Damon Sorrell

NMLS# 1373448

Loan Officer

Damon Sorrell
Loan Officer

NMLS# 1373448
State Lic: TX # 1373448;
13100 Wortham Center Drive
Suite 125
Houston, TX 77065
Direct: (281) 858-2896
Fax: (832) 403-3192
Mobile: (832) 956-6000
damon.sorrell@academymortgage.com

Academy's My Mortgage App

Welcome!

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.

Academy is a direct lender, which means that my Branch and Regional Offices are equipped to complete the entire loan process in-house—all loan processing, underwriting, closings, and funding are handled locally. As a result, we have a proven track record of closing loans as quickly and efficiently as possible.

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.

I invite you to put us to the test. Let me show you how simple and easy securing a mortgage can be.

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ARTICLES

Read these articles to educate yourself on the mortgage process and industry.

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We are proud to be one of the top independent purchase lenders in the country. We achieved this distinction by continually providing exceptional customer service and by following responsible lending practices, especially in today’s rapidly changing economy.Adam Kessler, CEO, Academy Mortgage

NMLS# 1373448

State Lic: TX: 1373448;

Corp Lic: TX: 3113;

Figure: 7 TAC §81.200(c) CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A MORTGAGE BANKER OR A LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT'S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550. THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT'S WEBSITE AT WWW.SML.TEXAS.GOV.;

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Hot housing markets emerge in 2016

A new year brings new competitive housing markets, and Zillow Group recently announced its picks for the hottest markets for 2016.

Several factors determine what's 'hot.' According to Zillow, there are a few different elements that are considered when deciding which regions are best for hopeful homeowners, including:

Most importantly, various regions were judged based on the Zillow Home Value Index Forecast, which is calculated using economic indicators to project home values in a specific housing market. Some of the variables are:

Top five regions expected to post substantial price increases. On a year-over-year basis, the top five markets will have the most notable growth in home values. These markets include:

  1. Denver
  2. Seattle
  3. Dallas-Fort Worth
  4. Richmond, Virginia
  5. Boise, Idaho 

The top spot is held by Denver, which is expected to experience a 5% increase in home value growth. The low unemployment rate level of only 3% works in this city's favor to a considerable extent. Seattle also has a notable expected year-over-year home value growth of 5.4%, but the rapid rate of home value appreciation may make affordability an issue for some hopeful buyers.

For interested homeowners, knowing which markets are best is almost as critical as applying for a favorable U.S. home mortgage. Individuals who want to make the move and become the owner of real estate property should become familiar with their local markets and observe other areas as well, to ensure the best deal when buying a house.

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.

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Buying v. renting in 2016

Determining whether to rent or apply for a U.S. home mortgage and buy property is a difficult decision many interested buyers must carefully weigh. According to Zillow Group, rental growth will likely slow down in 2016, but affordability will continue to be a concern. This may encourage a higher number of individuals to buy homes this year.

Median rental rates expected to slow down. Median U.S. rents grew at an annual pace of 3.3% in December. This pace is expected to decelerate to 1.1% by the end of 2016. However, while growth might be slowing down, it still is occurring.

Consumers must determine whether to rent or buy. According to Business Insider, one of the best ways for individuals to determine whether to sign a lease or look for a mortgage is to know how long they plan to stay in the given location, and from there, determine which option is more affordable.

To figure out the break-even year, consumers must consider the average monthly mortgage payment, rent and home price. 

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.

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Mortgage rates continue to fall

Interest rates for U.S. home mortgages continued to decrease for the week ending Jan. 28. Lower rates may lead to a higher number of interested homebuyers and more refinance activity. 

Interest falls, improving affordability. According to Freddie Mac's Primary Mortgage Market Survey, interest rates moved lower for the fourth consecutive week. The average 30-year fixed-rate mortgage fell to 3.79% from 3.81% the previous week. A year ago, the average 30-year FRM settled at 3.66%. 

A typical 15-year FRM fell from 3.1% to 3.97% on a week-over-week basis, but remains slightly higher than the 2.98% average seen a year ago. 

The average 5-year Treasury-indexed hybrid adjustable-rate mortgage slid from 2.91% the week prior to 2.9%. A year ago at this time, the 5-year ARM settled at 2.86%. 

According to Bankrate's analysis of average interest rates, this is the lowest level seen since April 2015, making it an ideal time to refinance or purchase a new home. 

The Federal Reserve pauses. Due to market turmoil, the Federal Reserve reacted as expected and paused for the week ending Jan. 28. 

"The yield on the 10-year Treasury stabilized around 2 percent this week, and the 30-year mortgage rate dipped 2 basis points to 3.79 percent," said Sean Becketti, Freddie Mac's chief economist. "The recent market turmoil has given the Fed pause; as was universally expected, the Fed stood pat this week but kept its options open for a rate increase in March. This week's housing releases confirmed the momentum of home sales going into 2016. A hesitant Fed, sub-4-percent mortgage rates (at least for a little while longer), and strong housing fundamentals should generate a three percent increase in home sales this year." 

Bankrate also noted that the committee continues to keep a close eye on the global economy. Concerns surrounding the labor market and inflation targets drove the central bank's decision not to raise the federal funds rate for the time being.

Home prices rise. With a rise in demand for housing, the value of homes will likely continue to increase.  

"Basically, the housing market, as measured by prices, is in good shape and the more prices rise, the more homeowners have the equity to make a move," noted Joel Naroff, president and chief economist for Naroff Economic Advisors, according to Bankrate. "That is good news."

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.

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