Client Review on Atlantic Coast Mortgage Corp.

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Atlantic Coast Mortgage in Northern Virginia came highly recommended but unfortunately my experience with the company resulted in near disaster. After receiving pre-approval for a property that they agreed to finance for me, I received an email, about twenty days before the closing date, informing me that the property was not a fit for the loan. The senior loan officer recommended I either pick a different property or put down 20% on an FHA loan. In other words, the senior loan officer wanted to strip me of the initial conventional loan that I qualified for as an applicant with excellent credit. At that point, I asked my real estate agent to start looking at different properties, however, there were no other equivalent properties on the market. All of this was happening after I submitted my notice to vacate. I decided to give up on finding a home and was prepared to continue to rent. Given that this was in the midst of the holiday season this whole situation elevated the stress levels of my family and I. To make matters worse, I had already given notice on my apartment and my move out date was fast approaching. I stopped by the apartment community leasing office to inquire if I might renew my lease but the apartment was already leased. I begged the leasing office to find a way to let me stay in my apartment. The answer from the future residents was a big NO as they already connected all their accounts to that specific address. With my head spinning, I decided to continue to search for a property to purchase last minute. (“Last minute” and “home purchase” are two phrases that should never be uttered in the same breath)I looked for more properties but struck out again. I finally reached out to a couple of friends in the real estate industry and they all recommended I contact different, more established mortgage companies. I shopped around and came across a company and,after I explained my situation, the new loan officer cautioned that because of the holidays, it might be almost impossible to meet the deadline that I gave him. At this point I had no plan b and so I decided to put my faith in the new company and move forward. With bated breath I waited for a call or email from the new loan officer. Despite it being the New Year holiday, the new loan officer came through for my family and I with an even better deal. I ended up with a lower rate than the original one from Atlantic Coast Mortgage. The new company also applied a $1,500.00 discount, which brought down my closing cost on settlement day. Had I listened to Atlantic Coast Mortgage, I would either be paying far more for a non-conventional loan or maybe even homeless. At the end I got the property that I wanted, with a much lower closing cost than Atlantic Coast Mortgage, lower interest rate on a conventional loan, and all in all more than $3000 lower on the closing costs. Atlantic Coast Mortgage did not work for me. I had the worst experience with Atlantic Coast Mortgage.