Alpha Mortgage Corporation Rates, Fees & Info

Wilmington, NC

LEI: 549300QU641Z70NA3W22

Tax ID: 56-1579850

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • 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. 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.

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

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.81% 4/29/24
    30 Year Conventional Refi 6.90% 4/29/24
    30 Year Cash-out Refi 6.90% 4/29/24
    30 Year FHA Purchase 7.55% 4/29/24
    30 Year FHA Refi 8.03% 4/29/24
    30 Year VA Purchase 6.55% 4/29/24
    30 Year USDA Purchase 7.02% 4/29/24
    15 Year Conventional Purchase 6.30% 4/29/24
    15 Year VA Purchase 6.74% 4/29/24
    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






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Alpha Mortgage Corporation. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    1,179

    Origination Dollar Volume (All Markets)

    $303,545,000

    Awards

    Alpha Mortgage Corporation VA Loans bronze
    Show all (1) awards

    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
    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%
    Alpha Mortgage Corporation's top markets include Jacksonville, Wilmington, Myrtle Beach, New Bern, and Pinehurst 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: 48
    EXCITE Credit Union
    Similarity Rank: 105
    CAROLINA TRUST FEDERAL CREDIT UNION
    Similarity Rank: 420
    FINANCIAL RESOURCES FEDERAL CREDIT UNION
    Similarity Rank: 1160
    Arthur State Bank
    Similarity Rank: 1260
    Peoples Bank
    Similarity Rank: 1562
    Southern Bank and Trust Company
    Similarity Rank: 1665
    South Atlantic Bank
    Similarity Rank: 1716
    Coastal Carolina National Bank
    Similarity Rank: 2020
    Southern First Bank
    Similarity Rank: 2613

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 471 $128,405,000 $272,622 $5,207 5.23%
    VA 466 $123,800,000 $265,665 $8,310 5.09%
    FHA 182 $39,350,000 $216,209 $8,866 5.27%
    USDA 60 $11,990,000 $199,833 $7,061 4.72%

    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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 1,106 $283,240,000 $256,094 $7,265 5.18%
    Cash Out Refi 55 $15,545,000 $282,636 $6,296 4.53%
    Refi 18 $4,760,000 $264,444 $6,560 5.75%

    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.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,147 $295,545,000 $257,668 $7,268 5.15%
    15 Year 18 $4,020,000 $223,333 $4,166 4.15%
    30+ year 8 $2,950,000 $368,750 $10,139 7.83%
    20 Year 3 $505,000 $168,333 $3,776 5.46%
    10 Year 2 $220,000 $110,000 $3,030 4.56%
    Other 1 $305,000 $305,000 $7,328 5.25%

    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

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 353 $89,285,000 $252,932
    $<1k 270 $67,000,000 $248,148
    $2k-3k 157 $34,395,000 $219,076
    $3k-4k 134 $35,020,000 $261,343
    $5k+ 119 $42,475,000 $356,933
    $4k-5k 75 $21,365,000 $284,867

    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.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 372 $97,700,000 $262,634
    4-5% 286 $73,290,000 $256,259
    3-4% 234 $62,530,000 $267,222
    6-7% 204 $49,940,000 $244,804
    7-8% 63 $14,665,000 $232,778
    2.5-3% 14 $3,660,000 $261,429
    Over 8% 6 $1,760,000 $293,333

    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.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 669 $183,975,000 $275,000 $7,406 5.13%
    $100k-200k 368 $59,580,000 $161,902 $5,917 5.23%
    $400k-600k 99 $45,935,000 $463,990 $10,321 5.01%
    $100,000 or less 25 $2,115,000 $84,600 $3,855 5.24%
    $600k-1MM 18 $11,940,000 $663,333 $11,085 5.10%

    2022 saw Alpha Mortgage Corporation place emphasis on $200k-400k loans with 669 originations, totaling $183,975,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 367 $82,045,000 $223,556 $7,143 5.13%
    $75k-100k 240 $63,090,000 $262,875 $7,604 5.22%
    $100k-150k 234 $71,520,000 $305,641 $7,904 5.16%
    $50k or less 180 $30,000,000 $166,667 $5,992 4.99%
    $150k-250k 120 $42,480,000 $354,000 $7,641 5.27%
    $250k+ 38 $14,410,000 $379,211 $5,759 5.41%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 190 $46,360,000 $244,000 $6,601 5.00%
    20-30% 169 $43,565,000 $257,781 $6,138 4.97%
    50-60% 107 $29,925,000 $279,673 $9,846 5.13%
    43% 60 $15,510,000 $258,500 $6,674 5.15%
    41% 57 $14,685,000 $257,632 $7,366 5.19%
    44% 57 $14,575,000 $255,702 $7,940 5.14%
    40% 53 $13,485,000 $254,434 $7,157 4.99%
    46% 51 $13,065,000 $256,176 $7,159 5.34%
    39% 50 $13,540,000 $270,800 $7,221 4.87%
    45% 50 $12,450,000 $249,000 $6,493 5.45%
    48% 48 $12,300,000 $256,250 $8,597 5.37%
    42% 48 $11,950,000 $248,958 $6,760 5.42%
    47% 45 $12,715,000 $282,556 $7,654 5.24%
    49% 45 $11,695,000 $259,889 $8,281 5.68%
    36% 42 $10,090,000 $240,238 $6,568 5.13%
    37% 39 $10,345,000 $265,256 $7,372 5.30%
    <20% 33 $7,655,000 $231,970 $5,102 5.14%
    38% 33 $9,015,000 $273,182 $7,088 5.41%
    >60% 2 $620,000 $310,000 $11,205 4.50%

    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.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 884 $230,100,000 $260,294 $7,000 5.14%
    Not provided 199 $48,715,000 $244,799 $7,776 5.16%
    Black 64 $16,330,000 $255,156 $7,574 5.16%
    Asian 20 $4,920,000 $246,000 $6,963 5.64%
    American Indian 7 $2,285,000 $326,429 $14,033 5.50%
    Other Asian 1 $425,000 $425,000 $9,860 5.50%
    Filipino 1 $275,000 $275,000 $7,692 7.13%
    Chinese 1 $245,000 $245,000 $9,814 5.13%
    Native Hawaiian or Islander 1 $165,000 $165,000 $10,446 4.75%
    Asian Indian 1 $85,000 $85,000 $0 5.38%

    Approval Rates

    Total approvals of all applications
    100.00%

    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 origination

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,179 $303,545,000 $257,460

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,179 $303,545,000 $257,460

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 20 $2,870,000 $143,500 $3,871 5.07%
    40-60% 69 $17,135,000 $248,333 $4,834 5.07%
    60-80% 215 $59,865,000 $278,442 $5,352 5.30%
    80-100% 720 $179,360,000 $249,111 $6,929 5.15%
    Over 100% 153 $44,065,000 $288,007 $11,884 5.03%
    Under 20% 2 $250,000 $125,000 $2,977 5.75%

    Complaints

    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%