Mortgage interest rates issue can be a tricky subject to discuss. This article will be talking about Atlantic Bay Mortgage rates and the reviews.
Atlantic Bay Mortgage is a lender that centers its service in Virginia Beach, VA. It still becomes a favorite mortgage lender among US customers due to the competitive Atlantic Bay Mortgage rates. The rates offered are oftentimes lower than conventional market rates. Let’s learn more about this particular aspect in mortgage.
Rates at Atlantic Bay Mortgage Based on Loan Programs
Atlantic Bay Mortgage interest rates will differ based on the type of mortgage loans. Every loan program has its own requirements and features. Knowing the characteristics and rates for each program is important.
1. Conventional Loan Rates
This loan is designed for people with good credit score and ability to make down payment. The limit for loan amount that you can get is $484,350. You need to make down payment at least 5% of loan amount. The loan term options are 15 and 30 years. You can choose between fixed and adjustable rates, depending on your financial considerations.
2. VHDA Loan Rates
This loan is dedicated for people who are Virginia residents with good credit score (minimum 640). They can borrow about $250,000 to $500,000. There is a program where borrower is not required to pay for down payment and another one with down payment rate of 3%. The loan term for this program is 30 years. You can choose between fixed Atlantic Bay Mortgage rates and the adjustable one.
3. FHA Loan Rates
FHA loan is provided by Federal Housing Administration for people with moderate credit score (at least 580) and have relatively high debt-to-income ratio. You can borrow up to $458,850 with this loan. The down payment required is at least 3.5%. You can choose between 15 or 30 loan term with fixed or adjustable interest rates.
4. FHA 203(k) Rates
This is another loan from Federal Housing Administration. It is designed for people with good credit score (at least 640) who want to renovate or repair parts of their homes. You can borrow up to $458,850 with this loan just like the regular FHA loan. The down payment required is also at least 3.5%. You can choose between 15 or 30 loan term with fixed or adjustable interest rates.
5. Reverse Mortgage Loan Rates
This loan is designed for older people who want to have money by accessing the equity of their home. The limit for loan amount that you can get depends on how much the equity value of your house. You do not need to pay for Atlantic Bay Mortgage rates. There are also no options for mortgage term. The only things that you need to pay are taxes and insurance.
6. Jumbo Loan Rates
Jumbo loan is reserved for people who need about $1 million to $2.5 million to fund their home purchase. In order to be qualified, the person must have stellar credit scores (at least 700). The down payment amount depends on your credit score, but you are likely required to prepare 15% of your total loan amount for down payment. There are options for loan term (15 or 30 years) and interest rates.
7. Renovation Loan Rates
If you want to renovate your house as a homeowner, you need to have credit score of at least 680. This loan will be able to give you up to $417,000 in renovation fund. Homeowner needs to prepare at least 5% of total loan amount to pay for down payment. The loan term varies between 15 and 30 years. There is an only option for fixed mortgage rate. Just like other loans, Atlantic Bay Mortgage rates start from 3.25%.
8. Construction Loan Rates
Meanwhile, if you want to build a house from zero, you can get construction loan. A minimum of 680 credit score must be prepared prior to application. This loan is able to provide you up to $417,000 in house construction fund. Future homeowner must be able to prepare at the very least 10% of total loan amount in order to make the down payment. The loan term options are 15 and 30 years. The interest rate will follow the current trend in housing market.
Review of Mortgage Rates at Atlantic Bay Mortgage Group
How do people who have taken mortgage loans view Atlantic Bay Mortgage Group rates? As expected there are people who have good experience with it, while some others are not.
Most mortgagors are having great experience with the rates offered by Atlantic Bay especially because they reported that they get lower rates than expected. It is due to the advice from mortgage bankers who have local knowledge about mortgage loan. The closing cost that mortgagor needs to pay also tends to be lower than market standard.
If you are interested in applying for mortgage loan at Atlantic Bay, the knowledge about Atlantic Bay Mortgage rates is very important. The rates are varied depending on loan type program that you try to apply. However, many people have reported positive experiences with the rates compared to other mortgage lenders.