Academy Mortgage Review 2024: Customer Centric Lender With Fast Closing Times

Wendy WilsonOctober 16, 2021

Academy Mortgage is an independent mortgage lender that focuses on retail mortgages. It has flexible mortgage requirements and provides specialists that help you find the right type of loan for your needs.

Overall rating

Reviews

Features

HQ	339 West 13490 South, Draper, UT 84020
Min. Loan Amount	Varies
Max. Loan Amount	Varies
Cash-Out Limit	Varies
Min. Credit Score	620+
Min. Down Payment	3%
Min. Yearly Income	Varies
Fixed-Rate Terms	10, 15, 20, 25, 30 years
Adjustable-Rate Terms	3/1, 5/1, 7/1, 10/1
Loan Types	Conventional, FHA, VA, Jumbo, USDA, Refinance, Renovation, Reverse
State Restrictions	Not available in NY

In depth review on Academy Mortgage

Founded in 1988, Academy Mortgage is one of the largest mortgage lenders in the US. It provides real estate partners with exceptional service, innovative mortgage tools, and technology. The lender has 260 branches and is licensed to operate in 49 states, excluding New York. In 2019, it helped 35,052 individuals and families attain homeownership.

The lender’s mission is to be the first choice in delivering homeownership dreams by building prosperity in the communities it serves. 

Academy Mortgage is best for

• Competitive rates: Academy mortgage is a direct lender whose loan processing, underwriting, and funding are handled in house. Direct lending companies generally have lower overhead costs because they do not rely on other lenders to fund loans for their customers, so these cost savings can be provided to you through more competitive rates. 

• Fast closing times: Since it processes loans and underwriting in-house, the company claims to have significantly faster closing times over the competition.

• Customer focused: Loan applicants get access to a dedicated loan officer that is responsive, helpful, and knowledgeable who can help guide you throughout the mortgage process.

Academy Mortgage benefits

• Loan decision tool: Available on its website, the loan decision tool helps you find the right mortgage product. It is easy to use and enables you to narrow down your search, and provides you with some information before you meet your loan officer.

• Wide selection of loans: The lender offers a wide array of mortgage products, such as government-backed loans, multiple types of FHA-backed loans, conforming loans, jumbo loans, and refinancing loans.

• Homebuyer education: Academy mortgage can help you understand the mortgage process and the difference between most common loan programs through its homebuyer education section. It contains helpful articles and tips for homeowners, both new and existing.

Academy Mortgage drawbacks

• Not available in New York: If you live in New York, you’ll have to choose a different lender.

• No online application: You have to physically visit the lender’s branches to make a loan application.

Factors contributing to the overall rating

Mortgage application

4

Academy mortgage loan application, underwriting, approval, closing, and funding are undertaken within its various physical branches. To apply for the Academy mortgage, you may need the following documents:

• Your credit score and history
• The last 3-months bank statements
• Proof of income
• Most recent completed tax returns and W-2s
• Past two years residential history.

Your loan officer will keep you updated on the status of your loan at each step. You will also receive videos at specific milestones in the loan process educating you on what is involved in each particular stage.

Mortgage products

5

Academy Mortgage has various products.

Purchase

Conventional	Suitable for first-time or repeat homebuyers with a good credit score. Requirements include a minimum credit score of 620, 3% downpayment with fixed loan terms of 10, 15, 20, 25, and 30 years. It also has a minimum loan limit of $548,250 and $822,375 in most high-cost areas. The standard maximum loan is $453,100 for 1 – 4 unit homes.
FHA	FHA loans are an excellent solution for first-time homebuyers or those who want to refinance a high-cost mortgage. You’ll need a minimum down payment of 3.5%, and a minimum credit score of 580. A lower credit score may qualify with a minimum down payment of 10%. The standard maximum loan amount is $294,515 for single-unit homes but may vary depending on the state.
Jumbo	Jumbo loans are above $548,250 and $822,375 in most high-cost areas. Standard features include a 15-year or 30-year fixed rate with loan amounts of up to $1.5M. The minimum down payment is 10%. However, with a down payment of 20%, no mortgage insurance is required. A minimum credit score of 700 is required.
USDA Loan	USDA loans are suitable for those interested in buying or building a home in an eligible rural area, including suburban areas. Suitable properties include single-family homes, modular homes, planned development units, and eligible condominiums. You can get away with a 0% minimum down payment, and a minimum credit score of 620. However, mortgage insurance is required. The standard maximum loan is 101% of the appraised value, and the maximum seller contribution is 6% of the purchase price.
VA Loan	Eligible borrowers for the VA loans include veterans, active-duty service personnel, selected reserve, and certain spouses. It requires no down payment or mortgage insuranceA minimum credit score of 580The standard maximum loan amount is $453,100 for 1 – 4 unit homes, and the maximum seller contribution is 4% of the purchase price.Gift funds are allowed.
State housing agency loans and DPA programs	These are typically provided low-interest mortgage rates with down payment assistance with the terms and conditions varying from state to state. They are an excellent choice if you have low to moderate-income, are a minority, or disabled, or work in professions such as teaching or the military.

Refinance

Rate and term refinance

These loans replace your current mortgage with a new want. They are suitable if you want to lower your interest rate, change the loan term, want a lower monthly payment, or want cash from the equity in your home. They include FHA 203(b) loans and FHA Streamline 203(k), which has a limit of $35,000

Equity

Reverse mortgage

These are also referred to as home equity conversion mortgages (HECM). They are a great solution if you are 62 years or older. If you own a home and have sufficient equity, you can use the equity in your home as money. The home must be your primary residence.

Special program

Renovation Loans

These loans are available to first-time or repeat homebuyers who want to renovate a new or current home. Depending on your renovation loan, it can be used to update your kitchen, bathroom, interior or exterior paint, landscaping, roofing, plumbing, and more.

Mortgage fees and rates 

4.5

The lender charges an underwriting fee of around $400 and a processing fee of around $800. You’ll also be required to pay for costs associated with closing, such as appraisal fees, escrow fees and other fees.

To get a quote, please visit their website.

Customer service

5

Academy mortgage has a positive rating on Zillow from over 25,000 customers, who indicated their loan officers were responsive and helpful through the mortgage process.

Customers can quickly contact the lender via their toll-free line, phone, fax, and email (info@academymortgage.com). You can also use the chatbox on its website. 

Safe and secure

5

Academy Mortgage has a 5-star customer rating on the Better Business Bureau and a BBB rating of A +. This lender is licensed to provide mortgages for purchases or refinancing in 49 states, excluding New York.

To report a security issue, clients can email infosec@academymortage.com.

Is Academy Mortgage right for you?

Academy Mortgage is an excellent choice for both first-time and repeat homebuyers. Its large selection of loans ensures that there is a product for everyone. If you’re looking for a competitive rate, a loan officer that can help guide you, or you need to close quickly on your future home, Academy mortgage has you covered.