Academy Mortgage Corporation Review 2022 – Business Insider - 24line

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الجمعة، 9 سبتمبر 2022

Academy Mortgage Corporation Review 2022 – Business Insider

Insider’s experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our our partners, however, our opinions are our own. Terms apply to offers listed on this page.

Minimum Credit Score

620

Minimum Down Payment

3%

Types of Loans Offered

Conforming, FHA, VA, USDA, jumbo, renovation, reverse, state housing agency

Minimum Credit Score

620

Minimum Down Payment

3%

Types of Loans Offered

Conforming, FHA, VA, USDA, jumbo, renovation, reverse, state housing agency

Pros
  • Multiple loan term options
  • Transparent about credit requirements
  • Works with state housing agency mortgage programs and accepts down payment assistance
Cons
  • Requires a relatively high score on all its mortgages
  • Doesn’t disclose rates or fees online
  • Doesn’t lend in New York
More Information
  • Available in 49 states and Washington, DC
  • Has physical branches throughout the country
  • Offers jumbo loans up to $2 million
  • Minimum credit score and down payment displayed are for conforming mortgages

Overall lender rating

Pros and cons

Academy Mortgage Corporation mortgage interest rates and fees

To see what kind of rate you might get with this lender, you’ll need to contact a loan officer, since it doesn’t publish sample rates online. You may also want to ask about what fees it charges borrowers, such as an origination or underwriting fee. 

Many lenders display sample rates on their websites. While these rates aren’t a guarantee of what you’ll end up paying, they can give you an idea of the range of rates a lender offers. Some lenders are also transparent about the lender fees they charge at closing, which can help borrowers better understand what they might end up paying in closing costs.

Academy Mortgage Corporation vs. Chase

Chase might be a better option for first-time homebuyers thanks to its DreaMaker mortgage, which allows low down payments and has less stringent credit requirements.

But if your state housing agency offers a mortgage program for low-income or first-time homebuyers, you might be able to get an extremely affordable mortgage with Academy Mortgage Corporation, which works with these agencies to originate mortgages.

Academy Mortgage Corporation vs. Guild Mortgage

Academy Mortgage Corporation and Guild Mortgage offer very different experiences, and which one is best for you depends on your needs.

Guild is a top-rated online lender that lets you complete much of the application process digitally. Academy Mortgage also has digital capabilities, but you’ll need to connect with a loan officer first, which could be useful for first-timers who aren’t super familiar with the mortgage process or those who want to talk through their options one-on-one.

How Academy Mortgage Corporation works

You can get started with Academy Mortgage Corporation by using the lender’s “find a loan officer” search function to locate a branch near you. You can also fill out a form online with some basic contact information and someone will reach out to you. Then, you’ll be able to use the lender’s app to complete your application.

Academy Mortgage Corporation lends in 49 states and Washington, DC. It also has physical branches throughout the US. It isn’t available in New York.

This lender offers conforming, FHA, VA, USDA, jumbo, renovation, reverse, and state housing agency mortgages.

State housing agency mortgages are home loans offered through state-affiliated agencies that aim to make homeownership more affordable with features like low down payments, down payment and closing cost assistance, and lower interest rates. The agencies typically work with participating lenders, which are the ones that actually originate the loans.

Academy Mortgage Corporation requires a score of at least 620 for its government-backed mortgages, which is higher than what many other lenders require.

Is Academy Mortgage Corporation trustworthy?

Academy Mortgage Corporation has an A+ rating from the Better Business Bureau. A strong BBB grade indicates a company advertises honestly, responds effectively to customer complaints, and is transparent about business practices.

In 2022, Academy Mortgage Corporation agreed to settle a lawsuit claiming that it had been approving unqualified FHA loans.

On its Zillow lender page, Academy Mortgage Corporation has earned a 4.96 out of 5 stars from a total of 26,253 customer reviews.

Insider’s Featured Mortgage Lenders

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Academy Mortgage Corporation FAQ

Yes, Academy Mortgage is a direct lender. This means you’ll work directly with the lender, not through a broker, and it will handle all of the tasks related to the underwriting and origination of the loan. 

Almost. Academy Mortgage lenders in 49 states and Washington, DC. The only state it doesn’t lend in is New York.  

Academy Mortgage Corporation was founded in 1988, meaning it’s been originating mortgages for over 30 years.

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