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Investment Property loan:
Seasoned or New Real Estate Investors looking for quick closings, discount fees and the industries best rates look no further, Skyline Financial Corp. specializes in multiple investor property loans and has the latest information on bank owned, foreclosed properties and other distressed seller bargains.
Whether you are your own agent or have your own agent, we can help you find the investment bargains. We can help you research the current market value, compile the rental cash flow analysis and/or write the offer. The choice is yours; we will help as little or as much as you want.
Currently, Freddie Mac has just reduced the number of properties an investor can finance thru them from 10 properties down to 4. However Fannie Mae will still allow up to 10 loans under the same investor. So if you are an investor with more properties than those government sponsored entities allow we can help you find a portfolio lender who holds and services their own loans.
Whatever your investment property needs are, if you feel we can help you reach your goals, simply complete our secure application below and we will find you the property (if needed) and guarantee you the lowest rate you qualify for using 1 or more of our 3 step savings processes.
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FHA Loans:
All FHA loans are insured by the Federal Housing Administration, a division of the Department of Housing and Urban Development (HUD). The FHA does not actually loan money, but it does provide lenders insurance against a potential loss by using a mortgage insurance premium (MIP) if the borrower defaults on his or her loan.
FHA loan programs are designed to help everyone. A FHA home loan program can be helpful to you if you want to buy a home but have less than the 20% down payment conventional loan programs require.
In addition, a FHA loan program can be very helpful to you if you are an existing homeowner looking to refinance your home, but owe more than 80% of the homes current market value.
The FHA loan program seems to fill in the gap between Conventional home loans and no loan available. The rates on FHA loans rates are very stable and competitive even though they allow lower down payments and less equity. However all FHA loan do require a mortgage insurance premium (MIP).
Some of the other benefits of FHA financing:
- Only a 3.5 percent down payment is required.
- Closing costs can be financed.
- Low monthly mortgage insurance premiums.
- Easier underwriting/approval guidelines than conventional loans.
- Less equity is required than you would need for most conventional loans.
- Standard credit scores are not always required, but ability to repay is.
Fixed rate vs. adjustable rate loans?
With a fixed rate loan, your monthly payment of principal and interest never change for the life of your loan. These loans are safe and stable. Every month your principle and interest rate of your payment will be the same. If you have your taxes and insurance included in your payment these items are subject to change.
Fixed-rate loans terms range from: 30-year, 20-year, 15-year, even some 10-year loans are available. If you want to shorten the loan term of any fixed rate loan you can use an Equity Builder biweekly payment program to shorten the term and the effective interest rate of your loan. You pay every two weeks, a total of 26 payments a year -- which adds up to an "extra" monthly payment every year.
If you don’t like surprises you will want to choose a fixed-rate loan. But you do need to be prepared to not get a loan at all if you currently don’t qualify.
Additionally if you have an Adjustable Rate Mortgage (ARM) now, refinancing with a fixed-rate loan can give you more monthly payment stability.
Adjustable Rate Mortgages also known as ARMs, come in all shapes and sizes.
ARMs are typically determined on outside indexes such as:
- The 6-month Certificate of Deposit (CD) rate
- The one-year Treasury Security rate
- The LIBOR index (London inter banking offer rate)
- The Federal Home Loan Bank's 11th District Cost of Funds Index (COFI)
Usually all these loans types are subject to adjust every six months or once a year.
Most loans have a cap that protects you from your monthly payment going up too much at once. There may be a cap on how much your interest rate can go up in one period. (Example; no more than two percent per year, even if the underlying index goes up by more than two percent.)
You may also have a payment cap that instead of capping the interest rate where the caps protects the amount your monthly payment can go up in one period. In addition, almost all ARM programs have a lifetime cap where your interest rate can never exceed that cap amount, no matter what. Most ARMs are subject to adjust every six months or once a year.
ARMs often have the lowest, most attractive and sexy rates at the beginning of the loan, and can guarantee that rate for anywhere from a month to 5-7-10 years.
When you hear the term of a 5/1 ARM or 7/1 ARM, what that means for you is that the introductory rate is set for 5 or 7 years, and then adjusts according to the used index every year after that until the loan is paid off in full. Loans like this are often best for people who anticipating moving and or selling within that period of time and want to take advantage of the lower rate.
You might choose an ARM to take advantage of a lower introductory rate and count on either moving or selling. This is not a good loan for just to qualify to get in the home. With ARMs, you do risk your rate going up, beware of this loan type if your income does not annually as your payment can and will.
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Home equity loan:
Home owners if you are considering cashing out some of your homes equity in a second loan or equity line, let Skyline Financial Corp. evaluate your exact home equity options.
Many times an equity line is not the best or cheapest way to access your equity. A new first mortgage consolidating your other debts and/or cash needed into a new first loan might be smarter. We can provide you with a side by side comparison using our blended rate calculator to see which way saves you the most money.
Equity lines are usually adjustable and not as secure as a fixed second. So if your re-payment time frame is unknown it might be better to avoid the risk of an equity line and stay secure with a fixed rate second.
The education of all the information is the key to making the right decision on a home equity loan. So if you feel we can help educate you on all the options, simply complete our secure online application and we will guarantee you the lowest rate you qualify for using 1 or more of our 3 savings processes.
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Home loan refinance:
Home owners looking at opportunities to refinance should consider Skyline Financial Corp. for many of the following reasons:
- Lower the interest rate.
- Lower the monthly payment.
- Reduce the total of finance charges.
- Shorten the loan term.
- Convert from an adjustable rate to fixed rate.
- Consolidate other debts. (Credit cards, auto loans, installment loans, equity lines, etc.)
- Purchase and/or invest in other property.
- Buy a business.
- Pay for college.
- Help family and /or friends.
Whatever your refinance wants or needs are, if you feel refinancing can help you reach your goal, simply complete our secure online application and we will guarantee you the lowest rate you qualify for using 1 or more of our 3 step savings processes.
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Home purchase loan:
Potential home buyers wanting to maximize their time, savings and education process should consider Skyline Financial Corp. for the following reasons:
- We will pre-approve, you not just pre-qualify you, and there is a difference.
- We can provide purchase loans with as little as a 3.5% down payment.
- Free foreclosure and bank owned property for sale information.
- Free Escrow services for both the buyer and seller. (approx. $2,500 savings for each)
- Quick to close, our typical purchase loan is closed in less than 30 days.
- We have an A plus rating with the Better Business Bureau.
Whatever your purchase wants or needs are, if you feel refinancing can help you reach your goal, simply complete our secure online application and we will guarantee you the lowest rate you qualify for using 1 or more of our 3 step savings processes.
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Reverse Mortgages:
Reverse mortgages allow senior citizens to tap into their homes equity without selling their home. The lender pays you money based on the equity you've have in your home. You can receive a lump sum, a monthly payment or a line of credit.
Repayment is not due until the borrower sells the property, moves into a retirement community or passes away. When you sell your home or no longer use it as your primary residence, you or your estate must repay the cash you received from the reverse mortgage plus interest and other finance charges to the lender.
Most reverse mortgages require you be at least 62 years of age, have a low (usually 65% or less) or even a zero balance owed against your home and maintain the property as your principal residence.
Interest rates can be fixed or adjustable and the money is nontaxable and does not interfere with Social Security or Medicare benefits. Additionally the lender cannot take property away if you outlive your loan, nor can you be forced to sell your home to pay off your loan even if the loan balance grows to exceed property value.
Reverse mortgages are good alterative for senior homeowners who need additional income who do not want to or cannot go back to work.
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