Tag Archives: north carolina

Happy Holidays!

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Happy Holidays from your friends and family here at Alpha Mortgage! Can you believe it is almost 2017? As we reflect on this past year, we have seen a lot of changes. One thing however has stayed constant- our incredible clients in the Wilmington, Jacksonville, Fayetteville, New Bern, Greensboro, and Cary area. We are so proud to serve you in this great state of North Carolina, and look forward to another year of helping turn your home dreams into reality.

If you will be on the coast this holiday season, be sure to join in on the fun! Check out these last minute activities to take part in before the new year in Wilmington:

UNCW Men’s Basketball vs. East Carolina     

December 20, 2016
6:30 PM

The UNCW men’s basketball team (record: 10-1) tips off against East Carolina (7-4) in a non-conference game at Trask Coliseum in Wilmington. The Seahawks are 7th in the country in points per game with 89.6. Kids under 16 get in for $10.

Nights of Lights 

December 19, 2016 to December 20, 2016
4:00 PM to 7:00 PM

Bellamy Mansion Museum in downtown Wilmington, NC, presents Nights of Lights, a chance to view the historic property decorated for the Christmas season.

Holiday Lights Trolley Tour

December 15, 2016 to December 23, 2016

The Wilmington Tolley Company offers Holiday Lights Trolley Tours in historic downtown Wilmington, NC, at 6 and 7:30pm featuring music and narration in an enclosed and heated environment, and a great view of illuminated neighborhoods. Boarding at 101 Water Street.

Holiday Lights Cruise 

December 23, 2016
6:30 PM to 7:30 PM

Wilmington Water Tours presents a Holiday Lights Cruise, a chance to see the waterfront come alive in the holiday spirit.

Holiday Wine Tasting & Charcuterie Demo

December 21, 2016
4:00 PM

Tidal Creek Co-op in Wilmington, NC, presents a Holiday Wine Tasting & Charcuterie Demo featuring a selection of our wines just in time for the holiday weekend, and a sampling local meat, cheese, and other accoutrements to create a charcuterie platter.

Christmas Caroling with Santa and His Reindeer

December 16, 2016 to December 24, 2016
6:00 PM to 10:00 PM

Horsedrawn Tours in downtown Wilmington, NC, presents Christmas Caroling with Santa and His Special “Reindeer.” Free candy canes for the kids.

We hope you all enjoy this holiday season with your friends, family, and loved ones. On behalf of all of us at Alpha Mortgage, we wish you all a safe and a happy end to 2016. Let’s make 2017 the best year yet!

How to Apply for a VA Loan in North Carolina

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A VA loan, formally known as a Veteran Affairs loan, is a mortgage loan in the United States guaranteed by the US Department of Veteran Affairs that is designed to offer long-term financing to eligible American Veterans in order to help secure housing. VA loans are available for the primary residences of Veterans, active duty members, certain surviving spouses, certain Reservists, and National Guard members, and provide excellent benefits for those who are approved. Benefits of getting a VA loan include equal opportunity, little to no down payment, no monthly PMI, home appraisal and reasonable value calculated, negotiable interest rate, reasonable closing costs, assistance to borrowers, and the ability to finance the VA funding fee.

The US Department of Veteran Affairs doesn’t directly fund the loans through the program, but instead backs them from private lenders such as banks and mortgage companies,  which is why Alpha Mortgage can provide VA Loans to those who qualify in North Carolina with more favorable loan terms than they may normally receive.

In order to apply for a VA loan in NC, there are a few preliminary steps one must take in order to reach the application process. The first thing you will need is a Certificate of Eligibility that one obtains from the VA. A Certificate of Eligibility (COE), provides lenders with the evidence that they need to determine if one is qualified to receive a VA loan. As stated on the official website, “The evidence you need depends on the nature of your eligibility.” They provide a table to reference during this process here.  It is important to make sure that all of the qualifications

After you figure out what specific evidence you need, and that evidence  has been collected, there are multiple ways to go about actually applying for the loan- including online, through your lender, or through mail. Once the loan is approved through the U.S. Department of Veterans Affairs, the rest of the process can be taken care of through your lender.

Whether you have been approved for a VA loan already, or need assistance in the process, remember that Alpha Mortgage is here to help with all of your VA loan needs! Contact us today!

Mortgage Market Update 04-29-14

Annual home price gains are beginning to slow due to rising mortgage rates along with difficulties in qualifying for a mortgage, reports the Case Shiller 20-city Index in February. The Index fell to 12.9%, just below the 13% expected and down from the 13.2% recorded year-over-year in January. The 12.9% is down from a recent high of 13.7% with 13 of the 20 tracked cities posting lower annual rates.

The Conference Board reported this morning that its Consumer Confidence Index fell in April to 82.3, down from the 83.9 registered in March. The 82.3 missed expectations of 83.2. The Conference Board said that consumers assessed current business and labor market conditions less favorably than in March. However, consumers do not see the economy or the labor markets losing the momentum that has been building up over the past several months.

The U.S. homeownership rate fell to its lowest level in nearly 19 years due to rising mortgage rates and higher home prices. The Census Bureau reported that the homeownership rate fell to 64.8% in the first quarter of 2014, down from the 65.2% in the final quarter of 2013. That is the lowest rate since the 64.7% recorded in the second quarter of 1995. The rate peaked at 69.2% in June 0f 2004.

Mortgage Market Update

The Labor Department reported this morning that employers added just 113,000 jobs in January, which was below the 175,000 expected, but up from the paltry 75,000 created in December. A freeze in hiring in the health care sector is one of the factors to the lower numbers. The Unemployment Rate fell to 6.6%, the lowest level since October 2008, but that can be due in part to people falling out of the work force than finding jobs.

Filling up at the pumps will begin to be more expensive as spring nears due to more drivers being on the road along with refineries shutting down for winter maintenance, which reduces supplies. The national average price for a regular gallon of gasoline is at $3.26. For 2014, AAA predicts that the nationwide average price will peak between $3.55 and $3.75 per gallon with the average price around $3.49.
The Census Bureau reports that the share of Americans who own their own homes was 65.2% in the fourth quarter of 2013, down from 65.4% in the previous quarter. Higher borrowing costs coupled with tight credit were the two factors behind the decline. The rate peaked at 69.2% in June of 2004.

Mortgage Market Update

With little economic data this week to influence trading in the capital markets, Stock prices are mixed to start the holiday shortened week, while Mortgage Bonds are trading near unchanged levels. All markets were closed yesterday in observance of Martin Luther King Day. The two reports that will be released will be Thursday’s Weekly Initial Claims report and Existing Home Sales data.

In global labor news, the International Labor Organization (ILO) warned today that global unemployment is a current problem and it is set to rise. The ILO said that there were 202 million people unemployed in 2013, an increase of five million over 2012. The agency predicts that there will be 200 million new jobs created in the next four years, but the number won’t be able to keep up with unemployment that will exceed 215 million by 2018.

Several large banks across the nation are exiting from granting short term loans that carry high interest rates or so-called “Payday Loans.” Federal regulators are looking into whether or not these short term loans violate consumer protection loans. Instead of calling them Payday Loans, they have issued short term loans of several hundred dollars or less and are repaid from the customers checking account on payday. The loans often carry triple digit interest rates when calculated on an annual basis.