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.
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Academy Mortgage mortgage review
By Kat Aoki
Academy Mortgage isn't available on Finder right now.
- Minimum credit score
- Conventional: 620
USDA: 620
FHA: 580
VA: 620 - Minimum down payment (Conventional)
- 3%
- State availability
- Not available in: NY
Our verdict
This customer-centric lender processes loans in-house for a smoother experience, but it’s not available in New York.
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.
Pros
-
Low rates
-
Mortgage programs
-
Down-payment assistance
Cons
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No SC branches
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No online chat
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No online rates
Details
Features
| 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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Academy Mortgage requirements
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:
- Residency in any state but New York
- Two years’ history of employment
- A FICO credit score of at least 620 or higher
- No history of bankruptcy for at least two years
Documentation
Here’s the basic documentation required to apply for a home loan from Academy Mortgage.
- Credit score and history
- Bank statements for the past three months
- Pay stubs and proof of income
- W-2s and most recent tax returns
- A record of your available assets
- Residence history for the past two years
Self-employed persons will also need to provide:
- A year-to-date profit-and-loss statement and balance sheet
Costs and fees
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.
How to apply for a mortgage with Academy Mortgage
If you’re interested in a loan from Academy Mortgage, here’s how to get started.
- Get prequalified. To see if you prequalify for a loan with Academy Mortgage, you have three options:
- Call Academy Mortgage to speak with a loan officer.
- Download the My Mortgage app and get prequalified electronically.
- Go to the website and select Ready to Apply. A loan officer will call you back.
- Apply for a loan. After getting prequalified, you can submit an application with your loan officer or use the My Mortgage app to apply.
What types of mortgages can I get through Academy Mortgage?
- Conventional
- FHA
- VA
- USDA
- Jumbo
Other mortgage products offered by Academy Mortgage
Academy Mortgage also offers these specialized types of mortgages:
- State Housing Agency Loans and DPA Programs. These programs are suited to first-time homebuyers and low-to-moderate income buyers.
- Mortgage refinancing. A refinance loan can be used to lower your monthly payment, shorten your loan’s term, consolidate debts or pay off expenses.
Academy Mortgage reviews and complaints
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.
Pros and cons of Academy Mortgage
Pros
- Variety of home loans. Academy Mortgage offers a wide range of home loans, including government-backed loans, first-time homebuyer programs, jumbo loans and reverse mortgages.
- My Mortgage app. Download the app to your phone and get preapproved in minutes. You can also use the app to upload documents, track your loan status and chat with your loan officer.
- First-time homebuyer education. The Academy Mortgage website has numerous articles and videos for first-time homebuyers.
Cons
- Rates and fees not listed. Interest rates and fees are not listed on the website, making it harder to compare with other lenders.
- Need a loan officer to apply with the app. Based on what we learned, you need to choose a loan officer before you can apply for a mortgage with the app.
What is Academy Mortgage?
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.
Frequently asked questions
Alternatives to Academy Mortgage
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.
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