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Based in Draper, Utah, Academy Mortgage is a consumer-direct lender that offers a wide range of mortgage loans to help borrowers in various situations. Its loan processing, underwriting and funding are all handled in-house, and the company claims to have significantly faster closing times over the competition. But if you reside in New York, you’ll have to choose a different lender as Academy Mortgage doesn’t offer loans in the Empire State.
Conventional: 620
USDA: 620
FHA: 580
VA: 620
Minimum credit score
3%
Minimum down payment (Conventional)
Not available in: NY
State availability
Loan products offered | Conventional, Jumbo, FHA, USDA, VA, Reverse, Refinance |
---|---|
Minimum credit score | Conventional: 620 USDA: 620 FHA: 580 VA: 620 |
Minimum down payment (Conventional) | 3% |
State availability | Not available in: NY |
NMLS # | 3113 |
Academy Mortgage is not currently available on Finder
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If you’re looking for an established lender with excellent customer ratings and a proven track record, Academy Mortgage could be a good choice. It offers numerous loan options, welcoming various types of potential homeowners, and touts quicker-than-average closing times. While online reviews of lenders tend to be divided depending on the review site, Academy Mortgage customers consistently give it high ratings — a rare thing in the mortgage industry.
However, the company doesn’t list its current rates and fees online, which might make you question its transparency. Lenders might choose this route if they charge high fees and don’t want to turn away potential borrowers from the get-go.
But Academy Mortgage’s fees are right inline with the competition. So while we’d like to see this information published on its website, know that you aren’t paying excessively more than at other banks.
Also, Academy Mortgage doesn’t offer a seamless application process. If you want to apply, you first need to fill out an online form and wait for a loan officer to get back to you. Though this might be a minor inconvenience for some, it adds an extra step to the process.
In all, Academy Mortgage is a strong option as a potential lender. But, still shop around to find the lender that best suits your home-buying needs.
To find out if you’re eligible for Academy Mortgage home loan, you can either download the My Mortgage app or contact a loan officer.
Basic eligibility for a mortgage loan includes:
Here’s the basic documentation required to apply for a home loan from Academy Mortgage.
Self-employed persons will also need to provide:
Academy Mortgage charges an underwriting fee of $396 and a processing fee of $759. You’ll also be required to pay other third-party fees, including appraisal fees, title and escrow fees and other fees.
If you’re interested in a loan from Academy Mortgage, here’s how to get started.
Academy Mortgage also offers these specialized types of mortgages:
As of July 2022, Academy Mortgage has a 4.96 out of 5 rating on Zillow from over 26,000 customers, who report positive and professional experiences with the company. Past customers comment that their loan officers were responsive, helpful and knowledgeable throughout the mortgage process.
Academy Mortgage is not accredited by the Better Business Bureau (BBB) but has an A+ rating for resolving 24 complaints over the past three years. On the BBB website, 14 customers give Academy Mortgage a score of 1.57 out of 5 stars.
Founded in 1988, Academy Mortgage is 100% focused on retail mortgage banking. The company has over 220 branch offices, 2,000-plus employees and is licensed to originate loans in 49 states and the District of Columbia. In 2020, it served 53,869 individuals and families and processed a total of $15.39 billion in loan volume.
Academy Mortgage doesn’t list its current rates online, which makes it hard to compare its products with other lenders. Instead, you’ll need to select a loan officer to get your rates, even if you submit a fully electronic application. It’s also not available in New York state.
If you’d rather not have to connect with a loan officer before getting prequalified, Beeline and Rocket Mortgage let you apply for a mortgage online 24/7. And if you want to work with a loan officer prior to submitting your application, it’s still an option. But Beeline is another lender that’s not available in New York and while Rocket Mortgage is available nationwide, expect to pay lender fees.
If you’re New York-based and are seeking a streamlined mortgage process with minimal fees, consider Better. It offers a fully online application process and doesn’t charge lender fees.
Regardless of which lender you choose, it’s financially wise to compare lenders and lender marketplaces to find the best interest rates, fees and service levels for your situation.
Disclaimer: The partners on Finder's mortgage comparison tables are sorted in alphabetical order.