It’s all about service at Academy Mortgage, 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.
Read these articles to educate yourself on the mortgage process and industry.
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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.
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.
Once you've made the decision to buy a home, you'll most likely need to choose a mortgage to help with the purchase. There are plenty of options out there for a home loan, each with their unique pros and cons.
One of the most overlooked mortgage programs available to consumers is the USDA home loan program. According to the Mortgage Bankers Association, during the week ending Oct. 21, USDA mortgage applications comprised less than 1% of total mortgage applications. This was unchanged from the week before and is common for this type of loan.
While most Americans might opt to pursue FHA loans, VA loans or other residential mortgage products, the USDA loan is a viable option for many people. Here's what you need to know about them.
What's in a name?
USDA loans are backed by the U.S. Department of Agriculture, which means that when a lender issues a loan, the USDA financially protects the lender in the event that the borrower isn't able to keep up with the payments. However, according to The Mortgage Reports, this type of loan also goes by a handful of other names:
Single-Family Housing Guaranteed Loan Program
Section 502 loan
Rural Development Loan
From sea to shining sea
Even though it's called the rural development loan, there are plenty of places across the country that aren't off the beaten path, yet still eligible for this loan type. In fact, homes on about 97% of the nation's land mass can be purchased with a USDA loan; some are even just outside major metro areas.
Saving for a down payment is often cited as the most challenging aspect of making a home purchase, according to the National Association of Realtors' 2016 Profile of Home Buyers and Sellers. Aside from VA loans, USDA loans are the only mortgages available that offer 100% financing. This means that no down payment is required at the time of the purchase, making this mortgage product an attractive one for younger homebuyers, first-timers, or anyone who has struggled to save money for a purchase.
As The Mortgage Reports pointed out, difficulty saving for a down payment shouldn't be the one thing that gets in a prospective homebuyer's way because it doesn't always make financial sense. If it takes a year to save for a small down payment on a home, but home prices increase in that year, you haven't really made much progress. Buying with a USDA loan would be a smarter option in that instance for those who qualify.
Your income must be less than 115% of your area's median income.
The house must be your primary residence, and you can't own another home within commuting distance.
You can't have experienced bankruptcy in the past two years.
Your monthly housing payment must be 29% or less of your monthly income, and your total monthly debt payments can't be more than 41% of your monthly income.
There are certain instances where a little bit of leeway is allowed. For example, some people with a high credit score may not be held to the 29/41 debt ratio.
If you're considering a home purchase that isn't within a major city, you might qualify for a USDA loan. Now is a great time to take advantage of this opportunity while mortgage rates are relatively low.
Academy Mortgage is one of the top independent purchase lenders in the country as ranked in the 2015 CoreLogic Marketrac Report. Contact me to find a loan, get a rate, or calculate your payment today.
Positive outlook for spring buying season continues
The sun continues to set later with the arrival of spring. While many individuals are simply excited for better weather, real estate industry professionals are anxiously awaiting the busiest time of year for the housing market. With many hopeful buyers looking for a house in the spring, knowing what to expect can help those preparing for a busy season of buying, selling and lending.
With a majority of people believing it's a good time to buy, the season will likely be busy for housing activity. With nearly half of all consumers indicating they believe the U.S. economy is improving, this is an ideal time for many interested buyers to apply for a U.S. home mortgage.
Consumers want single-family homes. The infographic indicated potential buyers are most interested in larger single-family homes. However, condos continue to be an appealing option for some interested buyers - particularly those who are living with someone else in a rented home.
Inventory remains low. While there are positive opinions about the housing market among today's consumers, there is still some concern, according to the NAR's recent press release regarding the HOME Survey.
"The American Dream for most consumers is not a cramped, 500-square-foot condo in the middle of the city, but instead a larger home within close proximity to the jobs and entertainment an urban area provides," said Lawrence Yun, the NAR's chief economist. "While this is not a new discovery, supply and demand imbalances and unhealthy levels of price growth in several metro areas have made buying an affordable home an onerous task for far too many first-time buyers and middle-class families."
The outlook for the spring buying season is positive, so industry professionals can expect high demand. However, inventory will also need to increase to match current demand.
Academy Mortgage is one of the top independent purchase lenders in the country as ranked in the 2015 CoreLogic Marketrac Report. Contact me to find a loan, get a rate, or calculate a payment today.