Atlantic FCU Mortgage Interest Rate and Cost Review

Is Atlantic FCU a cheap or expensive mortgage lender? To help you shop for a mortgage, we compare the interest rates and closing costs charged by Atlantic FCU to those of other lenders for a comparable set of borrowers. Here is our review of Atlantic FCU nationally:

Review ItemAtlantic FCU
Interest Ratehigher than other lenders (+0.37%)
Loan Related Closing Costslower than other lenders (-$327)
National Rate and Closing Cost Star Rating(2)

On average, Atlantic FCU’s interest rates were higher than those of other lenders (+0.37%). On the other hand, its loan related closing costs were lower than those of other lenders, with a difference of -$327. Overall, combining interest rates and closing costs we estimate that Atlantic FCU tends to be an expensive lender, and give it a National Rate and Closing Costs Rating of 2 out of 5 stars. We maintain our independence by not accepting any money from the mortgage lenders we review. To visit Atlantic FCU, its website is located at: https://www.atlanticfcu.com.

Atlantic FCU’s Rate Review by City

Mortgage lenders often set different rates in different geographical markets. For our list of the top mortgage lenders in your area, click here. In particular, among the cities we track Atlantic FCU was most active in:

  1. Portland, ME
  2. Manchester, NH
  3. Bangor, ME
  4. Caribou, ME

Atlantic FCU’s Rate Review by Mortgage Type

Mortgage lenders also tend to charge different interest rates and closing costs depending on the type of mortgage. In our data, Atlantic FCU originated Conforming, Jumbo, USDA and VA mortgages for new home purchases. It also originated Conforming mortgages for refinances. Its average interest rate and total loan related closing cost difference relative to other lenders for comparable borrowers by mortgages type is as follows.

Purchase/Refinance:
New Purchase MortgagesConformingJumboUSDAVA
Interest Rate Difference+0.34%+0.00%+0.01%+0.00%
Loan Related Closing Cost Difference-$284-$4-$2+$6
Cost Adjusted Rate Difference+0.26%+0.00%+0.01%+0.00%
National Star Rating(2)(3.5)(3.5)(3.5)
Refinance MortgagesConforming
Interest Rate Difference+0.42%
Loan Related Closing Cost Difference-$389
Cost Adjusted Rate Difference+0.28%
Average Star Rating(2)

As a summary, Atlantic FCU is similar to other lenders for Jumbo, USDA and VA purchase mortgages. It is more expensive than other lenders for Conforming purchase mortgages. For refinancing mortgages, Atlantic FCU is more expensive than other lenders for Conforming mortgage refinance. Nevertheless, individual circumstances can matter a lot for mortgage rates, and we always recommend shopping among several of our top mortgage lenders in your area before signing.

Other information about Atlantic FCU:

Registered name: Atlantic Federal Credit Union
Registered city and state: Brusnwick, ME, 04011
Regulator: National Credit Union Administration (NCUA)

* Source of the data is Federal Financial Institutions Examination Council (FFIEC) and is for mortgages originated in the past year. Our comparable mortgages analysis controls for Atlantic FCU’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and commuting zone. Cost adjusted rates were computed based on each percent of the loan amount in above average loan related closing costs being worth +0.15 of a percentage point in interest rate. Furthermore, the amounts are regularized using a Bayesian approach to control for small samples.