Alpha Mortgage Corporation is a full-service mortgage banker offering mortgages and lending services to the residents of North Carolina, South Carolina, Virginia, and Florida. With ten offices across the Carolinas, Alpha Mortgage is consistently rated as one of the highest volume bankers in the area. This mortgage lender offers a complete in-house experience, from in-house processing to closing and funding. Alpha Mortgage’s formula for success, “strong business ethics, the highest quality service, and guaranteed customer satisfaction,” has earned this mortgage company high customer ratings, like their nearly perfect 4.9 out of 5-star rating on Google.
Buying a home with Alpha Mortgage
Whether you’re purchasing your very first home or your last, the Alpha Mortgage home buying guide answers commonly asked questions with definitions of terms that are necessary to understand during the lending process. This guide is designed to make the lending process for Alpha customers more pleasant and straightforward. Even if you’re a seasoned homebuyer, you may learn something new! The following areas are included in the buyer’s guide:
Understanding rate shopping – This section helps the reader understand how to find the best interest rate possible before you decide to borrow money. It also provides tips on recognizing advertiser misinformation and “too good to be true” deals.
Mortgage points – This section explains origination points, an often misunderstood term in the world of mortgage lending, and when it makes sense for borrowers to pay them.
Credit scoring – Your credit score plays a major part in securing a loan from a lender. This section helps the reader understand why a good credit score is important to secure the best loan terms possible and offers tips on how to improve your score to qualify for better mortgage rates.
Pre-payment penalties – This section explains why the reader should steer clear of loans with pre-payment penalties and explains why “soft pre-pays” are acceptable if necessary.
Junk fees – This section explains what junk fees are, what fees are not considered to be junk fees, and explains how they should be legally presented to a borrower in any lending situation.
Alpha Mortgage refinancing options
Alpha Mortgage offers refinancing services in North Carolina, South Carolina, Florida and Virginia. Based on the long-term goals of the borrower, an AM loan officer will provide a comprehensive spreadsheet that explains each available loan program and any noteworthy benefits of each to the borrower. Alpha Mortgage offers a variety of refinancing options:
USDA Rural housing loans
AM offers refinancing solutions for most types of 1-4 unit residential properties including stick-built construction, modular homes, condos, and townhomes. Occupancy types included under AM’s refinancing services are primary residences, second homes, vacation homes, and residential rental properties consisting of 1-4 units.
Alpha Mortgage offers a wide variety of loan programs to fit every customer’s needs. Whether you’re a first-time homebuyer or interested in financing a second home, here are AM’s 10 most popular loan options:
Conventional mortgage – Conforming loans under a conventional mortgage can be used to finance almost any kind of property and typically have competitive rates compared to USDA, FHA and other government-funded options. Alpha Mortgage conforming loans have multiple fixed-rate options and low rates which makes it a great option first-time homebuyers.
FHA loans – These are among the most popular types of loans in the marketplace because of their low minimum down payment and flexible credit requirements. This is a safe option for borrowers on a tight budget and/or with a low credit score.
VA loans – Alpha Mortgage’s VA loan programs make homebuying easier for active-duty military, veterans, their families, and some surviving spouses of veterans. AM offers zero money down options with no additional PMI fees.
USDA home loans – This home financing program is designed for low-to-moderate-income households living in less populated areas of the country. These are government-supported loans that feature 100% financing, with $0 down and no monthly mortgage premium.
HECM reverse mortgages – This is a specific version of a reverse mortgage available to borrowers who are 62 years old or older who have significant equity in their homes. Through this program, borrowers can borrow against their equity and receive payments from the lender in monthly installments. This is a great option for retirees interested in a cash flow boost.
Low and no money down options – Alpha Mortgage offers 4 types of low and no money down loan options including FHA, VA, USDA, and a fourth loan type called Fannie Mae HomeReady. This is a conventional loan option available to low-to-moderate-income borrowers who may not have much cash to put down. This is an affordable option for first-time and repeat homebuyers, with a 3% minimum down payment.
Jumbo loans – If you’re interested in purchasing a high-end home that financially exceeds the conforming loan limits, jumbo loans could be the best solution. This is a great option to finance a luxury vacation home or second home.
Condo loans – Alpha Mortgage aims to make the condo loan experience easier for borrowers since condo financing can sometimes be more complicated than regular home financing. These can be used to purchase a new condo or refinance an existing condo loan.
Rental property loans – These investment loans are meant to finance the purchase of a home that the borrower intends to rent out for income. AM’s rental property loans can be used to purchase or finance 1-4 unit residential rental properties.
Second-home financing – Second-home loans are a great option for families interested in buying a personal vacation home. This option is designed for borrowers who want to purchase a second home but don’t plan on living in it full-time.
Alpha Mortgage Customer Resources
To help borrowers understand what’s included in the monthly breakdown of a mortgage loan, Alpha Mortgage offers a free mortgage calculator. This includes mortgage principal and interest payments for fixed-rate home loans and gives a potential borrower an idea of how much they will owe per month depending on the type of loan.
Alpha Mortgage also offers a Learning Center that includes informational blog posts and five sections that cover commonly asked questions through every major step of the mortgage lending process:
Credit and qualifying for a home loan
The mortgage process
Home buying and selling
Loan program resources