Bangor VA Loans

BANGOR, ME

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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 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.

    Bangor's 66 lenders originated 578 VA loans during 2021. The total origination value was $127,530,000, with an average VA loan value of $220,640.

    Bangor VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Bangor averaged 5.65% for the week of 2022-05-13, compared to the national average (all VA variants) of 5.158% for the same period.

    The average rate for the prior week (2022-05-06) was 5.38% and one month ago for the week of 2022-04-08, the average rate was 5.1%.

    The average rate one year ago was 3.02%.

    For refis of the same type during the week of 2022-05-13, the average rate was 5.29%.

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

    Bangor VA Loan Lenders by Rates & Fees

    The below table looks at the average fees and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Bangor level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    Mortgage Research Center, LLC 68 2.92% $4,570
    QUICKEN LOANS, LLC 56 2.54% $3,883
    FREEDOM MORTGAGE CORPORATION 37 2.45% $2,044
    LEADERONE FINANCIAL CORPORATION 29 2.93% $6,232
    RESIDENTIAL MORTGAGE SERVICES, INC. 24 2.66% $5,209
    USAA Federal Savings Bank 23 2.89% $5,742
    PENNYMAC LOAN SERVICES, LLC 22 2.47% $4,271
    CMG MORTGAGE, INC. 20 3.02% $6,879
    Bangor Savings Bank 20 2.68% $5,780
    NEW DAY FINANCIAL, LLC 20 2.86% $7,709
    NAVY FEDERAL CREDIT UNION 18 2.47% $4,466
    PRIMARY RESIDENTIAL MORTGAGE, INC. 11 3.38% $7,842
    Mortgage Network, Inc. 10 2.90% $7,402
    LAKEVIEW LOAN SERVICING, LLC 10 2.71% $2,557
    Wells Fargo Bank 8 2.67% $2,501
    LOANDEPOT.COM, LLC 8 2.83% $4,784
    The Camden National Bank 8 2.72% $7,158
    NEWREZ LLC 7 2.61% $3,263
    EMBRACE HOME LOANS, INC. 6 2.65% $7,023
    Mr. Cooper ( Nationstar Mortgage ) 6 3.15% $4,039
    CALIBER HOME LOANS, INC. 6 2.75% $3,384
    ACADEMY MORTGAGE CORPORATION 5 3.30% $5,300
    VILLAGE CAPITAL & INVESTMENT LLC 5 2.45% $1,761
    CUSO MORTGAGE CORPORATION 4 2.75% $8,576
    HOMEBRIDGE FINANCIAL SERVICES, INC. 4 2.84% $8,438
    AMERICAN FINANCING CORPORATION 4 2.44% $4,830
    AMERICAN FINANCIAL NETWORK, INC. 4 2.91% $3,378
    The Federal Savings Bank 4 2.94% $9,970
    Barrington Bank & Trust Company, N.A. 4 2.66% $3,282
    UNITED WHOLESALE MORTGAGE, LLC 4 2.65% $5,788
    ACCELERATE MORTGAGE, LLC 4 2.25% $3,141
    BROKER SOLUTIONS, INC. 3 2.92% $4,778
    Carrington Mortgage Services, LLC 3 2.67% $4,596
    CROSSCOUNTRY MORTGAGE, LLC 3 2.92% $7,485
    NORTHERN MORTGAGE SERVICES, LLC 3 2.83% $3,239
    AMERISAVE MORTGAGE CORPORATION 2 3.50% $5,812
    PENTAGON FEDERAL CREDIT UNION 2 2.50% $910
    First National Bank 2 3.00% $8,034
    KeyBank 2 2.56% $3,793
    North American Savings Bank, F.S.B. 2 2.50% $4,865
    Paramount Residential Mortgage Group, Inc. 2 2.56% $5,332
    Truist Bank 1 2.75% $2,055
    NORWICH COMMERCIAL GROUP, INC. 1 3.25% $3,214
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 2.99% $675
    FBC MORTGAGE, LLC 1 2.75% $1,512
    First Federal Bank 1 3.50% $13,094
    First Guaranty Mortgage Corporation 1 2.25% $1,857
    Flagstar Bank, FSB 1 3.88% $1,580
    Community First National Bank 1 2.63% $2,877
    GUARANTEED RATE, INC. 1 2.38% $7,949
    GUILD MORTGAGE COMPANY 1 3.00% $9,773
    HOME POINT FINANCIAL CORPORATION 1 3.25% $1,542
    Ixonia Bank 1 2.25% $3,181
    Magnolia Bank 1 2.25% $9,386
    MID AMERICA MORTGAGE, INC. 1 2.75% $1,208
    BNC National Bank 1 2.13% $2,789
    Nations Lending Corporation 1 2.75% $5,670
    Bank of America 1 2.75% $2,896
    Northpointe Bank 1 2.88% $7,415
    DRAPER AND KRAMER MORTGAGE CORP. 1 2.50% $1,937
    NP, Inc. 1 2.25% $5,003
    OCMBC, INC. 1 2.88% $8,064
    Paramount Bank 1 2.63% $6,055
    AMERICAN FINANCIAL RESOURCES, INC. 1 3.63% $2,901
    RELIANCE FIRST CAPITAL, LLC 1 2.88% $5,847
    TD Bank 1 2.88% $6,230

    The top Bangor VA lender as defined by loan originations is Mortgage Research Center, LLC, with 68 VA loans originated. Their average total fees are $4,570, which is $687 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Bangor VA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($2,044), LAKEVIEW LOAN SERVICING, LLC ($2,557), QUICKEN LOANS, LLC ($3,883), PENNYMAC LOAN SERVICES, LLC ($4,271) and NAVY FEDERAL CREDIT UNION ($4,466).

    The lowest rate Bangor VA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION (2.45%), NAVY FEDERAL CREDIT UNION (2.47%), PENNYMAC LOAN SERVICES, LLC (2.47%), QUICKEN LOANS, LLC (2.54%) and RESIDENTIAL MORTGAGE SERVICES, INC. (2.66%).

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Bangor (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $149,000 (-0.3%) $183,739 (-2.8%) 0.55 794
    2018-02-01 $148,750 (-0.8%) $184,957 (-2.6%) 0.54 729
    2018-03-01 $149,900 (-2.8%) $191,405 (-1.0%) 0.52 725
    2018-04-01 $149,950 (-5.7%) $193,066 (-2.5%) 0.50 739
    2018-05-01 $159,450 (-0.3%) $199,506 (1.4%) 0.53 775
    2018-06-01 $165,000 (3.2%) $204,193 (4.3%) 0.55 827
    2018-07-01 $169,250 (5.9%) $210,676 (9.4%) 0.56 911
    2018-08-01 $168,450 (7.8%) $207,084 (8.5%) 0.56 921
    2018-09-01 $169,000 (7.6%) $200,322 (3.1%) 0.57 894
    2018-10-01 $159,950 (1.9%) $192,710 (-1.2%) 0.53 901
    2018-11-01 $159,900 (6.6%) $191,607 (-0.4%) 0.54 856
    2018-12-01 $159,000 (6.1%) $185,780 (-2.2%) 0.54 774
    2019-01-01 $155,000 (4.0%) $183,469 (-0.2%) 0.53 711
    2019-02-01 $159,900 (7.5%) $188,963 (2.2%) 0.54 687
    2019-03-01 $162,100 (8.1%) $195,293 (2.0%) 0.53 650
    2019-04-01 $166,950 (11.3%) $200,290 (3.7%) 0.53 625
    2019-05-01 $169,000 (6.0%) $206,034 (3.3%) 0.52 678
    2019-06-01 $169,900 (3.0%) $209,988 (2.8%) 0.52 755
    2019-07-01 $170,900 (1.0%) $210,116 (-0.3%) 0.53 825
    2019-08-01 $169,900 (0.9%) $208,070 (0.5%) 0.53 810
    2019-09-01 $169,950 (0.6%) $210,545 (5.1%) 0.54 760
    2019-10-01 $170,950 (6.9%) $214,411 (11.3%) 0.55 736
    2019-11-01 $169,900 (6.3%) $211,114 (10.2%) 0.55 683
    2019-12-01 $168,500 (6.0%) $209,843 (13.0%) 0.56 630
    2020-01-01 $168,000 (8.4%) $211,908 (15.5%) 0.56 569
    2020-02-01 $167,900 (5.0%) $212,488 (12.5%) 0.54 545
    2020-03-01 $169,000 (4.3%) $214,157 (9.7%) 0.53 528
    2020-04-01 $169,450 (1.5%) $207,110 (3.4%) 0.53 516
    2020-05-01 $180,000 (6.5%) $217,713 (5.7%) 0.55 483
    2020-06-01 $181,950 (7.1%) $221,449 (5.5%) 0.53 447
    2020-07-01 $194,000 (13.5%) $228,529 (8.8%) 0.56 433
    2020-08-01 $189,000 (11.2%) $226,024 (8.6%) 0.54 395
    2020-09-01 $184,950 (8.8%) $220,448 (4.7%) 0.53 385
    2020-10-01 $179,000 (4.7%) $219,414 (2.3%) 0.51 368
    2020-11-01 $181,950 (7.1%) $226,934 (7.5%) 0.52 354
    2020-12-01 $189,700 (12.6%) $235,708 (12.3%) 0.56 322
    2021-01-01 $189,900 (13.0%) $238,452 (12.5%) 0.56 268
    2021-02-01 $204,900 (22.0%) $248,770 (17.1%) 0.59 203
    2021-03-01 $224,450 (32.8%) $257,836 (20.4%) 0.63 181
    2021-04-01 $219,500 (29.5%) $266,242 (28.6%) 0.59 184
    2021-05-01 $239,000 (32.8%) $274,505 (26.1%) 0.63 223
    2021-06-01 $244,000 (34.1%) $280,426 (26.6%) 0.63 273
    2021-07-01 $246,950 (27.3%) $289,005 (26.5%) 0.64 317
    2021-08-01 $234,950 (24.3%) $279,217 (23.5%) 0.62 379
    2021-09-01 $234,750 (26.9%) $279,701 (26.9%) 0.62 376
    2021-10-01 $225,000 (25.7%) $274,353 (25.0%) 0.59 339
    2021-11-01 $225,000 (23.7%) $279,718 (23.3%) 0.59 314
    2021-12-01 $211,500 (11.5%) $275,472 (16.9%) 0.56 263
    2022-01-01 $205,000 (8.0%) $289,792 (21.5%) 0.55 188
    2022-02-01 $200,000 (-2.4%) $291,716 (17.3%) 0.51 179
    2022-03-01 $232,000 (3.4%) $287,282 (11.4%) 0.57 180
    2022-04-01 $240,000 (9.3%) $276,883 (4.0%) 0.56 178
    Bangor's median listing price for 2022-04-01 was $240,000, a difference of $20,500 (9.3%) versus the prior year and $8,000 versus the prior month.

    Bangor's median listing price comes in at 56% of the national average.

    Bangor's average listing price for 2022-04-01 was $276,883, a difference of $10,641 (4.0%) versus the prior year and $-10,399 versus the prior month.

    For the 2022-04-01 period, Bangor had 178 MLS listings, a difference of -2 listings (-1%) versus the prior month and -6 listings (-3%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Bangor (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 149 days 1,594 sqft
    2018-02-01 166 days 1,591 sqft
    2018-03-01 166 days 1,592 sqft
    2018-04-01 160 days 1,584 sqft
    2018-05-01 102 days 1,600 sqft
    2018-06-01 72 days 1,604 sqft
    2018-07-01 70 days 1,644 sqft
    2018-08-01 80 days 1,633 sqft
    2018-09-01 87 days 1,632 sqft
    2018-10-01 96 days 1,611 sqft
    2018-11-01 100 days 1,600 sqft
    2018-12-01 121 days 1,600 sqft
    2019-01-01 129 days 1,587 sqft
    2019-02-01 139 days 1,600 sqft
    2019-03-01 142 days 1,614 sqft
    2019-04-01 129 days 1,634 sqft
    2019-05-01 80 days 1,624 sqft
    2019-06-01 57 days 1,632 sqft
    2019-07-01 62 days 1,605 sqft
    2019-08-01 76 days 1,604 sqft
    2019-09-01 85 days 1,620 sqft
    2019-10-01 95 days 1,600 sqft
    2019-11-01 109 days 1,628 sqft
    2019-12-01 114 days 1,635 sqft
    2020-01-01 123 days 1,605 sqft
    2020-02-01 123 days 1,600 sqft
    2020-03-01 129 days 1,599 sqft
    2020-04-01 128 days 1,600 sqft
    2020-05-01 107 days 1,632 sqft
    2020-06-01 88 days 1,632 sqft
    2020-07-01 61 days 1,663 sqft
    2020-08-01 59 days 1,630 sqft
    2020-09-01 57 days 1,613 sqft
    2020-10-01 52 days 1,604 sqft
    2020-11-01 56 days 1,596 sqft
    2020-12-01 65 days 1,610 sqft
    2021-01-01 84 days 1,600 sqft
    2021-02-01 94 days 1,580 sqft
    2021-03-01 84 days 1,600 sqft
    2021-04-01 46 days 1,690 sqft
    2021-05-01 29 days 1,652 sqft
    2021-06-01 26 days 1,616 sqft
    2021-07-01 34 days 1,626 sqft
    2021-08-01 37 days 1,623 sqft
    2021-09-01 48 days 1,645 sqft
    2021-10-01 59 days 1,682 sqft
    2021-11-01 71 days 1,677 sqft
    2021-12-01 81 days 1,567 sqft
    2022-01-01 107 days 1,560 sqft
    2022-02-01 113 days 1,500 sqft
    2022-03-01 86 days 1,500 sqft
    2022-04-01 57 days 1,547 sqft
    Bangor's median listing age (time on market) for 2022-04-01 was 57 days. This is 25% longer than the same period one year ago.

    Bangor's median square footage for active listings during the 2022-04-01 period was 1,547 sqft. One year prior, the average listing was 1,690 sqft.

    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.