Atlantic Bay Mortgage Group Reviews

Atlantic Bay Mortgage Group stands out if you’re buying in a competitive market thanks to its preunderwriting process. Underwriting your loan at the beginning of your home search allows your offer to compete with noncontingent and cash buyers. This, coupled with Atlantic Bay's swift closings — as little as 25 days in states allowing virtual closings — significantly enhances buyer offers.

Atlantic Bay is also a good fit for people looking to work one-on-one with their mortgage lender at a local branch. But those hoping to compare lenders before reaching out might be put off as the company doesn’t provide much information about loan terms on its site.

Atlantic Bay Mortgage Group offers many popular loan programs for homebuyers mortgaging or refinancing their home. Alongside refinancing options like 15- and 30-year conventional loans, cash-out refinancing and rate and term refinancing, it also offers term Interest Rate Reduction Refinance Loans (IRRRLs) for VA loans.

If you’re purchasing a new home, here are some options you’ll be able to choose from:

• Conventional loan: Any loan not insured or guaranteed by the government is a conventional loan. Without government backing, these loans typically require better credit for approval.
• FHA loan: These government-backed loans have lower credit and income criteria for approval. They’re available to low-to-moderate-income first-time homebuyers, and buyers can put as little as 3.5% down.
• VA loan: The U.S. Department of Veterans Affairs (VA) offers mortgage loans with no down payment and private mortgage insurance to current and past service members and their spouses to help them buy a home.
• Jumbo loan: These loans have higher loan limits than conventional loans. The Federal Housing Finance Agency sets limits annually on conforming loans in different areas.
• USDA loan: U.S. Department of Agriculture (USDA) loans help low-income families to purchase homes in certain rural areas. These loans don’t require a down payment.

Atlantic Bay Mortgage sets the following FICO credit score minimums for its loans:

• Conventional loan: 620
• FHA loan: 600
• USDA loan: 620
• VA loan: 600

If you think your credit score may prevent you from getting a loan, Atlantic Bay encourages you to call your mortgage banker to see how you may be able to improve it. They can do a soft credit pull so that your score isn’t impacted, then look at how to lower your liabilities, address unresolved issues affecting your credit and improve your score.

When it comes to applying for a loan, Atlantic Bay Mortgage needs your:

• Valid proof of identification (driver’s license, state identification card, passport or nonresident alien card)
• Pay stubs
• W-2 forms
• Tax returns for the past two years (same requirement for self-employed people and rental property owners)
• Proof of additional forms of income, such as child support payments

Atlantic Bay Mortgage also reviews your:

• Credit and payment history
• Additional documentation as needed, such as bankruptcy discharge paperwork or canceled rent or mortgage checks
• Assets used to fund your down payment, such as two months of bank account statements, settlement statement from previous property sale, stock and investment statements, proof of sale or funds transferred for sold assets
• Other information to provide a complete financial picture, such as a credit report discrepancy

Unlike banks and credit unions which offer mortgage products alongside a range of financial services, Atlantic Bay only provides mortgage services.

If you complete a loan application with Atlantic Bay, you can lock your interest rate for up to 90 days through its Lock and Look Program. When you work with one of its mortgage bankers, you also get a dedicated mortgage operations team, complete with an underwriter, processor and closer.

On average, total closing cost fees are 2% to 5% of a home’s purchase price. Atlantic Bay doesn’t disclose its own fees or closing costs, but it does provide general guidance on the types of fees borrowers can expect:

1. Title fees: Also called attorney fees, these assure you get a clear house deed when it’s transferred to you.
2. Prepaids and escrow: These include prorated property taxes and homeowners insurance premiums, as well as the initial escrow deposit for bills paid soon after closing.
3. Mortgage insurance: Also called funding fees or guarantee fees for government loans, this is required when putting down less than 20%. Mortgage insurance can be rolled into your loan.
4. Lender fees: These include origination, application, processing and credit report fees, as well as any discount points to lower interest rates. Underwriting, wire transfer, termite inspection and appraisal fees may also be included.
5. Miscellaneous closing costs: These are fees that don’t fit into other categories, such as home warranty fees.