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
mike.louden@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.
Mike and Steph were Awesome! We switched to them after attempting to work with another mortgage company that had been a 3 month process with no results and changes in fees. Continually with no explanations given rather referred to someone else for answers still not given. So happy with the switch. We were kept informed throughout in a very timely manner and the whole process done in about 3 weeks time.Kevin Williams

NMLS# 400921

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

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

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Tips for simple loan approval

Here is a list of useful tips to facilitate an effortless loan process. These DO’s and DON’Ts will help you avoid any delays and costly challenges with your loan approval. If you encounter a special situation like identify theft, it is best to mention it to us right away so we can help you determine the best way to achieve your goals. DO’S DO call us if you have any questions. DO provide requested documentation promptly and in its entirety. DO continue living at your current residence. DO continue making your mortgage or rent payments. DO continue to use your credit as normal. DO keep working at your current employer. DO keep your same insurance company. DO stay current on all existing accounts. DO expect requests for additional documentation throughout the loan process. DO let us know if you will be receiving gift money before it is deposited into your account. DONT’S DON’T change your employment status. DON’T make any major purchases (car, furniture, jewelry, etc.). DON’T change bank accounts. DON’T make any large cash deposits into your bank accounts. DON’T transfer any balances from one account to another. DON’T close any credit card accounts. DON’T consolidate your debt onto one or two credit cards. DON’T apply for new credit or open a new credit card. DON’T max out or overcharge on your credit card accounts. DON’T take out a new loan or co-sign on a loan. DON’T pay off any loans or credit cards, charge offs, or collections without discussing it with us first. DON’T finance any elective medical procedure. DON’T join a new fitness club. DON’T open a new cellular phone account. DON’T have your credit pulled or dispute any information on your credit report. DON’T pack away or store any important documents, even if they aren’t initially requested. Let us show you how simple securing a home loan can be. ×

Don't believe these 3 credit score myths

Checking your credit score is generally a good idea before taking out any new credit, like a residential mortgage, auto loan or new credit card. But, according to a survey from MoneyTips, 14% of Americans have never pulled their credit reports, and nearly half haven't looked up their three-digit score in six months.

Not only are many consumers unaware of what their credit score is or how to find out, but many also hold false notions about what the score means. Here are three commonly held myths about credit scores and the truth behind them:

Myth No. 1: Checking your credit will lower it

This is a common misconception that many people hold. It's most likely derived from the fact that a hard pull on your credit report really can lower your score. Unfortunately, however, this myth has caused many people to neglect to check their score or pull their own report for fear of lowering it.

To understand this myth, it's important to know the difference between a hard inquiry and a soft inquiry on your credit. A hard inquiry is when you apply for credit and the lender pulls your credit report.

If you apply for multiple credit cards or loans in a short period of time, thus implementing multiple hard pulls, creditors may interpret that has an inability to secure any credit and is considered a red flag. Therefore, your credit score will drop a few points, CreditKarma reported. It most likely won't be enough to disqualify you for anything you would have been eligible for otherwise.

A soft inquiry, on the other hand, is any time your credit is pulled by yourself or someone who's not seeking to give you credit. For example, your employer or landlord may pull it at some point as part of a routine background check. This won't harm your credit.

You can - and should - check your credit report on your own on a regular basis. You're entitled to three free credit reports every year: one from each Experian, TransUnion and Equifax. Simply order one from annualcreditreport.com, a government-mandated website that provides consumers free access to their credit reports.

Myth No. 2: When you get married, you get a joint credit score

When you get married, you'll combine a lot of things: your kitchenware, your book collection and maybe even your finances. But you'll never get a joint credit score; every individual always has his or her own unique score. Despite this fact, a survey from MoneyTips found that nearly three-quarters of respondents believed that when two hearts become one, so do their credit scores.

However, when you and your spouse apply for credit together, the lender will analyze and make a decision based on both party's scores. As such, it's always a good idea to have the "money talk" with your beau before applying for a home loan or any other form of shared credit.

Myth No. 3: I can't get a mortgage because my credit is too low

Your credit report is one of the many documents your mortgage lender will need to review before finalizing your home loan. The better your score, the easier it may be to obtain a loan, and the lower the interest rate you might qualify for.

However, that's not to say that if you have a low credit score, you can't get a mortgage. According to a survey conducted by Fannie Mae, many Americans falsely believe that a score of at least 650 is required to get a home loan. In fact, Fannie Mae only requires people to have a score of 620. Some programs will even work with prospective homebuyers with no credit history at all.

If you think your score is too low to get a mortgage, don't let that stop you from homeownership. Reach out to your lender to find out if you qualify - there's no harm in asking.

To get more information about applying for a residential mortgage, contact Academy Mortgage. We can help you decipher your credit score and help you discover what loans you're eligible for.

Academy Mortgage is one of the top independent purchase lenders in the country as ranked in the 2015 CoreLogic Marketrac Report. Visit www.academymortgage.com to find a loan, get a rate, or calculate your payment today.

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Buying vs. Renting

For many, the benefits of buying a home outweigh the advantages of renting. With today's low mortgage interest rates and rents on the rise, now is an affordable time to finance a mortgage with a fixed monthly payment lower than rent. If you plan to stay in your home for more than six years, buying a home could save you thousands of dollars over renting. And don't forget about the noisy neighbors upstairs. THE BENEFITS OF BUYING TAX SAVINGS Mortgage loan interest may be deducted from your state and federal income taxes and a portion of your property taxes may also be deducted. STABILITY Fixed mortgage payments (principal and interest) will not change during the loan term whereas rent payments may increase annually. BUILD EQUITY Owing a home long term allows equity to build and thus your home investment to grow. THE BENEFITS OF RENTING FLEXIBILITY Renting may be the preferred option for those planning or needing to make a move in less than six years. LITTLE OR NO MAINTENANCE Renters are often able to rely on landlords and property managers to pay for and make necessary home repairs. UTILITIES MAY BE COVERED Some utility expenses may be included in monthly rent payments. Contact me today to start realizing the benefits of homeownership. Please consult a tax professional about your specific situation and the tax savings benefits of homeownership. ×