Sault Ste. Marie VA Loan Rates, Closing Costs & Stats

Sault Ste. Marie, MI

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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.

    Sault Ste. Marie's 13 lenders originated 34 VA loans during 2023. The total origination value was $7,530,000, with an average VA loan value of $221,471.

    Sault Ste. Marie VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Sault Ste. Marie averaged 6.36% for the week of 2024-12-13, compared to the national average (all VA variants) of 6.077% for the same period.

    Sault Ste. Marie's average VA mortgage closing costs are $4,240.

    The average rate for the prior week (2024-12-06) was 6.39% and one month ago for the week of 2024-11-08, the average rate was 6.69%.

    The average rate one year ago was 6.84%.

    For refis of the same type during the week of 2024-12-13, the average rate was 5.88%.

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

    Sault Ste. Marie 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 Sault Ste. Marie level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 13 6.93% $4,886
    USAA Federal Savings Bank 4 5.91% $7,120
    VAN DYK MORTGAGE CORPORATION 2 6.94% $7,206
    Citizens Bank 2 5.69% $2,599
    NAVY FEDERAL CREDIT UNION 2 7.00% $3,205
    Shamrock Home Loans, Inc. 2 5.56% $9,528
    HOMESIDE FINANCIAL, LLC 1 7.13% $13,844
    FREEDOM MORTGAGE CORPORATION 1 6.25% $8,081
    NEW DAY FINANCIAL, LLC 1 6.88% $10,863
    ROSS MORTGAGE CORPORATION 1 6.88% $11,457
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 7.13% $8,266
    LOANDEPOT.COM, LLC 1 2.99% $10,036
    MORTGAGE 1 INCORPORATED 1 6.63% $7,359

    The top Sault Ste. Marie VA lender as defined by loan originations is Mortgage Research Center, LLC, with 13 VA loans originated. Their average total fees are $4,886, which is $2,234 lower than the next largest lender, USAA Federal Savings Bank.

    The lowest fee Sault Ste. Marie VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($4,886), .

    The lowest rate Sault Ste. Marie VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC (6.93%), .

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Sault Ste. Marie (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 $138,750 (15.7%) $186,914 (10.2%) 0.00 398
    2018-02-01 $137,900 (11.1%) $185,743 (-1.1%) 0.00 387
    2018-03-01 $139,000 (11.3%) $192,974 (3.1%) 0.00 366
    2018-04-01 $140,000 (12.0%) $195,088 (4.3%) 0.00 371
    2018-05-01 $148,375 (14.2%) $197,789 (5.1%) 0.00 382
    2018-06-01 $149,000 (14.7%) $194,543 (2.0%) 0.00 443
    2018-07-01 $144,250 (11.1%) $191,157 (0.4%) 0.00 485
    2018-08-01 $146,250 (9.5%) $192,618 (-1.4%) 0.00 489
    2018-09-01 $138,000 (2.2%) $189,185 (-2.5%) 0.00 464
    2018-10-01 $137,225 (0.6%) $193,996 (7.3%) 0.00 427
    2018-11-01 $135,000 (-1.6%) $195,108 (7.6%) 0.00 409
    2018-12-01 $139,000 (0.0%) $196,075 (5.9%) 0.00 373
    2019-01-01 $144,700 (4.3%) $198,948 (6.4%) 0.00 346
    2019-02-01 $149,000 (8.1%) $204,049 (9.9%) 0.00 344
    2019-03-01 $149,386 (7.5%) $206,637 (7.1%) 0.00 329
    2019-04-01 $149,948 (7.1%) $209,033 (7.2%) 0.00 329
    2019-05-01 $149,900 (1.0%) $208,274 (5.3%) 0.00 324
    2019-06-01 $157,000 (5.4%) $208,672 (7.3%) 0.00 354
    2019-07-01 $156,500 (8.5%) $202,736 (6.1%) 0.00 386
    2019-08-01 $155,455 (6.3%) $201,498 (4.6%) 0.00 391
    2019-09-01 $154,636 (12.1%) $199,939 (5.7%) 0.00 389
    2019-10-01 $154,341 (12.5%) $198,900 (2.5%) 0.00 383
    2019-11-01 $154,500 (14.4%) $201,142 (3.1%) 0.00 348
    2019-12-01 $159,000 (14.4%) $200,900 (2.5%) 0.00 313
    2020-01-01 $156,750 (8.3%) $197,433 (-0.8%) 0.00 296
    2020-02-01 $158,000 (6.0%) $202,401 (-0.8%) 0.00 294
    2020-03-01 $159,900 (7.0%) $206,246 (-0.2%) 0.00 286
    2020-04-01 $159,900 (6.6%) $206,158 (-1.4%) 0.00 287
    2020-05-01 $159,900 (6.7%) $200,148 (-3.9%) 0.00 287
    2020-06-01 $159,900 (1.9%) $198,901 (-4.7%) 0.00 279
    2020-07-01 $159,950 (2.2%) $203,568 (0.4%) 0.00 262
    2020-08-01 $167,450 (7.7%) $203,844 (1.2%) 0.00 232
    2020-09-01 $159,450 (3.1%) $201,817 (0.9%) 0.00 202
    2020-10-01 $159,450 (3.3%) $210,772 (6.0%) 0.00 174
    2020-11-01 $153,325 (-0.8%) $213,336 (6.1%) 0.00 173
    2020-12-01 $144,225 (-9.3%) $197,625 (-1.6%) 0.00 158
    2021-01-01 $146,500 (-6.5%) $208,157 (5.4%) 0.00 139
    2021-02-01 $156,000 (-1.3%) $226,140 (11.7%) 0.00 121
    2021-03-01 $175,000 (9.4%) $237,445 (15.1%) 0.00 107
    2021-04-01 $179,667 (12.4%) $276,360 (34.1%) 0.00 94
    2021-05-01 $199,900 (25.0%) $298,525 (49.2%) 0.00 99
    2021-06-01 $198,000 (23.8%) $296,848 (49.2%) 0.00 121
    2021-07-01 $198,000 (23.8%) $297,999 (46.4%) 0.00 116
    2021-08-01 $202,000 (20.6%) $316,545 (55.3%) 0.00 120
    2021-09-01 $202,450 (27.0%) $309,247 (53.2%) 0.00 123
    2021-10-01 $210,000 (31.7%) $298,838 (41.8%) 0.00 110
    2021-11-01 $185,925 (21.3%) $277,405 (30.0%) 0.00 98
    2021-12-01 $176,950 (22.7%) $257,774 (30.4%) 0.00 90
    2022-01-01 $167,450 (14.3%) $262,693 (26.2%) 0.00 75
    2022-02-01 $176,725 (13.3%) $266,736 (18.0%) 0.00 55
    2022-03-01 $222,500 (27.1%) $291,854 (22.9%) 0.00 49
    2022-04-01 $194,950 (8.5%) $276,878 (0.2%) 0.00 53
    2022-05-01 $205,000 (2.6%) $250,996 (-15.9%) 0.00 64
    2022-06-01 $184,500 (-6.8%) $240,062 (-19.1%) 0.00 82
    2022-07-01 $190,000 (-4.0%) $235,083 (-21.1%) 0.00 92
    2022-08-01 $189,300 (-6.3%) $240,017 (-24.2%) 0.00 93
    2022-09-01 $189,925 (-6.2%) $242,577 (-21.6%) 0.00 92
    2022-10-01 $199,900 (-4.8%) $294,351 (-1.5%) 0.00 92
    2022-11-01 $225,000 (21.0%) $367,333 (32.4%) 0.00 80
    2022-12-01 $232,450 (31.4%) $379,511 (47.2%) 0.00 74
    2023-01-01 $247,425 (47.8%) $421,396 (60.4%) 0.00 61
    2023-02-01 $239,900 (35.8%) $403,510 (51.3%) 0.00 63
    2023-03-01 $250,000 (12.4%) $426,657 (46.2%) 0.00 64
    2023-04-01 $270,000 (38.5%) $476,667 (72.2%) 0.00 56
    2023-05-01 $242,400 (18.2%) $367,064 (46.2%) 0.00 71
    2023-06-01 $225,000 (22.0%) $337,424 (40.6%) 0.00 86
    2023-07-01 $239,900 (26.3%) $334,933 (42.5%) 0.00 100
    2023-08-01 $229,725 (21.4%) $328,440 (36.8%) 0.00 103
    2023-09-01 $215,000 (13.2%) $318,327 (31.2%) 0.00 102
    2023-10-01 $212,500 (6.3%) $292,074 (-0.8%) 0.00 103
    2023-11-01 $218,000 (-3.1%) $294,642 (-19.8%) 0.00 94
    2023-12-01 $225,250 (-3.1%) $324,842 (-14.4%) 0.00 84
    2024-01-01 $234,450 (-5.2%) $333,099 (-21.0%) 0.00 73
    2024-02-01 $249,250 (3.9%) $329,927 (-18.2%) 0.00 70
    2024-03-01 $250,000 (0.0%) $352,729 (-17.3%) 0.00 63
    2024-04-01 $261,200 (-3.3%) $354,760 (-25.6%) 0.00 73
    2024-05-01 $278,200 (14.8%) $366,428 (-0.2%) 0.00 81
    2024-06-01 $264,950 (17.8%) $391,361 (16.0%) 0.00 100
    2024-07-01 $262,225 (9.3%) $372,394 (11.2%) 0.00 107
    2024-08-01 $269,000 (17.1%) $360,755 (9.8%) 0.00 115
    2024-09-01 $260,500 (21.2%) $354,279 (11.3%) 0.00 112
    2024-10-01 $259,375 (22.1%) $348,730 (19.4%) 0.00 111
    2024-11-01 $249,000 (14.2%) $340,017 (15.4%) 0.00 101
    Sault Ste. Marie's median listing price for 2024-11-01 was $249,000, a difference of $31,000 (14.2%) versus the prior year and $-10,375 versus the prior month.

    Sault Ste. Marie's median listing price comes in at 0% of the national average.

    Sault Ste. Marie's average listing price for 2024-11-01 was $340,017, a difference of $45,375 (15.4%) versus the prior year and $-8,713 versus the prior month.

    For the 2024-11-01 period, Sault Ste. Marie had 101 MLS listings, a difference of -10 listings (-9%) versus the prior month and 7 listings (7%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Sault Ste. Marie (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,355 sqft
    2018-02-01 0 days 1,400 sqft
    2018-03-01 0 days 1,433 sqft
    2018-04-01 0 days 1,429 sqft
    2018-05-01 0 days 1,420 sqft
    2018-06-01 0 days 1,424 sqft
    2018-07-01 0 days 1,389 sqft
    2018-08-01 0 days 1,391 sqft
    2018-09-01 0 days 1,350 sqft
    2018-10-01 0 days 1,365 sqft
    2018-11-01 0 days 1,358 sqft
    2018-12-01 0 days 1,352 sqft
    2019-01-01 0 days 1,362 sqft
    2019-02-01 0 days 1,392 sqft
    2019-03-01 0 days 1,395 sqft
    2019-04-01 0 days 1,403 sqft
    2019-05-01 0 days 1,400 sqft
    2019-06-01 0 days 1,400 sqft
    2019-07-01 0 days 1,371 sqft
    2019-08-01 0 days 1,361 sqft
    2019-09-01 0 days 1,383 sqft
    2019-10-01 0 days 1,400 sqft
    2019-11-01 0 days 1,394 sqft
    2019-12-01 0 days 1,391 sqft
    2020-01-01 0 days 1,321 sqft
    2020-02-01 0 days 1,354 sqft
    2020-03-01 0 days 1,404 sqft
    2020-04-01 0 days 1,400 sqft
    2020-05-01 0 days 1,400 sqft
    2020-06-01 0 days 1,375 sqft
    2020-07-01 0 days 1,387 sqft
    2020-08-01 0 days 1,400 sqft
    2020-09-01 0 days 1,351 sqft
    2020-10-01 0 days 1,325 sqft
    2020-11-01 0 days 1,354 sqft
    2020-12-01 0 days 1,388 sqft
    2021-01-01 0 days 1,400 sqft
    2021-02-01 0 days 1,420 sqft
    2021-03-01 0 days 1,388 sqft
    2021-04-01 0 days 1,346 sqft
    2021-05-01 0 days 1,440 sqft
    2021-06-01 0 days 1,488 sqft
    2021-07-01 0 days 1,512 sqft
    2021-08-01 0 days 1,512 sqft
    2021-09-01 0 days 1,428 sqft
    2021-10-01 0 days 1,432 sqft
    2021-11-01 0 days 1,392 sqft
    2021-12-01 0 days 1,334 sqft
    2022-01-01 0 days 1,360 sqft
    2022-02-01 0 days 1,427 sqft
    2022-03-01 0 days 1,522 sqft
    2022-04-01 0 days 1,418 sqft
    2022-05-01 0 days 1,378 sqft
    2022-06-01 0 days 1,350 sqft
    2022-07-01 0 days 1,337 sqft
    2022-08-01 0 days 1,376 sqft
    2022-09-01 0 days 1,346 sqft
    2022-10-01 0 days 1,451 sqft
    2022-11-01 0 days 1,570 sqft
    2022-12-01 0 days 1,600 sqft
    2023-01-01 0 days 1,600 sqft
    2023-02-01 0 days 1,586 sqft
    2023-03-01 0 days 1,613 sqft
    2023-04-01 0 days 1,613 sqft
    2023-05-01 0 days 1,462 sqft
    2023-06-01 0 days 1,459 sqft
    2023-07-01 0 days 1,443 sqft
    2023-08-01 0 days 1,412 sqft
    2023-09-01 0 days 1,380 sqft
    2023-10-01 0 days 1,347 sqft
    2023-11-01 0 days 1,408 sqft
    2023-12-01 0 days 1,440 sqft
    2024-01-01 0 days 1,420 sqft
    2024-02-01 0 days 1,476 sqft
    2024-03-01 0 days 1,500 sqft
    2024-04-01 0 days 1,500 sqft
    2024-05-01 0 days 1,677 sqft
    2024-06-01 0 days 1,628 sqft
    2024-07-01 0 days 1,509 sqft
    2024-08-01 0 days 1,600 sqft
    2024-09-01 0 days 1,600 sqft
    2024-10-01 0 days 1,604 sqft
    2024-11-01 0 days 1,604 sqft
    Sault Ste. Marie's median listing age (time on market) for 2024-11-01 was 0 days.

    Sault Ste. Marie's median square footage for active listings during the 2024-11-01 period was 1,604 sqft. One year prior, the average listing was 1,408 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.