The Best Mortgage Lenders in Shalimar, FL
Compare verified mortgage lenders serving Shalimar, Florida. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Shalimar
Featured Mortgage Lenders
Eglin Federal Credit Union
Eglin Federal Credit Union
As the largest credit union in the region with deep roots in the Shalimar area, Eglin Federal Credit Union consistently ranks among the top mortgage lenders in Northwest Florida. They offer highly competitive rates, especially on VA loans given their strong military community ties, and provide personalized service through local loan officers who understand the unique Florida market. Their extensive branch network throughout Okaloosa County ensures convenient in-person service for Shalimar residents.
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Summit Mortgage Group
Summit Mortgage Group
Summit Mortgage Group has built an exceptional reputation throughout Northwest Florida for their expertise in coastal property financing and personalized service. As a local mortgage broker with deep community ties, they offer access to multiple lenders and competitive loan products specifically tailored to the Emerald Coast market. Their team specializes in both primary residences and investment properties, with particular expertise in navigating the unique requirements of Florida's coastal real estate.
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Guild Mortgage Company
Guild Mortgage Company - Destin Branch
Guild Mortgage combines national lending power with strong local presence through their Destin branch that actively serves Shalimar and surrounding communities. They're particularly noted for their exceptional customer service and flexible underwriting approach, with special programs for first-time homebuyers and self-employed borrowers. Their long-standing reputation for reliability and competitive rates, combined with local loan officers who understand the Northwest Florida market, makes them a top choice for Shalimar area homebuyers.
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Frequently Asked Questions
Common questions about mortgage lending in Shalimar, FL
What are the current mortgage rates like for homes in Shalimar, FL?
Mortgage rates in Shalimar typically align with national averages but can be influenced by Florida's competitive coastal market. Currently, rates for 30-year fixed mortgages range from 6.5% to 7.25% depending on credit score and loan type. It's advisable to compare offers from local lenders who understand the specific insurance requirements for this area near Eglin Air Force Base.
Are there any special mortgage programs for military buyers in Shalimar?
Yes, Shalimar's proximity to Eglin Air Force Base makes VA loans particularly advantageous here. Many local lenders are experienced with VA loans which offer 100% financing with no private mortgage insurance. Additionally, Florida Hometown Heroes program provides down payment assistance for military personnel, first responders, and teachers working in Okaloosa County.
How does Shalimar's location in a flood zone affect mortgage requirements?
Since much of Shalimar is in Flood Zone AE, lenders will require flood insurance as a condition for your mortgage. This typically adds $500-$1,200 annually to your housing costs. It's crucial to factor this into your budget and work with lenders familiar with Shalimar's specific flood map determinations.
What down payment assistance programs are available for Shalimar homebuyers?
Shalimar buyers can access Florida Housing's down payment assistance programs, including the Florida First and Florida Hometown Heroes programs. These can provide up to $10,000 in down payment help as a second mortgage at 0% interest. Local lenders often combine these with conventional or FHA loans to make homeownership more accessible.
How do property taxes in Shalimar impact mortgage affordability?
Shalimar has relatively moderate property taxes compared to other Florida coastal communities, with Okaloosa County rates around 0.8% of assessed value. However, the Save Our Homes cap limits annual assessment increases to 3% for primary residences, which helps with long-term mortgage budgeting. Your lender will calculate escrow payments based on current tax rates.
Nearby Cities
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Why Choose a Mortgage Lender in Shalimar?
Local Market Knowledge
Lenders who understand Shalimar'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 Shalimar and get competitive rates on your home loan.