Atlantic Bay Mortgage Group Interest Rate and Cost Review

Is Atlantic Bay Mortgage Group a cheap or expensive mortgage lender? We compare the interest rates and closing costs charged by Atlantic Bay Mortgage Group with other lenders for comparable mortgages. Nationally, here is what we find:

Interest Ratesimilar to average (-0.02%)
Loan Related Closing Costssimilar to average (-$70)
National Rate and Closing Cost Rating(4.0)

On average, Atlantic Bay Mortgage Group’s interest rates were similar to those of other lenders (-0.02%) for a comparable set of borrowers. Its average total loan related closing cost was similar to those of other lenders, with a difference of -$70. Overall, combining interest rates and closing costs we estimate that Atlantic Bay Mortgage Group tends to be an average cost lender, and give it a National Rate and Closing Costs Rating of 4.0 out of 5.0 stars.

Atlantic Bay Mortgage Group’s Rates by Area

Mortgage lenders often set different rates in different geographical markets. In particular, among the markets we track Atlantic Bay Mortgage Group was most active in:

  1. Virginia Beach, VA
  2. Charlotte, NC
  3. Roanoke, VA
  4. Greensboro, NC
  5. Atlanta, GA

Furthermore, Atlantic Bay Mortgage Group is our top ranked mortgage lender in terms of interest rate and closing costs in:

  1. Princeton, WV, for VA mortgages
  2. Hancock, MI, for VA mortgages
  3. Boone, NC, for FHA mortgages
  4. Franklin, NC, for VA mortgages

You can click through to check out Atlantic Bay Mortgage Group’s mortgage rate competitiveness by area. Or, for our data driven ranking of all the top mortgage lenders by area, click here.

Atlantic Bay Mortgage Group’s Rates 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 Bay Mortgage Group originated Conforming, FHA, Jumbo, USDA and VA mortgages for new home purchases and refinances. We breakdown its interest rate and total loan related closing cost difference relative to other lenders for comparable mortgages by type in the table below.

New Purchase MortgagesConformingFHAJumboUSDAVA
Interest Rate Difference-0.01%-0.06%+0.06%+0.00%+0.00%
Loan Related Closing Cost Difference-$99-$46+$181-$3+$103
Cost Adjusted Rate Difference-0.11%-0.06%+0.07%+0.00%+0.01%
Star Rating(4.0)(4.0)(3.0)(3.5)(3.5)
Refinance MortgagesConformingFHAJumboUSDAVA
Interest Rate Difference-0.05%-0.02%+0.04%+0.00%+0.03%
Loan Related Closing Cost Difference-$255+$83+$138-$1+$39
Cost Adjusted Rate Difference-0.07%-0.02%+0.05%+0.00%+0.03%
Star Rating(4.0)(3.5)(3.5)(3.5)(3.5)

As a summary, Atlantic Bay Mortgage Group is cheap for Conforming and FHA purchase mortgages. It is similar to other lenders for USDA and VA purchase mortgages. It is more expensive than other lenders for Jumbo purchase mortgages. For refinancing, Atlantic Bay Mortgage Group is cheap for Conforming mortgage refinance. It is similar to other lenders for FHA, Jumbo, USDA and VA mortgage refinance. Nevertheless, individual circumstances can matter, and we always recommend shopping among several lenders in your area before signing.

Other information about Atlantic Bay Mortgage Group:

Registered name: Atlantic Bay Mortgage Group
Registered city and state: VIRGINIA BEACH, VA, 23452
Regulator: United States Department of Housing and Urban Development (HUD)

* 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 Bay Mortgage Group’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.