Coastal Towne Mortgage Review: A Detailed Analysis Of The Lender
Are you in the market for a mortgage? Or perhaps you’re looking to refinance your existing one? If that’s the case, sit back and read a Coastal Towne Mortgage review.
In this article, we will provide a comprehensive guide to Coastal Towne Mortgage services. We will cover everything from their loan application process, their rates, and fees, to their customer service and more.
Coastal Towne Mortgage is a mortgage lender that offers their clients the possibility to get a conventional loan, FHA loan, VA loan, USDA loan, ARM loan, and jumbo loan. They are based in Norfolk, Virginia, and have been in business for 7 years.
|up to $2 million
|15, 20, 30 year
|Credit Score Range
|No Origination Fee
|They charge origination fees
|Conventional, FHA, VA, USDA, Jumbo, ARM, Refinance loan
|Employment Statuses Considered
|Purchase and refinance
|Joint Loan Applications Accepted
|Verification Documents Required
|Tax returns and pay stubs
How Much Money Can You Borrow from Coastal Towne Mortgage?
If you’re looking to take out a mortgage with Coastal Towne Mortgage, you may be wondering how much money you can borrow. The answer will depend on a number of factors, including your income, your credit score, and the value of the property you’re looking to purchase.
In general, since Coastal Towne Mortgage offers jumbo loans, the borrowing amount ranges from $50,000 to $2 million. However, make sure to consult with a loan officer before signing any documentation.
Coastal Towne Mortgage Pros & Cons
Like with any other company, Coastal Towne Mortgage has both pros and cons. It’s important to weigh them out before you actually make any decision about whether to work with them or not.
One of the biggest pros is that they offer a wide array of home loans. This gives their clients the possibility to find the one that suits them the most. On the other hand, one of the biggest cons which also is a major red flag is that they are not accredited either by BBB or HUD.
Another major red flag we found is that Coastal Towne Mortgage company has copied its entire website from another business called TowneBank Mortgage. We tried to find any correspondence between the two companies but there is none.
- The wide array of services
- Long loan terms
- No BBB accreditation
- No HUD accreditation
- Copycat of a website
- High origination fees
- High prepayment fees
- High closing fees
What is the Longest Loan Term You May Obtain from Coastal Towne Mortgage?
When it comes to the longest loan term you can get from Coastal Towne Mortgage, there is a possibility to choose from 15, 20, and 30-year terms. The most popular and of course the longest one is a 30-year loan term as this one will ensure you get the smallest monthly payment possible.
Of course, we do advise you to speak with a loan officer to see if the 30-year loan term is suitable for you. And in case you want to be debt-free sooner we think that one of the shorter loan options may be a better choice.
What Mortgage Rates Do Coastal Towne Mortgage Offer?
Coastal Towne Mortgage interest rates are copied from another lender called TowneBank Mortgage. They are not the same business so we can’t say for sure if the interest rates Coastal Towne Mortgage has stated on its website are true.
Their interest rates start from 4.7% and go up to 6.75%. With this said, it’s best you look for a real and reputable lender that will not copy the whole website of another company.
What is the Estimated Funding Time?
While we can’t find this exact information on Coastal Towne Mortgage’s website we speculate it’s about two weeks.
This may also vary depending on the type of service being provided and the complexity of the loan. For example, a simple loan may be funded in as little as one week while a more complex loan such as a jumbo loan may take up to four weeks to fund.
Do They Charge Mortgage Origination Fees?
In case you decide to work with Coastal Towne Mortgage, be sure you will be met with high origination fees.
Origination fees are charges the lender adds to the total cost of a loan and it’s meant to cover the costs of issuing a loan to individuals. It is calculated as a percentage of a total loan amount and can be around 1%.
Additionally, Coastal Towne Mortgage closing costs are also high and will add to the price of borrowing money from this broker.
As this lender already has so much going against them we do advise you to stay away and save your money by working with a legit and low-fee lender.
Does Coastal Towne Mortgage Charge Prepayment Fees?
Prepayment fees are charges assessed by a lender when a borrower pays off their loan before the end of the loan’s term. These fees are typically a percentage of the remaining loan amount and can vary from lender to lender.
Coastal Towne Mortgage does charge prepayment fees on their loans and while we cannot tell you the exact amount you will need to pay we want to warn you that these costs can easily add up.
What Mortgage Programs Are Available?
If you’re thinking about buying a home or already did and want to refinance your loan, you’re probably wondering what mortgage programs are available.
There are many different types of mortgages, and each has its own set of benefits and drawbacks. Here’s a quick overview of the mortgage programs this broker offers:
- Conventional mortgage
These are all loan types designed for purchasing and in case you are interested in refinancing here are your options:
- Home refinancing
- Cash-out refinance
Almost all the loan types this broker offers come in fixed or adjustable interest rates, so you can choose the option that suits you better.
What Property Usage Types Does Coastal Towne Mortgage Allow?
Considering Coastal Towne Mortgage has copied the whole content of another legit company, it’s not surprising they only offer one small part of property usage.
They offer the following:
- Primary residence
- Secondary residence
- Vacation homes
How Do People Rate the Customer Service and User Experience?
We were surprised when we saw that Coastal Towne Mortgage has very good customer ratings. But that’s when we also realized that those ratings are actually for the company named TowneBank Mortgage, which they just blatantly copied.
After some deeper investigation, we saw that Coastal Towne Mortgage has no customer satisfaction since they have many complaints made against them. And with that said, their real customer rating is actually 2.0.
So, in case you want to work with a good and reputable lender, feel free to contact us. We are here to help.
Contacts of Coastal Towne Mortgage
Coastal Towne Mortgage operates from Norfolk, Virginia and you can reach them via their website, email, or phone number. We will list them below.
3 Commercial Place, Suite 1450, Norfolk, VA
Availability of Coastal Towne Mortgage
Coastal Towne Mortgage claims to be committed to providing its customers with a wide range of mortgage products and services.
The company offers a variety of conventional and government-backed loans, as well as a wide array of adjustable-rate and fixed-rate mortgages.
They are based in Norfolk, Virginia but provide their services to clients across these states:
- North Carolina
Coastal Towne Mortgage Summary
- Coastal Towne Mortgage is a mortgage broker based in Norfolk, Virginia.
- Although this broker has many cons, the biggest red flag is the fact that they copied the whole website from a legitimate business called Towne Mortgage Company.
- Even though they have good online reviews they do not have any accreditation issued by either BBB or HUD.
- This mortgage broker offers a variety of loan options including: conventional, FHA, VA, USDA, jumbo, ARM and refinance loans.
FAQs About Loan Company
1. Where is Coastal Towne Mortgage?
Coastal Towne Mortgage is based in Norfolk, Virginia, with an address of 3 Commercial Place, Suite 1450.
2. How is Coastal Towne Mortgage rated?
They have good online reviews and a rating of 4.9 out of 5, but this may be due to the fact that they copied a whole other company.
3. Is Coastal Towne Mortgage a good company?
The company does not hold BBB of HUD accreditation so we would not advise you to work with them