Alpha Mortgage Corporation Rates, Fees & Info

Wilmington, NC

LEI: 549300QU641Z70NA3W22

Tax ID: 56-1579850

4.2 stars - out of 5 stars, based on 43 reviews

Latest/2021 | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • SimulatedRates™
  • Review & Overview

    Alpha Mortgage Corporation is a smaller mortgage company specializing in loans. Alpha Mortgage Corporation has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: Wilmington, Jacksonville, Myrtle Beach, Greensboro, and Morehead City among others. We have data for 43 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Alpha Mortgage Corporation has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Alpha Mortgage Corporation is typically an average fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    SimulatedRates™

    Mortgage Type
    Simulated Rate Simulation Date
    30 Year Conventional Purchase 7.08% 11/27/22
    30 Year Conventional Refi 6.94% 11/27/22
    30 Year Cash-out Refi 7.14% 11/27/22
    30 Year FHA Purchase 7.96% 11/27/22
    30 Year FHA Refi 7.42% 11/27/22
    30 Year VA Purchase 7.03% 11/27/22
    30 Year VA Refi 6.67% 11/27/22
    30 Year USDA Purchase 7.33% 11/27/22
    30 Year USDA Refi 7.01% 11/27/22
    15 Year Conventional Purchase 6.56% 11/27/22
    15 Year Conventional Refi 6.44% 11/27/22
    15 Year Cash-out Refi 6.44% 11/27/22
    15 Year VA Refi 6.21% 11/27/22
    These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.


    Originations

    1,834

    Origination Dollar Volume (All Markets)

    $430,830,000

    Awards

    Alpha Mortgage Corporation USDA Loans gold Alpha Mortgage Corporation USDA Loans gold
    Show all (2) awards

    Relative Rate

    Alpha Mortgage Corporation's average 30 year fixed mortgage rate was 3.25%.

    The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.

    This yields a difference of 0.1%.

    Relative Fees (Closing Costs)

    Alpha Mortgage Corporation's average total fees/closing costs for a 30 year fixed rate mortgage were $5,259.

    The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $4,750.

    Top Markets

    Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

    Market Originations Total Value Average Loan Average Fees Average Rate
    WILMINGTON, NC (FHA|USDA|VA) 560 $153,280,000 $273,714 $4,655 3.21%
    JACKSONVILLE, NC (FHA|USDA|VA) 705 $144,275,000 $204,645 $5,709 3.28%
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 312 $75,090,000 $240,673 $4,784 3.15%
    GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 30 $7,490,000 $249,667 $5,800 3.13%
    Outside of Metro Areas 34 $6,480,000 $190,588 $5,740 3.27%
    Morehead City, NC (FHA|USDA|VA) 24 $5,880,000 $245,000 $6,876 3.24%
    NEW BERN, NC (FHA|USDA|VA) 25 $4,615,000 $184,600 $5,048 3.31%
    FAYETTEVILLE, NC (FHA|USDA|VA) 17 $4,545,000 $267,353 $4,945 3.26%
    RALEIGH-CARY, NC (FHA|USDA|VA) 14 $3,950,000 $282,143 $4,102 3.17%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 18 $3,850,000 $213,889 $4,197 3.28%
    WINSTON-SALEM, NC (FHA|USDA|VA) 18 $3,730,000 $207,222 $4,548 3.08%
    DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 6 $2,420,000 $403,333 $4,830 3.04%
    Pinehurst-Southern Pines, NC (FHA|USDA|VA) 6 $1,650,000 $275,000 $7,979 3.25%
    HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) 5 $1,215,000 $243,000 $6,677 3.15%
    GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 4 $1,100,000 $275,000 $3,474 3.63%
    PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 3 $965,000 $321,667 $3,272 3.29%
    Kinston, NC (FHA|USDA|VA) 5 $865,000 $173,000 $5,883 3.10%
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 4 $850,000 $212,500 $7,771 3.13%
    GREENVILLE, NC (FHA|USDA|VA) 3 $755,000 $251,667 $6,513 3.13%
    ASHEVILLE, NC (FHA|USDA|VA) 3 $715,000 $238,333 $4,573 3.42%
    CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 2 $600,000 $300,000 $3,257 3.19%
    BURLINGTON, NC (FHA|USDA|VA) 3 $585,000 $195,000 $7,726 3.33%
    Mount Airy, NC (FHA|USDA|VA) 3 $455,000 $151,667 $3,800 3.13%
    Wilson, NC (FHA|USDA|VA) 3 $445,000 $148,333 $4,289 3.29%
    Brevard, NC (FHA|USDA|VA) 2 $440,000 $220,000 $4,677 3.25%
    Boone, NC (FHA|USDA|VA) 2 $420,000 $210,000 $3,228 3.38%
    SPARTANBURG, SC (FHA|USDA|VA) 3 $405,000 $135,000 $4,799 3.71%
    COLUMBIA, SC (FHA|USDA|VA) 2 $370,000 $185,000 $2,518 2.94%
    Cullowhee, NC (FHA|USDA|VA) 2 $360,000 $180,000 $6,217 3.88%
    FLORENCE, SC (FHA|USDA|VA) 1 $355,000 $355,000 $9,975 3.25%
    Roanoke Rapids, NC (FHA|USDA|VA) 3 $345,000 $115,000 $5,791 3.71%
    TALLAHASSEE, FL (FHA|USDA|VA) 1 $305,000 $305,000 $5,647 2.75%
    Kill Devil Hills, NC (FHA|USDA|VA) 1 $295,000 $295,000 $0 3.63%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $225,000 $225,000 $4,320 2.88%
    DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $215,000 $215,000 $5,313 3.00%
    Marion, NC (FHA|USDA|VA) 1 $205,000 $205,000 $3,504 2.88%
    Lumberton, NC (FHA|USDA|VA) 1 $185,000 $185,000 $1,908 3.00%
    HARRISONBURG, VA (FHA|USDA|VA) 1 $175,000 $175,000 $2,824 3.88%
    Martinsville, VA (FHA|USDA|VA) 1 $175,000 $175,000 $6,434 3.25%
    ROCKY MOUNT, NC (FHA|USDA|VA) 1 $155,000 $155,000 $4,863 2.75%
    Rockingham, NC (FHA|USDA|VA) 1 $145,000 $145,000 $3,473 3.25%
    Laurinburg, NC (FHA|USDA|VA) 1 $125,000 $125,000 $4,451 3.13%
    Sanford, NC (FHA|USDA|VA) 1 $125,000 $125,000 $4,772 2.88%
    Alpha Mortgage Corporation's top markets include Wilmington, Jacksonville, Myrtle Beach, Greensboro, and Morehead City among others.

    Their top states include:
  • North Carolina (FHA|USDA|VA)
  • South Carolina (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Virginia (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against Alpha Mortgage Corporation based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Piedmont Federal Savings Bank
    Similarity Rank: 442
    CAROLINA TRUST FEDERAL CREDIT UNION
    Similarity Rank: 1225
    EXCITE Credit Union
    Similarity Rank: 1694
    Aurora Financial, LLC
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    OCEANSIDE MORTGAGE COMPANY
    Similarity Rank: 1980
    Peoples Bank
    Similarity Rank: 2440
    Southern Bank and Trust Company
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    Shea Mortgage Inc.
    Similarity Rank: 2774
    Countybank
    Similarity Rank: 2940

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 940 $230,000,000 $244,681 $3,795 3.27%
    VA 535 $130,375,000 $243,692 $6,381 3.20%
    FHA 217 $44,465,000 $204,908 $7,219 3.23%
    USDA 142 $25,990,000 $183,028 $5,487 3.10%

    For 2021, Alpha Mortgage Corporation's most frequently originated type of loan was Conventional, with 940 originations. Their 2nd most popular type was VA, with 535 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 1,500 $353,930,000 $235,953 $5,504 3.25%
    Refi 205 $47,255,000 $230,512 $3,345 3.04%
    Cash Out Refi 129 $29,645,000 $229,806 $4,173 3.31%

    For 2021, Alpha Mortgage Corporation's most frequently cited loan purpose was Home Purchase, with 1,500 originations. The 2nd most popular reason was Refi, with 205 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,745 $412,035,000 $236,123 $5,259 3.25%
    15 Year 68 $14,350,000 $211,029 $3,535 2.79%
    20 Year 11 $2,405,000 $218,636 $3,595 2.97%
    Other 7 $1,285,000 $183,571 $3,031 3.16%
    30+ year 2 $610,000 $305,000 $6,781 5.25%
    10 Year 1 $145,000 $145,000 $2,950 2.63%

    For 2021, Alpha Mortgage Corporation's most frequently cited loan duration was 30 Year, with 1,745 originations. The 2nd most popular length was 15 Year, with 68 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 1,013 $234,505,000 $231,496
    $<1k 450 $103,660,000 $230,356
    $2k-3k 113 $26,265,000 $232,434
    $3k-4k 70 $18,450,000 $263,571
    $5k+ 32 $15,210,000 $475,313
    $4k-5k 27 $9,605,000 $355,741

    Alpha Mortgage Corporation's average total fees were $5,259, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 1,013 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 1,074 $250,800,000 $233,520
    2.5-3% 619 $150,305,000 $242,819
    4-5% 103 $20,495,000 $198,981
    <2.5% 35 $8,485,000 $242,429
    5-6% 3 $745,000 $248,333

    During 2021, Alpha Mortgage Corporation's average interest rate for loans was 3.25%, while their most frequently originated rate bucket for loans was 3-4%, with 1,074 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 908 $242,110,000 $266,641 $5,552 3.19%
    $100k-200k 729 $114,015,000 $156,399 $4,464 3.25%
    $400k-600k 100 $47,430,000 $474,300 $6,512 3.15%
    $100,000 or less 72 $5,800,000 $80,556 $3,329 3.66%
    $600k-1MM 20 $14,960,000 $748,000 $7,405 3.28%
    $1MM+ 5 $6,515,000 $1,303,000 $15,707 3.35%

    2021 saw Alpha Mortgage Corporation place emphasis on $200k-400k loans with 908 originations, totaling $242,110,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 566 $119,490,000 $211,113 $5,432 3.23%
    $50k or less 445 $73,985,000 $166,258 $4,641 3.21%
    $100k-150k 302 $82,440,000 $272,980 $5,158 3.25%
    $75k-100k 296 $73,900,000 $249,662 $5,477 3.21%
    $150k-250k 155 $50,405,000 $325,194 $5,063 3.28%
    $250k+ 70 $30,610,000 $437,286 $5,709 3.25%

    Alpha Mortgage Corporation lent most frequently to those with incomes in the $50k-75k range, with 566 originations. The second most popular income band? $50k or less, with 445 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 335 $82,565,000 $246,463 $5,127 3.21%
    20-30% 320 $70,020,000 $218,813 $4,951 3.21%
    50-60% 104 $26,800,000 $257,692 $7,303 3.18%
    <20% 97 $21,425,000 $220,876 $3,986 3.12%
    44% 88 $19,930,000 $226,477 $5,675 3.31%
    42% 87 $19,775,000 $227,299 $5,097 3.30%
    39% 77 $16,745,000 $217,468 $4,573 3.25%
    38% 76 $17,400,000 $228,947 $5,040 3.19%
    41% 74 $17,190,000 $232,297 $5,157 3.24%
    40% 72 $16,450,000 $228,472 $4,613 3.22%
    43% 68 $16,340,000 $240,294 $4,801 3.36%
    48% 66 $15,890,000 $240,758 $5,463 3.27%
    37% 62 $15,460,000 $249,355 $5,835 3.34%
    45% 61 $13,955,000 $228,770 $5,299 3.37%
    36% 61 $16,015,000 $262,541 $5,048 3.19%
    49% 59 $15,805,000 $267,881 $5,801 3.18%
    47% 55 $12,425,000 $225,909 $5,006 3.21%
    46% 47 $11,595,000 $246,702 $5,571 3.34%
    >60% 4 $1,330,000 $332,500 $4,691 3.13%

    Alpha Mortgage Corporation lent most frequently to those with DTI ratios of 30-36%, with 335 originations. The next most common DTI ratio? 20-30%, with 320 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,462 $343,150,000 $234,713 $5,060 3.22%
    Not provided 219 $54,935,000 $250,845 $5,665 3.25%
    Black 105 $21,635,000 $206,048 $5,501 3.29%
    Asian 27 $6,525,000 $241,667 $5,334 3.28%
    American Indian 13 $2,845,000 $218,846 $6,158 3.31%
    Native Hawaiian or Islander 4 $830,000 $207,500 $6,886 3.56%
    Filipino 3 $595,000 $198,333 $6,418 3.25%
    Other Asian 1 $315,000 $315,000 $4,641 3.50%

    Approval Rates

    Total approvals of all applications
    99.91%

    Alpha Mortgage Corporation has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    79.23%

    Alpha Mortgage Corporation has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,834 $430,830,000 $234,913

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,834 $430,830,000 $234,913

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 62 $9,830,000 $158,548 $3,416 3.02%
    40-60% 117 $26,395,000 $225,598 $3,369 3.07%
    60-80% 418 $103,070,000 $246,579 $3,956 3.32%
    80-100% 1,064 $245,710,000 $230,930 $5,107 3.23%
    Over 100% 171 $45,615,000 $266,754 $9,648 3.17%
    Under 20% 2 $210,000 $105,000 $3,582 2.94%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    ALPHA MORTGAGE CORPORATION FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 100.0%