2076 South Woodlands Village Blvd Suite 201
Flagstaff, AZ 86001
Local: (928) 226-6908
Fax: (928) 226-0403

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Serving Flagstaff and the surrounding areas, we have over 20 years in the Mortgage Lending industry.

Whether you need help with financing for your first home or you're one of our area's many vacation or investment property owners, we can help. Academy Mortgage offers a wide range of loan programs to fit every buyer.

Please call us today to discuss your current mortgage and your future mortgage goals.



Read these articles to educate yourself on the mortgage process and industry.

Corp Lic: CA: 4170013; AZ: BK-0904081;

Licensed by the Department of Business Oversight Under the California Residential Mortgage Lending Act;

Lending industry professionals prepare for TRID

The implementation date for the TILA-RESPA Integrated Disclosure (TRID) rule - also known as Know Before You Owe - introduced by the Consumer Financial Protection Bureau, is quickly approaching.

Industry professionals prepare for the transition. The official Oct. 3 deadline has caused a great deal of concern among professionals working in the lending industry. Some fear the new regulation could potentially delay closings and cause issues. However, according to the CFPB, the new mortgage disclosures are unlikely to delay closings

The new rule provides those who apply for a U.S. home mortgage with easier and more understandable documents to ensure they understand the terms and conditions associated with the loan product they've decided on. Borrowers will have three business days to review the terms, and if ordinary changes are necessary before closing, no major delays will ensue. 

In addition, the extension from the original implementation date of August 1 allowed professionals working in the industry to better prepare for the change and ensure a smooth transition. 

Survey indicates a majority of real estate agents have been trained. According to the New Closing Process Survey, conducted by the National Association of Realtors, 82.2% of all participants have enrolled in some form of training in preparation for TRID regulations. 

Many real estate agents also indicated they will make changes to accommodate the Know Before You Owe rule. For example, 55.9% of respondents plan to alter their purchase agreements to oblige the new closing process by adding a longer timeline.

According to the survey, many respondents have also developed a plan with their lending partner to ensure closings go smoothly despite a change to the system. It is crucial that all individuals in the lending industry work together to ease the transition, and the fact that real estate professionals and lenders are creating a plan before the implementation date bodes well for a smooth adoption of the Know Before You Owe rule. 

In addition, 71.2% of agents indicated their level of preparedness for TRID as average or better - a promising level of optimism among industry professionals.

Individuals applying for a U.S. home mortgage after TRID's implementation date can feel confident knowing lending professionals are working to ensure the best experience for consumers. 

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.


Homeownership increases as market improves

The housing market continues to improve, and more individuals are becoming homeowners. Lower unemployment rates, historically low interest rates and various funding options for interested homeowners allow a higher number of individuals to afford real estate - particularly young adults looking for their first homes. 

Homeownership trends upward. According to the National Association of Home Builders, the U.S.'s homeownership rate increased in the third quarter to 63.7%. This is the first rise seen since 2013.

A higher number of homeowners indicates that the current real estate market conditions are more conducive to those who want to invest in housing. In addition, an improving economy and job situation likely support a higher number of house formations. 

Experts discuss whether positive trend will continue. While the increase in homeownership rates is good news for the market, deciding whether this is a stable trend is a topic of many conversations, according to Builder Online. 

Historically, young adults, those between the ages of 30 and 34, have accounted for more than 50% of the entire homeownership rate. However, after the housing market crisis, the rate dipped below 50%. Since then, it has remained below that percentage consistently. 

Fortunately, homeownership for those between 30 and 34 years old increased by 1.6 percentage points from July to September. Historically low interest rates, the fall in unemployment and increasing rent are largely responsible for the rise of this demographic. Young adults with great jobs that have clearer career paths are likely making up the highest share of today's young adult homeowners. 

Some experts indicated they do not believe they will see a significant rise in millennial homebuyers soon, but this may indicate millennial market interest can only go up from here.

"I don't expect any significant increase any time soon, but I think we're finally at bottom," said Mark Zandi, Moody's Analytics chief economist, according to Builder Online. 

For further growth in homeownership, affordability will need to improve at a faster rate. Supply must match demand for prices to decrease. The construction of new homes will help more young adults obtain their own slice of the American Dream at a reasonable price. 

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.


Pending home sales tick down slightly

The National Association of Realtors released the Pending Home Sales Index on Sept. 28, and the results indicated pending home sales decreased in August. However, there is still a healthy amount of housing market activity. 

Market remains strong. While the index showed a 1.4 percent decrease in August when compared to July, the number of contract signings for new homes is 6.1 percent higher when compared on a year-over-year basis.

With the approach of fall, it doesn't come as a surprise that demand has decreased. However, the fact that the number of contract signings has increased from the previous year indicates the market is strengthening. 

Inventory remains low. The decreasing demand for homes might help with affordability. However, available listings are still limited for those who are looking for a house.  

"Pending sales have leveled off since mid-summer, with buyers being bounded by rising prices and few available and affordable properties within their budget," said Lawrence Yun, the NAR's chief economist. "Even with existing-housing supply barely budging all summer and no relief coming from new construction, contract activity is still higher than earlier this year and a year ago."

Experts expect the national median existing-home price to rise 5.8 percent to $220,300 in 2015. In conjunction with this increase, Yun anticipates existing-home sales to grow 7 percent in 2015. 

The expected rise in both home prices and demand suggests a strong market, but it may leave some interested buyers unable to afford a new house. 

The Midwest offers the most affordable housing markets. For buyers who have decided to apply for a U.S. home mortgage and invest in a new home, but are concerned about affordability, knowing which markets are most conducive to these needs is crucial. According to MarketWatch, cities in the Midwest offer the best affordability for middle-class homebuyers. Some of the most affordable cities include: 

Individuals who decide to invest in homes in these regions can expect to contribute less than 20 percent of their monthly salary to mortgage payments. In addition, home prices in these markets have decreased on a year-over-year basis. 

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