Academy Mortgage Review 2023

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Academy Mortgage is a retail mortgage lender based in Draper, Utah, with a large network of branch offices and loan specialists throughout the country. Founded in 1988, the company acquired the assets of Republic Mortgage in 2014, growing to more than 200 branches nationwide. In 2022, Academy Mortgage says that it served 54,000 families.

Academy offers a range of mortgage products, including conventional fixed-rate and adjustable-rate loans, as well as government-backed mortgages, jumbo loans and refinancing. The company also offers reverse mortgages to homeowners who are 62 and older. 

Today's Rates

Regions Served by Academy Mortgage

Does Academy Mortgage Operate in My Area?

Academy Mortgage is licensed to offer mortgages in 49 states, plus Washington, D.C. New York is the only state where Academy Mortgage doesn’t originate mortgages. The company also operates more than 250 branch offices in Alaska, Alabama, Arkansas, Arizona, California, Colorado, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Louisiana, Massachusetts, Maryland, Maine, Michigan, Missouri, Mississippi, Montana, North Carolina, New Jersey, New Mexico, Nevada, Ohio, Oklahoma, Oregon, Pennsylvania, Tennessee, Texas, Utah, Virginia, Vermont, Washington, Wisconsin and Wyoming. 

What Kind of Mortgage Can I Get With Academy Mortgage?

Academy Mortgage has a wide range of loan options, including:

Fixed-rate mortgage: Fixed-rate mortgages are the preferred loan option for customers who want predictable monthly payments and interest rates that do not change. Academy Mortgage offers fixed-rate loans in 10-, 15-, 20-, 25- and 30-year terms. 

Adjustable-rate mortgage: An adjustable-rate mortgage or ARM may be a suitable option for homebuyers who do not anticipate staying in their homes for longer than five years. That’s because an ARM starts with a fixed interest rate for an initial period of time, usually five years. The rate then changes on a yearly basis, resulting in monthly payments that will vary from year to year. However, payment caps limit the amount that an interest rate can change each year and/or over the entire term of the loan. Customers can also refinance their loan after the initial fixed-rate period. 

Jumbo loan: Customers who require a mortgage that exceeds the conforming loan limits set by the federal government can take out what’s called a jumbo loan or jumbo mortgage. While the Federal Housing Finance Agency limits the size of conforming loans in most areas of the country to $726,200 and $1,089,300 in high-cost areas, jumbo loans allow homebuyers to borrow up to $1.5 million. Academy Mortgage offers jumbo loans in 15- and 30-year terms. 

FHA loan: Federal Housing Administration (FHA) loans are backed by the federal government and aim to help first-time homebuyers, as well as people with lower credit scores or less money for a down payment. With an FHA loan, a homebuyer can put as little as 3.5% down. However, a lower down payment may result in mortgage insurance. FHA loans are available in both fixed-rate and adjustable-rate varieties. 

VA loan: U.S. Department of Veterans Affairs (VA) loans, which are also backed by the U.S. government, help veterans and current members of the military become homeowners. VA loans do not require a down payment or mortgage insurance but do come with a funding fee that can be financed into the loan. 

USDA loan: U.S. Department of Agriculture (USDA) loans help low- and moderate-income buyers become homeowners in rural areas. Like VA loans, a USDA loan does not require a down payment. However, you will need to pay a one-time USDA-guaranteed fee that can be financed as part of the loan. While income restrictions do apply, USDA loans can be used to purchase single-family homes, new construction, modular homes, planned unit developments (PUDs), and eligible condominiums.

Renovation loan: Academy Mortgage offers two types of home renovation loans: FHA 203(k) mortgages and Fannie Mae HomeStyle Renovation Loans. Both programs allow homebuyers to purchase and renovate a home using one loan. Customers can also use home renovation loans to refinance and renovate their current homes.  

Refinance loan: Customers who want to lower their monthly payment or cash out equity in their home to meet another financial need can do so by refinancing through Academy Mortgage. Refinancing may also be a good option if you’re hoping to get a lower interest rate or change the term of your existing mortgage. 

Reverse mortgage: Academy Mortgage also offers reverse mortgages, which can help older homeowners convert home equity into cash. Customers can take their funds as a lump sum, line of credit, monthly advances or any combination of the three.

What Can You Do Online With Academy Mortgage?

Unlike some new-age mortgage lenders that conduct the loan application process exclusively online, getting a mortgage with Academy Mortgage will require speaking with a loan specialist on the phone or in person. However, you can submit a contact form through the company’s website to connect with a loan officer and begin the pre-approval process. 

Customers can also use the company’s My Mortgage App to apply for pre-approval in as little as five minutes. Like many other lenders, Academy Mortgage also has a variety of educational articles and videos to help prospective borrowers better understand the homebuying process.

Would You Qualify for a Mortgage From Academy Mortgage?

Whether or not you'll qualify for a loan with Academy Mortgage depends on a variety of factors, including your income, debt-to-income ratio and credit score.

Conventional loans require a credit score of at least 620 and a minimum down payment of 3%. Buyers with credit scores below 620 may qualify for an FHA loan, but they will be required to make a down payment of at least 10%. VA loans also require a minimum credit score of 620.

To qualify for a USDA loan in most locations, a homebuyer’s income cannot exceed $91,900 for a household with up to four members. The income limit rises to $121,300 for households with between five and eight members. 

Meanwhile, jumbo loans originated by Academy Mortgage require a minimum credit score of 700 and a down payment of at least 10%.

What’s the Process for Getting a Mortgage With Academy Mortgage?

As mentioned earlier, the mortgage process starts with either pre-qualification or pre-approval, which can be obtained through the company’s mobile app or a loan officer. While pre-qualification will provide you with a sense of how much house you can afford, pre-approval is a more thorough process that may help your eventual offer stand out with sellers because you’ve already been approved to borrow a certain amount. 

If you haven’t already started your home search, you can do so at this point. Once you’ve identified a home you want to buy, you’ll make an offer and negotiate a deal with the seller. Now, you’ll begin the official loan application process with Academy Mortgage. 

The company will order an appraisal and home inspection to determine the value of the home and identify any significant problems or expenses associated with the property. An underwriter will then review your entire loan application to determine whether you qualify for the mortgage. If your loan application is ultimately approved, you’ll be able to close on the property and officially become a homeowner. 

How Academy Mortgage Stacks Up

Academy Mortgage combines some of the more modern elements of home loan lending, including a mobile app, with a traditional application process. For buyers who wish to conduct the entire mortgage application process online, Academy Mortgage may not be the right lender. However, with more than 260 branches scattered across the country, the company has a large brick-and-mortar footprint that may appeal to buyers who wish to work face-to-face with a loan officer. 

Academy Mortgage also has a wide array of loan offerings, including refinancing options and even reverse mortgages. Homebuyers hoping to obtain a conventional fixed-rate loan can choose between 10-, 15-, 20-, 25- and 30-year options. 

Tips for Finding the Best Mortgage

• As you shop around for a mortgage, be mindful of the interest rates that different lenders may offer. SmartAsset can help you find a rate based on where you're hoping to buy, how much you plan to spend and the type of mortgage you anticipate using. 
• To better understand how much your monthly mortgage payment will be, try out SmartAsset's Mortgage Calculator. This free tool estimates how much you'll spend on monthly principal and interest, as well as property taxes, private mortgage insurance and other expenses. 
• A real estate agent isn't the professional who can help you through the homebuying process. A financial advisor can help you determine just how much you should spend on a home and how to pay for it. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.