Traverse City VA Loan Rates, Closing Costs & Stats

Traverse City, MI

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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.

    Traverse City's 37 lenders originated 168 VA loans during 2024. The total origination value was $61,400,000, with an average VA loan value of $365,476.

    Traverse City VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Traverse City averaged 7.16% for the week of 2025-07-18, compared to the national average (all VA variants) of 6.385% for the same period.

    Traverse City's average VA mortgage closing costs are $6,022.

    The average rate for the prior week (2025-07-11) was 7.04% and one month ago for the week of 2025-06-13, the average rate was 6.92%.

    The average rate one year ago was 6.92%.

    For refis of the same type during the week of 2025-07-18, the average rate was 6.61%.

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

    Traverse City 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 Traverse City level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 26 6.10% $8,126
    Mortgage Research Center, LLC 24 6.40% $8,463
    QUICKEN LOANS, LLC 16 5.93% $11,171
    FREEDOM MORTGAGE CORPORATION 14 5.83% $7,083
    STAUNTON FINANCIAL, INC. 9 6.71% $9,558
    NAVY FEDERAL CREDIT UNION 7 5.77% $5,803
    NEWREZ LLC 6 6.27% $6,141
    NEW DAY FINANCIAL, LLC 6 7.33% $14,428
    USAA Federal Savings Bank 5 6.00% $5,091
    PENNYMAC LOAN SERVICES, LLC 5 5.53% $7,259
    LAKE MICHIGAN CREDIT UNION 3 5.83% $7,463
    CALCON MUTUAL MORTGAGE LLC 3 6.92% $12,397
    The Huntington National Bank 2 6.31% $6,668
    PLANET HOME LENDING, LLC 2 6.06% $1,496
    Fifth Third Bank 2 6.44% $2,418
    The Federal Savings Bank 2 6.69% $9,308
    NBKC BANK 2 5.88% $3,468
    GUILD MORTGAGE COMPANY 2 6.44% $8,584
    JPMorgan Chase Bank 2 5.75% $7,644
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 6.12% $7,374
    MOVEMENT MORTGAGE, LLC 2 6.69% $3,870
    VILLAGE CAPITAL MORTGAGE 1 6.38% $2,541
    Barrington Bank & Trust Company, N.A. 1 6.75% $7,373
    BROKER SOLUTIONS, INC. 1 5.25% $2,898
    CMG MORTGAGE, INC. 1 5.25% $2,760
    Credence Funding Corporation 1 5.88% $6,806
    J. VIRGIL, INC. 1 7.13% $3,518
    LAKEVIEW LOAN SERVICING, LLC 1 5.25% $3,931
    LOANDEPOT.COM, LLC 1 5.63% $1,940
    MEMBER FIRST MORTGAGE, LLC 1 7.13% $3,870
    MORTGAGE 1 INCORPORATED 1 7.13% $5,300
    MUTUAL OF OMAHA MORTGAGE, INC. 1 7.13% $3,022
    Nations Lending Corporation 1 6.25% $12,861
    Presidential Bank, FSB 1 6.25% $8,267
    Preston Home Loans Inc 1 7.25% $8,810
    U.S. Bank 1 6.63% $9,120
    VANDERBILT MORTGAGE AND FINANCE, INC. 1 6.25% $2,423

    The top Traverse City VA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 26 VA loans originated. Their average total fees are $8,126, which is $337 lower than the next largest lender, Mortgage Research Center, LLC.

    The lowest fee Traverse City VA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($7,083), UNITED WHOLESALE MORTGAGE, LLC ($8,126), Mortgage Research Center, LLC ($8,463), QUICKEN LOANS, LLC ($11,171) and .

    The lowest rate Traverse City VA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION (5.83%), QUICKEN LOANS, LLC (5.93%), UNITED WHOLESALE MORTGAGE, LLC (6.10%), Mortgage Research Center, LLC (6.40%) and .

    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.