Salt Lake City Center

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

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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.

ARTICLES

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

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.

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Social Media Changing the Housing Market

June 17, 2013

The housing market is being revitalized as prices and inventory levels are up. More sellers are putting their homes on the market and more buyers are looking to make a purchase. However, that is not the only thing that is changing in today's housing market.

According to a report by Fox Business, social media is being used as a tool for new home advice. Homebuyers, sellers and real estate agents are utilizing the outlets when it comes to buying and selling a home. The report noted that a homebuyer can tour a house through a number of tools including YouTube, Facebook and Twitter, helping them get a feel for a house and allowing sellers to maximize their exposure.

"Both buyers and sellers are doing more 'digging' than ever," Brad Officer, a realtor in Jacksonville, Fla, told Fox Business. "Buyers and sellers want proof that you are actively engaged in the business and are a true professional."

Before the rise of social media outlets, homebuyers would be forced to sift through the little pictures available of homes online and narrow down their picks before visiting a home. Nowadays, homes can have their very own Facebook page and feature numerous videos displaying the homes features.

In the past it was important to have quality photos taken to display a home in its best light. Now, with more exposure of a home, sellers need to invest in good photography and videography, otherwise a home might come out looking unappealing.

Social big for first-time homebuyers
As social media is popular tool among millennials, many first-time homebuyers will be looking through these outlets when looking to make a purchase. 

"With third party data showing that 90 percent of millennials plan to purchase a home at some point in their lives, it's important first-time home buyers have access to the right tools and information to ensure their first home purchase is one they are proud of for years to come," said Deborah Wahl, senior vice president and chief marketing officer at PulteGroup,  "With many options to choose from, starting from a point of knowledge will go a long way towards achieving their dream of homeownership."

The PulteGroup encouraged any first-time homebuyers to be sure they are doing their homework before buying a home. While social media will help you get a feel for a homes, its important to consider all the options of home purchase, like FHA rates, as well as weighing the costs of renting with the costs of homeownership before committing to a home purchase. 

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.

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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.

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