Brainerd VA Loan Rates, Closing Costs & Stats

Brainerd, MN

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.

Brainerd's 32 lenders originated 87 VA loans during 2023. The total origination value was $27,235,000, with an average VA loan value of $313,046.

Brainerd VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Brainerd averaged 6.45% for the week of 2024-10-25, compared to the national average (all VA variants) of 6.14% for the same period.

Brainerd's average VA mortgage closing costs are $4,906.

The average rate for the prior week (2024-10-18) was 6.46% and one month ago for the week of 2024-09-20, the average rate was 5.86%.

The average rate one year ago was 7.68%.

For refis of the same type during the week of 2024-10-25, the average rate was 6.18%.

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

Brainerd 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 Brainerd level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Mortgage Research Center, LLC 13 7.02% $8,178
UNITED WHOLESALE MORTGAGE, LLC 8 6.56% $4,821
LOANDEPOT.COM, LLC 8 6.61% $11,482
Flagstar Bank, FSB 6 6.27% $4,821
QUICKEN LOANS, LLC 4 6.49% $6,601
Prosperity Home Mortgage, LLC 4 6.22% $8,323
USAA Federal Savings Bank 4 6.53% $6,601
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 6.33% $10,994
NAVY FEDERAL CREDIT UNION 3 6.04% $2,667
NEW DAY FINANCIAL, LLC 3 7.29% $12,930
First Western Bank & Trust 3 5.67% $5,503
Mr. Cooper ( Nationstar Mortgage ) 3 5.96% $16,671
AMERISAVE MORTGAGE CORPORATION 2 6.00% $16,235
NBKC BANK 2 6.81% $4,775
The Federal Savings Bank 2 6.25% $22,003
SUN WEST MORTGAGE COMPANY, INC. 1 7.13% $5,215
AFFINITY PLUS 1 7.63% $2,475
V.I.P. MORTGAGE, INC. 1 5.75% $18,768
American Mortgage & Equity Consultants, Inc. 1 7.25% $4,437
Armed Forces Bank 1 6.25% $3,098
BROKER SOLUTIONS, INC. 1 7.25% $4,153
CMG MORTGAGE, INC. 1 6.63% $4,345
FREEDOM MORTGAGE CORPORATION 1 6.25% $19,832
Goldwater Bank, N.A. 1 5.63% $6,207
HOMESIDE FINANCIAL, LLC 1 7.00% $15,280
Liberty Bank Minnesota 1 6.75% $1,505
MANN FINANCIAL INC. 1 6.63% $19,084
MOVEMENT MORTGAGE, LLC 1 5.50% $12,650
PENNYMAC LOAN SERVICES, LLC 1 4.50% $6,080
Plains Commerce Bank 1 6.63% $3,702
PLAZA HOME MORTGAGE, INC. 1 6.99% $17,036
Regent Financial Group, Inc. 1 6.38% $9,121

The top Brainerd VA lender as defined by loan originations is Mortgage Research Center, LLC, with 13 VA loans originated. Their average total fees are $8,178, which is $3,356 higher than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

The lowest fee Brainerd VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($8,178), .

The lowest rate Brainerd VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC (7.02%), .

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.