Brainerd VA Loan Rates, Closing Costs & Stats

Brainerd, MN

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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 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 48 lenders originated 151 VA loans during 2022. The total origination value was $41,085,000, with an average VA loan value of $272,086.

    Brainerd VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Brainerd averaged -0.25% for the week of 2023-11-24, compared to the national average (all VA variants) of 0% for the same period.

    Brainerd's average VA mortgage closing costs are $4,654.

    The average rate for the prior week (2023-11-17) was 6.9% and one month ago for the week of 2023-10-20, the average rate was 7.23%.

    The average rate one year ago was 6.34%.

    For refis of the same type during the week of 2023-11-24, the average rate was -0.99%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    Mortgage Research Center, LLC 26 5.09% $5,107
    QUICKEN LOANS, LLC 13 3.89% $8,243
    NEW DAY FINANCIAL, LLC 10 4.77% $11,053
    NAVY FEDERAL CREDIT UNION 8 4.13% $3,859
    LOANDEPOT.COM, LLC 7 3.52% $3,752
    Flagstar Bank, FSB 7 4.27% $9,898
    USAA Federal Savings Bank 7 5.02% $8,784
    Prosperity Home Mortgage, LLC 4 4.97% $2,825
    Mr. Cooper ( Nationstar Mortgage ) 4 4.75% $14,306
    PENNYMAC LOAN SERVICES, LLC 4 3.59% $4,558
    UNITED WHOLESALE MORTGAGE, LLC 4 3.48% $7,401
    First Western Bank & Trust 4 3.34% $8,241
    The Federal Savings Bank 3 5.50% $8,094
    PRIMELENDING, A PLAINSCAPITAL COMPANY 3 4.79% $5,292
    HOMEBRIDGE FINANCIAL SERVICES, INC. 3 4.42% $7,871
    American Mortgage & Equity Consultants, Inc. 3 3.96% $4,472
    AMERICAN FINANCING CORPORATION 2 3.94% $9,383
    AMERISAVE MORTGAGE CORPORATION 2 4.00% $11,925
    Barrington Bank & Trust Company, N.A. 2 3.67% $6,715
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 5.44% $8,862
    Paramount Residential Mortgage Group, Inc. 2 6.25% $10,031
    Servion, Inc. 2 4.13% $10,801
    Tradition Mortgage, LLC 2 5.37% $5,245
    Nations Lending Corporation 1 4.25% $7,751
    Goldwater Bank, N.A. 1 7.25% $9,146
    Neighborhood Loans, Inc. 1 5.63% $23,129
    First PREMIER Bank 1 5.99% $13,369
    NEWREZ LLC 1 6.75% $9,622
    Waterstone Mortgage Corporation 1 5.63% $8,450
    EVERETT FINANCIAL, INC. 1 5.50% $24,678
    Plains Commerce Bank 1 4.99% $9,016
    Carrington Mortgage Services, LLC 1 5.13% $6,495
    CALIBER HOME LOANS, INC. 1 4.75% $13,091
    BNC National Bank 1 4.88% $6,464
    ROYAL UNITED MORTGAGE LLC 1 4.63% $5,845
    SECURITYNATIONAL MORTGAGE COMPANY 1 5.75% $4,040
    Wells Fargo Bank 1 4.63% $5,642
    Strong Home Mortgage, LLC 1 3.25% $4,002
    The Central Trust Bank 1 3.13% $2,846
    BANKWEST, INC. 1 6.25% $12,473
    Wyndham Capital Mortgage, Inc. 1 3.75% $1,910
    Amerifirst Financial, Inc. 1 6.13% $2,190
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.25% $11,768
    U.S. Bank 1 5.25% $3,771
    VILLAGE CAPITAL MORTGAGE 1 2.75% $8,267
    GUILD MORTGAGE COMPANY 1 2.75% $8,053
    GUARANTEED RATE AFFINITY, LLC 1 5.13% $2,103
    MUTUAL OF OMAHA MORTGAGE, INC. 1 5.75% $5,082

    The top Brainerd VA lender as defined by loan originations is Mortgage Research Center, LLC, with 26 VA loans originated. Their average total fees are $5,107, which is $3,137 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Brainerd VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($5,107), QUICKEN LOANS, LLC ($8,243), NEW DAY FINANCIAL, LLC ($11,053), .

    The lowest rate Brainerd VA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (3.89%), NEW DAY FINANCIAL, LLC (4.77%), Mortgage Research Center, LLC (5.09%), .

    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%) $446,447 (5.5%) 0.00 744
    2019-05-01 $299,900 (0.0%) $440,079 (5.4%) 0.00 860
    2019-06-01 $299,000 (1.4%) $426,626 (3.8%) 0.00 952
    2019-07-01 $299,000 (2.2%) $424,479 (2.3%) 0.00 1,005
    2019-08-01 $297,173 (2.5%) $417,956 (3.4%) 0.00 995
    2019-09-01 $293,082 (1.1%) $404,237 (-3.0%) 0.00 948
    2019-10-01 $289,900 (2.5%) $392,822 (-6.7%) 0.00 905
    2019-11-01 $281,500 (2.0%) $388,521 (-5.3%) 0.00 758
    2019-12-01 $274,925 (3.6%) $376,584 (-9.0%) 0.00 596
    2020-01-01 $274,398 (6.1%) $379,791 (-3.9%) 0.00 484
    2020-02-01 $289,900 (6.3%) $399,087 (-3.2%) 0.00 518
    2020-03-01 $299,900 (2.8%) $414,998 (-4.0%) 0.00 562
    2020-04-01 $303,475 (1.2%) $420,954 (-5.7%) 0.00 611
    2020-05-01 $299,900 (0.0%) $412,548 (-6.3%) 0.00 658
    2020-06-01 $296,950 (-0.7%) $410,360 (-3.8%) 0.00 631
    2020-07-01 $295,750 (-1.1%) $402,406 (-5.2%) 0.00 567
    2020-08-01 $299,900 (0.9%) $417,879 (0.0%) 0.00 523
    2020-09-01 $309,000 (5.4%) $430,116 (6.4%) 0.00 458
    2020-10-01 $289,900 (0.0%) $421,916 (7.4%) 0.00 390
    2020-11-01 $299,900 (6.5%) $434,104 (11.7%) 0.00 319
    2020-12-01 $299,950 (9.1%) $420,184 (11.6%) 0.00 251
    2021-01-01 $300,200 (9.4%) $409,481 (7.8%) 0.00 198
    2021-02-01 $306,600 (5.8%) $457,004 (14.5%) 0.00 183
    2021-03-01 $327,950 (9.4%) $481,993 (16.1%) 0.00 187
    2021-04-01 $338,650 (11.6%) $519,982 (23.5%) 0.00 193
    2021-05-01 $349,900 (16.7%) $504,705 (22.3%) 0.00 213
    2021-06-01 $343,725 (15.8%) $492,583 (20.0%) 0.00 250
    2021-07-01 $350,000 (18.3%) $517,951 (28.7%) 0.00 294
    2021-08-01 $343,425 (14.5%) $513,464 (22.9%) 0.00 327
    2021-09-01 $360,175 (16.6%) $526,121 (22.3%) 0.00 359
    2021-10-01 $349,950 (20.7%) $550,160 (30.4%) 0.00 309
    2021-11-01 $349,950 (16.7%) $532,735 (22.7%) 0.00 224
    2021-12-01 $349,050 (16.4%) $497,306 (18.4%) 0.00 179
    2022-01-01 $359,900 (19.9%) $514,324 (25.6%) 0.00 136
    2022-02-01 $393,425 (28.3%) $522,917 (14.4%) 0.00 141
    2022-03-01 $437,450 (33.4%) $582,991 (21.0%) 0.00 153
    2022-04-01 $427,400 (26.2%) $578,051 (11.2%) 0.00 206
    2022-05-01 $422,325 (20.7%) $597,203 (18.3%) 0.00 227
    2022-06-01 $422,175 (22.8%) $591,823 (20.2%) 0.00 277
    2022-07-01 $425,000 (21.4%) $621,491 (20.0%) 0.00 346
    2022-08-01 $413,050 (20.3%) $603,939 (17.6%) 0.00 358
    2022-09-01 $413,839 (14.9%) $583,394 (10.9%) 0.00 352
    2022-10-01 $420,000 (20.0%) $572,268 (4.0%) 0.00 326
    2022-11-01 $414,900 (18.6%) $577,257 (8.4%) 0.00 279
    2022-12-01 $409,900 (17.4%) $550,984 (10.8%) 0.00 220
    2023-01-01 $403,175 (12.0%) $526,471 (2.4%) 0.00 183
    2023-02-01 $399,900 (1.7%) $514,991 (-1.5%) 0.00 192
    2023-03-01 $409,950 (-6.3%) $567,146 (-2.7%) 0.00 187
    2023-04-01 $429,900 (0.6%) $625,359 (8.2%) 0.00 211
    2023-05-01 $444,450 (5.2%) $653,558 (9.4%) 0.00 269
    2023-06-01 $432,400 (2.4%) $619,827 (4.7%) 0.00 315
    2023-07-01 $420,000 (-1.2%) $583,756 (-6.1%) 0.00 365
    2023-08-01 $405,863 (-1.7%) $582,217 (-3.6%) 0.00 372
    2023-09-01 $399,900 (-3.4%) $564,674 (-3.2%) 0.00 404
    2023-10-01 $400,000 (-4.8%) $545,424 (-4.7%) 0.00 398
    Brainerd's median listing price for 2023-10-01 was $400,000, a difference of $-20,000 (-4.8%) versus the prior year and $100 versus the prior month.

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

    Brainerd's average listing price for 2023-10-01 was $545,424, a difference of $-26,844 (-4.7%) versus the prior year and $-19,250 versus the prior month.

    For the 2023-10-01 period, Brainerd had 398 MLS listings, a difference of -6 listings (-1%) versus the prior month and 72 listings (22%) 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 1,894 sqft
    2019-05-01 0 days 1,902 sqft
    2019-06-01 0 days 1,914 sqft
    2019-07-01 0 days 1,885 sqft
    2019-08-01 0 days 1,879 sqft
    2019-09-01 0 days 1,877 sqft
    2019-10-01 0 days 1,875 sqft
    2019-11-01 0 days 1,839 sqft
    2019-12-01 0 days 1,808 sqft
    2020-01-01 0 days 1,805 sqft
    2020-02-01 0 days 1,858 sqft
    2020-03-01 0 days 1,920 sqft
    2020-04-01 0 days 1,924 sqft
    2020-05-01 0 days 1,924 sqft
    2020-06-01 0 days 1,916 sqft
    2020-07-01 0 days 1,926 sqft
    2020-08-01 0 days 1,908 sqft
    2020-09-01 0 days 1,900 sqft
    2020-10-01 0 days 1,878 sqft
    2020-11-01 0 days 1,886 sqft
    2020-12-01 0 days 1,791 sqft
    2021-01-01 0 days 1,770 sqft
    2021-02-01 0 days 1,814 sqft
    2021-03-01 0 days 1,806 sqft
    2021-04-01 0 days 1,746 sqft
    2021-05-01 0 days 1,806 sqft
    2021-06-01 0 days 1,794 sqft
    2021-07-01 0 days 1,776 sqft
    2021-08-01 0 days 1,796 sqft
    2021-09-01 0 days 1,842 sqft
    2021-10-01 0 days 1,866 sqft
    2021-11-01 0 days 1,802 sqft
    2021-12-01 0 days 1,789 sqft
    2022-01-01 0 days 1,863 sqft
    2022-02-01 0 days 2,058 sqft
    2022-03-01 0 days 2,190 sqft
    2022-04-01 0 days 2,251 sqft
    2022-05-01 0 days 1,911 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 1,893 sqft
    2022-10-01 0 days 1,939 sqft
    2022-11-01 0 days 1,913 sqft
    2022-12-01 0 days 1,876 sqft
    2023-01-01 0 days 1,824 sqft
    2023-02-01 0 days 1,844 sqft
    2023-03-01 0 days 1,940 sqft
    2023-04-01 0 days 2,028 sqft
    2023-05-01 0 days 2,025 sqft
    2023-06-01 0 days 1,874 sqft
    2023-07-01 0 days 1,883 sqft
    2023-08-01 0 days 1,872 sqft
    2023-09-01 0 days 1,874 sqft
    2023-10-01 0 days 1,860 sqft
    Brainerd's median listing age (time on market) for 2023-10-01 was 0 days.

    Brainerd's median square footage for active listings during the 2023-10-01 period was 1,860 sqft. One year prior, the average listing was 1,939 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.