$10,339
|
EQUITY RESOURCES, INC.
|
2
|
6.12%
|
$11,634
|
SALEM FIVE MORTGAGE COMPANY, LLC
|
2
|
6.69%
|
$11,933
|
MUTUAL OF OMAHA MORTGAGE, INC.
|
2
|
6.75%
|
$21,399
|
NATIONWIDE MORTGAGE BANKERS, INC.
|
1
|
6.99%
|
$19,846
|
AMERICAN FINANCIAL RESOURCES, INC.
|
1
|
7.75%
|
$10,512
|
Armed Forces Bank
|
1
|
5.75%
|
$11,771
|
Bank of England
|
1
|
6.25%
|
$28,552
|
BAY EQUITY LLC
|
1
|
5.99%
|
$4,375
|
BAYSHORE MORTGAGE FUNDING, LLC
|
1
|
6.88%
|
$11,054
|
BNC National Bank
|
1
|
6.00%
|
$7,613
|
CHURCHILL MORTGAGE CORPORATION
|
1
|
7.25%
|
$21,655
|
Citizens Bank
|
1
|
7.38%
|
$17,980
|
COMMUNITYAMERICA
|
1
|
6.63%
|
$23,740
|
CONTOUR MORTGAGE CORPORATION
|
1
|
4.88%
|
$27,712
|
DRAPER AND KRAMER MORTGAGE CORP.
|
1
|
6.75%
|
$2,968
|
Easthampton Savings Bank
|
1
|
6.75%
|
$3,451
|
EMM LOANS LLC
|
1
|
7.13%
|
$5,292
|
FIRST HOME MORTGAGE CORPORATION
|
1
|
5.75%
|
$32,179
|
First Savings Bank
|
1
|
5.25%
|
$9,695
|
Flagstar Bank, FSB
|
1
|
5.50%
|
$12,477
|
GENEVA FINANCIAL, LLC
|
1
|
7.25%
|
$8,374
|
Home Loan Investment Bank, F.S.B.
|
1
|
5.75%
|
$6,154
|
MILEND, INC.
|
1
|
5.63%
|
$14,661
|
MORTGAGE EQUITY PARTNERS LLC
|
1
|
7.75%
|
$10,381
|
MORTGAGE SOLUTIONS OF COLORADO, LLC
|
1
|
7.75%
|
$0
|
M&T Bank
|
1
|
5.25%
|
$15,861
|
NATIONS DIRECT MORTGAGE, LLC
|
1
|
6.63%
|
$4,876
|
NATIONS RELIABLE LENDING, LLC
|
1
|
6.50%
|
$1,285
|
ALLIED MORTGAGE GROUP, INC.
|
1
|
5.63%
|
$6,090
|
Network Funding, L.P.
|
1
|
7.63%
|
$7,272
|
NEW DAY FINANCIAL, LLC
|
1
|
6.99%
|
$11,654
|
North American Savings Bank, F.S.B.
|
1
|
5.50%
|
$3,993
|
Northpointe Bank
|
1
|
7.25%
|
$6,896
|
PHH Mortgage Corporation
|
1
|
5.13%
|
$20,526
|
PROVINCE MORTGAGE ASSOCIATES, INC.
|
1
|
7.63%
|
$14,149
|
Residential Mortgage Solutions, Inc.
|
1
|
6.63%
|
$10,265
|
The Washington Trust Company, of Westerly
|
1
|
6.62%
|
$15,315
|
TOP FLITE FINANCIAL, INC.
|
1
|
6.75%
|
$12,525
|
ZILLOW HOME LOANS, LLC
|
1
|
6.63%
|
$4,810
|
The top Worcester VA lender as defined by loan originations is Mortgage Research Center, LLC, with
127 VA loans originated. Their average total fees are
$10,846, which is $3,559
lower than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Worcester VA lenders (with over 10 loans originated) are
NAVY FEDERAL CREDIT UNION ($8,375), UNITED WHOLESALE MORTGAGE, LLC ($8,416), PENNYMAC LOAN SERVICES, LLC ($9,063), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($9,120) and MOVEMENT MORTGAGE, LLC ($9,179).
The lowest rate Worcester VA lenders (with over 10 loans originated) are
PENNYMAC LOAN SERVICES, LLC (5.44%), NAVY FEDERAL CREDIT UNION (5.63%), LOANDEPOT.COM, LLC (5.82%), QUICKEN LOANS, LLC (5.89%) and NEWREZ LLC (6.07%).
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.