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 59 lenders originated 392 VA loans during 2021. The total origination value was $95,800,000, with an average VA loan value of $244,388.

Brainerd VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Brainerd averaged 0.45% for the week of 2022-11-25, compared to the national average (all VA variants) of 0% for the same period.

Brainerd's average VA mortgage closing costs are $4,292.

The average rate for the prior week (2022-11-18) was 6.44% and one month ago for the week of 2022-10-21, the average rate was 7.09%.

The average rate one year ago was 3.47%.

For refis of the same type during the week of 2022-11-25, the average rate was 0.32%.

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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
Mortgage Research Center, LLC 42 2.85% $4,501
QUICKEN LOANS, LLC 39 2.46% $4,362
FREEDOM MORTGAGE CORPORATION 21 2.60% $2,119
PENNYMAC LOAN SERVICES, LLC 19 2.56% $5,210
First Western Bank & Trust 17 2.45% $4,060
Servion, Inc. 16 2.80% $6,427
NEW DAY FINANCIAL, LLC 15 2.57% $6,072
Prosperity Home Mortgage, LLC 13 2.62% $6,917
LOANDEPOT.COM, LLC 12 2.86% $4,526
UNITED WHOLESALE MORTGAGE, LLC 10 2.46% $3,994
Flagstar Bank, FSB 9 2.61% $5,851
Wells Fargo Bank 8 2.66% $4,844
LAKEVIEW LOAN SERVICING, LLC 7 2.61% $2,296
U.S. Bank 7 2.46% $3,016
USAA Federal Savings Bank 7 2.86% $7,868
Mr. Cooper ( Nationstar Mortgage ) 6 2.60% $2,661
NAVY FEDERAL CREDIT UNION 5 2.65% $2,721
CROSSCOUNTRY MORTGAGE, LLC 5 3.17% $5,473
NEWREZ LLC 5 2.60% $2,675
HOME POINT FINANCIAL CORPORATION 5 2.45% $4,602
PRIMELENDING, A PLAINSCAPITAL COMPANY 4 2.94% $3,233
American Mortgage & Equity Consultants, Inc. 4 2.88% $3,022
BROKER SOLUTIONS, INC. 4 2.81% $4,458
CALIBER HOME LOANS, INC. 4 2.63% $1,685
Goldwater Bank, N.A. 4 2.88% $5,454
The Federal Savings Bank 4 2.44% $6,621
VILLAGE CAPITAL MORTGAGE 4 2.63% $1,995
PLANET HOME LENDING, LLC 3 2.75% $6,087
PLAZA HOME MORTGAGE, INC. 3 2.67% $3,334
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 3 3.00% $7,327
NBKC BANK 2 2.63% $1,840
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 3.12% $2,732
Barrington Bank & Trust Company, N.A. 2 2.38% $2,515
RELIANCE FIRST CAPITAL, LLC 2 2.75% $5,542
LEADERONE FINANCIAL CORPORATION 2 2.38% $3,350
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 2.93% $4,331
Bremer Bank 1 2.88% $18,839
PENTAGON FEDERAL CREDIT UNION 1 2.50% $1,746
ACCELERATE MORTGAGE, LLC 1 2.25% $1,999
BNC National Bank 1 2.25% $4,677
ARC HOME LLC 1 2.63% $8,087
SOVEREIGN LENDING GROUP INCORPORATED 1 2.75% $5,675
ST. CLOUD FINANCIAL 1 2.75% $2,068
SUN WEST MORTGAGE COMPANY, INC. 1 2.25% $1,723
TCF National Bank 1 3.13% $1,433
AMCAP MORTGAGE, LTD. 1 2.63% $3,670
AMERICAN FINANCING CORPORATION 1 2.75% $2,345
AMERICAN FINANCIAL NETWORK, INC. 1 2.25% $4,127
GUILD MORTGAGE COMPANY 1 2.25% $3,205
HOMESTEAD FUNDING CORP. 1 2.25% $4,304
First Home Bank 1 3.25% $2,150
KS StateBank 1 2.88% $2,528
First Guaranty Mortgage Corporation 1 2.38% $4,066
FIRST COMMUNITY MORTGAGE, INC. 1 2.88% $3,630
EVERETT FINANCIAL, INC. 1 2.38% $450
EMM LOANS LLC 1 2.75% $7,143
CRESCENT MORTGAGE COMPANY 1 2.25% $2,486
North American Savings Bank, F.S.B. 1 2.25% $1,369
North Shore Bank of Commerce 1 2.25% $1,482

The top Brainerd VA lender as defined by loan originations is Mortgage Research Center, LLC, with 42 VA loans originated. Their average total fees are $4,501, which is $139 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Brainerd VA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($2,119), UNITED WHOLESALE MORTGAGE, LLC ($3,994), First Western Bank & Trust ($4,060), QUICKEN LOANS, LLC ($4,362) and Mortgage Research Center, LLC ($4,501).

The lowest rate Brainerd VA lenders (with over 10 loans originated) are First Western Bank & Trust (2.45%), QUICKEN LOANS, LLC (2.46%), UNITED WHOLESALE MORTGAGE, LLC (2.46%), PENNYMAC LOAN SERVICES, LLC (2.56%) and NEW DAY FINANCIAL, LLC (2.57%).


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Brainerd (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 $257,625 (9.6%) $391,210 (16.1%) 0.00 633
2018-02-01 $272,400 (9.4%) $410,904 (12.7%) 0.00 656
2018-03-01 $284,950 (6.6%) $411,869 (6.5%) 0.00 751
2018-04-01 $299,450 (7.0%) $423,006 (8.6%) 0.00 772
2018-05-01 $299,900 (7.2%) $417,687 (7.8%) 0.00 858
2018-06-01 $295,000 (3.5%) $410,891 (6.0%) 0.00 974
2018-07-01 $292,500 (2.7%) $414,853 (5.4%) 0.00 1,024
2018-08-01 $289,900 (3.6%) $404,288 (3.0%) 0.00 1,011
2018-09-01 $289,900 (3.7%) $416,742 (5.5%) 0.00 968
2018-10-01 $282,950 (1.4%) $420,943 (1.9%) 0.00 907
2018-11-01 $276,000 (2.3%) $410,459 (-0.1%) 0.00 773
2018-12-01 $265,400 (2.1%) $413,979 (7.4%) 0.00 623
2019-01-01 $258,700 (0.4%) $395,083 (1.0%) 0.00 551
2019-02-01 $272,675 (0.1%) $412,197 (0.3%) 0.00 561
2019-03-01 $291,643 (2.4%) $432,276 (5.0%) 0.00 638
2019-04-01 $299,900 (0.2%) $446,440 (5.5%) 0.00 744
2019-05-01 $299,900 (0.0%) $439,982 (5.3%) 0.00 863
2019-06-01 $299,000 (1.4%) $426,465 (3.8%) 0.00 955
2019-07-01 $299,000 (2.2%) $424,117 (2.2%) 0.00 1,008
2019-08-01 $297,173 (2.5%) $417,565 (3.3%) 0.00 998
2019-09-01 $293,082 (1.1%) $403,802 (-3.1%) 0.00 951
2019-10-01 $289,900 (2.5%) $392,345 (-6.8%) 0.00 908
2019-11-01 $279,900 (1.4%) $387,980 (-5.5%) 0.00 761
2019-12-01 $274,900 (3.6%) $375,920 (-9.2%) 0.00 599
2020-01-01 $269,950 (4.4%) $378,982 (-4.1%) 0.00 487
2020-02-01 $289,900 (6.3%) $398,223 (-3.4%) 0.00 521
2020-03-01 $299,900 (2.8%) $414,132 (-4.2%) 0.00 565
2020-04-01 $302,450 (0.9%) $420,117 (-5.9%) 0.00 614
2020-05-01 $299,900 (0.0%) $411,839 (-6.4%) 0.00 661
2020-06-01 $293,500 (-1.8%) $409,435 (-4.0%) 0.00 634
2020-07-01 $295,000 (-1.3%) $400,494 (-5.6%) 0.00 570
2020-08-01 $299,900 (0.9%) $417,007 (-0.1%) 0.00 526
2020-09-01 $304,500 (3.9%) $429,104 (6.3%) 0.00 461
2020-10-01 $289,900 (0.0%) $420,755 (7.2%) 0.00 393
2020-11-01 $299,450 (7.0%) $432,567 (11.5%) 0.00 322
2020-12-01 $299,675 (9.0%) $418,256 (11.3%) 0.00 254
2021-01-01 $299,000 (10.8%) $407,217 (7.5%) 0.00 201
2021-02-01 $302,000 (4.2%) $453,848 (14.0%) 0.00 186
2021-03-01 $327,450 (9.2%) $478,627 (15.6%) 0.00 190
2021-04-01 $332,225 (9.8%) $516,327 (22.9%) 0.00 196
2021-05-01 $349,900 (16.7%) $501,587 (21.8%) 0.00 216
2021-06-01 $336,000 (14.5%) $490,070 (19.7%) 0.00 253
2021-07-01 $349,900 (18.6%) $515,517 (28.7%) 0.00 297
2021-08-01 $339,900 (13.3%) $511,402 (22.6%) 0.00 330
2021-09-01 $359,450 (18.1%) $524,112 (22.1%) 0.00 362
2021-10-01 $349,900 (20.7%) $547,483 (30.1%) 0.00 312
2021-11-01 $349,900 (16.9%) $529,484 (22.4%) 0.00 227
2021-12-01 $347,400 (15.9%) $493,602 (18.0%) 0.00 182
2022-01-01 $353,400 (18.2%) $508,480 (24.9%) 0.00 139
2022-02-01 $391,800 (29.7%) $517,486 (14.0%) 0.00 144
2022-03-01 $425,450 (29.9%) $576,639 (20.5%) 0.00 156
2022-04-01 $419,900 (26.4%) $573,929 (11.2%) 0.00 209
2022-05-01 $422,325 (20.7%) $598,829 (19.4%) 0.00 239
2022-06-01 $422,175 (25.7%) $594,008 (21.2%) 0.00 289
2022-07-01 $425,000 (21.5%) $621,899 (20.6%) 0.00 358
2022-08-01 $413,425 (21.6%) $604,852 (18.3%) 0.00 370
2022-09-01 $413,644 (15.1%) $583,688 (11.4%) 0.00 365
2022-10-01 $420,000 (20.0%) $572,923 (4.7%) 0.00 339
Brainerd's median listing price for 2022-10-01 was $420,000, a difference of $70,100 (20.0%) versus the prior year and $6,356 versus the prior month.

Brainerd's median listing price comes in at 0% of the national average.

Brainerd's average listing price for 2022-10-01 was $572,923, a difference of $25,440 (4.7%) versus the prior year and $-10,765 versus the prior month.

For the 2022-10-01 period, Brainerd had 339 MLS listings, a difference of -26 listings (-7%) versus the prior month and 27 listings (9%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Brainerd (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,888 sqft
2018-02-01 0 days 1,939 sqft
2018-03-01 0 days 2,035 sqft
2018-04-01 0 days 2,063 sqft
2018-05-01 0 days 2,025 sqft
2018-06-01 0 days 2,000 sqft
2018-07-01 0 days 1,929 sqft
2018-08-01 0 days 1,850 sqft
2018-09-01 0 days 1,850 sqft
2018-10-01 0 days 1,851 sqft
2018-11-01 0 days 1,810 sqft
2018-12-01 0 days 1,779 sqft
2019-01-01 0 days 1,790 sqft
2019-02-01 0 days 1,849 sqft
2019-03-01 0 days 1,874 sqft
2019-04-01 0 days 1,896 sqft
2019-05-01 0 days 1,903 sqft
2019-06-01 0 days 1,914 sqft
2019-07-01 0 days 1,885 sqft
2019-08-01 0 days 1,878 sqft
2019-09-01 0 days 1,875 sqft
2019-10-01 0 days 1,872 sqft
2019-11-01 0 days 1,836 sqft
2019-12-01 0 days 1,807 sqft
2020-01-01 0 days 1,797 sqft
2020-02-01 0 days 1,840 sqft
2020-03-01 0 days 1,912 sqft
2020-04-01 0 days 1,920 sqft
2020-05-01 0 days 1,920 sqft
2020-06-01 0 days 1,911 sqft
2020-07-01 0 days 1,920 sqft
2020-08-01 0 days 1,897 sqft
2020-09-01 0 days 1,894 sqft
2020-10-01 0 days 1,872 sqft
2020-11-01 0 days 1,877 sqft
2020-12-01 0 days 1,782 sqft
2021-01-01 0 days 1,743 sqft
2021-02-01 0 days 1,789 sqft
2021-03-01 0 days 1,779 sqft
2021-04-01 0 days 1,738 sqft
2021-05-01 0 days 1,782 sqft
2021-06-01 0 days 1,792 sqft
2021-07-01 0 days 1,768 sqft
2021-08-01 0 days 1,776 sqft
2021-09-01 0 days 1,816 sqft
2021-10-01 0 days 1,855 sqft
2021-11-01 0 days 1,788 sqft
2021-12-01 0 days 1,778 sqft
2022-01-01 0 days 1,776 sqft
2022-02-01 0 days 2,036 sqft
2022-03-01 0 days 2,158 sqft
2022-04-01 0 days 2,208 sqft
2022-05-01 0 days 1,917 sqft
2022-06-01 0 days 1,964 sqft
2022-07-01 0 days 1,882 sqft
2022-08-01 0 days 1,873 sqft
2022-09-01 0 days 1,896 sqft
2022-10-01 0 days 1,942 sqft
Brainerd's median listing age (time on market) for 2022-10-01 was 0 days.

Brainerd's median square footage for active listings during the 2022-10-01 period was 1,942 sqft. One year prior, the average listing was 1,855 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.