Sault Ste. Marie VA Loan Rates, Closing Costs & Stats
Sault Ste. Marie, MI
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 16 lenders originated 48 VA loans during 2024. The total origination value was $10,800,000, with an average VA loan value of $225,000.
Sault Ste. Marie VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in Sault Ste. Marie
averaged
0.42%
for the week of 2025-07-04, compared to the national average (all VA variants) of
0% for the same period.
Sault Ste. Marie's average VA mortgage closing costs are $4,419.
The average rate for the prior week (2025-06-27) was
6.86% and
one month ago for the week of 2025-05-30, the
average rate was 7.18%.
The average rate one year ago was 7.1%.
For refis of the same type during the week of 2025-07-04, the average rate
was 0.1%.
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 | 2024 Avg. 30yFix Rate | 2024 Avg. Closing Costs |
|---|---|---|---|
| Mortgage Research Center, LLC | 19 | 6.73% | $4,689 |
| NAVY FEDERAL CREDIT UNION | 4 | 6.00% | $4,901 |
| QUICKEN LOANS, LLC | 4 | 6.27% | $7,805 |
| USAA Federal Savings Bank | 4 | 6.63% | $5,855 |
| FREEDOM MORTGAGE CORPORATION | 3 | 6.29% | $5,371 |
| VAN DYK MORTGAGE CORPORATION | 2 | 6.93% | $4,367 |
| Carrington Mortgage Services, LLC | 2 | 5.94% | $8,960 |
| PENNYMAC LOAN SERVICES, LLC | 1 | 5.75% | $6,384 |
| ARK-LA-TEX FINANCIAL SERVICES, LLC. | 1 | 5.75% | $7,225 |
| VILLAGE CAPITAL MORTGAGE | 1 | 7.13% | $4,725 |
| Barrington Bank & Trust Company, N.A. | 1 | 6.25% | $12,837 |
| BROKER SOLUTIONS, INC. | 1 | 7.25% | $7,984 |
| CROSSCOUNTRY MORTGAGE, LLC | 1 | 5.75% | $15,382 |
| GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION | 1 | 6.75% | $6,513 |
| LOANDEPOT.COM, LLC | 1 | 6.63% | $6,121 |
| Mr. Cooper ( Nationstar Mortgage ) | 1 | 6.25% | $15,187 |
The top Sault Ste. Marie VA lender as defined by loan originations is Mortgage Research Center, LLC, with
19 VA loans originated. Their average total fees are
$4,689, which is $212
lower than the next largest lender,
NAVY FEDERAL CREDIT UNION.
The lowest fee Sault Ste. Marie VA lenders (with over 10 loans originated) are
Mortgage Research Center, LLC ($4,689), .
The lowest rate Sault Ste. Marie VA lenders (with over 10 loans originated) are
Mortgage Research Center, LLC (6.73%), .