Alpha Mortgage Corporation Rates, Fees & Info
Wilmington, NCLEI: 549300QU641Z70NA3W22
Tax ID: 56-1579850
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Mortgage Data
Review & Overview
Alpha 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. Their top markets by origination volume include: Wilmington, Jacksonville, Myrtle Beach, Morehead City, and Raleigh among others. We have data for 28 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 an above average pick rate when compared to similar lenders. Alpha Mortgage Corporation is typically a low 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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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.81% | 3/24/24 |
| 30 Year Conventional Refi | 6.90% | 3/24/24 |
| 30 Year Cash-out Refi | 6.90% | 3/24/24 |
| 30 Year FHA Purchase | 7.55% | 3/24/24 |
| 30 Year FHA Refi | 8.03% | 3/24/24 |
| 30 Year VA Purchase | 6.55% | 3/24/24 |
| 30 Year USDA Purchase | 7.02% | 3/24/24 |
| 15 Year Conventional Purchase | 6.30% | 3/24/24 |
| 15 Year VA Purchase | 6.74% | 3/24/24 |
| 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.
Originations
1,633Origination Dollar Volume (All Markets)
$319,625,000Awards
Alpha Mortgage Corporation - 2018
Alpha Mortgage Corporation is a 2018 , due to their low .
For 2018, less than of lenders were eligible for this award.
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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) | 569 | $128,705,000 | $226,195 | $4,090 | 4.66% |
| JACKSONVILLE, NC (FHA|USDA|VA) | 676 | $113,790,000 | $168,328 | $4,229 | 4.72% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 251 | $51,415,000 | $204,841 | $4,198 | 4.65% |
| Morehead City, NC (FHA|USDA|VA) | 20 | $4,290,000 | $214,500 | $4,560 | 4.75% |
| Outside of Metro Areas | 31 | $4,165,000 | $134,355 | $4,606 | 4.61% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 12 | $2,770,000 | $230,833 | $3,849 | 4.63% |
| GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) | 14 | $2,720,000 | $194,286 | $4,415 | 4.68% |
| NEW BERN, NC (FHA|USDA|VA) | 13 | $2,225,000 | $171,154 | $5,226 | 4.50% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 5 | $1,305,000 | $261,000 | $3,681 | 4.80% |
| HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) | 4 | $1,050,000 | $262,500 | $4,573 | 5.06% |
| FAYETTEVILLE, NC (FHA|USDA|VA) | 5 | $995,000 | $199,000 | $6,652 | 4.63% |
| WINSTON-SALEM, NC (FHA|USDA|VA) | 6 | $920,000 | $153,333 | $3,077 | 5.06% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 4 | $770,000 | $192,500 | $3,990 | 5.08% |
| ASHEVILLE, NC (FHA|USDA|VA) | 4 | $730,000 | $182,500 | $5,182 | 4.41% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $2,704 | 4.75% |
| Seneca, SC (FHA|USDA|VA) | 1 | $435,000 | $435,000 | $3,884 | 4.75% |
| GREENVILLE, NC (FHA|USDA|VA) | 4 | $390,000 | $97,500 | $4,294 | 4.31% |
| AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $2,799 | 4.25% |
| Kinston, NC (FHA|USDA|VA) | 3 | $305,000 | $101,667 | $3,326 | 4.75% |
| HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $6,138 | 4.75% |
| Lumberton, NC (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $2,884 | 4.63% |
| Forest City, NC (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $2,632 | 4.63% |
| Kill Devil Hills, NC (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $9,642 | 4.75% |
| Brevard, NC (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $4,185 | 4.63% |
| GREENVILLE-ANDERSON, SC (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $2,925 | 5.25% |
| Georgetown, SC (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $6,121 | 4.63% |
| BURLINGTON, NC (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $6,238 | 4.50% |
| Boone, NC (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $741 | 4.38% |
Their top states include:
Similar Lenders
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Product Mix
For 2018, Alpha Mortgage Corporation's most frequently originated type of loan was Conventional, with 648 originations. Their 2nd most popular type was VA, with 627 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 1,565 | $304,445,000 | $194,534 | $4,190 | 4.68% |
| Refi | 68 | $15,180,000 | $223,235 | $4,302 | 4.65% |
For 2018, Alpha Mortgage Corporation's most frequently cited loan purpose was Home Purchase, with 1,565 originations. The 2nd most popular reason was Refi, with 68 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 1,633 | $319,625,000 | $195,729 | $4,195 | 4.68% |
For 2018, Alpha Mortgage Corporation's most frequently cited loan duration was 30 Year, with 1,633 originations.
Origination Fees/Closing Costs
Alpha Mortgage Corporation's average total fees were $4,195, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,151 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 1,244 | $244,960,000 | $196,913 |
| 5-6% | 207 | $42,055,000 | $203,164 |
| 3-4% | 101 | $19,995,000 | $197,970 |
| 6-7% | 2 | $340,000 | $170,000 |
| 7-8% | 1 | $335,000 | $335,000 |
During 2018, Alpha Mortgage Corporation's average interest rate for loans was 4.68%, while their most frequently originated rate bucket for loans was 4-5%, with 1,244 originations.
Loan Sizing
2018 saw Alpha Mortgage Corporation place emphasis on $100k-200k loans with 877 originations, totaling $133,955,000 in origination value.
Applicant Income
Alpha Mortgage Corporation lent most frequently to those with incomes in the $50k-75k range, with 537 originations. The second most popular income band? $50k or less, with 437 originations.
Applicant Debt to Income Ratio
Alpha Mortgage Corporation lent most frequently to those with DTI ratios of 30-36%, with 276 originations. The next most common DTI ratio? 20-30%, with 259 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications100.00%
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 origination95.16%
Alpha Mortgage Corporation has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 1,633 | $319,625,000 | $195,729 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 51 | $5,525,000 | $108,333 |
| Single Family (1-4 Units):Site-Built | 1,582 | $314,100,000 | $198,546 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| ALLY FINANCIAL INC. | Other type of mortgage | Struggling to pay mortgage | 1 | 10.0% |
| ALLY FINANCIAL INC. | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 3 | 30.0% |
| ALLY FINANCIAL INC. | Conventional home mortgage | Closing on a mortgage | 2 | 20.0% |
| ALLY FINANCIAL INC. | Conventional home mortgage | Trouble during payment process | 2 | 20.0% |
| ALLY FINANCIAL INC. | Home equity loan or line of credit (HELOC) | Struggling to pay mortgage | 1 | 10.0% |
| ALLY FINANCIAL INC. | Home equity loan or line of credit (HELOC) | Trouble during payment process | 1 | 10.0% |