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Whether you want to buy a new home or refinance an existing mortgage, Academy has a customized solution for you at historically low interest rates. Our mortgage professionals are equipped with leading-edge technology and tools to satisfy even the most challenging situations with confidence and efficiency.
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
When you’re making the decision to refinance, there are several things to keep in mind.
First, if your current interest rate is significantly higher than today’s lowest rates, you may be able to roll your loan costs into your new mortgage and still get a lower rate than you have, thereby reducing your interest payments and lowering your monthly payment immediately.
Second, if you are planning to stay in your home for at least three to five years, it may make sense to pay “points” (a point equals 1 percent of the loan amount) and closing costs to get the lowest available rate.
And third, you can avoid laying out cash and still get a low rate by adding the points and closing costs to your new mortgage. Does that mean shouldering a lot of extra debt? Not necessarily. If you’ve had your current mortgage for at least three years, you’ve probably reduced your balance by several thousand dollars. So you may be able to tack your closing costs onto your new loan and still end up with a mortgage that’s smaller than your original loan—with a lower interest rate and lower monthly payment.
You also may want to consider lowering the term of your loan to pay off your home sooner. This option may raise your monthly payment, but may save you a substantial amount of interest over the term of the loan.
You also may want to consider a fixed-rate loan, which has an interest rate that is fixed for the entire term of the loan, as compared to a variable-rate loan, which has an interest rate that can increase or decrease based on the short-term indexes.
Contact your Academy Mortgage Loan Officer to see if refinancing is a good option for you.
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.
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.