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Academy Mortgage

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4.8

Overall Score

LAST UPDATED: December 1st, 2023

Academy Mortgage is a direct lender that processes, underwrites, closes, and funds all loans in-house. This means that Academy Mortgage will be more likely to offer competitive mortgage rates and speedy financing since it does not need to go through other mortgage lenders to obtain loans for its customers.

Academy Mortgage is licensed to originate loans in 49 states and Washington, D.C. It has over 260 branch offices across the country.

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Highlight: Academy Mortgage awards and achievements

  • Utah Best of State Mortgage Banking 3 Years in a Row
  • #1-Rated Lender on Zillow

Continue reading for a full review of this mortgage company, and Academy Mortgage reviews from real customers.

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The Good

Direct Lender

As a direct mortgage lender, Academy Mortgage is able to provide affordable loan services in a timely manner. Direct lending companies can reduce overhead costs and time because they do not rely on other mortgage companies to fund loans for their customers.

Academy Mortgage Corporation claims that its average closing times are significantly faster than the competition and this claim is supported by the fact that it is a direct lending company.

Variety of Loan Types

Academy Mortgage provides a wide variety of loan options in order to adequately serve each unique client. The company offers the following loan types and services: 

  • Fixed-Rate Mortgage (also known as a conventional loan)
  • Adjustable-Rate Mortgage (ARM)
  • FHA Loan
  • VA Loan
  • USDA Rural Housing Loan 
  • FHA 203(k) Renovation Loan (includes costs to repair and remodel a property)
  • Jumbo Loan
  • State Housing Loan
  • Refinancing Loan
  • Builder Loan
  • GSFA Platinum Program (a loan solution and grant program for California residents)
  • Reverse mortgage

To help you choose which loan type is best for you, Academy Mortgage has a loan decision tool, allowing you to choose the circumstances that most closely describe you (eg. "I want a low down payment", "I want to live outside the city", or "I'm a first-time homebuyer") and then match you with the loan products that are designed to meet those needs.

Most other mortgage lenders do not offer this many loan options, setting Academy Mortgage apart in the industry. The fact that the company offers a wide range of mortgage loan products enables the Academy Mortgage team to offer loan origination even in the most unique or seemingly difficult circumstances. Combined with the fact that Academy Mortgage is a direct lender, there is no brokering and no middleman, providing a hassle-free and quick loan process.

Academy Mortgage Terms

Although Academy Mortgage rates are not explicitly disclosed, it does offer several sample scenarios that show mortgage rates that are typical for the industry.

In addition, Academy Mortgage has great terms for its standard mortgage loan. A borrower that chooses Academy Mortgage can expect the following on most loan products*:

  • Minimum down payment (conventional loan) — 3%
  • Average minimum credit score requirement — 620
  • Fixed-rate loan term lengths — 10–30 years

*rates and terms may vary by loan type

Branch Locations

Academy Mortgage has 260+ branch locations nationwide if you would prefer a face-to-face interaction. However, you are not required to visit a branch to apply or manage your loan, so if you prefer the convenience of doing everything online, you can do so.

Free Homebuyer Education Tools

The Academy Mortgage website hosts dozens of articles, videos, infographics, and tools to help potential homebuyers like you feel informed and confident about homeownership. The resources range from navigating closing costs to understanding mortgage lending jargon.

The website also offers various mortgage calculators that can compute how much your mortgage monthly payment could be, how much mortgage you qualify for, how much house you can afford, and how much you could save if you were to increase your mortgage payment. The figures shown by the calculators are meant to be hypothetical and are not necessarily illustrative of the exact loan rates and terms that you will receive upon applying, but they will give you a good idea of where you stand and what you can expect when you do apply for an Academy Mortgage home loan.

These online resources are designed to help customers before, during, and after the home-buying process.

Mobile App

Academy Mortgage offers a mobile app, My Mortgage: Mobile, to help clients stay on top of their mortgages using a smartphone or tablet. App features include: 

  • Loan program comparisons
  • Possible savings or refinancing calculator
  • Home affordability calculator
  • Document scanner and uploader
  • Contact information for a loan officer and/or real estate agent
  • Notifications for interest rate changes

The Academy Mortgage mobile app is available for both Android and iOS devices.

Complaint Portal

Academy Mortgage provides an easy-access feedback portal on its website, allowing you to easily share any concerns or difficulties you may be experiencing. This is unique, as most other mortgage companies do not offer this feature, suggesting that Academy Mortgage takes its customer relations seriously and is committed to hearing complaints, fixing problems, and improving its services.

If you submit a complaint on the Academy Mortgage website, you should be notified within five days that your complaint has been received. Once your complaint has been investigated you will be contacted once again.

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The Bad

Undisclosed Rates

Academy Mortgage does not disclose an interest rate range on its website, nor does it have an interest rate estimate calculator to provide a rough idea of potential rates a borrower could receive. 

Potential borrowers need to contact a company representative directly to determine interest rates, origination fees, and other loan figures. 

Not Licensed in New York

Academy Mortgage is licensed in 49 states and Washington, D.C., but is not licensed to do business in New York. 

Mixed Academy Mortgage Reviews

Positive reviews highlight reliable customer service and a quick and easy process.

On the other hand, negative reviews remark on a difficult application process and poor experiences with customer service. The company could respond to these reviews to demonstrate a commitment to making things right. 

Due to this variance in reviews, in addition to limited numbers, it is hard to paint an accurate picture of Academy Mortgage based solely on customer reviews.

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The Bottom Line

Academy Mortgage stands out as an excellent choice for your home loan needs, as all mortgage procedures are done in-house, so borrowers can trust the speed and efficiency of Academy Mortgage's loan approval process. 

In addition, Academy Mortgage offers a wide range of loan types from conventional loans and adjustable-rate mortgages to jumbo mortgages and renovation loans. Academy Mortgage even funds less-common mortgage types like FHA 203(k) Renovation Loans, USDA Rural Housing Loans, and loans through the GSFA Platinum Program. This wide array of loan offerings provides greater flexibility for borrowers to choose the best loan type for their specific needs.

Overall, Academy Mortgage is worth looking into. 

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Star Rating

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2.7

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39 Reviews

Review Breakdown

5 grade

38%

4 grade

3%

3 grade

0%

2 grade

3%

1 grade

56%

Sentiment Criteria

Value

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Quality

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Service

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Trustworthiness

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