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sburugu · Joined: 23 Feb 2011 Posts: 15 4.34 Dollars($)

Did anyone got loan from 'atlanticmortgage', any reviews/experiences would be appreciated. From their first hand quote i see that they are pretty better than bank of america but not sure if they charge anything extra.
right now they are giving 3.25 on FHA and 3.5 on conventional, does this really differ at other places?

dipaligopale · Joined: 25 May 2010 Posts: 790 22.70 Dollars($)

Hi sburugu,

Welcome to Mortgagefit,

Personally I do not have dealt with this company but when I searched on the BBB website about their status..they do not have any complaint pertaining to atlantic mortgage for the last 36 months....for the reference you may go through this link...

http://www.bbb.org/norfolk/business-reviews/mortgage-brokers/atlantic- mortgage-and-funding-in-virginia-beach-va-44003141

So thus I assume that they are legitimate and transparent enough in their dealings....

Feel free to ask any further query if you have....

DIPA

gmakerley · Posted: Mon May 16, 2011 11:03 am Post subject:

When shopping, don't simply look at an interest rate. Bank of America, in this case, can also probably offer the same rate, but it will come with other charges (or not). The most important thing to find in a lender is confidence that they'll do their best to offer you an affordable product that will work, that they'll do their best to process your request in as timely a fashion as possible, and that they'll stand by whatever their upfront guarantees promise. You need to work with someone you believe in.

jimgilly · Posted: Mon May 16, 2011 10:22 pm Post subject:

They are offering 3.25 on FHA and 3.5 on conventional? And what are the loan plans they are quoting? Definitely not fixed rate loans at those rates.

What about the loan fees - lender/3rd party?

You really need to provide more info as is usually the case before anyone can give you any definitive advice on what you might want to do.

As far as checking the BBB that's only one resource that may be of help when selecting a lender.

Rates/fees/loan programs/loan originator/processor/underwriter/direct lender/mortgage broker will also play a part in how your loan and experience will go.

Two different people can apply at the same company and one will claim it was the best experience of their life while the other one will say it was the worst. There is a lot of weeding out that has to be done, unfortunately it is not as easy as most people would like it. Best to get as much info as you can and post it on the forum, if you'd like to get the most accurate answer to your questions.

gmakerley · Posted: Tue May 17, 2011 6:39 am Post subject:

Jim, thanks for that last paragraph in your post. You're so very right about how two different borrowers will have dramatically different experiences and feelings about how their process went even with the same lender. Part of that process has to do with the mental state of the borrowers to begin with. Clearly, a portion of our borrowing population feels that they know what they need to do in order to qualify for a mortgage loan, and that whatever is requested above and beyond that sensation is excessive. These people will take umbrage at the sheer idea of providing more than they think is necessary. On the other hand, the most naive of borrowers, lacking any experience at all, are pretty much putty in the hands of a loan officer, willing and able to come up with whatever is required of them.

The key, of course, is the professionalism of the loan officer handling either of these two types. If someone is confident of his own ability and aware of the real needs of his underwriting staff - also having a desire to do the right thing for all parties involved - then the entire transaction can be done with a minimal amount of stress and the customers can walk away when all is said and done, feeling that they've been handled in an appropriate fashion, with style and intelligence.

Thanks for bringing this aspect of the public's experience in the mortgage lending world to light.

jimgilly · Posted: Tue May 17, 2011 10:21 am Post subject:

George,

I appreciate your comments regarding my post as I consider you one of few regular posters who actually provides sound advice contrary to a number of others who are out in left field somewhere.

gmakerley · Posted: Wed May 18, 2011 6:25 am Post subject:

And, of course, I believe in giving credit where credit is due. A righteous post is made so much more valuable when we consider the dross that we routinely see.

Thanks.

And every team needs a left fielder, so I guess that's how it rolls.

sburugu · Joined: 23 Feb 2011 Posts: 15 4.34 Dollars($)

sorry its 4.25 on FHA (30 yr fixed) and 4.5 on 30yr fixed with 10% down ( with PMI on it)....in FHA case closing costs( excluding down payment) are coming around 5500$ and in other case around 6000$ and another 3500$ upfront on FHA

It would have been nice if it was 3. 25 Smile

sburugu · Joined: 23 Feb 2011 Posts: 15 4.34 Dollars($)

they are charging around 350$ for a loan amount of 370k, but i need to pay 1% down ( around 3600) for FHA loan, which will be added to loan amount. Is that sounding right?

jimgilly · Posted: Wed May 18, 2011 10:05 am Post subject:

sburugu,

I'm having a hard time understanding the numbers you are giving and am guessing you're not originally from the US putting $ sign at the end of the numbers like you do. Is the $350 for - appraisal? If not, I'm lost what that is for.

Best if you could do this. Post what the lender fees are and the 3rd party fees instead of lumping them together and saying $5500 and $6000. You might be including non-recurring fees which you shouldn't do. This would be prepaids for interest, escrow of property taxes/homeowners insurance and government fees, ie recording, etc.

Also, if you already had a lender run your credit, what are your credit scores. Last two questions are what state is the property in and what amount do you have for a down payment and closing costs. If you can provide this information I can see what rates/fees you should be able to get if your employment is stable and your debt to income ratio is within reason.

Posted: Thu May 19, 2011 10:17 am Post subject:

Sorry,It was a typo, here are the numbers..
conventional with 10% down(PMI for other 10% - around 140$):
credit -1125
compensation from rebate 3136
other (3136)
appraisal 400
credit report/served/flood 100
closing/escrow fee 575
lenders title insurance 1232.1
title search 165
title binder 66
title examination 150

owners title insurance 1570
mortage recording 112
605
1820

Finally Total closing costs came to $6000.00.

Lender did not run my credit history yet but i got from the 3 bureau's last week, my credit
scores are in the range of 790 -800.
I have 10% downpayment for this loan.

FHA Loan number are also similar but it is ending up with $5500.00 ( i am not seeing 'compensation from Rebate'
in FHA Loan. - In this case i have 3.5% downpayment.

Posted: Thu May 19, 2011 10:17 am Post subject:

Sorry,It was a typo, here are the numbers..
conventional with 10% down(PMI for other 10% - around 140$):
credit -1125
compensation from rebate 3136
other (3136)
appraisal 400
credit report/served/flood 100
closing/escrow fee 575
lenders title insurance 1232.1
title search 165
title binder 66
title examination 150

owners title insurance 1570
mortage recording 112
605
1820

Finally Total closing costs came to $6000.00.

Lender did not run my credit history yet but i got from the 3 bureau's last week, my credit
scores are in the range of 790 -800.
I have 10% downpayment for this loan.

Guest

With a 10% down payment, you may not get a conventional loan. You will have to go for a PMI in such a situation.

tontineinsulations · Joined: 09 Sep 2011 Posts: 3 1.42 Dollars($)

I have great experience with Atlantic Mortgage loans. It is best exceptional service and a very pleasant experience. My financial planner re commander Atlantic.

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