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Alcova Mortgage Review 2024: Interest Rates & Plans

Alcova Mortgage LLC promises to make it easy for you to own a home. The mortgage services allow you to focus on more important issues while they take care of what matters most in your home purchase journey.

The Company operates from its headquarters in Virginia. However, it has branches that serve the Mid-Atlantic and South East regions. It is popular among many because it offers several loan solutions that simplify the mortgage process.

With the soaring cost of living and transportation, owning a house may seem impossible for many without a mortgage. To make matters worse, many mortgage companies make purchasing a home so complex that clients quickly get burned out with the idea of using a mortgage to purchase their home.

Have you ever tried purchasing a new home lately but needed help to complete the process due to the hassle? Consider reading this article to see if Alcova Mortgage LLC will be the right solution for you.

Table of contents

What is ALCOVA Mortgage?

Alcova Mortgage LLC is a direct lender that provides home loans to eligible individuals. The Company was founded in 2003 by Bobby Nicely and two of his childhood friends. The Company operates from its head headquarters in Roanoke, Virginia.

Besides its headquarters, the Company has branches in 9 states, including Washington, DC. ALCOVA Mortgage combines the convenience of online loan services and professionalism to ensure clients enjoy hassle-free service.

Like other online-only lenders, ALCOVA Mortgage lets you start and finish your loan application online. In other words, they save you time and ensure the home buying process is stress-free. In addition, you can easily sync your financial details to your account via your mobile phone, laptop, or tablet.

However, what makes ALCOVA Mortgage different from your regular online-only lender is; you enjoy one-on-one interaction with expert loan officers. The purpose is to ensure you get the best offer and guidance through your application process. ALCOVA can also assist its clients with the application process.

ALCOVA Mortgage services are open to both first-time home buyers and others. According to Zillow.com, an online review site, Alcova Mortgage LLC scored an overall 5-star rating. Also, the Company scores a 4.3-star rating from 44 reviews at glassdoor.com from former and current employers.

Alcova Mortgage also has an A+ rating with the Better Business Bureau (BBB). The Company has enjoyed six years of straight recognition by Inc. Magazine as one of the fastest-growing businesses in America.

In addition, Alcova Mortgage is also a  part of the Ellie Mae Hall of Fame for Exceptional Achievement in Business Growth.

See Also: 10 Best Banks For Mortgages In Canada In 2024

How Does ALCOVA Mortgage Work?

ALCOVA is a tech-driven mortgage company. As part of an ever-growing tech-inclined Company, it strives to simplify the mortgage process. Clients enjoy personalized services by investing in the latest technology and working with experts.

#1. Getting Started

Searching for a home starts with defining your budget, credits, savings, and debts. Also, speaking with a professional loan officer is essential for a better understanding the process. One of the ways to find a loan officer is by using the Find a Loan Officer tab.

The loan officer will help you determine the best mortgage option for you. He will also help you prepare your documents for submission.

As part of the Company’s effort to simplify the Mortgage process, it provides smart tools for users to make it easy to shop for loans. Shop Loans provides various loan options to help you make the best decision.  

In addition to the shop loan option, the ALCOVA loan calculator is another powerful tool on the website. Using the calculator, you can figure out how much loan you are eligible for and the interest rate. There are also other home buyer tools available on the ALCOVA website that helps to simplify the mortgage process.

#2. Apply for A Loan

Once you find the best loan option, the next step will be to submit your loan application to a suitable lender. The pre-approval process follows submission and requires documentation and authentication of your assets, earnings, and outstanding bills on a credit check.

The pre-approval process helps to determine the amount you are eligible to receive. Hence, you are better equipped to find the right house within your price range.

#3. Mortgage Origination  

All the process involved in the collaboration between a borrower and a lender to complete a mortgage transaction that ends up in a mortgage loan is known as mortgage origination. Your realtor has to submit an offer on your behalf once you find the suitable house you wish to purchase.

If your offer is successful, the loan officer will generate a loan file based on your completed application and provide concrete documentation of your application. The loan officer will calculate your monthly payment and lock in your interest rate. He will also order the appraisal and title report and pass your file to the loan underwriter for approval.

#4. Loan Underwriting

The loan underwriter reviews your loan application and ascertains the risk of repayment. Once the loan officer has thoroughly reviewed your application to ensure the information is complete and all criteria met, your loan application is ready for final decision.

Your loan application can either receive automatic approval or may require additional criteria. Whatever the situation, the underwriter will pass the best judgment regarding your loan application.

#5. Closing Time  

Suppose all the aspects of the loan are underwriting (i.e., the title search, appraisal, and other necessary verifications). In that case, the loan officer collaborate with a third party (an attorney or a title company) to arrange for loan closing.

Within three days or more of your loan closing, you will receive information regarding your loan terms and final closing cost. The message will also include any additional fees or outstanding charges. After signing the closing disclosure, you have three days to sign the mortgage loan documents.

At the successful conclusion of all the processes, signing of the necessary documents, and disbursment of funds, you will receive the deed of ownership, making you a homeowner.

Check out:  M&T Mortgage Review 2024: Interest Rates, & Plans

ALCOVA Mortgage Loan Plans and Rates

There are four different mortgage programs you can access from ALCOVA Mortgage. They are:

  • FHA /FHA 203K
  • USDA
  • VA
  • Conforming and conventional loans

#1. FHA Loans

FHA Loans refer to all FHA-insured mortgages. They come at reasonable rates with less rigorous eligibility requirements. Nonetheless, a mortgage insurance premium is a requirement for this type of mortgage. You can apply for an FHA loan with a poor credit score of 580. You also have an option of co-application and can even qualify for a low down payment of 3%.

#2. FHA 203k  

FHA 203K is a kind of government-backed mortgage that enables home buyers and homeowners to take out one loan for two purposes, which are:

  • Home Purchase
  • Home rehabilitation

If you plan to purchase and make repair works on a home which you intendto make your primary apartment, then an FHA 203K is what you need.

Related: Stockton Mortgage Review 2024: Interest Rates & Plans

#3. USDA

A USDA mortgage is a homebuyer loan that supports a zero percent down payment. USDA loans are guaranteed by the USDA Rural Development Guarantee Housing Loan Program, which is a section of the United State Department of Agriculture.

Even though the department can grant this kind of loan directly, partner lenders usually issue them. Besides its benefit of no down payment, it is often cheaper than conventional mortgages. The reason is not far from the fact that the government absorbs almost all the risks associated with the loan.

Even so, the government sets the interest rate for loans USDA offers. For instance, in Dec. 2024, the government set the interest rate to as low as 3.75%. In contrast to the 6.3% rate for a regular 30-year mortgage, the rate is far much affordable.

In addition, a USDA loan does not require purchasing traditional mortgage insurance or PMI. USDA mortgage can be an excellent tool for qualified individuals to begin the home ownership.

#4. VA

The United States Department of Veterans Affairs guarantees the VA mortgage or Veterans Affairs loan. The mortgage is set aside for United States veterans (military men) currently in active service in the United States military, reservists, and some surviving spouses who do not wish to remarry.

The purpose of the VA mortgage is for the purchase of a single–family apartment. In other words, the purpose of the VA mortgage is to assist eligible veterans with finance for a home purchase.VA mortgage does not require a down payment and qualified lenders like ALCOVA Mortgage LLC may issue it.

Also, VA loans allow qualified veterans to access up to 13.6% of the loan amount without purchasing Private Mortgage Insurance or a second mortgage worth 20%. VA loans also allow individuals up to $6,000 for energy-efficient upgrades.

A VA mortgage attracts a VA funding fee of 0 to 3.6% of the total loan amount, payable to the VA. However, some may be eligible for exemption from this funding fee. Financing this fee is also possible.

You might also be interested in Sierra Pacific Mortgage Review 2024: Interest Rates & Plans.

How Much Am I Eligible to Get from ALCOVA Mortgage LLC?

ALCOVA mortgage has a minimum loan amount of fifty thousand and a maximum of 2 million dollars. However, the maximum loan amount depends on the type of mortgage, irrespective of your choice of lenders. Alcova mortgage may also charge an origination fee for loans.

At What Rate Can I Access Loans from ALCOVA?

ALCOVA mortgage does not come at fixed rates. Daily market conditions, loan types, and term length are the main conditions determining the rates. For example, mortgages with fixed rates usually have a higher interest when compared with those that have variable rates.

 Also, jumbo loans attract higher mortgage rates than conforming conventional loans. When shopping for a home loan, it is always best to get quotes from two to three different mortgage lenders.

Loan Availability

ALCOVA is currently available in 14 states, including Washington, DC. Use the link to find a branch near you. The locations include Alabama, Florida, Georgia, Maryland, Tennessee, Virginia, West Virginia, Washington DC, Texas, North Carolina, Ohio, Southern Carolina, etc.

See: Ameris Bank Mortgage Review 2024: Interest Rates & Plans

ALCOVA Mortgage Servicing

Servicing ALCOVA loan is easy and can be made via mobile phone or online. Alcova mortgage customer care representatives are always available to guide you through the process. You can also search for an ALCOVA Mortgage office near you for more information about mortgage and loan servicing.  

How Long Do I Have to Pay Back?

ALCOVA Mortgage loan terms are very flexible and usually span from 8 to 29 years. Professional loan officers will help you decide which loan term and durations that are best for you.  

Additional Information about ALCOVA Mortgage

For more information about ALCOVA mortgage, you can contact the customer service representatives via the following channels:

Read about Benchmark Mortgage Review 2024: Interest Rates & Plans

ALCOVA Mortgage Reviews

Below are some of the popular reviews from people about Alcova Mortgage:

Alcova.com—According to Cyrus B and Karen, “We never felt like we were just a number. Very personalized service which is hard to find these days!”

Alova.com—“As first-time home buyers, we were completely unaware of how to buy our home. ALCOVA went above and beyond to make this a smooth and pleasant experience for us”—Amanda P.

Zillow.com—”We are first-time home buyers. Russell and his team were with us every step of the way, making it an easy, enjoyable experience. We couldn’t have asked for better!”— Kara Lee from Lillington, NC.

Pros and Cons of ALCOVA Mortgage

Pros

  • Offers you the best of online and offline services
  • Enjoy the satisfaction of professional assistance
  • Easy and user-friendly online application from the convenience of your home
  • Select the best mortgage according to what works best for you  

Cons

  • Alcova mortgage charge a loan origination fee
  • Service is limited to only 14 states
  • Alcova also charges a transaction prepayment fee

ALCOVA Mortgage FAQs

What is the maximum loan amount you can access from ALCOVA?

You can apply for up to 2 million dollars with an Alcova mortgage. However, the amount you will be eligible to receive will differ depending on the type of mortgage you are applying for, notwithstanding the lender of your choice.

What are mortgage rates applicable to ALCOVA LLC charge?  

Factors such as loan type, length of term, and amount can affect the rates. Therefore, there are no fixed market rates for ALCOVA LLC mortgages.

Will I pay a loan origination fee when I apply for a mortgage with ALCOVA?

Yes. ALCOVA mortgage may charge an origination fee for mortgages.

What property usage types does Alcova Mortgage support?

·         Primary Home
·         Investment properties/ house flipping projects
·         Secondary homes and vacation properties

What is the meaning of a mortgage loan?

A mortgage is an agreement between you and a lender that gives the lender the legal authority to hold a claim to your property if you fail to pay back what you borrowed plus the interest it accrued. Mortgage loans are loans designated for purchasing a home or money you borrowed against the value f your home.

What is another name for a mortgage?

You can also refer to mortgage as a deed, a title, home owner’s loan, or a debt.

Main Takeaways

Lately, you can access almost all kinds of services online. Therefore, companies like ALCOVA Mortgage LLC are expanding the boundaries to include mortgage services. In addition to next-level technology, Alcova provides the field staff to ensure your house purchase process goes smoothly.

Some of the important points to take away include the following:

  • They offers only four types of mortgages: FHA and FHA 203k, VA, USDA, conventional, and conforming loans.
  • The company focuses on multi-family properties and not manufactured or single-family homes.
  • They also consider properties for investment purposes and personal use
  • Alcova mortgage may attract a prepayment fee in case you choose to repay the mortgage early

References

Recommendation

Ajah Excel is a team growth and performance expert with over nine years of experience in blogging and personal development. He leads a team of 36 crazy, restless innovators with an enviable work culture at Silicon Africa Technologies Limited – a fast-rising tech firm from the SouthEast. Excel is the founder of Kiiky.com and WriterGig. He is also the co-organizer of TEDx Ikenegbu and convener of Social Media Fest. He is a vibrant learner who yearns to share his knowledge to educate and inspire young Africans. He has a B.Tech in Information Management Technology with certifications in growth hacking, effective communication, leadership, team, and personal development, to mention a few. Ajah Anayochukwu Excel is a passionate public speaker, creative writer, and brand storyteller.

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