Welcome to Academy Mortgage, Construction Lending Department !
Dan Koval, Area Manager for ACADEMY Construction Lending in Washington and Oregon.
Mr. Koval is a 40 year veteran of the Mortgage Banking Industry. Dan’s responsibilities include Marketing, Sales and development of the Company’s Private investor group. Prior to joining Academy, Mr Koval owned and operated Federated Mortgage Company which he founded in 1983. He is co-founder of Puget Sound Mortgage Lenders association and serves as honorary Board Member.
Jill is the Branch Manager of Academy Mortgage Construction Lending for Washington and Oregon. She has 7 years of mortgage experience with the last 5 at Academy Mortgage specializing in Construction Lending. Ms. Schock oversees all loan operations and is a Licensed Mortgage loan officer.
The last 4 years Gary has been the Lead Underwriter and Loan Officer of Record for Academy Mortgage Construction Lending. Along with underwriting files he reviews sites and secures investors for construction loans.
Gary has over 25 years of lending experience primarily in construction working for both WAMU and Wells Fargo Home Mortgage as both a loan officer and Construction Branch Manager. He’s completed FANNIE MAE’s Selling program for underwriting. Gary has a BA from Western Washington University and attended the University of Oregon’s MBA program.
Madison is a loan processor and has been with the Construction Lending Department at Academy Mortgage Corporation since May 2015.
Her responsibilities include loan processing, funding, draw administration and loan payment servicing.
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Read these articles to educate yourself on the mortgage process and industry.
What does the Fed's rate hike mean for the housing market?
The first Federal funds rate hike in nearly a decade was announced Dec.16. It is uncommon for rates to remain relatively unchanged for so long, but since Dec. 16, 2008, it has been commonplace thanks to economic instability in the United States.
"This action marks the end of an extraordinary seven-year period during which the federal funds rate was held near zero to support the recovery of the economy from the worst financial crisis and recession since the Great Depression," said Federal Reserve Board Chair Janet Yellen, according to the transcription of the press conference that followed the central bank's December meeting.
She went on to note the hike is due primarily to:
An improving overall economy
For the housing market, the Federal Reserve's decision to increase interest rates ultimately translates to more expensive U.S. home mortgages. For seven years, the average American consumer has become comfortable with historically low interest rates.
The impact of increasing rates may take a little time before it is felt, but it indicates a stronger market for interested homebuyers looking to apply for a U.S. home mortgage.
According to Time, consumers interested in investing in a home should remember rates will likely remain low relative to historical standards for a while longer. There is also no guarantee that the hike will necessarily lead to a substantial increase in mortgage rates.
Interested buyers should continue paying attention to interest rates and only commit to a long-term home loan if they are prepared to make the financial sacrifice necessary. Individuals may begin saving for a down payment or reaching out to a real estate professional, but should only make the final decision if it fits their personal finances.
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.
Construction and remodeling activity contribute to builders' optimism
An increasing number of first-time homebuyers may be responsible for the optimism many home builders feel in regard to construction and remodeling activity. On Oct. 21, the National Association of Home Builders held the Fall Construction Forecast Webinar. Builderonline.com relayed that economists forecast an impressive increase in the construction of single-family homes over the course of the next two years.
Construction expected to increase. The median price for a house has increased due to the rising demand for homes. As the economy and job situation improves, more individuals feel comfortable applying for a U.S. home mortgage and investing their money in real estate.
To accommodate today's buyers, more construction is expected in the coming years. Robert Denk, a senior economist at the NAHB, predicted home starts would move past one million in 2016 and further increase to 1.2 million in 2017.
"It's about population and job growth," Denk said. "We're really in a very different place than we were in the early rounds of the recovery."
Remodeling market index demonstrates improvement. Construction isn't the only industry improving. According to the NAHB's Remodeling Market Index, the third quarter marks the 10th straight quarter above 50, the break-even point. The reading settled at 57 during the third quarter.
"An RMI above 50 indicates that remodelers still feel positive about the market on balance," said NAHB Chief Economist David Crowe.
The continual positivity industry professionals feel toward the market is good for overall recovery.
"The sustained confidence of remodelers shows that the remodeling market is gradually strengthening in what has been a longer than anticipated recovery," said Robert Criner, the National Association of Home Builders Remodelers vice chairman. "Smaller jobs remain more popular, but overall remodelers feel positive about the future of the industry."
Again, improving economic and employment conditions are better supporting consumers and allowing them to invest in renovations and improvement projects in their homes. In addition, those who want to sell property may feel remodeling will help attract a higher number of interested buyers.
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.
According to the National Association of Home Builders, consumers are spending more money on remodeling their homes. An improving economic situation and a boost to consumer confidence are likely driving this uptick.
Homeowners pour more money into renovation projects. The remodelers at the International Builders' Show hosted in Las Vegas indicated that spending on remodeling projects will likely increase. Experts expect spending for single-family homes will rise 1.1% in 2016 when compared to the previous year. In 2017, they anticipate another 1.9% rise in renovation spending.
"Our remodeler members have regained confidence in the market as home owners move forward with new remodeling projects, as reflected in the positive fourth quarter results of NAHB's Remodeling Market Index," said 2016 NAHB Remodelers Chair Tim Shigley. "NAHB Remodelers looks forward to working in a strengthened market as remodeling continues to increase in popularity."
New American Home for 2016 revealed. The remodeling projects that will take place in the next couple years may reflect the wants and needs of the modern homeowner. The NAHB recently revealed the New American Home for 2016 - a show home designed for its annual convention - and energy efficiency is quite prominent in the design.
"This is the 33rd New American Home that's been built, and with each one, the quality, design and efficiency is even more impressive than the last," said the NAHB Chairman Tom Woods. "The New American Home isn't simply an annual exhibit of new building products. It is built to inspire and encourage innovation throughout the building industry."
The modern home features the latest in construction science technology and green building achievement. Theses exciting performance products are not only better for the environment, but can also cut down on the cost of utilities, which is especially appealing for the modern homeowner. Some features include:
Tankless water heaters
Hydronic air handlers
Weather-sensitive irrigation systems
The NAHB indicated many of the performance products integrated into the design of the home can be incorporated into any house across the country. With the expected rise in remodeling activity, there might be a spike in features that echo the New American Home for 2016.
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 a payment today.