McKellips

840 East McKellips Road Suite 109
Mesa, AZ 85203
Local: (480) 939-5363

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Welcome to Academy Mortgage!

It’s all about service at Academy Mortgage - McKellips, 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 Arizona.

ARTICLES

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

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

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

What You Need for Your Loan Application

Use the following checklist to be sure you have everything you need for your loan application.

o Purchase Contract (for the purchase of your new home)
o Sales Contract (if you are selling your current home)
o Certified copy of the closing statement (if you have sold your home)
o All original paystubs for the last 30 days (showing your name, Social Security number, and year-to-date earnings)
o Original copies of your most recent two years’ W-2s and complete tax returns
o Proof of other income: Tips, Social Security payments, and investment income (if any)
o If you have a rental property: Your current rental agreement and your most recent two years’ tax returns with all schedules
o If you are self-employed or receive a 1099: Your most recent two years’ tax returns with all schedules and a year-to-date profit and loss statement and balance sheet
o If you own 25% or more of your corporation: The corporation’s most recent two years’ corporate tax returns with all schedules and a year-to-date profit and loss statement and balance sheet
o If you are commissioned: Your most recent two years’ tax returns with all schedules and year-to-date employee business expenses
o Information on residence history (for the past two years)
o Information on all outstanding loans and credit cards
o Originals of your last three months’ bank statements for all accounts
o Information on real estate you currently own
o Information about other personal property you own
o Copy of your driver’s license and another form of identification (Social Security card, passport, etc.)
o Payment for appraisals and credit report fees
o If divorced: All divorce papers
including marital termination agreement and final decree (signed by the court)
o Original certificate of eligibility and DD214 (VA loans only) ×

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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10 STEPS TO HOMEOWNERSHIP

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!

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