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On XXXX XXXX, my wife received a pre-approval for a loan with United Atlantic Mortgage CorpXXXX Of Virginia XXXX NMLS # XXXX and was given an approval letter stating the address of the property, sales price, down payment, loan amount, monthly payment, interest rate, APR , and no indication or statement of the rate being based on buying down or any money needed to buy down the rate at closing. This prompted her to choose United Atlantic Mortgage as her lender and proceed with purchasing a home.
She received an email on XXXX XXXX from the lender with the approval letter stating that the rate was locked in at 5.875 % ahead of the pending downturns in the real estate market.
XXXX XXXX - notified by United Atlantic Mortgage that the rate previously quoted was with a XXXX payment due at closing to buy the rate down. We contacted United Atlantic Mortgage Corp and showed them the pre approval letter and email stating we were locked in and XXXX XXXX stated " all lenders give their rates assuming a payment from the applicant to buy down the rate ''. She also said, " I know it looks like a bait and switch, but it's not ''.
We have attempted to work with this company and simply want the rate that was given in writing, the reason we went with them, to be honored, WITHOUT having to buy it down, as it was originally guaranteed.
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