Mortgage Options

When Considering A New Mortgage, Know Your Options

If you have never applied for a home loan, the process can be confusing. There are so many options, so many loan types, and various loan requirements. For first-time homebuyers or buyers who haven’t gone through the process recently, it can be hard to figure out where to start.  

Buying a home is personal. But with big banks, the experience can feel anything but. Most of the time you’ll be placed in a group with applicants of similar qualifications, with little attention given to your unique circumstances or qualifications. This can make it difficult to qualify for a conventional loan or meet the requirements of unique loans like FHA and VA loans. When considering a new mortgage, it’s best to know your options.

The Skyridge Lending difference

At Skyridge Lending, we offer the support that big banks don’t. Each customer is equally important; making it a priority to develop a personal relationship throughout the process. Whether you are seeking help with the purchase of your first home, understanding how to invest in second property or vacation home, refinance your current loan, or assist with any unique set of circumstances. At Skyridge, we pride ourselves on a quick turnaround, being home of the 15-day close. Our loan officers will help you develop an action plan and/or strategy for you to be successful in the mortgage process. If you have questions, our team is here to assist. There are several different options when it comes to taking on debt, and it’s very important to know what’s best for you. Our job is to help figure that out, giving you peace of mind.

Know your options

Skyridge Lending offers home loans for first time buyers, former and current military members, traditional homeowners, and current homeowners looking to refinance. When you know your options, you can make the best decision for you and your family.

All in one*: Think of an all in one mortgage like a mortgage combined with a checking account. When you use this type of loan, you are able to lower your interest paid and draw from your home equity at any time. 

Commercial*: Commercial loans cover commercial properties including restaurants, multi-family residences, and office buildings. The loan qualifications will usually be based on the potential revenue of the business, with requirements dependent on each individual case.

Condos: Can be purchased with standard terms as long as they are warrantable.  

Conventional*: These traditional loans are usually backed by Freddie or Fannie Mac and come with a loan to value of up to 97%. 

FHA*: The first-time homeowner’s loan. Allows for down payments as low as 3.5% and does allow for a higher debt to income ratio. 

High balance/Jumbo*: These loans are for high-value homes. Interest rates are usually higher, and applicants must meet specific qualifications. 

Home construction: For buyers building their own homes. Choose a two-close loan or a one-close loan. 

Investment*: Looking to flip a home or make money off a reno? Loans are available with as little as 15% down. 

Just for builders: For home builders. Loans available with a 90% loan to cost. 

Purchase rehab*: Available for homes in need of repair. The loan will be dependent on the appraised value and are available for as little as 5% down.

Reverse mortgage*: Use your equity to pay down your principal. Eliminate mortgage payments. 

Second/Vacation home*: Competitive rates available for homes outside your permanent residence. 

Unique Property*: Log homes, off-grid, and other unique homes. 

USDA*: Rural home loans with up to 100% financing. 

VA*: For former and current military members. Includes 0% down and no PMI.

* These options are available for refinancing loans.

Ready to take the leap?

Don’t let the big-name banks treat you like a random face in the crowd. Buying a home should be an experience you remember. At Skyridge Lending, we treat you differently. Our job is to do everything we can to help you qualify for a home loan or a refinance option. Have you found your dream home? Are you ready to get started? Ready to learn how you can qualify? Contact Skyridge Lending at (833) 759-7434 to meet with one of our experienced home lenders today. 

If you are considering a new mortgage, know your options. Give us a call to learn more about the variety of unique and conventional loans that we offer. If you are ready to be approved for a loan, apply for your mortgage today!

2 thoughts on “When Considering A New Mortgage, Know Your Options”

  1. Thank you for providing a broad view of the many mortgage options there are. It’s so refreshing to find a well established “local” mortgage lender that actually cares and has my best interests in mind; rather than the big banks. It’s becoming more difficult to find “partners” in the mortgage industry.

    I look forward to working with Skyridge Lending and reading your future blog posts.

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