It’s all about service at Academy Mortgage Layton, and our company has been meeting the needs of homebuyers across the United States since 1988. We understand how important a home investment is to you and the impact it will have on your life. Therefore, our team of experienced mortgage professionals will make every effort to find the best loan program and pricing for your situation.
Our sole focus is on you—the customer—and you can count on us for exceptional service. A big part of this service experience is that every step of the mortgage loan transaction—processing, underwriting, closing, and funding—is handled locally, which results in our proven track record of closing loans as quickly and efficiently as possible.
We invite you to put us to the test. Let us show you how simple and easy securing a mortgage can be in Utah.
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!
From pre-qualification to closing, Academy Mortgage will help you along the road to home ownership. You can count on us for responsible, honest, and ethical service in every step of the process.
1. Loan pre-qualification. Pre-qualification allows you to search for a home that you can afford based on your credit, income, and assets.
2. Home search. Once pre-qualified, start shopping with your real estate agent! When you decide on the right home for you, the terms of sale are negotiated and your agent presents your offer to the seller.
3. Formal loan application and product selection. After the seller accepts your offer, formally apply for home financing and select the ideal loan product to meet your needs.
4. Appraisal and home inspection. As your loan application is being processed, an appraisal is ordered to identify any discrepancies between the sale price and appraised value. An inspection of the property is also conducted if you request it. A home inspection is optional, while an appraisal is required by Academy Mortgage.
5. Processor’s and underwriter’s review. A loan processor reviews the entire loan file and sends all pertinent information to an underwriter who makes the final decision to approve the loan.
6. Final loan approval. Keep in mind that there may be financial conditions or property conditions that need to be met before final loan approval.
7. Closing. Final loan and escrow documents are prepared and signed by you (the buyer) and the seller.
8. Funding. A wire or check for the amount of the loan is sent to the settlement agent.
9. Close of escrow. The loan funds are disbursed to the entitles parties and escrow is "closed."
10. Confirmation of recording. Documents that transfer titles are recorded with the county to legalize you as the new property owner.
Ultimately the final step . . . MOVE INTO YOUR NEW HOME!
A home purchase can seem like a daunting task, so it’s important to take it step by step and know that help is out there to streamline the process. Sure, you might have been saving money for years, but what else can you do to help fulfill your dream of owning a home? It starts by applying for a mortgage. Mortgages are designed to help individuals and families purchase a house when they otherwise might not have been able to.
Prepare to apply. In order to apply for a mortgage, you will want to do your homework first. This means knowing exactly where you stand financially. Assess your household budget and savings, seeing just how much you can afford to spend on a down payment. From there, you want to request your credit report. This will have a significant impact on what the interest rate will be on your home loan and whether or not you qualify for a purchase at all. Your credit score shows a lender essentially how trustworthy you are. While a poor credit score will hurt your chances of obtaining a low rate, don’t let it completely discourage you. There are ways to purchase a home even with a less-than perfect score and ways to raise your score.
Get pre-qualified. Once you know you want to purchase a home, you will want to consider getting pre-qualified for a mortgage immediately. This can help speed up the process, not to mention help you avoid potential headaches down the road. For example, you might have found the home of your dreams, but getting approved for a mortgage could take some time, something that could cost you an opportunity at purchasing. A pre-qualification will last 90 days, ensuring you are all set when you finally decide to pull the trigger on a purchase.
Finding a home. After you’re pre qualified for a loan, you’ll know how much you can afford. Now you can begin searching for the home of your dreams, without having to worry about whether you’ll actually be able to make a purchase.
Final loan approval. You will receive final approval for a home loan if you have a good credit score and debt-toincome ratio. Keep in mind that approval could depend on certain financial or property conditions that need to be met first.