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Academy Mortgage mortgage review

This customer-centric lender processes loans in-house for a smoother experience, but it’s not available in New York.

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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Details

Loan products offeredConventional, Jumbo, FHA, USDA, VA, HELOC, Reverse, Refinance
Minimum credit scoreConventional: 620
USDA: 620
FHA: 580
VA: 580
Minimum down payment (Conventional)3%
State availabilityNot available in: NY
NMLS #3113

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.

  1. 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.
  2. 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
This company accepts mortgage refinance applications.

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.

Alternatives to Academy Mortgage

Academy Mortgage offers a solid range of loans and does all its processing in-house, which can help to speed up closing times. You also have the choice of applying for a loan in person or electronically.

But it 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 choose to do a fully electronic application.

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 to bypass working with a loan officer — unless you want to.

Regardless of which lender you choose, it’s always financially wise to compare lenders and lender marketplaces to find the best interest rates, fees and service levels for your situation.

Name Product Loan products offered State availability Min. credit score
Morty
(NMLS #1429243)
Morty
Conventional, Jumbo, Refinance
AL, AR, CA, CO, CT, DC, DE, FL, GA, IA, ID, IL, IN, KS, KY, MD, ME, MI, MN, MS, MT, NC, NE, NJ, NM, OH, OK, OR, PA, SC, TN, VA, WA, WI, WV
660
Preapproval in minutes and closing in as little as 3 weeks with no origination fees.
SoFi
(NMLS #1121636)
SoFi
Conventional, Home equity, Refinance
Not available in: HI, MO, NM, NY, WV
620
No hidden fees, multiple loan terms, and member discounts available.
Rocket Mortgage
(NMLS #3030)
Rocket Mortgage
Conventional, Jumbo, FHA, VA, Refinance
Available in all states
620
Streamline your mortgage from quote to final payment — all from your computer or phone.
Better
(NMLS #330511)
Better
Conventional, Jumbo, FHA, Refinance
Not available in: HI, MA, MN, NV, NH, VT, VA
620
Online preapproval in minutes and no origination fees with this direct lender.
LendingTree
(NMLS #1136)
LendingTree
Conventional, Jumbo, FHA, VA, USDA, Home Equity, HELOC, Reverse, Refinance
Available in all states
620
Connect with vetted home loan lenders quickly through this online marketplace.
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Compare up to 4 providers

Academy Mortgage reviews and complaints

As of January 2021, Academy Mortgage has a 5 out of 5 rating on Zillow from over 25,000 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 with the Better Business Bureau (BBB) but has an A+ rating for resolving 12 complaints over the past three years. Over 400 customers on the BBB website give Academy Mortgage a score of 4.86 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.
  • Not nationwide. Academy Mortgage does not offer loans in New York.

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.

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Review by


Kat Aoki is a mortgage writer at Finder. Since 2011, she’s helped consumers make better financial decisions with their home loans, credit cards, insurance and more. As a business writer for the real estate, mortgage and personal finance industries, she’s written hundreds of helpful, informative articles for some of the leading brands around the globe that include iSelect, InfoChoice, realestate.com.au, GE Money and Amex. Kat earned a BS in Marketing from California State University, Sacramento. She enjoys travel, hiking and photography in her spare time.

Expert review

If you’re looking for an established lender with excellent customer ratings and a proven track record, Academy Mortgage could be a good choice. However, the company doesn’t list its current rates online, so it’s worth checking around to see what rates other lenders offer.

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