Academy Mortgage Rates Review

Joseph Meyer
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Academy Mortgage History

Academy Mortgage is one of the largest privately-held mortgage lenders in the United States. The company was founded in 1968 by Al Chihuri, who had earlier founded Alcor Financial Corp., a Connecticut-based savings and loans company. Alcor Financial was eventually sold to People’s Mortgage Company. Shortly after People’s Mortgage purchased Alcor Financial, Al Chihuri left the company and relaunched Alcor Financial as Academy Mortgage. A few years later, the company began selling loans to other lenders to acquire capital, and it also started selling mortgage insurance. It’s been the number one private mortgage lender in the country ever since.

Academy Mortgage also recently moved its headquarters to Spring, TX, a suburb of Houston. The company is a leader in the reverse mortgage industry and has also been an early pioneer of loan origination technology. Academy Mortgage has received a lot of recognition over the years, which includes more than a dozen Mortgage Executive Magazine Loan Officer of the Year awards.

Academy Mortgage Overview

Academy Mortgage Company is a government-sponsored enterprise that falls under the jurisdiction of the Federal Housing Finance Agency. The FHFA allows Academy to make FHA-insured loans, Veterans Affairs (VA)-guaranteed loans, and direct loans.

Academy Mortgage offers a wide range of FHA-insured loans with minimum FICO credit scores as low as 500. The average interest rate for these loans is 5.66 percent for a 30 year fixed rate loan.

Academy Mortgage has a wide range of FHA-insured loans, and they benefit from the low down payment (as little as 3.5%) and other FHA benefits. However, you are limited to certain loan products, and the interest rates along with closing costs don’t make for the most affordable loans.

Veterans who have served at least 90 total days during wartime or 181 total days during peacetime can access the VA loan benefit. The VA also considers active-duty members of the National Guard and Reserves as veterans.

Academy Mortgage offers the VA-guaranteed loan, which is attractive to military families and others looking for deferred interest. This loan will defer any interest until the end of the loan, when it will be added to the loan principal. The VA is a great option for those looking to purchase a home and plan on staying in it for a long time.

Academy Mortgage Loan Specifics

Academy Mortgage is part of the Stewart Enterprises Family, which includes Stewart Title. This is a great thing if you are looking for a title company to handle your closing, because it means that your loan application will be reviewed by the same people who handle the closing. They also share a Decision Center. This is a huge advantage and allows more efficient communication throughout this process.

The Money Source is a newer lender to the business. Still, they have been at this for thirty five years and will really know their stuff. They will not be able to guide you through the entire process, but will certainly help with the loan process. This is a fantastic choice if you are looking to refinance.

SunTrust has been providing a full range of banking services for well over a century. They make a great option of you are not interested in the pre-approval process and want to skip right to the loan application process. If there is anything they don’t do, they can refer you to a company that does.

Academy Mortgage operates out of Colorado and is part of the Stewart Enterprises Family. As such, they’re more known for their property management services. They can, however, also lend money like a bank. This introduction to their services will help you understand their products better.

Fixed-rate Mortgages

Did you ever wonder what the difference is between a fixed-rate mortgage and an adjustable-rate mortgage? If you’re in the market for a home and planning to purchase a new house, you probably considered buying a home with one of these mortgage types.

It’s not uncommon for homeowners to feel that a fixed-rate mortgage is a better option. After all, a fixed-rate mortgage takes the interest rate guessing game out of your home ownership period. You know exactly how much you’ll be paying in mortgage payments every month for the entire duration of your mortgage.

The downside to buying a home that uses a fixed-rate mortgage is that interest rates may go up much higher than the pre-determined rate during the time your home is financed at the current fixed rate.

On the other hand, buying a new house with an adjustable-rate mortgage means that you’ll be paying a bit more in interest at the end of the loan, but you also have the benefit of an interest rate that may go down once your loan switches to an adjustable-rate mortgage.

The main difference between the two mortgage types is the interest rate. While fixed-rate mortgages are tied to a set interest rate, adjustable-rate mortgages allow your interest rate to fluctuate with market conditions.

Adjustable-rate Mortgages

(Alt-A): What You Should Know before You Buy

We are talking about the adjustable-rate mortgages (Alt-A) whose rate adjusts every year. First of all, the interest rates change due to changes in the interest rate index.

Let’s say the index is 4.00 percent and the interest rate for the loan is set at 6.00 percent. In such a case, the loan is not adjustable.

Jumbo Mortgages

We see a lot of jumbo mortgages. In general, a jumbo mortgage is any mortgage with a loan amount that exceeds the conforming limitation.

A mortgage limit is the maximum dollar amount that a lender will allow for a loan regardless of how the property is used. The loan to value ratio is calculated by dividing the appraised value of the real estate by the loan amount. If this ratio exceeds 80% there will likely be some type of a mortgage insurance premium or credit.

FHA 203(b) loans

Are synonymous with conventional housing loans, and they come with a number of saving advantages in terms of affordability.

The following are some of the benefits an FHA 203(b) loan can have.

Benefits of FHA 203(b) Program

You can get FHA mortgage insurance on a loan for a primary residence, a second home or an investment property under this program.

The interest rate charged on 203(b) loans is based on the interest rates on a 30-year fixed rate mortgage, which makes it easy for you to get a quote online.

FHA 203(b) loans come with flexible down payment options that lets you make a down payment of 3.5% for primary homeowners and 10% for second home financing and investment properties.

Another benefit of the program is that borrowers can borrow up to 96.5% of the value of the home with a loan-to-value of 105%, which means you can get the loan for more than your down payment.

With the FHA 203(b) loan you can borrow up to 100 percent of the cost of your home without requiring any private mortgage insurance.

The 203(b) mortgage insurance can be canceled.

Both single family and multi-family mortgage loans are available under the FHA 203(b) insurance program. FHA mortgage insurance is available for properties in urban, suburban and rural areas.

FHA 203(k) renovation loans

And Fannie Mae 203(b) rehab loans entail significant risks for borrowers and lenders alike. There are many different solutions for those in need of a mortgage, each with different risks. Learn more and make a better decision about the mortgage that’s right for you.

FHA Streamline 203(k)

If you are in the market for a new home, chances are that you will be able to find a mortgage lender that can offer you a financing option. The problem is that these options can vary quite a bit … interest rates, terms, closing costs, fee structure, and other factors. Finding the best deal can be a real challenge.

The good news is that the U.S. government has recognized the problems related to today’s mortgage market. Specifically, there has been a special effort put forth to assist first time, low to moderate income home buyers in realizing their dream of homeownership.

To that end, the U.S. government has created programs to make home ownership a reality for more people. One of these programs, the FHA Streamline 203k mortgage, is a program that reduces the paperwork that you would ordinarily have to go through when getting a mortgage. In addition, the program allows for some special financing options that make it easier for you to become a homeowner.

This article will give you an overview of this program and what you can expect when you decide to take advantage of its mortgage offerings. We will look at the benefits of this mortgage option as well as the criteria that you will have to meet to be eligible for a mortgage under this program. Finally, we will take a look at how you can get started with the FHA Streamline 203k mortgage program.

FHA Energy-Efficient loans

If energy efficiency is important to you, then look into an FHA Energy Efficient Mortgage. With this mortgage, your closing costs may be competitive, or even lower, than traditional loans, giving you the chance to make a sizeable down payment. Once you own the home, you may qualify for a great rebate. You can potentially save up to 55% on your electric bill and up to 40% on your gas bill.

If you are interested in an FHA Energy Efficient Mortgage, you may also want to ask about the utility rebate programs offered by individual utility companies. They may also offer special deals for those who own FHA-approved mortgage loans.

You won’t see offers for an FHA Energy Efficient Mortgage in the ads or on lenders’ websites. It’s only available through a certified mortgage professional.

If you’re not sure if you are ready to make the leap into ownership by getting an FHA-backed mortgage loan or if you just want to learn more about the program, contact your local bank or credit union. They should be able to provide you with a referral to a certified mortgage professional.

Make sure you contact a certified mortgage professional who can help you navigate the home buying process and find the loan that best meets your needs.

USDA home loans

The basics

The USDA home loan program is a Federal Housing Program (FHP) available to State residents. Qualifying for a USDA loan is quite straightforward. The program serves to provide home buyers with low-interest-rate loans to cover the down payment and closing costs on a home purchase.

VA Home Loans

VA home loans are made specifically for veterans, members of the military and their families, with no down payment and terms of up to 30 years. These home loans are offered by the U.S. Department of Veterans Affairs.

The VA home loan program is designed to help veterans, military members and their families buy a home with no money down and favorable rates.

VA home loan repayment is linked to your income and can even be cancelled after 15 years if your situation changes.

State Housing Agency Loans

State loan programs for first-time homebuyers are run by state housing agencies that guarantee home loans made by participating lenders. The guarantee reduces the risk for the lender and allows for low-cost, sometimes 0% down payment, loans to be made to qualified buyers. Because the loans are government backed, they are easy to obtain.

The only downside is the high interest rate.

There’s a fixed-rate option and a variable-rate option; the fixed-rate option often has a slightly higher interest rate but is easier to figure out how much you’ll end up paying.

Most importantly, it’s easy to find a lender in every state. And the good news is that most lenders have extensive training programs available for first-time homebuyers.

See below the map for today’s mortgage rates, courtesy of Academy Mortgage, a major player in the mortgage loan industry with hundreds of loan officers.

Academy Mortgage rates include the following:

  • Low-cost government loans with down payment assistance for qualified buyers
  • Flexible interest-only payment programs
  • Ability to lock in a fixed rate for 30 years
  • Ability to combine your primary mortgage with your home improvement loan for one low rate and one monthly payment

Refinance Loans

When someone is planning to switch your mortgage, the first thing they usually want to figure out is what sort of loan they want to refinance. While there is no one answer to this question, some of the most common loan types include a:

  • · FHA Refinance
  • · VA Refinance
  • · Conventional Refinance
  • · Home Equity Loan
  • · Home Equity Line of Credit
  • · Refinanced Jumbo Loan
  • · Reverse

While there are other loan types that can be used in the refinancing process, the above are the most popular by far. And while they all have their own advantages and benefits, one thing that most of them have in common is the use of the house as collateral. This is why people have become so interested in finding the best rates for their refinance loans.

Academy Mortgage Customer Experience

Academy Mortgage has been helping people with their lending needs since 1903. The company is a subsidiary of the banking giant, Wells Fargo. Founded by the influential John D Macomber, Academy was originally named Macomber Mortgage. In 2013, Academy Mortgage changed their name to Wells Fargo Home Mortgage. They have since relaunched as Academy Mortgage, which they are really excited about as it’s a more unique brand. Academy regularly gets good ratings and reviews online for their customer experience.

Academy Mortgage Lender Reputation

Academy Mortgage, Inc. is a national, direct-to-consumer mortgage lending company based in Schaumburg, IL. The company offers both purchase and refinance home loans from coast to coast, and it stands out as one of the few to still offer refinances despite the current crisis. With loans available in all 50 states and the District of Columbia, and with over 600 different closing locations nationwide, buying or refinancing a home is more convenient than ever for Academy Mortgage customers. Not only that but Academy Mortgage claims that all of its home loans carry fixed interest rates because it does not use penalty-priced, adjustable-rate mortgages as is the case with many competitors.

Academy Mortgage is a sub-prime mortgage lender, which means that it specializes in providing home loans to borrowers with less than perfect credit or income. It’s this specialization that distinguishes Academy Mortgage from the competition; because it focuses on sub-prime borrowers, it is able to offer them more competitive rates and terms than most competitors. Academy Mortgage also scores high marks for its money-back guarantee, low-cost online application, and speedy loan processing.

Academy Mortgage Qualifications

Academy Mortgage Phone Number & Additional Details

Academy Mortgage is a financial services company that provides mortgage loans, home equity loans, and other borrowing options. It’s an arm of a financial giant, the publicly-traded financial institution Ameriprise Financial, Inc. (NYSE: AMP).

The origin of the company stems from a real estate assistance program academy insurance started offering back in 1978. The program, which was mainly designed to help veterans learn about real estate and home financing, was an immediate success. This is a prime example of a good idea that turned into a successful business venture.

The Academy Program for Veterans operated until 1998 when it was replaced by The Academy Mortgage Corporation, which was recently renamed to Academy Financial, Inc. Today, Academy Mortgage has two subsidiaries, Academy Home Lending and Academy Financial. The Academy Home Lending deals with mortgage loans and is the largest U.S. government-owned (Ginnie Mae) lender of loans insured by the Federal Housing Administration (FHA), serving hundreds of thousands of customers.

Academy’s operations are based in the Minneapolis-St. Paul area, which is a coveted location for home buyers and new homeowners.