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 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 7.27% for the week of 2024-04-19, compared to the national average (all VA variants) of 6.758% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.9% and one month ago for the week of 2024-03-15, the average rate was 6.76%.

    The average rate one year ago was 6.35%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.1%.

    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%), .

    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%) $391,653 (16.2%) 0.00 632
    2018-02-01 $272,450 (9.4%) $411,629 (12.9%) 0.00 654
    2018-03-01 $285,000 (6.6%) $412,532 (6.7%) 0.00 750
    2018-04-01 $299,450 (7.0%) $423,194 (8.6%) 0.00 771
    2018-05-01 $299,900 (7.2%) $417,777 (7.9%) 0.00 857
    2018-06-01 $295,000 (3.5%) $411,052 (6.0%) 0.00 973
    2018-07-01 $292,500 (2.7%) $414,881 (5.4%) 0.00 1,022
    2018-08-01 $289,900 (3.6%) $404,305 (3.0%) 0.00 1,009
    2018-09-01 $289,900 (3.6%) $416,622 (5.5%) 0.00 967
    2018-10-01 $282,325 (1.2%) $420,952 (1.9%) 0.00 905
    2018-11-01 $275,000 (1.9%) $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 (0.9%) 0.00 551
    2019-02-01 $272,675 (0.1%) $412,197 (0.1%) 0.00 561
    2019-03-01 $291,643 (2.3%) $432,276 (4.8%) 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 (5.3%) 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 (2.7%) $392,822 (-6.7%) 0.00 905
    2019-11-01 $281,500 (2.4%) $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%) $653,191 (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
    2023-11-01 $414,138 (-0.2%) $513,313 (-11.1%) 0.00 342
    2023-12-01 $399,000 (-2.7%) $485,983 (-11.8%) 0.00 279
    2024-01-01 $407,450 (1.1%) $529,669 (0.6%) 0.00 252
    2024-02-01 $418,650 (4.7%) $556,687 (8.1%) 0.00 255
    2024-03-01 $449,900 (9.8%) $614,780 (8.4%) 0.00 294
    Brainerd's median listing price for 2024-03-01 was $449,900, a difference of $39,950 (9.8%) versus the prior year and $31,250 versus the prior month.

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

    Brainerd's average listing price for 2024-03-01 was $614,780, a difference of $47,634 (8.4%) versus the prior year and $58,093 versus the prior month.

    For the 2024-03-01 period, Brainerd had 294 MLS listings, a difference of 39 listings (15%) versus the prior month and 107 listings (57%) 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 1,892 sqft
    2018-02-01 0 days 1,941 sqft
    2018-03-01 0 days 2,038 sqft
    2018-04-01 0 days 2,065 sqft
    2018-05-01 0 days 2,026 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 1,920 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 1,791 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 1,921 sqft
    2022-06-01 0 days 1,970 sqft
    2022-07-01 0 days 1,884 sqft
    2022-08-01 0 days 1,876 sqft
    2022-09-01 0 days 1,895 sqft
    2022-10-01 0 days 1,939 sqft
    2022-11-01 0 days 1,913 sqft
    2022-12-01 0 days 1,887 sqft
    2023-01-01 0 days 1,826 sqft
    2023-02-01 0 days 1,845 sqft
    2023-03-01 0 days 1,940 sqft
    2023-04-01 0 days 2,028 sqft
    2023-05-01 0 days 2,017 sqft
    2023-06-01 0 days 1,869 sqft
    2023-07-01 0 days 1,879 sqft
    2023-08-01 0 days 1,869 sqft
    2023-09-01 0 days 1,873 sqft
    2023-10-01 0 days 1,860 sqft
    2023-11-01 0 days 1,898 sqft
    2023-12-01 0 days 1,831 sqft
    2024-01-01 0 days 1,852 sqft
    2024-02-01 0 days 1,801 sqft
    2024-03-01 0 days 1,872 sqft
    Brainerd's median listing age (time on market) for 2024-03-01 was 0 days.

    Brainerd's median square footage for active listings during the 2024-03-01 period was 1,872 sqft. One year prior, the average listing was 1,940 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.