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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.
As a distinguished member of the real estate finance industry for the last 20 years I have continued to pride myself on the ability to exceed my clients’ and trusted partners’ expectations. My commitment to the industry has allowed me to participate in a wealth of educational opportunities and industry designations that have given me the insight to better assist even the most challenged borrowers. As an employee of Academy Mortgage Corporation, a progressive national mortgage lender, I have broadened the scope of available products and programs to bring home ownership access to the largest prospective client base.
Read these articles to educate yourself on the mortgage process and industry.
Technology continues to impact the housing industry
In today's digital age, interested homebuyers can browse available listings for properties in the area, research current market conditions and learn more about lenders. The Internet connects these buyers with a wealth of resources that assist them through the process of buying a home.
Technology continues to mold real estate. The housing industry is fueled by buyer demand. With young adults entering the market, more technology is essential. According to Tech Crunch, many companies began catering to their audience by improving connectivity with millennial buyers. Some of these operations include:
These companies demonstrated that adapting to today's buyers requires not only an understanding of emerging technology, but also the ability to develop their own technologies. As more interested buyers are turning to the Internet to start their search, ensuring this channel is as user-friendly as possible is crucial.
The NAR's research emphasizes the importance of a hybrid technique. According to Real Estate in the Digital Age, a report published by the National Association of Realtors®, homebuyers use technology to aid their home searches.
"Realtors® constantly strive to find ways to make the home buying and selling process easier for and more accessible to their clients," said NAR President Chris Polychron. "There is nothing more important than helping people find and land their dream home, and since technology helps Realtors® do that, it will continue to be a priority."
However, buyers also crave face-to-face interaction with - and guidance from - real estate professionals.
"Consumers have the ability to do more home buying research online and be more connected during the home search process than ever before, but research proves they are still seeing the value a Realtor® brings to the transaction, from the initial search to well after the closing," said Polychron. "Realtors® bring great value to buyers from every generation, demographic and location as well as in every financial and familial situation. So while consumers have more technological tools available at their fingertips, Realtors® are now more than ever a part of the home buying and selling equation."
When interested buyers begin their search for a new home and start the application process for a U.S. home mortgage, it's important industry professionals cater to their unique needs.
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.
A home purchase can seem like a daunting task, so it’s important to take it step by step and know that help is out there to streamline the process. Sure, you might have been saving money for years, but what else can you do to help fulfill your dream of owning a home? It starts by applying for a mortgage. Mortgages are designed to help individuals and families purchase a house when they otherwise might not have been able to.
Prepare to apply. In order to apply for a mortgage, you will want to do your homework first. This means knowing exactly where you stand financially. Assess your household budget and savings, seeing just how much you can afford to spend on a down payment. From there, you want to request your credit report. This will have a significant impact on what the interest rate will be on your home loan and whether or not you qualify for a purchase at all. Your credit score shows a lender essentially how trustworthy you are. While a poor credit score will hurt your chances of obtaining a low rate, don’t let it completely discourage you. There are ways to purchase a home even with a less-than perfect score and ways to raise your score.
Get pre-qualified. Once you know you want to purchase a home, you will want to consider getting pre-qualified for a mortgage immediately. This can help speed up the process, not to mention help you avoid potential headaches down the road. For example, you might have found the home of your dreams, but getting approved for a mortgage could take some time, something that could cost you an opportunity at purchasing. A pre-qualification will last 90 days, ensuring you are all set when you finally decide to pull the trigger on a purchase.
Finding a home. After you’re pre qualified for a loan, you’ll know how much you can afford. Now you can begin searching for the home of your dreams, without having to worry about whether you’ll actually be able to make a purchase.
Final loan approval. You will receive final approval for a home loan if you have a good credit score and debt-toincome ratio. Keep in mind that approval could depend on certain financial or property conditions that need to be met first.
Millennials are generally defined as individuals born between 1980 and 1995. The National Association of Realtors indicated these young adults make up 31% of today's homebuyers, so understanding the habits and desires of this demographic is important to industry professionals.
"People who believe that millennials are disinterested in homeownership are grossly mistaken," said Jonathan Smoke, the NAR's chief economist. "This generation hit the job market during one of the largest recessions of all time, and they've had to work hard to establish credit and save for a down payment. With the older segment just beginning to enjoy living the life that drives homeownership - including marriage and children - now is the most appropriate time for them to consider homeownership. And that's exactly what the latest numbers are showing."
Young buyers enter the real estate market. According to Realtor.com, there are a high number of millennial homebuyers investing in Des Moines, Iowa, houses. Nearly 60% of individuals applying for a U.S. home mortgage in this capital city were between the ages of 25 and 34.
The Urban Land Institute's survey, "Gen Y and Housing: What They Want and Where They Want It," indicated one of the top-ranking features young adults consider when buying a home is the cost. Other important features included:
Proximity to work
Quality of neighboring schools
Community character, ambience and visual appeal
Affordable homes with close access to a plethora of restaurants and entertainment attract a higher number of young buyers. Local markets that can offer these perks can expect an influx of millennial prospective 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 your payment today.