Mortgages

There's no cost at all for completing our application. After your application is pre-qualified, you can decide whether you wish to pay the application deposit, which covers the cost of the appraisal and final credit report, so that if you have a property address, you can lock in an interest rate. Then, we can begin to process your request.

Yes, applying for a mortgage loan before you find a home may be the best thing you could do! If you apply for your mortgage now, we will issue a pre-qualification subject to finding the perfect home. We will issue a pre-qualification letter online instantly. You can use the pre-qualification letter to insure real estate brokers and sellers that you are a qualified buyer. Having a pre-qualification for a mortgage may be helpful in any offer to purchase that you make. When you find the perfect home and have your offer accepted, you will simply call your loan advisor to complete your application. You will have an opportunity to lock in our great rates and fees then, and we will complete the processing of your request.

We take full advantage of an automated underwriting system that allows us to request as little information as possible to verify the data you provided during your loan application. The automated underwriting system compares your financial situation with statistical data from millions of other homeowners and uses that comparison to determine the level of verification needed. Sometimes, a single W-2 or pay stub can be used to verify your income or a single bank statement can be used to verify the assets needed to close your loan.

None of the loan programs we offer have prepayment penalties. You can pay off your mortgage at any time with no additional charges.

• Third-Party Fees: We consider third-party fees, including the appraisal fee, the credit report fee, the settlement or closing fee, the survey fee, tax service fees, title insurance fees, flood certification fees, and courier/mailing fees. We will collect and pass on third-party fees to the person who performed the service. For example, an appraiser is paid the appraisal fee, a credit bureau is paid the credit report fee, and a title company is paid the title insurance fees. Typically, you will see minor variances in third party fees from lender to lender. A lender may have negotiated a special charge from a provider they use often or choose a provider that offers nationwide coverage at a flat rate.
• Taxes and Other Unavoidables: Fees that we consider taxes and other unavoidables include State/Local Taxes and recording fees.
• Lender Fees: Fees such as discount points, document preparation fees, and loan processing fees are retained by the lender and are used to provide you with the lowest rates possible.
• Required Advances: You may be asked to prepay some items at closing that will be due in the future. These fees are sometimes referred to as prepaid items. A more common required advance is called 'per diem interest' or 'interest due at closing.' Our mortgages have payment due dates of the 1st of the month. If your loan is closed on any day other than the first of the month, you will pay interest from the closing date through the end of the month at closing. For example, if the loan is closed on June 15th, we will collect interest from June 15th through June 30th at closing. This also means you will not pay your first mortgage until August 1st. An escrow or impound account will be established. You will make an initial deposit into the escrow account at closing so that sufficient funds are available to pay the taxes and insurance bills when they become due. If your loan requires mortgage insurance, up to two months of the mortgage insurance will be collected at closing. Whether or not you must purchase mortgage insurance depends on the size of your down payment. If your loan is a purchase, you must pay your first year's homeowner's insurance premium before closing. We consider this to be a required advance.

Yes, you can borrow funds to use as your down payment. However, any loans you take out must be secured by an asset you own. If you own something of value that you could borrow funds against, such as a car or another home, it's a perfectly acceptable source of funds. If you plan on obtaining a loan, make sure to include the details of this loan in the Expenses section of the application.

Purchase and rate & term refinances will allow the Veteran to borrow 100% of the value of the home or purchase price plus the VA funding fee. Cash-out refinances limit loan amounts to 100% of the home's value plus the VA funding fee.

The Academy Bank fax number for loan payoff quotes is 816-410-2381.

The Federal Housing Finance Agency (FHFA) is responsible for the effective supervision, regulation, and housing mission oversight of the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), and the Federal Home Loan Bank System. The FHFA’s mission is to ensure that Fannie Mae and Freddie Mac and the FHL Banks fulfill their mission by operating in a safe and sound manner to serve as a reliable source of liquidity and funding for housing finance and community investment.

The baseline conforming loan limit for mortgages backed by Fannie Mae and Freddie Mac in 2024 is rising to $766,550 which is a 5.5% increase compared to 2023. For more information on this FHFA Loan Limit, check out our blog. 

The 150% ceiling of the baseline limit recognizes the diverse nature of housing markets, ensuring that individuals in areas with higher property values can still benefit from the increased limits.

Learn more here

There is a lot of demand for higher conforming loan limits so you should consider securing the rates promptly. Our team will be able to help you secure these rates and guide you through the whole homebuying process.

-Access your Eligibility : Before beginning the process for this FHFA Loan you must first evaluate if this loan is the right decision. Assess your financial situation to determine your eligibility for these expanded loan amounts. Consider factors such as income, credit score, and existing debt to make informed decisions.

-Explore Loan Packages* : Once you have determined that you are eligible, connect with our team of mortgage specialists to explore various loan packages available. Our team will walk you through the steps and help you understand how the increased conforming loan limits align with your unique financial goals and ownership aspirations. They will also explain how you can secure favorable rates. *Subject to credit approval.