Academy Bank Mortgage Review

About Academy Bank, N.A.

Academy Bank, N.A.

Academy Bank is a family-owned business dedicated to supporting the financial well-being of the individuals and businesses within our communities. We provide a wide variety of affordable, competitively priced, and easily accessible credit and retail banking services through an extensive network of branches (most available 7 days a week) and ATM locations, toll-free customer service numbers, a toll-free 24-hour automated account information line, online banking, and mobile banking.

Our customers can also bank with us worldwide—any time, any place, anywhere—24 hours a day, 7 days a week, 365 days a year


Working with Academy Bank

Academy Bank operates in five states.

  • Arizona
  • Colorado
  • Florida
  • Kansas
  • Missouri

Customers looking to apply for a mortgage in other states can do so through Academy Bank’s sister company, Armed Forces Bank, if eligible.

Academy Bank prioritizes a convenient customer experience by offering a combination of traditional and in-store branch locations, many open six days a week.

The types of properties Academy Bank finances include:

  • single-family homes
  • condominiums
  • townhomes

The company’s website does not provide detailed information on other property types, its underwriting process or specific borrower criteria.


Academy Bank products

Academy Bank offers customers a variety of options to purchase, refinance or use their home equity.

Purchase

  • Conventional loans Customers can borrow fixed or adjustable-rate mortgages at various term lengths. The bank offers options with down payment requirements as low as 3%.
  • Jumbo loans Academy Bank offers fixed or adjustable-rate jumbo loans up to $3 million. Borrowers can expect stricter lending requirements for these loans.
  • VA loans
  • FHA loans

Per its website, Academy Bank does not offer USDA loans.

Refinance

Home equity

Per its website, Academy Bank does not offer home equity loans.


Academy Bank special mortgage programs

All Academy Bank loans are eligible for its Mortgage Service Guarantee, which promises an on-time closing or customers receive a $500 credit.


The mortgage application process

  • How to apply. Borrowers first complete an online application. A loan advisor will then contact them to begin the pre-qualification process. Academy Bank encourages both new purchase and refinance customers to seek pre-qualification.

Once you are pre-qualified, you can choose to pay an application deposit, which will go toward the cost of the home appraisal and credit report. If you pay the fee, you can elect to lock in your interest rate.

  • Disclosure process. Academy Bank gives customers multiple options for providing and receiving loan information and disclosures, including via fax or using an online portal to upload documents and e-sign. Your loan advisor will notify you of the method to use.
  • Submitting loan for approval. After you find a property, you will submit a full application and provide additional requested information. Academy Bank will order the home appraisal and title work at this time.
  • Final approval. Once the full application, appraisal and title work are completed, your loan is submitted for final approval. Your loan advisor will notify you if any information is needed during the underwriting process.
  • Closing. Your loan advisor will contact you to schedule the closing, which will take place in your home or at the closing attorney’s office.

Communication during the process

Your loan advisor will be your main point of contact throughout the mortgage process. You will have the option of selecting one when applying. If you have no preference, a loan advisor will be assigned to you.


Pros and cons of an Academy Bank mortgage

Pros

  • Fast loan approval. Academy Bank guarantees on-time closings.
  • Competitive interest rates.
  • A dedicated loan advisor. The bank provides a single point of contact to see your loan through to closing.
  • Free consultation. Prospective borrowers can consult with a loan officer before applying.

Cons

  • Limited loan and home equity products. Academy Bank does not offer some standard products, including USDA loans and home equity loans.
  • Website does not provide detailed information. Borrowers looking for eligibility requirements and other loan information will need to contact the bank.
  • Not available nationally. Academy Bank only offers mortgages in five states.
  • Does not offer many special programs.

Editorial Note: Parts of this article were reviewed by a lender to ensure accuracy prior to publication. The overall conclusions, recommendations and opinions are the author’s alone.