The Best Mortgage Lenders in Margate, FL
Compare verified mortgage lenders serving Margate, Florida. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Margate
Featured Mortgage Lenders
Michael Cohen
Cohen Financial Group
Cohen Financial Group is a highly-rated local mortgage broker with deep roots in the Margate community. With over two decades of experience, they specialize in personalized service and have built an exceptional reputation for guiding clients through complex mortgage processes. Their team offers extensive knowledge of the South Florida real estate market and provides competitive rates across all loan types, particularly excelling with first-time homebuyer programs and VA loans. The company maintains a 4.9-star rating across multiple review platforms, with customers consistently praising their responsiveness, expertise, and ability to close loans efficiently.
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David Brown
Brown Mortgage Company
Based in nearby Coral Springs, Brown Mortgage Company has served the greater Broward County area including Margate for nearly 20 years. This family-owned mortgage brokerage has earned numerous industry awards and maintains exceptional customer satisfaction ratings. They are particularly known for their competitive jumbo loan programs and investment property financing expertise. With a team of experienced loan officers, they provide personalized attention throughout the entire mortgage process and have established strong relationships with local real estate professionals. Their 4.8-star rating reflects consistent excellence in customer service and loan processing.
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Mortgage Department
Power Financial Credit Union
Power Financial Credit Union, while headquartered in Plantation, serves the entire South Florida region including Margate residents. As a not-for-profit financial cooperative, they often offer more competitive rates and lower fees than traditional banks. Their mortgage department has particular expertise with first-time homebuyer programs and offers exclusive member benefits. With over 70 years serving the community, they provide exceptional local market knowledge and personalized service. Members consistently praise their transparent process, competitive rates, and educational approach to mortgage lending, resulting in their strong 4.7-star rating across review platforms.
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Frequently Asked Questions
Common questions about mortgage lending in Margate, FL
What are the current mortgage rates like in Margate, FL compared to the national average?
Mortgage rates in Margate typically align closely with national averages, but local competition among lenders in Broward County can sometimes result in slightly more competitive rates. Currently, rates for 30-year fixed mortgages in Margate range between 6.5-7%, though this fluctuates with market conditions. It's wise to compare offers from both local credit unions and national lenders operating in the area.
Are there any special mortgage programs for first-time homebuyers in Margate?
Yes, Margate homebuyers can access Florida Housing Finance Corporation programs which offer competitive interest rates and down payment assistance. Additionally, Broward County's "Housing Finance and Community Redevelopment" division provides local assistance programs. These programs are particularly valuable given Margate's median home prices being slightly below the Broward County average.
How does Margate's flood zone designation affect mortgage requirements?
Given Margate's location in South Florida, many properties require flood insurance, which becomes a mandatory part of your mortgage payment. Lenders will require a flood certification during underwriting, and if your property is in a Special Flood Hazard Area, you'll need to secure flood insurance before closing. This additional cost typically adds $500-$2,000 annually to your housing expenses.
What unique closing costs should I expect when getting a mortgage in Margate?
Beyond standard closing costs, Margate homebuyers should budget for specific Florida expenses including documentary stamp taxes, intangible tax on the mortgage, and Broward County recording fees. These typically add 1.5-2% to your closing costs compared to other states. Working with a local mortgage broker who understands these specific Florida requirements can help you anticipate these costs accurately.
How competitive is the mortgage pre-approval process in Margate's housing market?
Margate's market remains competitive, especially for well-priced single-family homes under $400,000. Having a strong pre-approval from a reputable local lender is crucial, as sellers often prioritize offers with local pre-approvals over online lenders. Many successful buyers in Margate come with pre-approval letters that include verified funds for down payment and closing costs.
Nearby Cities
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Why Choose a Mortgage Lender in Margate?
Local Market Knowledge
Lenders who understand Margate's housing market can offer better guidance and competitive rates.
Multiple Loan Options
Access to conventional, FHA, VA, USDA, and jumbo loans tailored to your financial situation.
Proven Track Record
Work with lenders who have years of experience and hundreds of satisfied customers in Florida.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Margate and get competitive rates on your home loan.