Brainerd VA Loan Rates, Closing Costs & Stats

Brainerd, MN

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets

    • 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 6.85% for the week of 2024-11-08, compared to the national average (all VA variants) of 6.34% for the same period.

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

    The average rate for the prior week (2024-11-01) was 6.51% and one month ago for the week of 2024-10-04, the average rate was 5.93%.

    The average rate one year ago was 7.49%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.78%.

    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.