Is a builder's preferred lender a good deal?

Sometimes. Builders often offer $5,000 to $20,000 in closing cost credits or a rate buydown only if you use their lender and title company. Get a Loan Estimate from the builder's lender and one from an outside lender, then compare the total cost after the credit. In some cases the outside lender is still cheaper. You have the legal right to choose your own lender regardless of the incentive.

How long does it take to close a mortgage in Florida?

A typical purchase loan closes in 30 to 45 days from contract. Condo loans, VA and FHA loans with repair conditions, and loans involving self-employment income can take longer. Delays in St. Johns County are most often caused by insurance binders, condo association questionnaires, and flood determinations, so get those started the week you go under contract.

Mortgage Lenders in Jacksonville & Northeast Florida, FL

Mortgage Lenders in Northeast Florida

Getting a mortgage in St. Johns County has a few local wrinkles that a national call center will not warn you about. Many homes in Nocatee, Shearwater, RiverTown, and along CR 210 carry CDD assessments that lenders count in your debt-to-income ratio. Coastal properties in Ponte Vedra Beach, Vilano Beach, and Crescent Beach often require flood insurance, and the premium is part of your qualifying payment. Condos near the beach have to pass lender review of the association's reserves and insurance, which has gotten stricter since 2022. VA loans are common here because of the Navy presence in Jacksonville and Mayport, and many local lenders know how to handle them. Whether you use a bank, a credit union, a mortgage broker, or a builder's preferred lender, compare the Loan Estimate line by line and ask what the rate costs in points.

How to choose a mortgage lender in Northeast Florida

Get at least two Loan Estimates on the same day

Rates move daily, so quotes are only comparable if they are pulled at the same time. Compare the interest rate, the points in Section A, and the lender fees. A lower rate with two points is not automatically better than a higher rate with none.

Decide between a bank, a credit union, and a broker

Credit unions such as VyStar and Community First often have lower fees for members. Mortgage brokers shop multiple wholesale lenders for you. Banks can be competitive if you have deposits with them. Builder-affiliated lenders may offer closing cost credits tied to using them, so run the math including the credit.

Ask how they handle flood, condo, and CDD questions

A lender who cannot explain how a CDD assessment affects your qualifying ratio, or who has never closed a condo in St. Augustine Beach, will cost you time. Ask directly. Local experience shows up in fewer surprises at underwriting.

Check the NMLS number

Every loan originator has an NMLS ID. Look it up on the NMLS Consumer Access site to confirm the license is active in Florida and to see employment history. The ID should appear on the lender's emails and website.

Ask about rate lock terms and extension fees

New construction in Nocatee or Silverleaf can take six to twelve months to finish. Ask whether the lender offers an extended lock, what it costs, and what happens if the builder is late. A 30-day lock is useless on a house that will not be done until next spring.

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Mortgage Lender questions, answered by local experts

How much are closing costs on a mortgage in St. Johns County?

Buyers typically pay about 2 to 4 percent of the loan amount in closing costs, so roughly $9,000 to $18,000 on a $450,000 loan. The biggest items are Florida documentary stamp tax on the note, intangible tax on the mortgage, title insurance, lender fees, and prepaid taxes and insurance for the escrow account. In St. Johns County the seller customarily pays for the owner's title policy, but this is negotiable and should be spelled out in the contract.

What credit score do I need to buy a house in St. Augustine?

Conventional loans generally require a 620 minimum score, FHA loans go down to 580 with 3.5 percent down, and VA loans have no official minimum though most lenders want 580 to 620. A score above 740 gets you the best conventional pricing. If you are below those numbers, ask a lender about a plan to raise it rather than paying a higher rate for 30 years.

Do I need flood insurance to get a mortgage in Ponte Vedra or Vilano Beach?

If the home is in a FEMA Special Flood Hazard Area, usually zone AE or VE, a federally backed lender must require flood insurance. Many properties east of the Intracoastal and along the San Sebastian and Matanzas rivers fall in these zones. Even outside a required zone, lenders and insurers often recommend a policy, and private flood insurance is sometimes cheaper than NFIP. Ask for an elevation certificate early.

Can I use a VA loan on a house in Nocatee or Julington Creek?

Yes. VA loans work on most single-family homes, townhomes, and VA-approved condos anywhere in the county, with zero down payment and no monthly mortgage insurance. The VA funding fee is 2.15 percent for a first use with no down payment and is waived for veterans with a service-connected disability rating. CDD assessments and HOA dues are counted in your qualifying payment, so ask the lender to include them from the start.

Mortgage Lenders in Northeast Florida

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Mortgage Lenders in Northeast Florida

How to choose a mortgage lender in Northeast Florida

Mortgage Lender questions, answered by local experts