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.

OUR TEAM

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

Foreclosures decrease in November 2014

The U.S. housing market continues driving down the road to recovery. It has seen an uptick in mortgage applications, a massive demographic of potential first-time homebuyers, an improving economy - and now the rate of foreclosures is consistently plunging. All factors signify a stronger housing market in 2015.

Foreclosures continued to decrease in November 2014. A press release from CoreLogic, a leading financial, property and consumer information and analytics company, indicated that nationally, foreclosure inventory decreased 35.5% compared to the previous year. A total of 41,000 completed foreclosures occurred during November 2014. Completed foreclosures consist of homes which are lost to the foreclosure process. When comparing this number to November 2013, the rate of completed foreclosures dropped 9.6%.

Normal foreclosure numbers average around 21,000 each month. The housing crisis in 2008 drove the intensive increase in national foreclosures. A total of 5.5 million completed foreclosures have occurred since the crisis.

In November 2013, 880,000 homes were in the process of foreclosing. This number plummeted to 567,000 in November 2014. In addition, that foreclosure inventory was at the lowest level since March 2008. 

CoreLogic reported the following states as having the lowest foreclosure inventory in November 2014: 

Improvement in the housing market is evident. U.S. News & World Report emphasized the correlation between employment expansion and the housing market. Applications for residential mortgages increase and a heightened demand for residential space intensifies as the economy improves and jobs become available for professionals entering the workforce. In addition, housing inventory may dwindle as certain regions experience a jump in population due to new jobs available in the area. 

The improving economic welfare of the nation will likely continue to feed housing and related endeavors, such as the construction sector and home-maintenance-related professionals. This, coupled with the decreasing rate of foreclosures, may improve the market. 

"The number of completed foreclosures over the past 12 months - just under 575,000 - are at the lowest level in seven years," said the president and CEO of CoreLogic, Anand Nallathambi. "This month's figure of 41,000 foreclosures is in line with levels experienced in the second half of 2007, which was the very beginning of the housing crisis."

Nallathambi noted the anticipation that nationwide, foreclosures will fall under 500,000 within the new year's first quarter. The progress signifies a continuously strengthening U.S. housing market.

November 2014 marked the 26th month in a row with double-digit drops year over year. Every single state in the nation reported double-digit numbers, indicating a decreasing number of completed foreclosures. However, the District of Columbia did not produce results that fell in line with the desired pattern. There, the rate of foreclosure activity increased 17.8% year over year.

Utah and Florida both saw the most impressive declines in foreclosure inventory. Utah saw a decrease of 48.8%, and Florida noted a 48.1% drop. CoreLogic indicated the other states with the largest year-over-year decrease in activity included Georgia, Arizona and Michigan. 

All the aforementioned states saw at least a 40% decrease in the total number of completed foreclosures. 

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.

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Applications for home mortgages increase

As mortgage rates decrease and mortgage insurance Federal Housing Association premium fees are cut, homeownership should gain appeal, and maybe it has. Applications for U.S. home mortgages increased 49.1% for the week ending Jan. 9, marking the most impressive weekly gain since November 2008, according to the Mortgage Bankers Association's recent press release.

Applications for mortgage loans rise. Potential homebuyers and current owners flocked to lenders to apply for new loans and refinance current ones. In addition to nearly a 50% gain in new loan applications, MBA's weekly survey indicated a 66% jump in the refinance index from the week before Jan. 9. This jump was the highest level since July 2013.

The Purchase Index also jumped up from the previous week. The seasonally adjusted number of purchase applications increased 24%, and unadjusted purchase applications indicated an 83% uptick.

"Mortgage rates reached their lowest level since May of 2013, and refinance application volume soared, more than doubling on an unadjusted basis, and up 66% after adjusting for the fact that the previous week included the New Year's holiday," said MBA's Chief Economist Mike Fratantoni. "Conventional refinance volume increased to a greater extent than government refinance volume. Applications for larger refinance loans increased more than four times relative to the previous week."

However, MarketWatch noted the varying reliability of mortgage application estimates taken during the holiday season.

Interest rates on home loans continue to fall. Fratantoni noted international economic frailty and the continual decline of crude oil prices have kept long-term interest rates below the historical average. Many potential homebuyers are seemingly now taking advantage of this opportunity, making the move toward homeownership and entering the market. Freddie Mac reported an average interest rate of 3.66% for a 30-year fixed-rate mortgage. This is an impressive fall of approximately 0.77% from Jan. 9 of the previous year.

Other FRMs also continued dropping below average rates. A 15-year FRM dipped to 3.05% on average, 5-year adjustable-rate mortgages fell to 2.98% and 1-year ARMs settled at 2.39%.

As intended, more people are purchasing homes and bolstering the market.

Improving employment and economy likely factors in spike as well. In a press release, the World Bank indicated the U.S. labor markets and monetary polices have both improved. A stronger economy signifies progress and can supply first-time homebuyers and previous homeowners impacted by the housing market crisis with hope. Steady job growth and security encourage individuals to fulfill their dreams of owning a new home.

In a Gallup poll, results indicated 56% of U.S. citizens currently own real estate, and 25% do not but plan on purchasing a home within the next 10 years. Only 11% of individuals who participated in the survey indicated they did not plan to buy a home anytime soon. 

Additionally, 68% of individuals aged 18 to 29 who do not currently own a home plan to purchase one within the next 10 years. 

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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December 2014 growth has builders anticipating continued growth in new year

Evidence of an improving housing market continues to emerge. The number of applications for U.S. home mortgages is on the rise and data from the U.S. Census Bureau and U.S. Department of Housing and Urban Development indicates U.S. single-family home starts increased impressively in December 2014.

Business Insider noted the greater number of housing construction projects taking place may indicate good news for the U.S. economy. The housing market has improved sluggishly over the past few years, and the recent gains are particularly well-received. An influx in housing starts may signal a heightened demand for housing, which can drive the market up.

Construction is growing at a notable rate. In December 2014, single-family home starts occurred at a greater rate than they had in 6½ years. Additionally, groundbreaking in all of 2014 increased to 1.01 million units - an increase of 8.8% since 2013, according to HUD. That growth is the highest rate seen since 2007.

Privately owned housing starts jumped up 5.3% in December 2014 from December 2013, and single-family home starts were up 7.2% from November 2014's estimates.

December 2014 also saw an increased number of privately owned housing completions, which ticked up 19.6% from December 2013. The number of completions also outpaced November 2014's estimated number of completions by 6.3%.

Homebuilders have a positive outlook on housing starts in 2015. The National Association of Home Builders, a trade group, is optimistic going into to the new year. As the U.S. moves into a stronger economy, seeing more job growth and low interest rates, the NAHB anticipates a promising 2015.

The association expects a 6.7% increase for housing starts from 2014 to 2015, or 993,000 units. NAHB predicts single-family home starts to increase 26%, which still remains below the level of starts seen prior to the housing crisis in 2008.

In addition to the anticipated boost in construction, NAHB also foresees some growth in the remodeling market this year. The organization forecasts remodeling projects of owner-occupied, single-family homes may increase 3% from the prior year in 2015 and an additional 1.5% in 2016.

"Remodelers are responding to calls from homeowners on steadier financial footing than recent years," said Robert Criner, NAHB Remodelers chairman. "From major kitchen remodels and bath facelifts to room additions, the members of NAHB Remodelers look forward to providing professional remodeling services in 2015."

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.

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