Mike Wilbur

NMLS# 69690

Branch Manager, Producing

Mike Wilbur
Branch Manager, Producing

NMLS# 69690
State Lic: OR # 69690; WA # MLO-69690; ID # MLO-19245;
3831 Fairview Industrial Drive SE
Suite 100
Salem, OR 97302
Mobile: (503) 881-3250
Mobile: (503) 364-3431
mike.wilbur@academymortgage.com

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
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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 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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Watch helpful videos to learn more about Academy.

NMLS# 69690

State Lic: OR: 69690; WA: MLO-69690; ID: MLO-19245;

Corp Lic: OR: ML-2421; WA: CL-3113; ID: MBL-671;

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Young first-time homebuyers make an impact in the real estate industry

National Association of Realtors' ® 2016 Profile of Home Buyers and Sellers showed that first-time homebuyers are gaining traction as a driving force in the real estate industry.

Accounting for 35% of all homebuyers, first-timers gained 3 percentage points over 2015. Though the typical buyer was on average 44 years old for the third straight year, all signs point to a younger base of prospective purchasers. This trend was seen about 35 years ago; in 1981, the typical homebuyer was between the ages of 25 and 34.

A study from TransUnion showed similar results, finding that the next five years could see as many as 17 million first-time homebuyers. Just under 3 million are expected to be house? hunting in 2017.

Young Americans invest in real estate

Though first-time homebuyers aren't always young homebuyers, the correlation between the two demographics has grown stronger in recent years. In the last quarter of 2000, fewer than half of people making their first home purchase were younger than 40. In the final quarter of 2015, this ratio had jumped to 60%.

"The next five years could see as many as 17 million first-time homebuyers."

Lawrence Yun, the chief economist of the NAR, explained that economic turmoil resulting from the Great Recession likely contributed to keeping this population from making a home purchase. Now that the economy is looking healthy and strong once more, and the real estate industry has recovered for the most part, younger generations feel more confident about buying a home.

"Young adults are settling down and deciding to buy a home after what was likely a turbulent beginning to their adult life and career following the Great Recession," Yun noted in a press release. "Demand increased over the past year because of a robust job market for those with a college degree and renter fatigue at a time when homeowners continue to see their equity rise."

Down payment savings struggles

Though many Americans seem to be on more financially stable ground, the majority of homebuyers still cited difficulty in paying for their home purchase. Saving for a down? payment was cited as the most common difficulty in the process, and 88% of recent buyers sought financing for their new home. It was typical for these people to finance 90% of their home purchase.

Loans of various types presented challenges in saving for a down payment, including:

Despite these obstacles, many people did manage to save for their down? payment; 61% of buyers said the source of their down payment was their own savings, while 35% said they acquired it through another home sale. Two in five people said they saved up for their down payment over the course of six months or less.

About one-third of buyers said their main reason for making a home purchase was the desire to own their own house, though 82% recognized it as a good investment. In addition to more young buyers making homeownership a priority, TransUnion noted that many may begin to see their credit scores improve, qualifying them for lower residential mortgage rates.

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

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Positive PCE report affects mortgage interest rates

Freddie Mac's Primary Mortgage Market Survey observed several jumps in mortgage rates during the week ending Thursday, Nov. 3.

The largest leap could be seen in the average 30-year fixed-rate mortgage, which increased 7 basis points to 3.54%. Last week, this rate was 3.47%.

The second-largest jump was observed in the 15-year fixed-rate mortgage. It averaged 2.84%, up 6 basis points from the prior week's 2.78%.

Finally, the 5/1 adjustable-rate mortgage increased 3 basis points, landing at 2.87%, compared to 2.84% the week before.

PCE Price Index boost

Freddie Mac attributed some of these increases to a spike in the Private Consumption Expenditure Price Index, a monthly report released by the Bureau of Economic Analysis. The report released on Oct. 31 showed that consumers in September increased their spending by $61 billion, or 0.5%.

Compared to August's increase of 0.1%, this was welcome news, according to Reuters. Freddie Mac noted that the PEC Price Index is the economic indicator most watched by the Federal Reserve, which convened for its penultimate meeting of the year one day after the PCE was released.

"The latest data should be of comfort to the Fed," Greg Daco, head of U.S. macroeconomics at Oxford Economics in New York, explained, according to Reuters. "Spending continues to underpin growth and, combined with positive developments on the labor market and inflation, should enable the Fed to tighten policy in December."

As expected, the Fed chose not to increase the federal funds rate during its Nov. 1-2 meeting. Given that it fell less than one week before the presidential election, it would have been a shock to many if Fed Chair Janet Yellen announced an increase. However, for months, industry experts have been predicting one more increase before the end of the year, which would have to come out of the Fed's Dec. 13-14 meeting. The positive PCE report only adds strength to this prediction.

A downward trend

While data from Freddie Mac pointed to residential mortgage rate increases, other measures saw a different path. According to Bankrate, rates actually declined.

The biggest drop could be seen in the 15-year fixed-rate average, which fell 3 basis points to 2.74%.

Next, the 5/1 adjustable-rate mortgage ticked down 2 basis points, landing at 3.01%.

Finally, the 30-year fixed-rate mortgage edged down 1 basis point to 3.48%.

Bankrate's Rate Trend Index reported that 60% of respondents don't believe rates will fluctuate much in the next week. However, the remaining 40% were evenly split in their predictions of whether rates will tick upward or downward. Within the economic community, the impending presidential election is causing some level of uncertainty..

"It is the skittishness of markets surrounding the election rather than anything the Federal Reserve might say that will hold more sway with mortgage rates in the coming week," noted Greg McBride, the senior vice president and chief financial analyst for Bankrate.com.

Regardless of who wins the election or what the Fed decides to do in December, current mortgage rates remain at relative lows. Prospective homeowners would be wise to move fast and close on a home purchase before major changes bound to happen in November and December take effect.

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

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What to consider before adding a deck, porch or patio

Pursuing a home improvement project can be exciting and fun. Many homeowners are working to complete a project while the weather is still accommodating.

One common home improvement project is adding a deck, patio or porch. These have become increasingly popular in recent years. The majority of new homes built in 2015 have at least one of these three features, if not more, according to the U.S. Census Bureau.

If you are a homeowner lacking a good area to host your guests outdoors, you may be considering the addition of one of these features. However, before you head to the home improvement store, there are a few factors you should keep in mind.

What is the return on investment?

As a homeowner, you want to continually improve the value of your home. You can do this in a number of ways, such as general maintenance, upgrading appliances and home improvement projects.

"A professionally built deck can have a return on investment of up to 73%."

Inman explained a professionally built deck can have a return on investment of up to 73%, and a porch might bring ROI of between 30-60%.

In most cases, spending more money on your outdoor living project results in lesser ROI. For example, adding screen sides to your porch can have as much as a 75% ROI if you spend around $35,000 on the project. Beyond that dollar amount, the ROI could drop to 50%.

According to Realtor.com, an upscale deck addition that costs around $38,000 is one of the worst home improvement projects you can take on in terms of ROI. It might be a better idea to build a simple space and decorate it to your style so the next homeowner can begin with a blank slate.

How do you want to use your outdoor living space?

This question is crucial to answer before you get started on your project because it determines what you will need to reach your goals. Do you want a simple patio to entertain a few guests during the summer months? Or, do you want a full-scale outdoor kitchen on your deck, complete with running water and a large grill?

Your answer will determine not only the cost of the project but also the materials you will need. A patio that will fit a few chairs and a cafe table can be much smaller than a deck featuring an outdoor kitchen.

This Old House recommends testing your layout to make sure it's big enough for everything you want to do. Do this by outlining the perimeter of your future deck or patio and physically placing the furniture inside it. If it feels cramped, you may have to either adjust your vision, or expand your project.

How much will it cost?

The price of your addition will depend on the materials you use and the features you add to it. A small wooden deck is less expensive than a large one made of composite material that includes features like a hot tub or outdoor kitchen.

However, it's important to also consider the long-term costs of the materials you use. Wood needs to be treated regularly, adding to its cost over time. Composite is more expensive upfront, but lasts much longer and doesn't need to be primed annually.

There are many ways to pay for your outdoor addition. A common option homeowners take advantage of is using the equity they have already accrued on their home through a refinance loan. With this, you'll swap your residential mortgage out for a new loan with new terms. In return, you'll receive cash to pay for your project.

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 a payment today.

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