Alcova Mortgage Rates, Fees & Info
ROANOKE, VALEI: 549300RYBJHWWDENV610
Tax ID: 14-1886719
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Mortgage Data
Review & Overview
Alcova Mortgage is a smaller mortgage company specializing in Home Purchase and Refi loans. Alcova Mortgage has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: Richmond, Raleigh, Roanoke, Washington, and Charlotte among others. We have data for 103 markets. (Some data included below & more in-depth data is available with an active subscription.)Alcova Mortgage 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. Alcova Mortgage 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 | 6.82% | 4/21/24 |
| 30 Year Conventional Refi | 6.81% | 4/21/24 |
| 30 Year FHA Purchase | 7.64% | 4/21/24 |
| 30 Year FHA Refi | 7.57% | 4/21/24 |
| 30 Year VA Purchase | 6.50% | 4/21/24 |
| 30 Year VA Refi | 6.60% | 4/21/24 |
| 30 Year USDA Purchase | 7.02% | 4/21/24 |
| 30 Year USDA Refi | 6.79% | 4/21/24 |
| 15 Year Conventional Purchase | 5.30% | 4/21/24 |
| 15 Year Conventional Refi | 6.51% | 4/21/24 |
| 15 Year Cash-out Refi | 6.51% | 4/21/24 |
| 15 Year FHA Purchase | 6.56% | 4/21/24 |
| 15 Year FHA Refi | 7.35% | 4/21/24 |
| 15 Year VA Purchase | 6.12% | 4/21/24 |
| 15 Year VA Refi | 6.87% | 4/21/24 |
| 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. | ||
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
4,865Origination Dollar Volume (All Markets)
$989,095,000Awards
Alcova Mortgage - 2019
Alcova Mortgage is a 2019 , due to their low .
For 2019, 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 |
|---|---|---|---|---|---|
| RICHMOND, VA (FHA|USDA|VA) | 554 | $139,620,000 | $252,022 | $2,957 | 4.18% |
| Outside of Metro Areas | 841 | $128,375,000 | $152,646 | $2,883 | 4.35% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 391 | $96,825,000 | $247,634 | $3,580 | 4.06% |
| ROANOKE, VA (FHA|USDA|VA) | 423 | $80,165,000 | $189,515 | $2,577 | 4.23% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 191 | $61,135,000 | $320,079 | $4,115 | 4.19% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 277 | $56,475,000 | $203,881 | $3,500 | 4.25% |
| BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) | 219 | $50,345,000 | $229,886 | $3,085 | 4.13% |
| ASHEVILLE, NC (FHA|USDA|VA) | 198 | $46,880,000 | $236,768 | $3,431 | 4.31% |
| GREENVILLE, NC (FHA|USDA|VA) | 207 | $37,915,000 | $183,164 | $3,848 | 4.17% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 130 | $28,480,000 | $219,077 | $3,678 | 4.21% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 113 | $25,565,000 | $226,239 | $4,156 | 4.46% |
| HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) | 122 | $20,150,000 | $165,164 | $3,018 | 4.17% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 74 | $16,740,000 | $226,216 | $3,562 | 4.18% |
| Pinehurst-Southern Pines, NC (FHA|USDA|VA) | 64 | $15,950,000 | $249,219 | $3,150 | 4.00% |
| CUMBERLAND, MD-WV (FHA|USDA|VA) | 104 | $13,600,000 | $130,769 | $2,243 | 4.40% |
| GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) | 94 | $12,890,000 | $137,128 | $2,884 | 4.21% |
| LYNCHBURG, VA (FHA|USDA|VA) | 68 | $12,860,000 | $189,118 | $2,545 | 4.40% |
| WINCHESTER, VA-WV (FHA|USDA|VA) | 55 | $12,615,000 | $229,364 | $3,247 | 4.30% |
| FAYETTEVILLE, NC (FHA|USDA|VA) | 77 | $12,085,000 | $156,948 | $2,795 | 3.95% |
| Danville, VA (FHA|USDA|VA) | 83 | $11,335,000 | $136,566 | $2,902 | 4.46% |
| Martinsville, VA (FHA|USDA|VA) | 65 | $7,525,000 | $115,769 | $1,674 | 4.24% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 34 | $7,350,000 | $216,176 | $4,275 | 4.42% |
| Boone, NC (FHA|USDA|VA) | 29 | $6,675,000 | $230,172 | $3,611 | 3.95% |
| HUNTSVILLE, AL (FHA|USDA|VA) | 24 | $5,220,000 | $217,500 | $2,642 | 4.32% |
| Washington, NC (FHA|USDA|VA) | 23 | $4,995,000 | $217,174 | $3,918 | 4.18% |
| Sanford, NC (FHA|USDA|VA) | 26 | $4,550,000 | $175,000 | $2,976 | 4.37% |
| CHARLOTTESVILLE, VA (FHA|USDA|VA) | 19 | $4,505,000 | $237,105 | $3,090 | 4.28% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 15 | $4,275,000 | $285,000 | $4,124 | 3.81% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 21 | $3,505,000 | $166,905 | $4,803 | 4.80% |
| Morehead City, NC (FHA|USDA|VA) | 14 | $3,010,000 | $215,000 | $3,812 | 4.16% |
| WINSTON-SALEM, NC (FHA|USDA|VA) | 18 | $2,920,000 | $162,222 | $3,378 | 4.31% |
| Albemarle, NC (FHA|USDA|VA) | 17 | $2,825,000 | $166,176 | $2,992 | 4.53% |
| WILMINGTON, NC (FHA|USDA|VA) | 13 | $2,425,000 | $186,538 | $3,794 | 3.83% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 8 | $2,370,000 | $296,250 | $6,360 | 4.31% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 8 | $2,340,000 | $292,500 | $2,808 | 3.98% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 8 | $2,250,000 | $281,250 | $3,128 | 4.64% |
| BECKLEY, WV (FHA|USDA|VA) | 14 | $2,240,000 | $160,000 | $3,603 | 4.78% |
| Wilson, NC (FHA|USDA|VA) | 14 | $2,150,000 | $153,571 | $3,679 | 4.17% |
| GOLDSBORO, NC (FHA|USDA|VA) | 10 | $1,890,000 | $189,000 | $2,912 | 4.27% |
| ROCKY MOUNT, NC (FHA|USDA|VA) | 12 | $1,790,000 | $149,167 | $3,095 | 4.03% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 7 | $1,735,000 | $247,857 | $4,857 | 4.16% |
| Bluefield, WV-VA (FHA|USDA|VA) | 17 | $1,705,000 | $100,294 | $2,340 | 4.69% |
| STAUNTON, VA (FHA|USDA|VA) | 9 | $1,685,000 | $187,222 | $1,678 | 4.56% |
| HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) | 7 | $1,595,000 | $227,857 | $4,997 | 4.30% |
| BURLINGTON, NC (FHA|USDA|VA) | 10 | $1,520,000 | $152,000 | $3,704 | 3.69% |
| JACKSONVILLE, NC (FHA|USDA|VA) | 8 | $1,500,000 | $187,500 | $2,878 | 4.12% |
| GREENVILLE-ANDERSON, SC (FHA|USDA|VA) | 6 | $1,380,000 | $230,000 | $5,133 | 4.31% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 9 | $1,355,000 | $150,556 | $8,397 | 4.51% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 4 | $1,300,000 | $325,000 | $3,967 | 3.84% |
| Shelby, NC (FHA|USDA|VA) | 7 | $935,000 | $133,571 | $2,555 | 3.96% |
| Kill Devil Hills, NC (FHA|USDA|VA) | 3 | $925,000 | $308,333 | $4,422 | 4.04% |
| HARRISONBURG, VA (FHA|USDA|VA) | 4 | $900,000 | $225,000 | $3,249 | 4.06% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 3 | $895,000 | $298,333 | $5,111 | 4.67% |
| MOBILE, AL (FHA|USDA|VA) | 3 | $865,000 | $288,333 | $6,217 | 4.37% |
| Brevard, NC (FHA|USDA|VA) | 2 | $720,000 | $360,000 | $7,177 | 3.81% |
| Lumberton, NC (FHA|USDA|VA) | 6 | $690,000 | $115,000 | $3,871 | 3.67% |
| NEW BERN, NC (FHA|USDA|VA) | 5 | $665,000 | $133,000 | $3,403 | 3.33% |
| Georgetown, SC (FHA|USDA|VA) | 1 | $605,000 | $605,000 | $3,135 | 5.13% |
| Henderson, NC (FHA|USDA|VA) | 2 | $590,000 | $295,000 | $3,874 | 4.56% |
| PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) | 2 | $590,000 | $295,000 | $3,922 | 3.75% |
| COLUMBIA, SC (FHA|USDA|VA) | 4 | $580,000 | $145,000 | $4,954 | 4.94% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 2 | $550,000 | $275,000 | $4,723 | 3.88% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 3 | $535,000 | $178,333 | $3,916 | 3.96% |
| SPARTANBURG, SC (FHA|USDA|VA) | 2 | $530,000 | $265,000 | $4,436 | 4.06% |
| Mount Airy, NC (FHA|USDA|VA) | 2 | $520,000 | $260,000 | $4,667 | 4.81% |
| Kinston, NC (FHA|USDA|VA) | 4 | $510,000 | $127,500 | $3,650 | 4.25% |
| Roanoke Rapids, NC (FHA|USDA|VA) | 2 | $460,000 | $230,000 | $2,591 | 4.56% |
| Sevierville, TN (FHA|USDA|VA) | 1 | $445,000 | $445,000 | $4,362 | 3.63% |
| KNOXVILLE, TN (FHA|USDA|VA) | 2 | $440,000 | $220,000 | $4,301 | 3.94% |
| Marion, NC (FHA|USDA|VA) | 2 | $440,000 | $220,000 | $6,318 | 4.31% |
| HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) | 2 | $430,000 | $215,000 | $6,037 | 4.12% |
| AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) | 2 | $400,000 | $200,000 | $3,560 | 4.19% |
| Calhoun, GA (FHA|USDA|VA) | 2 | $360,000 | $180,000 | $1,892 | 4.31% |
| DOTHAN, AL (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $10,601 | 4.13% |
| KINGSPORT-BRISTOL, TN-VA (FHA|USDA|VA) | 4 | $330,000 | $82,500 | $3,162 | 4.31% |
| DECATUR, AL (FHA|USDA|VA) | 3 | $325,000 | $108,333 | $1,839 | 4.38% |
| Elizabeth City, NC (FHA|USDA|VA) | 2 | $310,000 | $155,000 | $3,253 | 4.13% |
| CHARLESTON, WV (FHA|USDA|VA) | 2 | $300,000 | $150,000 | $4,224 | 4.31% |
| Gaffney, SC (FHA|USDA|VA) | 2 | $300,000 | $150,000 | $9,006 | 4.25% |
| WARNER ROBINS, GA (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $5,559 | 4.63% |
| THE VILLAGES, FL (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $0 | 4.25% |
| Cullowhee, NC (FHA|USDA|VA) | 2 | $260,000 | $130,000 | $2,510 | 4.00% |
| AUBURN-OPELIKA, AL (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $500 | 3.88% |
| HOMOSASSA SPRINGS, FL (FHA|USDA|VA) | 3 | $245,000 | $81,667 | $3,739 | 5.04% |
| Laurinburg, NC (FHA|USDA|VA) | 3 | $225,000 | $75,000 | $2,107 | 3.21% |
| ATHENS-CLARKE COUNTY, GA (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $4,997 | 4.38% |
| Cullman, AL (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $12,093 | 3.75% |
| CLARKSVILLE, TN-KY (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $11,925 | 5.63% |
| GAINESVILLE, GA (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $6,071 | 4.13% |
| Cedartown, GA (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $4,265 | 4.50% |
| SEBRING-AVON PARK, FL (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 4.25% |
| PITTSBURGH, PA (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $1,500 | 4.00% |
| JOHNSON CITY, TN (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $1,906 | 4.99% |
| Rockingham, NC (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $5,112 | 3.99% |
| North Wilkesboro, NC (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $5,433 | 4.63% |
| Somerset, PA (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $1,293 | 4.50% |
| PANAMA CITY, FL (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $995 | 4.50% |
| CHATTANOOGA, TN-GA (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $6,536 | 5.13% |
| OCALA, FL (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $3,225 | 3.75% |
| FLORENCE, SC (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $4,653 | 4.38% |
| Bennettsville, SC (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $2,352 | 4.50% |
| Clarksburg, WV (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $3,550 | 4.13% |
| ANNISTON-OXFORD, AL (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $2,452 | 5.13% |
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Product Mix
For 2019, Alcova Mortgage's most frequently originated type of loan was Conventional, with 2,767 originations. Their 2nd most popular type was FHA, with 1,078 originations.
Loan Reason
For 2019, Alcova Mortgage's most frequently cited loan purpose was Home Purchase, with 3,692 originations. The 2nd most popular reason was Refi, with 1,132 originations.
Loan Duration/Length
For 2019, Alcova Mortgage's most frequently cited loan duration was 30 Year, with 4,557 originations. The 2nd most popular length was 15 Year, with 220 originations.
Origination Fees/Closing Costs
Alcova Mortgage's average total fees were $3,221, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 3,058 originations.
Interest Rates
During 2019, Alcova Mortgage's average interest rate for loans was 4.29%, while their most frequently originated rate bucket for loans was 4-5%, with 2,378 originations.
Loan Sizing
2019 saw Alcova Mortgage place emphasis on $100k-200k loans with 1,989 originations, totaling $302,005,000 in origination value.
Applicant Income
Alcova Mortgage lent most frequently to those with incomes in the $50k or less range, with 1,493 originations. The second most popular income band? $50k-75k, with 1,401 originations.
Applicant Debt to Income Ratio
Alcova Mortgage lent most frequently to those with DTI ratios of 30-36%, with 942 originations. The next most common DTI ratio? 20-30%, with 880 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.59%
Alcova Mortgage has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination82.16%
Alcova Mortgage has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 4,865 | $989,095,000 | $203,308 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 106 | $12,660,000 | $119,434 |
| Single Family (1-4 Units):Site-Built | 4,759 | $976,435,000 | $205,177 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| ALCOVA MORTGAGE LLC | Conventional home mortgage | Closing on a mortgage | 1 | 100.0% |