Alpha Mortgage Corporation Rates, Fees & InfoWilmington, NC
Tax ID: 56-1579850
Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Review & OverviewAlpha Mortgage Corporation is a smaller mortgage company specializing in Home Purchase loans. Alpha Mortgage Corporation has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Jacksonville, Wilmington, Myrtle Beach, New Bern, and Pinehurst among others. We have data for 38 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. 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.
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|Simulated Rate||Simulation Date|
|30 Year Conventional Purchase||6.81%||9/25/23|
|30 Year Conventional Refi||6.90%||9/25/23|
|30 Year Cash-out Refi||6.90%||9/25/23|
|30 Year FHA Purchase||7.55%||9/25/23|
|30 Year FHA Refi||8.03%||9/25/23|
|30 Year VA Purchase||6.55%||9/25/23|
|30 Year USDA Purchase||7.02%||9/25/23|
|15 Year Conventional Purchase||6.30%||9/25/23|
|15 Year VA Purchase||6.74%||9/25/23|
|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.|
Alpha Mortgage Corporation Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Origination Dollar Volume (All Markets)$303,545,000
Alpha Mortgage Corporation - 2022
Alpha Mortgage Corporation is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
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Alpha Mortgage Corporation's average 30 year fixed mortgage rate was
The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.
This yields a difference of 0.39%.
Relative Fees (Closing Costs)
Alpha Mortgage Corporation's average total fees/closing costs for a 30 year fixed rate
mortgage were $7,268.
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.
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|
|JACKSONVILLE, NC (FHA|USDA|VA)||567||$129,475,000||$228,351||$7,543||5.16%|
|WILMINGTON, NC (FHA|USDA|VA)||251||$78,575,000||$313,048||$6,631||5.10%|
|MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA)||127||$35,295,000||$277,913||$6,520||4.90%|
|Outside of Metro Areas||47||$9,115,000||$193,936||$7,427||5.22%|
|NEW BERN, NC (FHA|USDA|VA)||33||$8,565,000||$259,545||$7,553||5.44%|
|Pinehurst-Southern Pines, NC (FHA|USDA|VA)||20||$7,320,000||$366,000||$8,167||4.21%|
|RALEIGH-CARY, NC (FHA|USDA|VA)||23||$6,355,000||$276,304||$7,711||5.99%|
|FAYETTEVILLE, NC (FHA|USDA|VA)||16||$4,530,000||$283,125||$8,282||5.29%|
|Morehead City, NC (FHA|USDA|VA)||15||$3,865,000||$257,667||$7,038||5.41%|
|GREENSBORO-HIGH POINT, NC (FHA|USDA|VA)||15||$3,255,000||$217,000||$6,265||5.08%|
|WINSTON-SALEM, NC (FHA|USDA|VA)||12||$3,100,000||$258,333||$5,266||5.58%|
|DURHAM-CHAPEL HILL, NC (FHA|USDA|VA)||8||$2,510,000||$313,750||$7,883||5.73%|
|HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA)||4||$1,560,000||$390,000||$8,758||5.31%|
|CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA)||5||$1,295,000||$259,000||$7,146||5.23%|
|BURLINGTON, NC (FHA|USDA|VA)||3||$835,000||$278,333||$5,932||6.38%|
|GOLDSBORO, NC (FHA|USDA|VA)||5||$755,000||$151,000||$5,666||5.45%|
|Boone, NC (FHA|USDA|VA)||2||$620,000||$310,000||$9,097||4.69%|
|ROCKY MOUNT, NC (FHA|USDA|VA)||3||$585,000||$195,000||$6,473||5.75%|
|Kill Devil Hills, NC (FHA|USDA|VA)||2||$550,000||$275,000||$2,744||6.06%|
|Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA)||1||$545,000||$545,000||$32,104||5.88%|
|GREENVILLE, NC (FHA|USDA|VA)||2||$450,000||$225,000||$4,414||5.81%|
|Washington, NC (FHA|USDA|VA)||1||$425,000||$425,000||$0||8.00%|
|Henderson, NC (FHA|USDA|VA)||2||$410,000||$205,000||$5,549||6.31%|
|Albemarle, NC (FHA|USDA|VA)||1||$325,000||$325,000||$10,557||5.50%|
|CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA)||1||$325,000||$325,000||$7,058||6.75%|
|COLUMBIA, SC (FHA|USDA|VA)||1||$315,000||$315,000||$13,685||5.00%|
|Wilson, NC (FHA|USDA|VA)||1||$285,000||$285,000||$6,191||5.88%|
|ASHEVILLE, NC (FHA|USDA|VA)||1||$255,000||$255,000||$3,323||3.75%|
|Sanford, NC (FHA|USDA|VA)||1||$255,000||$255,000||$10,231||6.25%|
|JACKSONVILLE, FL (FHA|USDA|VA)||1||$255,000||$255,000||$0||6.13%|
|Kinston, NC (FHA|USDA|VA)||1||$245,000||$245,000||$5,050||3.75%|
|Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA)||1||$225,000||$225,000||$8,094||6.13%|
|ROANOKE, VA (FHA|USDA|VA)||1||$215,000||$215,000||$3,328||4.50%|
|Mount Airy, NC (FHA|USDA|VA)||1||$215,000||$215,000||$7,543||6.13%|
|ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA)||1||$195,000||$195,000||$3,050||3.75%|
|LYNCHBURG, VA (FHA|USDA|VA)||1||$175,000||$175,000||$0||7.13%|
|Brevard, NC (FHA|USDA|VA)||1||$155,000||$155,000||$7,095||3.75%|
|North Wilkesboro, NC (FHA|USDA|VA)||1||$115,000||$115,000||$0||4.75%|
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.
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|Loan Type||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
For 2022, Alpha Mortgage Corporation's most frequently originated type of loan was Conventional, with 471 originations. Their 2nd most popular type was VA, with 466 originations.
|Loan Reason||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
|Cash Out Refi||55||$15,545,000||$282,636||$6,296||4.53%|
For 2022, Alpha Mortgage Corporation's most frequently cited loan purpose was Home Purchase, with 1,106 originations. The 2nd most popular reason was Cash Out Refi, with 55 originations.
For 2022, Alpha Mortgage Corporation's most frequently cited loan duration was 30 Year, with 1,147 originations. The 2nd most popular length was 15 Year, with 18 originations.
Origination Fees/Closing Costs
Alpha Mortgage Corporation's average total fees were $7,268, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 353 originations.
During 2022, Alpha Mortgage Corporation's average interest rate for loans was 5.15%, while their most frequently originated rate bucket for loans was 5-6%, with 372 originations.
2022 saw Alpha Mortgage Corporation place emphasis on $200k-400k loans with 669 originations, totaling $183,975,000 in origination value.
Alpha Mortgage Corporation lent most frequently to those with incomes in the $50k-75k range, with 367 originations. The second most popular income band? $75k-100k, with 240 originations.
Applicant Debt to Income Ratio
Alpha Mortgage Corporation lent most frequently to those with DTI ratios of 30-36%, with 190 originations. The next most common DTI ratio? 20-30%, with 169 originations.
Approval RatesTotal approvals of all applications
Alpha Mortgage Corporation has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick RateApprovals leading to origination
Points and Fees
|Points||Originations||Total Value||Average Loan|
|Bank Name||Product||Issue||2022 CPFB Complaints||% of Total Issues|
|ALLY FINANCIAL INC.||Conventional home mortgage||Closing on a mortgage||1||50.0%|
|ALLY FINANCIAL INC.||Conventional home mortgage||Trouble during payment process||1||50.0%|