We had been working with NACA for over 2 years and nothing got done. I met with my old neighbor and she referred me to Academy Mortgage. My wife and I had our keys to our new home 3 weeks later.Michael Wady
Robert began his career in the Arizona real estate industry in 1987, and since 1997 he has been a full time Mortgage Loan Officer. He has assisted hundreds of families with their mortgage loans and has a long list of satisfied customers and referral partners who can attest to his professionalism, honesty and integrity. According to Robert, "Many families come to me frustrated by or wary of the mortgage process due to their past experiences or by things that they have heard from friends and family." My advice to everyone seeking a mortgage these days is the same; relax! You are in good hands with Academy Mortgage.
Call Bob on his mobile phone or email him 24/7. He's well known for answering calls and emails at all hours. His staff at Academy Mortgage is a virtual all-star team comprised of the top loan processors and underwriters in the industry. The entire Wasieko Team prides itself on fast response times, accurate information and exceeding your expectations.
Read these articles to educate yourself on the mortgage process and industry.
Mortgage applications decrease over holiday weekend
According to the Mortgage Bankers Association, applications for U.S. home mortgages for the week ending Jan. 1 fell 27% when compared to two weeks earlier. This notable decrease came following a rush after the Federal Reserve announced its decision to hike interest rates.
Mortgage applications dip over New Year's holiday. According to the weekly survey, the substantial plunge over the week ending Jan. 1 was also seasonally adjusted, as were the previous week's results. On an unadjusted basis, total applications for home loans dipped 50% when compared to two weeks ago.
The share of refinance applications fell to 55.4% from 56.1% the previous week, and the Refinance Index decreased 37% from two weeks ago.
Total adjustable-rate mortgage activity fell to only 4.7% of all home loan applications submitted over the holiday week.
Applications financed through the Federal Housing Association rose from 13.8% to 14.6% of all activity. In addition, the share of home loans through the U.S. Department of Veterans Affairs jumped from 11.6% to 12.9%.
The share of mortgage applications funded through the U.S. Department of Agriculture remained unchanged at 0.6%.
Drastic drop likely due to rush at the beginning of the month. According to CNBC, the decreasing number of home loan applications is likely a result of the high number of applications seen the first few weeks of December.
Refinance activity is often the most sensitive type of application measured by the MBA's weekly survey - especially when substantial rate changes, like those potentially triggered by the Fed's mid-December hike, occur.
"Refinance application volume increased for three weeks in a row in early December ahead of the Fed's announcement that it was raising the federal funds rate," said Lynn Fisher, the MBA's vice president of research and economics, according to CNBC. "During the two weeks following their announcement, holiday-adjusted refinance activity dropped substantially, even though the 30-year fixed rate increased by only 4 basis points over the same period."
For interested buyers who are looking to invest in a new home, now is a particularly good time to make their move. A lower volume of U.S. home mortgage applications suggests less competition in the market and improved affordability for hopeful homeowners.
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.
There are a lot of scams out there these days, none that we find as frustrating though as the infamous online credit score! Here we have one of the all-time greatest inventions to rip off the average consumer, why isn’t anybody creating a fuss about such a magnificent scam? The reason is because almost nobody understands how it all works and the powers to be keep it all very hush hush.
How many people have checked their scores lines online at some point? There is no great data on this but we are thinking the majority of everyone has checked their scores online. Now, out of all these millions of people, how many could use these exact scores for lending purposes? We are going to go with 0, give or take. This is due to the fact that online scoring models, even the ones provided by the bureaus themselves, are completely different from the scoring models that lenders use when a loan is being applied for. This makes the average online and the credit bureau’s scoring models completely worthless.
How is this legal you may ask? They don’t claim they are giving a FICO lending approved scores, they are saying is what "we" calculate your score to be, based on our system. Even on the rare occasion if they use a FICO model, there are over 50 of those scoring algorithms created so it’s unlikely to be the one your lender is using. Some of the online scores are so off it seems like a bad joke, like Transunion direct source who is Truecredit, their score range goes from an 501 to a 999 so you easily see yourself with an 800 or 900 but that doesn’t mean it’s worth the paper it’s printed on.
Another laughable aspect about this system is that you notice how a consumer never applies for a loan only to find out that their score is actually much higher than what they recently pulled online. In fact the average online score is roughly 40 points higher than what you see through a lender. The conspiracy theory behind this is that the better score you show someone on average, the more people you will attract to your website through referrals.
What is one to do? I tell you what, we happen to specialize in the scoring models and algorithms used by mortgage professionals and lenders. A fun test to give us will be to tell us over the phone which credit provider you are using to pull credit through and we instantly will be able to tell you the exact algorithm models you are using. When securing loans in the credit repair world, understanding exactly how the scores are calculated is most of the battle.
Week ending Dec. 4 experiences uptick in mortgage applications
According to the Mortgage Bankers Association's weekly survey, the first week of December saw applications for home loans increased 1.2% when compared on a week-over-week basis.
Interest in homeownership rises for the week ending Dec. 4. The rise in applications for U.S. home mortgages is likely due to the anticipated rate hike from the U.S. Federal Reserve. USA Today noted rates have already begun slowly rising, and many interested homebuyers and current homeowners are probably looking to secure a lower rate to increase total savings over the life of the loan.
Applications increase for many types of loans. The increase of 1.2% is measured on a seasonally adjusted basis. When compared to the previous week on an unadjusted basis, the Market Composite Index rose 43%.
Refinancing activity also experienced a boost of 4% when compared on a week-over-week basis. This share of mortgage activity rose to 58.7%.
Adjustable-rate mortgage activity ticked up to 6.2%, and the share of mortgages insured by the Federal Housing Administration rose to 14% from 13.2% when compared on a week-over-week basis.
Home loan applications through the Department of Veteran Affairs fell to 10.8% from 11.3%, and all loan applications submitted through the U.S. Department of Agriculture remained unchanged from the previous week.
Interest rates see slight increases. According to the MBA, the interest rate for the average 30-year fixed-rate jumbo loans rose slightly, from 3.89% to 3.91%. Interest rates for 15-year FRMs also rose slightly to 3.39% from 3.36%.
The increases seem to already be occurring in the lending industry, in advance of the Fed's expected rate hike, and consumers everywhere are attempting to secure a lower rate.
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.