Michael L. Louden

NMLS# 400921

Branch Manager, Producing

Michael L. Louden
Branch Manager, Producing

NMLS# 400921
State Lic: CO # 100039010; MN # MN-MLO-400921; WI # 400921 ;
235 1st Ave E
Shakopee, MN 55379
Branch: (952) 777-2205
Mobile: (612) 578-8874
Fax: (952) 674-3838

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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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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# 400921

State Lic: CO: 100039010; MN: MN-MLO-400921; WI: 400921 ;

Corp Lic: CO: 3113; MN: MN-MO-40125689; WI: 3113BA and 3113BR;


Is refinancing my mortgage a good idea?

https://academymortgage.com/news/article/industry-updates/is-refinancing-my-mortgage-a-good-idea I want the actual article to beable to post on my website, not the url. ×

3 common concerns sellers have about FHA borrowers

For first-time homebuyers entering the real estate market, an FHA loan is an attractive option for an affordable residential mortgage for a number of reasons including lower credit score and down payment requirements.

The same features that make the FHA loan program so attractive for buyers doesn't always seem so great from the seller's perspective. When sellers learn that an offer is made from an FHA borrower, some get nervous. However, the reality is that many FHA borrowers are just as qualified and reliable borrowers as conventional mortgage borrowers. In fact, according to mortgage origination software company Ellie Mae, 70% of FHA loan applications from the previous 90 days were closed in Sept. 2017, only slightly below the conventional loan closing rate of 71.8%.

Here are some concerns sellers have about FHA loans and the truth behind them:

Concern No. 1: FHA borrowers have bad credit

FHA loans are available to those even with credit scores in the 500s or with no credit history at all. While this is good news for prospective homebuyers, sellers may worry that people with such low credit will encounter problems in the underwriting process, FHA Handbook explained. A poor credit score is generally regarded as a sign that someone is a more risky borrower.

If a seller accepts an offer from a buyer who then gets turned down for a loan during the underwriting process, the seller will have to try again to find a qualified buyer. Many times, a seller would rather the first buyer work out and move on with the sale.

FHA Handbook pointed out this shouldn't be a major concern for sellers; many FHA borrowers successfully obtain their loan in the end and are able to make the purchase.

Concern No. 2: The FHA requires a home inspection

An appraisal is needed for almost all home sales. The appraisal process simply means that an expert reviews key information and determines how much the property is worth. An FHA appraisal is a little bit more involved: In addition to determining the value of the property, an FHA appraisal also includes an inspection to make sure the home is compliant with the Department of Housing and Urban Development's minimum health and safety standards, according to FHA Handbook.

If a seller has, for example, an air conditioner that's broken and doesn't have the funds to repair or replace it, the home won't pass the FHA appraisal. If this happens, the seller must:

  1. Pay for a new air conditioner or for the appliance to be repaired.
  2. Schedule for a second inspection, and perhaps pay for it as well.

Sellers aren't keen on this extended appraisal process, nor are they excited to spend more money on the sale of their homes. Some think it'd be easier to simply say "no" to the FHA offer in favor of a buyer with a conventional mortgage.

Concern No. 3: FHA borrowers can't afford home upgrades or a large down payment

The low down payment is a big draw for people seeking out an affordable home mortgage. However, sellers worry about buyers who appear to be strapped for cash. Sellers wonder whether the buyer will expect the seller to make extensive home repairs as a condition of the sale. Additionally, if the home inspection turns up a problem with the home that the buyer can't afford to remedy after moving in, the seller might ponder whether the buyer will back out as a result.

Another concern is the appraisal showing that the home is overvalued, Bankrate explained. A buyer who doesn't have a lot of cash may want to negotiate a lower sale price when this is the case - something most sellers don't want to do. However, this may not be an issue if the buyer is willing to make the same down payment regardless of price or is willing to accept the original sale price of the home.

Academy Mortgage is one of the top independent purchase lenders in the country as ranked in the 2016 CoreLogic Marketrac Report. Visit www.academymortgage.com to find a loan, get a rate, or calculate your payment today.


4 factors mortgage lenders consider when determining mortgage rates

Buying a home is a busy time, and if you're in the market for a residential mortgage, there are no doubt many things on your mind. For many homebuyers, a big concern is finding a low interest rate.

Securing a low rate early on is important. However, some consumers have concerns about being eligible for a low rate or worry about what factors their mortgage lender will take into consideration. There's no need to fret over this. The truth is, there are several pieces of information underwriters review before deciding what rate is appropriate. The good news is, it's all information you can find and review, too.

Here are four criteria you can easily look up that help determine your interest rate:

Credit score

Your credit score will play an important part in determining your mortgage rate, the Consumer Finance Protection Bureau stated. Since a higher score generally means you're good at managing debt and have a track record of paying bills on time, consumers with scores on the upper end of the scale are typically awarded more favorable interest rates.

However, that doesn't mean those that have average or less-than-average scores won't be able to secure an affordable home loan. There are plenty of mortgage programs tailored to people with a wide range of scores.

To find your credit score, request your credit report from www.annualcreditreport.com.

Down payment

In your lender's eyes, the more money you pay upfront, the less of a risk you are as a consumer. Therefore, those who are able to make a larger down payment could enjoy a lower interest rate.

That said, this doesn't mean that people who aren't able to make a 20% down payment won't be able to obtain an affordable loan. There are some mortgage programs, like VA loans or USDA loans, that don't require a down payment at all. Plus, lower down payments are becoming much more common.

Interest rate type

You have two basic options for choosing a loan type: fixed or adjustable.

A fixed rate means that your interest payment will stay the same for the entire life of the loan, no matter what your loan term is or what the market does during that period of time.

An adjustable-rate mortgage means that your rate will stay the same for the first couple years - usually 3 or 5 - and then change annually based on market conditions. This means it could increase or decrease.

Adjustable-rate loans are typically less costly than fixed-rate loans to start out with, but many consumers find that, after that initial period of the same rate is over, their monthly payments can become harder to manage. Sometimes, a fixed-rate mortgage may be the most economical option for its consistency, even if the rate is higher than the introductory rate of an adjustable-rate mortgage.

Points paid

One factor lenders take into consideration that you have control over is whether or not you choose to pay points, The Truth About Mortgage reported. Paying what are called "discount points" essentially means paying interest ahead of time in exchange for a lower rate. Every lender handles this process differently, but in general, one point is equal to 1% of the loan. The more you pay, the lower your rate will be, though you'll need to speak with your lender to determine how many points paid upfront would be worthwhile in the long run.

Additionally, it's worth noting that these points are different from origination points, which are basically a fee charged by lenders with no effect on your interest rate.

To learn more about what rate you may qualify for, reach out to Academy Mortgage.

Academy Mortgage is one of the top independent purchase lenders in the country as ranked in the 2016 CoreLogic Marketrac Report. Visit www.academymortgage.com to find a loan, get a rate, or calculate your payment today.