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Cornerstones of Success
When it comes to helping individuals and families achieve successful homeownership, Academy is 1st CHOICE. For over 25 years, we have delivered exceptional mortgage service, in-house loan fulfillment, a broad portfolio of products and tools, and integrity-based mortgage banking.
As a distinguished member of the real estate finance industry for the last 16 years I have and continue to pride myself on the ability to exceed my clients’ and trusted partners’ expectations. My commitment to the industry has allowed me to participate in a wealth of educational opportunities and industry designations that have given me the insight to better assist even the most challenged borrowers. As an employee of Academy Mortgage Corp., a progressive national mortgage banker, I have broadened the scope of available products and programs to bring home ownership access to the largest prospective client base.
Read these articles to educate yourself on the mortgage process and industry.
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, President, Academy Mortgage
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Buying Better Than Renting After Three Years in 64 Percent of Metros
May 30, 2013
According to a recent report by Zillow, in 64 percent of metropolitan areas across the nation it's a smarter financial move to buy a home when compared to renting, if the person plans on staying for three years. This information is particularly important for a first time home buyer weighing their options.
The report showed that certain housing markets fared better than others when it came to their breakeven point where buying was cheaper than renting. Zillow factored in all costs associated with buying and renting when compiling the information, including upfront payments, closing costs, anticipated monthly rent and mortgage payments, insurance, taxes, utilities and maintenance costs.
"Locally high home value appreciation in many areas, combined with historically low mortgage rates and low home prices relative to recent peaks, has made buying a home a more advantageous financial decision than renting for many would-be buyers," said Zillow Chief Economist Stan Humphries. "The decision to buy or rent should always take into account a number of factors, one of which is how long a buyer or renter plans to stay in a property. Even in areas with relatively low breakeven horizons, buyers should resist the temptation to buy and sell properties based only on short-term goals."
No bubble in sight
With today's housing market seeing low rates, prices rise and sales increase, Americans can't help but think is it all too good to be true? A recent report from Trulia indicated that it is not and no housing bubble forming.
The report noted that for a bubble to form, home prices have to rise beyond their fundamental value. Trulia says that the actual value of a home is based on supply, demand and expectations of where the housing market will be in the near future.
According to the report, home values are actually undervalued by 7 percent across the nation. When comparing this to pre-bubble levels, it is glaring that today's housing market is not in a bubble. Trulia indicated that homes were overvalued by 39 percent in 2006, just two years before the market collapsed.
"Home prices fell so much after the last bubble burst that they still remain below normal levels even as prices rise sharply today," said Jed Kolko, Trulia's chief economist. "Several forces are waiting in the wings that should slow down today's rapid price gains before they rise into bubble territory again. More inventory, higher mortgage rates, and fading investor activity would each take home-price gains down a notch."
Study: Kids play large role in Americans' housing decisions
Even though parents are the ones with the money when it comes to buying a house, a new study suggests that children play a larger role in housing decisions than some may think. Coldwell Banker Real Estate surveyed 2,000 people in the United States who are millennial parents (between the ages of 18 and 34) and Generation X parents (ages 35 to 49).
Here's what the research showed:
For 79% of millennial parents, their major purchasing decisions revolve around their children.
70% of Gen X parents said they make important purchasing decisions based on their children.
Many parents are also more concerned with the emotional impact a move would have on their kids' well-being than whether a move is a good idea overall. 67% of millennial parents and 64% of Gen X parents said as much in the report.
The study points out that these responses are noticeably different from how baby boomer parents (ages 50 to 69) feel. Research revealed that only 52% of boomer parents made major purchasing decisions based on their kids in the past, and only 54% were more concerned about the emotional impact a move would have on their child than the long-term validity of a decision to move.
Why the change in perspective? There are a variety of reasons this shift may have occurred, though analysts point out that it's not that major of a change. When boomer parents were raising kids and they received a good job opportunity, it was often decided that the kids would just have to adjust, said Robi Ludwig, a psychotherapist and the lifestyle correspondent for Coldwell Banker Real Estate. Now, perspectives may have changed, as parents are less willing to shake things up if their children are thriving where they are. Many parents might rather stick with the status quo than go into the unknown.
"What [the shift is] saying is that a slightly greater number of younger generation parents think about the impact on kids than the older generation," Eileen Kennedy-Moore, co-author of "Smart Parenting for Smart Kids," told MarketWatch.
The jury is still out, however, on whether it's bad or good that kids are playing a bigger role in families' financial decisions today compared to in years past. It depends on the family and the situation, and isn't just black and white.
For any families looking to make a move, a professional mortgage company can help make the process easier.
Academy Mortgage is one of the top independent purchase lenders in the country as ranked in the 2013 CoreLogic Marketrac Report. Visit www.academymortgage.com to find a loan, get a rate, or calculate your payment today.
If you’ve had credit problems, be prepared to discuss them honestly with your mortgage professional. Responsible mortgage professionals know there can be legitimate reasons for credit problems, such as unemployment, illness, or other financial difficulties. If you had a problem that’s been corrected and your payments have been on time for a year or more, your credit may be considered satisfactory.
If you currently have excess debt, there are four ways to control it:
If your credit is not in terrible shape, you can reduce your other expenses, even if it means making hard choices or changing your lifestyle to fit your income. Consider selling a second car, taking equity out of your home, applying for a non-secured signature loan, obtaining a loan from a relative, selling family heirlooms or jewelry, cashing out your 401(k) or other retirement benefits, or selling your home and paying off your debts with the proceeds and then renting. (Note: Taking money from your retirement accounts or tapping the cash value of your life insurance policy to pay bills or living expenses may have serious implications you haven’t considered, so get advice from an expert before you take any major financial actions.)
If your credit is already damaged or one of the above isn’t an option, go through your local Consumer Credit Counseling Services (CCCS). CCCS may be able to help you pay off your debts as if you were in a Chapter 13 bankruptcy, but you don’t actually file for bankruptcy.
If CCCS won’t take you, you may want to consider bankruptcy. Claiming Chapter 13 bankruptcy takes longer than a Chapter 7, but your credit will end up in a little better standing. Chapter 13 bankruptcy gives you up to five years to pay off your debts. The disadvantage is that you’re in bankruptcy for up to five years, plus your credit report shows your bankruptcy for seven more years after you have finished paying off your debts.
If you are so far in debt that you can never repay it, then the best solution may be a Chapter 7 bankruptcy. A Chapter 7 bankruptcy is the least desirable from a credit standpoint, but you are typically out of bankruptcy in six months and you don’t have to repay most debt. The disadvantage is that this shows on your credit report for ten years from the date of filing your bankruptcy. Creditors are tightening their credit requirements, and you may have a tough time getting future financing.
If your debts are under control now but you want to improve your bad credit history, the most important factor is to make your monthly payments on time. Late payments may mean late fees, higher interest, and/or a negative mark on your credit report. Send your payment as early as possible if you carry a balance. Most companies calculate interest on a daily basis, so the sooner they receive your payment, the less interest you’ll pay.
If you are worried about making payments, make a list of your debts and when the payments are due. If you think you will have trouble meeting the monthly payments, contact your lenders immediately to arrange a payment schedule.
Please do not hesitate to contact your Academy Mortgage Loan Officer if you have any questions or are experiencing any difficulties with your mortgage.
Academy Mortgage and its employees do not provide credit repair or credit counseling services. Each state has its own bankruptcy laws, so you need to check with your state for details. The information provided is for general information purposes only and is not intended to be a legal opinion or legal advice, nor is it intended to be a complete discussion of all the issues related to credit or bankruptcy. Every individual’s factual situation is different, and you should seek independent legal advice regarding your specific situation before undertaking any course of action.