Bangor VA Loans

BANGOR, ME

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.