Salt Lake City Center

445 East 200 South Suite 100
Salt Lake City, UT 84111
Local: (801) 486-5800
Fax: (801) 493-0144

Payment Calculator
$
Yrs.
%
Calculate
$

Personal Care. Award-winning originators. In-office approval.

It's the perfect combination for a smooth and stress-free loan. Everyone here takes great care to ensure our clients get the loan they need, when they need it.

In a time where so much business is done online and without any personal interaction, each of us in the Salt Lake City Center office understands the value of one-on-one, personal service.

Our nationally-recognized originators and operations staff will process your loan in-house, from start to finish. With more than 100 years combined experience, we'll be here to answer any questions and to ease your concerns. Give us a call and discover why so many clients trust us with their mortgages. Again and again.

Corp Lic: CA: 4170013; UT: 5491140-NMLC; WY: MBL-1386; ID: MBL-671;

Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act;

Three Key Factors in Qualifying for a Home Loan

When a mortgage company makes a decision about a home loan application, the lender primarily considers three basic factors:  (1) your ability to repay the loan; (2) your willingness to repay the loan; and (3) the collateral.

Ability to repay the mortgage is determined by verifying your current employment and analyzing your total income.  Lenders prefer for you to have been employed at the same place for at least two years or to at least be in the same line of work for a few years.  Your estimated monthly payment will be compared to your monthly income and debt.

Willingness to repay is influenced by how you have paid previous loans and by examining how the property will be used.  Willingness can be gauged by your credit report and previous commitments to pay rent and/or utility bills. 

Collateral is property that is pledged by a borrower to protect the interests of the lender.

It is important to remember that there are a set of rules each lender uses to assess these factors on each loan and determine if the lender will ultimately lend you money.  These rules are called a Credit Policy.  Each loan application is evaluated individually on a case-by-case basis.  Many loan applications may come up short in one area, but make up for it with other strong points.  These compensating factors may include: a large down payment, extensive educational background, or overall financial health.  Securing mortgage insurance to protect a lender in the event you are unable to make your payments may also impact your qualifying for a home loan.

Contact your Academy Mortgage Loan Officer with any questions about qualifying for a home loan.

×

Construction Spending Increases: A Welcome Sign for Homebuyers

July 1, 2013
 
Construction spending increased in May, representing a good sign for the overall housing market and those assessing their mortgage options.
 
According to the U.S. Census Bureau, construction spending in May reached a seasonally adjusted annual rate of $874.9 billion, accounting for a 0.5 percent on a month-over-month comparison and a 5.4 percent increase on a year-over-year comparison. The report also indicated that private construction spending was relatively unchanged at $605.4 billion and residential construction reached a seasonally adjusted annual rate of $322.3 billion, up 1.2 percent from April. In addition, nonresidential construction spending reached a seasonally adjusted annual rate of $283.1 billion in May, down 1.4 percent on a month-over-month comparison.
 
"The construction sector is edging upward although component strength has been revolving," read a report from Econoday. "The one somewhat consistent positive has been multifamily housing. While residential investment has been a plus for economic growth, it still is coming off a low base from the past recession."
As the housing inventory is low across the country, increased construction is a welcome sign for homebuyers, who might otherwise find themselves in a bidding war for a home. Additionally, increasing prices are helping free up some of the inventory, as sellers are finally finding the prospect of a home sale to be appealing.
 
Peak prices exceeded in 14 housing markets
According to a recent report from Homes.com, 14 markets in April surpassed peak prices that were reached during the housing boom.
 
According to the report, San Antonio saw the largest price percentage over its peak, followed by Houston; Austin; Dallas; Oklahoma City, Okla.; McAllen, Texas; Tulsa, Okla.; El Paso, Texas; Pittsburgh; Wichita, Kan; Baton Rouge, La. and Denver.
 
"The latest round of report findings supports a growing confidence in the housing market," said Brock MacLean, executive vice president of Homes.com. "With home prices posting the strongest gains in seven years, the Rebound Report is another indicator of a positive turn. In one month alone, we have seen five new markets reach recovery. Adding to that momentum, all top 100 markets recorded gains for the first time, indicating the recovery continues to build across the country."
 
Those looking to become new home owners are encouraged to secure the lowest mortgage rate possible and find reputable lenders to help them through the homebuying process.
 
Academy Mortgage is the #1 Independent Purchase Lender as ranked in the 2012 CoreLogic Marketrac Report. Visit www.academymortgage.com to find a loan, get a rate, or calculate your payment today.
×

What You Need for Your Loan Application

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

Please contact your Academy Loan Officer with any questions or concerns.
×