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When it comes to helping individuals and families achieve successful homeownership, Academy is 1st CHOICE. For over 25 years, we have delivered exceptional mortgage service, in-house loan fulfillment, a broad portfolio of products and tools, and integrity-based mortgage banking.
It’s all about service at Academy Mortgage, and our company has been meeting the needs of homebuyers across the United States since 1988. I joined Academy because of its strong reputation for integrity-based mortgage lending, its unwavering commitment to responsible lending practices, and for its broad portfolio of mortgage solutions and tools.
Since joining Academy, I have helped many individuals and families attain the dream of homeownership. Whether you want to buy a new home or refinance an existing mortgage, I will provide a customized solution for you at competitive rates. No brokering, no middleman, no hassle, no surprises.
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I will be in control of your loan file from start to finish, and I will be up-to-date on the status of your loan at all times. I understand the importance of maintaining continuous communication throughout the loan process and commit to providing you accurate, timely, and honest mortgage advice.
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Read these articles to educate yourself on the mortgage process and industry.
Employment continues to improve as calendar turns to 2016
There may soon be an influx in new homebuyers, as the U.S. added an impressive 292,000 nonfarm jobs in December, according to the newest Bureau of Labor Statistics' Employment Situation Summary. This rise will likely boost both the economy and the housing market, as more individuals have money to spend.
Employment situation shows rise in payroll. According to the news release from the BLS, the 292,000 new jobs occurred in a number of different industries, including:
Professional and business services
Food services and drinking places
The number of jobs available in the professional and business services industry rose by 73,000 in December. This industry saw the most substantial job gains of any. An impressive 45,000 jobs were added within the construction industry. The rise in this sector may be due to the increasing need for housing inventory as new waves of interested buyers entering the real estate market.
In addition, the unemployment rate remained unchanged at 5%. This marks the third consecutive month that the percentage of unemployed individuals remained at this level.
The surge in jobs at the end of 2015 may have a profound impact on the economy and housing market moving into the new year.
Job gains dismiss concerns about economic downturn. According to Reuters, the employment data released on Jan. 8 indicates the economy remains in good health.
"It is one more sign the domestic economy continues to chug along," said Kate Warne, investment strategist at Edward Jones, according to Reuters. "It is not a game changer in terms of faster economic growth, but it offsets some of the other indicators that recently have suggested the economy might be slowing down."
The employment situation complements the Federal Reserve's recent decision to raise rates earlier in December.
"There's nothing in the data so far to take them away from the four hikes (expected) this year," said Krishna Memani, Oppenheimer Funds chief investment officer, according to Reuters.
There may also be a surge in individuals applying for a U.S. home mortgage, as rates remain quite low, and improving employment allows individuals to finance this substantial purchase. Strong employment and a booming housing market combine to bode well for the U.S. economy moving further into the new year.
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.
"Treasury yields plummeted again last week amid a worsening global financial maelstrom, and mortgage rates dropped as a result," said Michael Fratantoni, chief economist for the MBA.
Increasing mortgage applications occurred for the week ending Feb. 5. The Market Composite Index indicated applications for U.S. home mortgages spiked 9.3% from the week prior, and the Refinance Index also rose an impressive 16%.
The share of refinance applications increased to 61.2% from 59.2% the previous week, and the share of adjustable-rate mortgage applications rose to 6.4%.
Applications for home loans through the Federal Housing Administration dipped to 12.3% from 12.9%, and the share of home loans from the U.S. Department of Veteran Affairs remained unchanged at 11.1%.
Home loan applications for mortgages through the U.S. Department of Agriculture ticked down slightly to 0.6%.
Low interest rates may have prompted many individuals to decide to enter the housing market or refinance their current mortgage. In fact, the average interest rate for 30-year fixed-rate mortgage decreased to 3.91%, its lowest level since April 2005. In addition, interest for the average Jumbo loan decreased to 3.76%, its lowest level since April 2013.
Wealthy consumers may be responsible for the rise. According to CNBC, sliding interest rates are especially beneficial for individuals with jumbo mortgages. Many current homeowners are deciding to refinance now to take advantage of low rates.
"Jumbo borrowers are also benefiting from fierce competition for these loans. The 30-year fixed rate for jumbo loans dropped to its lowest level since April 2013 and is now 15 basis points below the rate for conforming loans," noted Fratantoni. "Historically, the rate for conforming loans was about 25 basis points lower than for jumbo loans."
For individuals looking to save money on their mortgage payments, now is a great time to refinance.
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.
"In the final week of 2015, Treasury yields jumped reacting in part to strong consumer confidence in December," noted Sean Becketti, Freddie Mac's chief economist. "After averaging 3.9 percent in the fourth quarter of 2015, we expect the 30-year mortgage rate to average 4.7 percent for the fourth quarter of 2016."
Interest rates climb at the end of the year. The survey showed the average 30-year FRM closed out the year at 4.01%, which is 0.05 percentage points higher when compared on a week-over-week basis. The average 15-year FRM settled at 3.24%, up from last week's rate of 3.22%. Both 30- and 15-year FRMs were higher when compared to the averages this time a year ago.
In addition, the average 5-year Treasury-indexed hybrid adjustable-rate mortgage was 3.08%, also up from last week's average of 3.06%. A year ago the average 5-year ARM was 3.01%. The average 1-year Treasury-indexed ARM remained unchanged week over week, but rose from 2.4% to 2.68% when compared to the previous year.
Home prices rise, but will likely settle into a slower pace. While home prices rose 0.9% from September to October, affordability will likely improve moving in 2016, according to Bankrate.
For individuals thinking about applying for a U.S. home mortgage in 2016, it'll be important to make sure their credit scores are high enough to appeal to lenders and secure a low interest rate.
With experts in the housing industry expecting affordability to improve, it is critical for hopeful homeowners to whip their credit scores into shape. Individuals should not only obtain a copy of their credit report, but evaluate it for any inaccurate items that may be bringing their score down.
Rising interest rates and improving affordability moving into the new year suggest that the future of the housing market will likely be strong and prosperous.
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.