Mortgage broker vs bank in Jacksonville
When you call a bank for a mortgage, you get that bank's products at that bank's rates. One menu. If their pricing isn't sharp on the day you lock, that's still the price.
A mortgage broker works differently. We're not selling one company's loans. We send your file to several wholesale lenders at once and they compete for it.
What "wholesale" actually means
Wholesale lenders don't take walk-in customers. They price loans for brokers, and that pricing is usually tighter than the retail rate the same lender would quote you directly, because the broker does the origination work.
North Florida Mortgage runs nine wholesale lender relationships. Rocket, UWM, and Nations Direct are the lead named desks. On any given file, multiple desks quote, and we put the best offers side by side.
One application, several offers
You fill out one application. We pull one credit report. Then we shop it. You see the strongest two or three offers and pick. You don't reapply at each lender, and you don't take three credit pulls to compare.
When a broker wins
- Your file has a wrinkle. Self-employed income, a recent credit event, a non-traditional property. Different lenders treat these differently, so having several desks to choose from matters more.
- You want options. FHA, VA, conventional, USDA, jumbo, bank-statement. A broker can place the program that fits your file instead of steering you to the one product a bank happens to sell.
- Rate matters and you don't want to call around. The shopping happens on our side.
When a bank might be fine
If you already bank somewhere that's offering a relationship discount and your file is clean and simple, the convenience can be worth it. It's worth comparing, which is the whole point: get a broker quote before you sign anything, so you know what you're leaving on the table.
The local part
Jason Nelson has originated mortgages in Northeast Florida since 2000. One office in Jacksonville, one person who runs your file and answers the phone. No call center, no handoff to a processor you never meet.
Want to see what a few lenders would actually offer on your file? Call 904-389-4635.