No Closing Cost Mortgage
Purchase or refinance, we make it easy for you to get the funds you need with a quick closing. Get Pre-Approved for a Mortgage Today!
No Closing Cost Mortgage
- Up to 100% financing
- No PMI option available
- 15, 20, and 30-year terms for fixed-rate loans*
At JAXFCU, we will assist you through every step of the mortgage process. For additional information, including our current rates, contact one of our Mortgage Originators:
- Shauna Thompson at 904-475-8085
What’s the real deal with “No Closing Cost” mortgages?
A No Closing Cost Mortgage means that rather than pay closing costs out of pocket, it is instead included in your loan balance or interest rate. However, not all closing costs can be rolled into your loan.
At JAXFCU, our No Closing Cost Mortgage covers up to $5,000. If your closing costs are more, the difference can be paid out of pocket, at closing, or even added to the loan amount to be included in your monthly payments.
What if I pay off my mortgage early?
If you pay off your loan early, the credit union will add the third party fees paid on your behalf to the loan balance based on the following schedule:
- 12 months – 100%
- Between 12 and 24 months – 50%
- Between 24 and 26 months – 25%
*Loans for primary residences or second homes in Florida and Georgia only. The amount of the total costs paid may be limited by the loan amount and certain underwriting factors.
Helpful resources for Mortgages at JAXFCU
Ready to get started?
Check rates, Apply online, visit a branch, or call 904-475-8000.
Not a Jax Federal member yet? Non-member mortgage applications are fast and easy!
Mortgage FAQs
What does it take to qualify for a mortgage?
While qualifications vary for specific mortgage programs, the 2 main things needed are:
- a steady job with sufficient income to support your mortgage payment
- a minimum credit score of 640.
Other lenders may go as low as 580, but will be more costly!
What is PMI?
PMI stands for Private Mortgage Insurance. This insurance is usually required until the amount of the loan is less than 80% of the property’s value. This can be achieved 3 ways :
- a down payment of 20% of the purchase price
- an increase in property value due to renovations/upgrades
- over time with each payment.
There are some situations where this fee could be waived, so check with your mortgage professional to see if this option is available for your loan type.
How long will it take to close?
The average closing time depends on the current market and the type of loan. It can take between 30-120 days from origination date after the application file is complete. During this time, an appraisal and inspection are usually conducted and homeowners insurance is purchased. Your mortgage originator can provide you with a more accurate timeline depending on your loan.
Who Pays What?
All of the costs and fees for a home sale or purchase are individually listed on a disclosure. Lenders call this the Closing Cost Details Disclosure, while title companies call this a Master Statement. Closing cannot take place until both of these forms match exactly.
Closing Costs up to $5,000 Paid by JAXFCU
Recording Fees – Fee set by the county to update their records regarding the ownership of the property.
Transfer Taxes – Paid to the state of Florida to transfer the name of the property tax records to the new owner.
Flood Determination Fee – A flat fee paid to the company that researches flooding in the area to determine if you are in a flood zone.
Tax Service Fee – Paid to a tax servicing company to monitor the annual property taxes to ensure that they are paid on time and in full.
Title E Record – A nominal fee paid to the title company for electronic record keeping.
Title Endorsement –Expands the coverage of a standard owner’s title policy, by removing exceptions or by adding coverage specific to the property’s situation.
Title Lender’s Title Insurance – Paid to an insurance company that verifies that the title to the property is clear for transfer.
Title Settlement Fee – A flat fee charged by the title company for the use of their time and resources to complete the transaction.
Title Search – Fee paid to the company that researches the title to confirm that there are no outstanding liens against the property.
Title Administration Fee – Paid to the title company for their services including wire transfer, overnight mail, electronic document storage, and processing fees.
Property Appraisal – Conducted by a licensed property appraiser to determine the market value of the property using recent sales prices of similar properties in the area
Mortgage Costs Paid by You, the Borrower
Points – This is a % of the loan amount paid at closing to get a lower interest rate over the life of the loan.
Electronic Document Delivery Fee – Usually a flat fee for the software used to securely send sensitive documents electronically. This saves you time and money since this is often less expensive than overnighting paper documents.
Loan Processing Fee – A $995 fee paid to the lender to process all of the documents and coordinate all of the vendors involved in a transaction.
Prepaid Interest – This is the amount of interest that would be due between the closing date and the date of your first regular mortgage payment.
Annually recurring financial expenses of homeownership, which are separate from closing costs.
Homeowner’s Insurance – All lenders require a homeowner’s insurance policy to be in place for the duration of the mortgage. At closing, it is customary to pay for a year up front. Future payments will be made by the lender to your insurance company from your escrow account.
Mortgage Insurance – This insurance is usually required until the amount of the loan is less than 80% of the property’s value. This can be achieved with a down payment of 20% of the purchase price, an increase in property value due to renovations/upgrades, or over time with each payment. There are some situations where this fee could be waived, so check with your mortgage professional to see if this option is available for your loan type.
Property Taxes – Are charged by the county and paid annually in November. The amount due at closing is a portion of the yearly amount due, divided by the number of months between your closing date and the nearest November due date. Future payments are paid by the lender to the county from your escrow account.
Homeowners Association Fees – If there are monthly or annual fees charged by your neighborhood any amount due between closing and the next scheduled payment would be due at closing.
Property Survey – Performed by a licensed surveyor, a property survey is a precise, to-scale map of your property including any structures. It defines the boundaries of your property and establishes your property’s legal description. An existing survey will suffice if approved by your closing agent. If you do not have an existing survey, a new one will need to be ordered.
Meet with our Mortgage Expert
Shauna Thompson
Mortgage Originator
Ready to get started?
Check rates, Apply online, visit a branch, or call 904-475-8000.
Not a Jax Federal member yet? Non-member mortgage applications are fast and easy!