Getting the Best Mortgage Rates in Jacksonville, FL (10-15-30-Year Fixed, 5/1, 7/1 ARM)
Located on the northeastern coast of Florida, Jacksonville has plenty of entertainment and activities for retirees and non-retirees alike. From barrier island beaches to parks, gardens, and championship golf courses, it’s no wonder that Jacksonville mortgages would be in high demand.
In fact, Zillow reports that the housing market in Jacksonville is booming, driving home values up by over 10 percent in the past year.
This is great news for sellers, but for potential homebuyers, high demand can make finding affordable, manageable mortgage rates in Jacksonville challenging.
Hidden Costs of Jacksonville Mortgages
Before you even begin the application process, you may want to consider the following “hidden costs” of Jacksonville mortgages:
- Mortgage application fees (typically 1-2 percent of the total purchase price)
- “Good faith deposit” (helps the seller know that you intend to buy)
- Down payment (20 percent of the total mortgage)
There are also closing costs to consider, which can include a wide range of expenses from:
- Mortgage points
- Attorney’s fees
- Inspections or surveys
- Title insurance
- Escrow deposit
- City recording fees
Although all Jacksonville mortgages are subject to differences depending on loan amount, location, appraisal, etc., Investopedia estimates that Florida residents will pay an average of $1,800 in closing costs.
What Influences Your Interest Rate?
There are plenty of factors that could make a difference in the rates you receive from mortgage companies in Jacksonville. For example, your Jacksonville mortgage rate could be impacted by any of the following:
- Type of loan and term length
- Your credit score and history
- The overall amount of the loan
- The initial down payment amount
Generally speaking, Jacksonville mortgage rates will be primarily based on your credit score, since lenders use this to gage their level of risk, or whether a borrower will default on a loan.
In addition to the factors listed above, mortgage rates in Jacksonville are constantly in a state of flux, meaning that the current financial market could also impact the cost of Jacksonville mortgages on a daily basis.
Additional Considerations for Jacksonville Mortgages
When searching for the best mortgage rates in Jacksonville, FL, there are a few additional pieces of information to keep in mind.
If you have a good, great, or excellent credit history and you are seeking a Jacksonville mortgage rate for a loan totaling over $424,100, some lenders may be able to provide more competitive mortgage rates in Jacksonville, FL.
For this reason, it’s important to confirm current rates and terms for Jacksonville mortgages before making a commitment.
Additionally, it’s also important to keep in mind that APR and payment estimates do not include state-specific taxes or required insurance premiums. As such, you should expect that monthly payments for Jacksonville mortgages will be greater when taxes and insurance products are added.
Conclusion – Getting the Best Jacksonville Home Loans
Once you know what type of Jacksonville mortgage you are interested in, your next step is to start evaluating lenders to find the best Jacksonville mortgage rates and terms.
Just as with any other shopping experience, it’s important to weigh your options and compare offers from multiple Jacksonville mortgage lenders to ensure that you are getting the best deal possible.
Affordable and manageable Jacksonville mortgages are determined not just by monthly payments, but also by interest rates and terms.
As such, don’t be afraid to shop around until you find the best mortgage rates in Jacksonville, FL for your financial needs.
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