South King County

1002 15th Street SW Suite 205
Auburn, WA 98001
Local: (253) 561-8978
Fax: (866) 238-7584

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Welcome to Academy Mortgage!

It’s all about service at Academy Mortgage Auburn, 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 Washington.

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ARTICLES

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

Corp Lic: OR: ML-2421; WA: CL-3113; AZ: BK-0904081;

Economists predict a robust 2015

The U.S. housing market continues to improve, and 2015 might be the turning point. Job growth and an improving economy may drive the expansion of the market this year. According to the Wall Street Journal, economist forecast 2015 to be the turn-around year for the housing market.

Housing market recovery was slower than anticipated. Economists projected that the housing market would rapidly improve as the economy picked up the pace. However, it did not bolster as quickly as anticipated. After the housing crisis, the U.S. economy improved slowly in 2012 and 2013, but for the most part, the market plateaued in 2014. According to the Journal, economists believe the improving economy will bolster the housing market and improve its performance in 2015.

Housing forecast to improve due to a number of factors. Kiplinger named a number of reasons why the housing market is expected to improve in 2015. Aside from an improving economy, credit scores do not need to be as high for consumers to qualify for loans. A higher number of individuals being approved for a U.S. home mortgage may help stimulate the market.

A healthy housing market stimulates further economic growth. The Journal reported that an improved housing market can also stimulate further economic growth. Home starts can lead to more construction jobs, and home sales can indirectly boost the economy by heightening the demand for services and products provided by businesses that support homeowners. Home inspection agencies, landscape artists, interior designers, hardware stores and others all benefit from an increased demand for the services they provide.

Academy Mortgage is one of the top independent purchase lenders in the country as ranked in the 2013 CoreLogic Marketrac Report. Visit www.academymortgage.com to find a loan, get a rate, or calculate your payment today.

 

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Mortgage applications continue to rise

The number of U.S. home mortgage applications continued to rise. According to the Mortgage Bankers Association, a national financial real estate association, its Weekly Mortgage Applications Survey showed that applications increased 14.2% the week ending Jan. 16 from one week ago. 

"Mortgage application volume increased last week to its highest level since June 2013, led by a 22% increase in refinance application volume," said MBA's chief economist, Mike Fratantoni. "This increase was largely due to mortgage rates dropping to their lowest level since May 2013."

Fratantoni also noted that lower insurance premiums on Federal Housing Administration loans may have encouraged potential borrowers to apply for mortgages. 

Refinancing applications for FHA home loans also jumped up from the previous week, rising 57%.

Mortgage application increase strengthened by improving economy. The growing number of housing applications may signify that a stronger housing market is on its way and serve as evidence of an improving economic situation. According to NPR, President Barack Obama's State of the Union address reported significant growth in America's economy. Job growth and security may encourage individuals to purchase homes and stimulate a stronger housing market. 

Academy Mortgage is one of the top independent purchase lenders in the country as ranked in the 2013 CoreLogic Marketrac Report. Visit www.academymortgage.com to find a loan, get a rate, or calculate your payment today.

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FHA loan savings vary across regions

Expenses decreased for loans provided by the Federal Housing Administration to make homeownership more accessible to Americans. According to a press release from the White House, potential borrowers can save $900 annually on their mortgage payments with the adjusted FHA loan pricing.

The potential reduction in cost may appeal to a number of interested buyers. However, a possible homeowner should first be aware of where house payment savings are most apparent and whether he or she would benefit from an FHA loan before applying for a U.S. home mortgage.

Homebuyers must know the average price of a home in their markets. The savings associated with an FHA loan will fluctuate depending on which housing market a home is located in. RealtyTrac, a realty information company, created a map that shows both the annual savings after the reform as well as where an individual with a median income would spend 28% or less of his or her salary to afford a median-priced home.

Los Alamos, New Mexico, for example proved to be a beneficial area to invest in housing by utilizing an FHA loan because annual savings could add up to $1,124 and home affordability, or percentage of income spent on median-priced housing, sits at 16.15%. Anchorage, Alaska, teeters just above 28% at 28.5% but offers $1,351 in annual savings.

Ouachita, Louisiana, offers only $670 in annual savings and 28.6% in home affordability. Adams, Mississippi, might show an average annual savings of $1,351 but with an 81.98% affordability rate, an FHA loan in region like this may not provide you with the best deal.

Potential buyers should be familiar with their local housing markets and know the benefits an FHA loan may provide before beginning the application process.

Some applicants benefit from FHA loans. The Columbian reported that a potential borrower able to provide a down payment of 5% or less coupled with a credit score ranging from 620 to 719 would find FHA loans more cost effective than a conventional loan. However, a higher credit score and the financial stability to provide a larger down payment might mean a conventional loan is a better option due to upfront premium fees that are still associated with an FHA loan. 

A mortgage provided through the FHA can help first-time homebuyers who may be intimidated by down payment and credit score requirements. According to the U.S. Department of Housing and Urban Development, the first step down the road of homeownership requires organization. A potential homeowner should determine what his or her financial capabilities are and research opportunities and resources available to him or her. HUD provides many buyers with access to housing counselors who can help individuals navigate through the process of purchasing a new home.

Awareness and understanding of local housing markets, anticipated savings and possible home loan options can help alleviate extra costs associated with homeownership.  

Academy Mortgage is one of the top independent purchase lenders in the country as ranked in the 2013 CoreLogic Marketrac Report. Visit www.academymortgage.com to find a loan, get a rate, or calculate your payment today.

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