Academy Mortgage Corporation Review: A Detailed Analysis Of The Lender
In this Academy Mortgage Corporation review, we’ll look at the pros and cons of working with them, along with other factors, to help you make an informed decision.
Academy Mortgage Corporation could be a good option if you’re comfortable applying for a mortgage online but would want some guidance or explanations along the way. Academy Mortgage Corporation is what’s called a “direct lender,” which means that it does both the underwriting and funding itself. Mortgage refinancing and home purchase loans are both available with them.
Don’t know if you should go with Academy Mortgage Corporation or not? In order to decide whether or not to do business with Academy Mortgage Corporation, we recommend reading our detailed analysis of their services.
|Loan Amount||It varies per loan type and state|
|Loan Terms(Years)||10 to 30 years|
|Credit Score Range||580 and above|
|Prepayment Fee||It depends on the loan type|
|No Origination Fee||N/A|
|Mortgage Programs||Conventional, FHA, VA, USDA, Jumbo, Renovation, Refinancing, Reverse, Construction, etc.|
|Employment Statuses Considered||Yes|
|Intended Use||Home purchase, loan refinancing, investment, etc.|
|Joint Loan Applications Accepted||N/A|
|Property Type||Single-family homes, condos, townhomes, apartments, etc.|
|Verification Documents Required||Proof of identity, proof of income, good credit score and history, etc.|
How Much Money Can You Borrow from Academy Mortgage Corporation?
Fannie Mae and Freddie Mac establish the minimum and maximum conventional loan amount you can borrow. This also depends on your location in the United States. For example, you can borrow up to $1,000,000 for Jumbo loans if you reside in Alaska or Hawaii. For further details, you can contact your loan officer to get an estimate for your financing.
Academy Mortgage Corporation Pros & Cons
- Loan offices spread around the country
- Could possibly put you in touch with down payment aid
- Specialty loans are available
- Before filling out an application for a loan, you must first consult with a loan officer
- Currently, there are no up-to-date rates available on their website
- Not licensed in New York
What Is the Longest Loan Term You May Obtain from an Academy Mortgage Corporation?
Academy Mortgage provides numerous loan programs. These include reverse mortgages and refinancing. There are 10, 15, 20, 25, and 30-year alternatives for those looking into standard fixed-rate mortgages.
What Mortgage Rates Does Academy Mortgage Corporation Offer?
There is no information about the Academy Mortgage Corporation interest rates on the website. As a result, it is impossible to judge their pricing competitiveness.
If we take into account the fact that the vast majority of their loan volume is comprised of purchases as opposed to refinances, we can safely assume that their mortgage rates are not very low.
Or at the very least, not necessarily less than the standard price. After all, they would likely want to publicize the fact that they offer the lowest price available if such was the case.
Again, this is simply conjecture on our part, but it’s possible that Academy Mortgage Corporation closing costs and rates are standard.
Academy may be a good option for a mortgage loan, but before you commit, it’s important to see how they stack up against other lenders in terms of rates and closing expenses.
What is the Estimated Funding Time?
Most refinances and purchases of non-owner-occupied properties occur on the same day of closing. On the other hand, a three-day rescission period is required prior to closing on a refinance on a principal residence.
It also depends on the specific loan you’re looking for. In Academy Mortgage, you can contact a loan officer to ask for this detail.
Do They Charge Mortgage Origination Fees?
Generally, a mortgage origination fee is collected by any lender in exchange for issuing a loan. In most cases, it ranges from 0.5 percent to 1 percent of the principal loan amount. Academy Mortgage, on the other hand, conceals this information. You can ask them questions or request additional information by calling or writing them.
Does Academy Mortgage Corporation Charge Prepayment Fees?
Prepayment penalties exist for mortgage loans just like any other sort of loan, but the amount and duration of these fees vary greatly. However, with VA loans, Academy Mortgage Corporation does not impose any prepayment penalty. Furthermore, you can ask a loan officer at Academy Mortgage Corporation how much their prepayment penalties are.
What Mortgage Programs Are Available?
There are numerous loan programs available at Academy Mortgage Corporation, including the following.
- Construction loans. Consolidate your mortgage and building expenses into one manageable monthly payment with a construction loan. If you start from scratch, you can design and construct your ideal house from the ground up.
- Jumbo loans. A conventional mortgage may not be able to pay the cost of a property with a larger price tag, but a Jumbo Loan may. This means you have a better chance of acquiring more attractive land, square footage, location, or anything else of interest to you.
They can have interest rates that are fixed or adjustable, a range of possible loan durations, and down payments between 10% and 20%.
- FHA loans. A 20% down payment is not required. Your down payment might only be 3.5% if you qualify for an FHA loan. With an FHA Loan, a credit score as low as 580 may be all that stands between you and homeownership.
- VA loans. As a token of appreciation for their service, veterans can take advantage of VA Loans, which provide some of the most affordable mortgage rates available. You can get a VA Loan without a down payment or mortgage insurance, and even with a credit score as low as 580.
- USDA Loans. USDA loans, guaranteed by the government, are available to persons who plan to settle in rural or authorized suburban regions. If you’d like to buy land or move to a more rural area but don’t have the cash on hand for a down payment, this financing program may be a good choice for you.
- Renovation loans. Both the Federal Housing Administration 203(k) Mortgage and the Fannie Mae HomeStyle Renovation Loan are available through Academy Mortgage.
Both options provide borrowers with the financial flexibility to finance the acquisition and improvement of a house. Refinancing and improvements to an existing property are possible uses for home improvement loans.
- Refinance loans. Refinancing with Academy Mortgage Corporation is an option for clients who want to reduce their monthly payments or cash out home equity to satisfy another financial necessity. If you want to reduce your interest rate or adjust the length of your mortgage, refinancing could be a suitable choice.
- Reverse mortgages. Reverse mortgages, which Academy Mortgage Corporation also provides, are a great way for seniors to turn their home equity into liquid assets. Any combination of a lump amount, revolving line of credit, and regular advances is available to the customer.
What Property Usage Types Does Academy Mortgage Corporation Allow?
You can obtain mortgage loans from Academy Mortgage Corporation to finance your home purchases. It can be a house or apartment that is ready for occupancy. You can also obtain financing if you want to build your own home. Furthermore, investment loans are available in Academy Mortgage Corporation if you want to invest in real estate.
How Do People Rate the Customer Service and User Experience?
Academy Mortgage Corporation does not hold accreditation from the BBB. In addition, it has a low overall rating based on consumer feedback. Furthermore, both positive and negative feedback can be found online about Academy Mortgage Corporation.
Reviews that praise this company typically comment on how fast and simple the process is and how trustworthy the customer assistance is. However, complaints about the application procedure and poor customer support are common in the reviews that have been posted online.
There is a wide discrepancy between the positive and negative ratings of Academy Mortgage, making it difficult to draw any firm conclusions about the company from reading the feedback of its customers.
If you have doubts regarding Academy Mortgage’s legitimacy, do not hesitate to ask our Fintopi experts any questions you may have.
Contacts of Academy Mortgage Corporation
Academy Mortgage Corporation provides a form for potential borrowers to fill out and submit to one of their loan officers. You may find the online form on their site and fill it out there. Your name, email, phone number, and physical address are all mandatory pieces of information. The Academy Mortgage Corporation phone number is also listed on the site that you can use to get in touch with them.
Availability of Academy Mortgage Corporation
Academy Mortgage Corporation is a licensed lender with locations in all 50 states of the United States. It’s open Monday through Friday, 9 am to 5 pm. On the weekends, the offices are closed. It’s notable that despite having locations in 50 states, none of those locations are in New York.
Academy Mortgage Corporation Summary
This Academy Mortgage Corporation Review has shown us that:
- Academy Mortgage Corporation has gotten a moderate number of customer complaints despite maintaining an A+ rating with the BBB.
- There is some uncertainty about the exact interest rates you will be offered by Academy Mortgage Corporation.
- It’s possible that their stellar support services make up for any apparent gaps in information availability.
- Accordingly, they could be an excellent choice if you’re looking for a satisfying home loan experience.
If Academy Mortgage Corporation is not the best fit for your mortgage needs, we at Fintopi will help you locate a suitable alternative.
FAQs About Loan Company
1. Is Academy Mortgage a direct lender?
Yes, Academy Mortgage Corporation is a direct lender. All underwriting and financing are done in-house.
2. Who owns Academy Mortgage?
It was founded by Duane Shaw as a small family business, and today it is still run by Adam Kessler, Duane’s son-in-law, and the company’s CEO.
3. What credit score does Academy Mortgage Corporation use?
Academy Mortgage Corporation uses the FICO scoring model. Most of their loans require a credit score of at least 620.