Academy Mortgage Corp NY Interest Rate and Cost Review

Is Academy Mortgage Corp NY a cheap or expensive mortgage lender? To help you shop for a mortgage, we compare the interest rates and closing costs charged by Academy Mortgage Corp NY to those of other lenders for a comparable set of borrowers. Here is our review of Academy Mortgage Corp NY nationally:

Review ItemAcademy Mortgage Corp NY
Interest Ratesimilar to other lenders (-0.02%)
Loan Related Closing Costshigher than other lenders (+$387)
National Rate and Closing Cost Star Rating(3.5)

On average, Academy Mortgage Corp NY’s interest rates were similar to those of other lenders (-0.02%). On the other hand, its loan related closing costs were higher than those of other lenders, with a difference of +$387. Overall, combining interest rates and closing costs we estimate that Academy Mortgage Corp NY tends to be an average cost lender, and give it a National Rate and Closing Costs Rating of 3.5 out of 5 stars. We maintain our independence by not accepting any money from the mortgage lenders we review. To visit Academy Mortgage Corp NY, its website is located at: https://academymortgagecorp.com/.

Academy Mortgage Corp NY’s Rate Review by City

Mortgage lenders often set different rates in different geographical markets. For our list of the top mortgage lenders in your area, click here. In particular, among the cities we track Academy Mortgage Corp NY was most active in:

  1. New York, NY
  2. Yonkers, NY
  3. Syracuse, NY

Academy Mortgage Corp NY’s Rate Review by Mortgage Type

Mortgage lenders also tend to charge different interest rates and closing costs depending on the type of mortgage. In our data, Academy Mortgage Corp NY originated Conforming, FHA, Jumbo and VA mortgages for new home purchases. It also originated Conforming, FHA and VA mortgages for refinances. Its average interest rate and total loan related closing cost difference relative to other lenders for comparable borrowers by mortgages type is as follows.

Purchase/Refinance:
New Purchase MortgagesConformingFHAJumboVA
Interest Rate Difference+0.01%-0.11%+0.01%+0.03%
Loan Related Closing Cost Difference+$518-$101+$36-$102
Cost Adjusted Rate Difference+0.04%-0.11%+0.01%+0.03%
National Star Rating(3.5)(4)(3.5)(3.5)
Refinance MortgagesConformingFHAVA
Interest Rate Difference-0.06%-0.03%-0.01%
Loan Related Closing Cost Difference+$439+$228-$36
Cost Adjusted Rate Difference-0.04%-0.02%-0.01%
Average Star Rating(3.5)(3.5)(3.5)

As a summary, Academy Mortgage Corp NY is cheap for FHA purchase mortgages. It is similar to other lenders for Conforming, Jumbo and VA purchase mortgages. For refinancing mortgages, Academy Mortgage Corp NY is similar to other lenders for Conforming, FHA and VA mortgage refinance. Nevertheless, individual circumstances can matter a lot for mortgage rates, and we always recommend shopping among several of our top mortgage lenders in your area before signing.

Other information about Academy Mortgage Corp NY:

Registered name: Academy Mortgage Corp
Registered city and state: FARMINGDALE, NY, 11735
Regulator: United States Department of Housing and Urban Development (HUD)

* Source of the data is Federal Financial Institutions Examination Council (FFIEC) and is for mortgages originated in the past year. Our comparable mortgages analysis controls for Academy Mortgage Corp NY’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and commuting zone. Cost adjusted rates were computed based on each percent of the loan amount in above average loan related closing costs being worth +0.15 of a percentage point in interest rate. Furthermore, the amounts are regularized using a Bayesian approach to control for small samples.