Colchester

105 West View Road Suite 110
Colchester, VT 05446
Local: (802) 399-2034
Fax: (866) 929-7725

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Such a quality State, deserves a quality mortgage lender. Our goal at Academy is to be the 1st choice home loan lender with every Realtor, Builder, and Homeowner who shares our commitment to sustainable home ownership. Academy has some of the best, most experienced loan officers in the state of Vermont. We process and close your file locally, and quickly. We have products for everyone, including first time home buyers, VA loans, refinancing, second homes, and Jumbo product. Come be part of our family.

OUR TEAM

Corp Lic: VT: 6289, 3113-1, and 1068 MB; VT: 6289, 3113-1, and 1068 MB;

INSPECTION VS. APPRAISAL

What’s the Difference?

When purchasing a home, buyers may receive two property-related reports to consider—a home inspection and a home appraisal. These reports serve completely different purposes, and one is optional and one is required by Academy Mortgage.

Home INSPECTION:

DETERMINES PROPERTY CONDITION
This report is ordered by and completed solely for the individual(s) purchasing the home. It helps determine the condition of the property and its systems in great detail. It is not required by Academy and is, therefore, optional.

HOW MUCH DOES IT COST?
$350–$550
Home inspection costs vary depending on the complexity of the inspection and the size of the home being inspected.

HOW AND WHEN IS IT ORDERED?
A home inspection is ordered by the buyer and his/her agent with an inspector of their choosing shortly after the buyer’s offer is accepted. Most states’ real estate contracts stipulate that the buyer has 10 days from the date of contract acceptance to complete the inspection and communicate any issues to the seller.

WHEN IS THE REPORT DELIVERED?
The home inspection report is generally delivered to the buyer within 24 hours from the time the inspection was completed.

Home APPRAISAL:

DETERMINES PROPERTY VALUE
This report is required by Academy when a home purchase is being financed. The appraisal is used to determine the fair market value and the general physical condition of the property being purchased.

HOW MUCH DOES IT COST?
$350–$500
Home appraisal costs vary slightly depending on the size of the home and whether the home will be an investment property or a primary residence.

HOW AND WHEN IS IT ORDERED?
Academy typically waits to order the appraisal until after the home inspection is completed (if the buyer decides to do a home inspection). Per government-regulated guidelines, Academy is required to randomly assign an appraiser to an appraisal order.

WHEN IS THE REPORT DELIVERED?
Typically, a home appraisal report is delivered to Academy within 5–7 business days from the time it is ordered.

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Housing recover expected to continue in 2016

According to the National Association of Home Builders, the improvements seen in the employment sector and throughout the broader economy are driving demand for housing substantially. Low interest rates and strong job growth will likely continue to bolster the real estate industry in 2016, noted NAHB.

"This recovery is all about jobs," said NAHB Chief Economist David Crowe. "If people can get good jobs that pay decent incomes, the housing market will continue to move forward."

Home values increase steadily. The higher demand for housing is driving up the value of homes as well. This is especially welcome news for current homeowners, as their home equity is increasing greatly.

"The single biggest asset in most people's portfolio is the home they own," noted Crowe. "That's important because the primary purchasers of new homes are the sellers of existing homes. The more equity they have, the more comfortable they feel about purchasing a new home."

Condo values appreciating as well. According to Zillow, condominium values were among the hardest hit during the recession in 2008. However, the improving market is putting them back on the map. Condos are appreciating at 5.1% each year, a rate that is 1.4 percentage points greater than that of single-family homes. 

The increasing value of condos indicates a strengthening real estate market. In addition, the low rates will likely continue to encourage interested buyers to consider investing in new condos, further bolstering the market. 

Academy Mortgage is one of the top independent purchase lenders in the country as ranked in the 2014 CoreLogic Marketrac Report. Contact me to find a loan, get a rate, or calculate your payment today.

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Do you know what questions to ask when you are shopping for a mortgage?

When shopping for a mortgage, you will find that most lenders’ loan products will be pretty close to each other in rates and fees. But rates mean nothing if your loan is not approved or can’t close on time! Today, with new strict lending guidelines, you really need to work with a lender who can get your loan approved and closed quickly and efficiently. How do you find such a lender? Here are some questions to ask:

1. Are you lending your own money? As a direct lender, Academy Mortgage controls the process from application through closing and funding. We lend our own money, so we make the decision to lend.

2. How many people will be involved in the loan process? At Academy, it’s the loan officer, processor, and underwriter. That’s it. You will always know what is happening with your loan.

3. Who will do the appraisal and how will it be assigned? Academy uses experienced, local appraisers whom we assign on a rotational basis. Many other lenders use third-party appraisal management companies that put the appraisal out to bid; in such cases, the appraiser with the lowest bid, regardless of experience or local knowledge, often gets the assignment.

4. How fast can you close? Because we are a direct lender, Academy can adjust priorities if necessary. This is particularly important when purchasing short sales where the time frame to close is short after the servicer of the existing loan agrees to the short sale.

5. Can your loan officers work directly with the underwriters? Academy’s loan officers work with in-house underwriters who answer questions, resolve issues, and understand that every loan has individual characteristics that DESERVE PERSONAL ATTENTION.

6. Who prepares the closing package and arranges funding? Academy has closers in our branches who make sure your loan closes on time and without surprises. Many other lenders have centralized closing departments that are unfamiliar with the file and have multiple conflicting priorities with getting packages out.

7. How many days in advance do you typically have the package to the settlement attorney? Academy strives to get packages out at least 48 hours prior to closing. Many other lenders end up sending packages at the last minute, which leads to a lot of stress. Settlement attorneys LOVE Academy because we make their jobs easy. They have a single point of contact (the closer) to get the package and resolve any last minute issues.

Today, it’s all about execution and accountability. Purchasing a home will likely be the largest financial decision you will ever make, so you need to work with a lender who will put your needs first and get things done fast!

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