Mike McLean

NMLS# 245746

Senior Loan Officer

Mike McLean
Senior Loan Officer

NMLS# 245746
State Lic: ID # MLO-12497;
2845 East Overland Road
Suite 160 & 170
Meridian, ID 83642
Branch: (208) 991-5585
Fax: (888) 296-0334
Mobile: (208) 315-3130
mike.mclean@academymortgage.com

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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. 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.

ARTICLES

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

VIDEOS

Watch helpful videos to learn more about Academy.

NMLS# 245746

State Lic: ID: MLO-12497;

Corp Lic: ID: MBL-671;

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What You Need for Your Loan Application

Use the following checklist to be sure you have everything you need for your loan application.

o Purchase Contract (for the purchase of your new home)
o Sales Contract (if you are selling your current home)
o Certified copy of the closing statement (if you have sold your home)
o All original paystubs for the last 30 days (showing your name, Social Security number, and year-to-date earnings)
o Original copies of your most recent two years’ W-2s and complete tax returns
o Proof of other income: Tips, Social Security payments, and investment income (if any)
o If you have a rental property: Your current rental agreement and your most recent two years’ tax returns with all schedules
o If you are self-employed or receive a 1099: Your most recent two years’ tax returns with all schedules and a year-to-date profit and loss statement and balance sheet
o If you own 25% or more of your corporation: The corporation’s most recent two years’ corporate tax returns with all schedules and a year-to-date profit and loss statement and balance sheet
o If you are commissioned: Your most recent two years’ tax returns with all schedules and year-to-date employee business expenses
o Information on residence history (for the past two years)
o Information on all outstanding loans and credit cards
o Originals of your last three months’ bank statements for all accounts
o Information on real estate you currently own
o Information about other personal property you own
o Copy of your driver’s license and another form of identification (Social Security card, passport, etc.)
o Payment for appraisals and credit report fees
o If divorced: All divorce papers
including marital termination agreement and final decree (signed by the court)
o Original certificate of eligibility and DD214 (VA loans only) ×

Realtor Confidence Index indicates strong market

The real estate market continues to thrive as more qualified borrowers are applying for U.S. home mortgages and beginning their searches for the home of their dreams. According to the National Association of Realtors' Confidence Index for July 2015, most participants feel "strongly confident" about the next six months. 

Realtors remain confident in the housing market. The Index showed confidence in the single-family markets settled at 68. While this is a slight decrease from the rate seen last month, 72, it still represents strong evidence that the market is doing well. If the index is 50, that indicates a "moderate" outlook, while a 68 indicates professionals still feel "strongly confident" in the future of the real estate market. 

Both townhomes and condominiums also saw a slight dip, but remain positive. 

Affordability is the primary concern. The index indicated many participants were concerned about the price for homes in the U.S. With the increasing demand and low inventory, home affordability is a concern for many families. The high prices are creating a seller's market, and current homeowners can take advantage of the quickly growing value of their homes. 

Fortunately for interested buyers, construction is increasing to meet demand. In addition, it will encourage people to apply for a home loan through a mortgage company and help strengthen the housing market. According to a joint press release from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, residential construction skyrocketed in July. Housing starts rose 12.8% when compared on a month-over-month basis and building permits increased 16.3%. 

Housing completions were up 14.6% on a year-over-year basis and 2.4% above June's numbers. All housing completions came to a total of nearly 1 million. 

An increase in homes available to interested buyers will help manage the steep increases of real estate value in the U.S. Better affordability for consumers has the potential to encourage individuals to invest in housing and help further strengthen the market. 

In addition, historically low rates and low down payment options through government-sponsored enterprises, like Freddie Mae and Fannie Mac, provide ample opportunities for interested buyers to become homeowners. 

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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Interest rates remain low

Interest rates saw little change for the week ending August 20 for U.S. home mortgages. According to Freddie Mac's Primary Mortgage Market Survey, fixed-rate mortgages stayed around the same ballpark.

Mortgage rates remain low. The survey indicated the average 30-year fixed-rate mortgage has stayed below 4% for five consecutive weeks. The 30-year FRM seen this past week stayed at 3.93%. This is only 0.01 percentage point lower than the rate seen on a week-over-week basis. A year ago at this time the average 30-year FRM settled at 4.1%.

In addition, 15-year FRMs settled at 3.15%, which is down from last week's average of 3.17%. The average 15-year FRM is also lower than the rate seen a year ago, which was 3.23%.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage settled at 2.94%, and last week the average was 2.93%. The average 1-year Treasury-indexed ARM settled at 2.62% for the week ending August 20, which is unchanged when compared on a week-over-week basis.

"There was little movement in financial markets this week as the 30-year fixed mortgage rate remained steady, dropping only 1 basis point to 3.93 percent," said Sean Becketti, Freddie Mac's chief economist. "Overall inflation grew an underwhelming 0.2 percent year-over-year in July, but core inflation remains steady at 1.8 percent keeping chances alive for a potential rate hike in September. Housing markets have responded positively to low mortgage rates -- the 30-year fixed mortgage rate has been below four percent for five consecutive weeks. The latest NAHB/Wells Fargo Housing Market Index for August 2015 was 61, the highest level in more than nine years. One-unit housing starts in July 2015 jumped to 782,000 units, up 12.8 percent from June and up 19 percent from last year. Overall housing markets remain on track for the best year since 2007."

Refinance activity driven by low rates. Low rates may be the primary driver of the high volume of refinance applications. Total applications jumped 3.6%, according to the Mortgage Bankers Association, when compared to the previous week. Refinance activity accounted for 55.5% of all applications, which is up from last week's percentage of 53.1%. 

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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