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Sky Financial Loans
Sky Financial Loans    
Sky Financial Loans


Why Choose
Sky Financial?

    • No Closing Cost
    • Competitive Rates
    • Among the Lowest
      Rates in the Industry
    • Flexible Hours
    • Over A Decade Of
    • Free Pre-Approvals
    • Quick Turn Around

Fixed Rate Mortgage

Q: What is a Fixed Rate mortgage?

A: A Fixed Rate Mortgage is a loan where the interest rate remains the same throughout the term of the loan as opposed to loans where the interest rate can change.

Q: How long is a Fixed Rate Mortgage?

A: Generally they are 15, 20 or 30 years.

Q: Which type fixed rate loan is right for you?

A: A 30 year fixed mortgage loan has a lower monthly payment because the interest rate is amortized over a longer period of time. You will have a higher interest bill which can be deducted at tax time. During the first years almost all of the money you pay goes towards the interest.

A 20-year fixed-rate mortgage helps you pay off your home faster and build equity faster than longer-term fixed-rate mortgages. A 20-year fixed-rate mortgage generally has a lower interest rate than longer-term home loans but higher monthly payments.

A 15 year fixed mortgage builds equity quicker due to the shorted amortization schedule. Generally interest rates are lower on a 15 year loan. Monthly payments are much higher than a 30 year loan.

Q: What is the difference between a fixed-rate and adjustable-rate mortgage (ARM) loan?

A: A Fixed Rate Mortgage the interest rate remains the same throughout the time of the loan. With an Adjustable rate Mortgage the interest rate may go up or down. An Adjustable Rate Mortgage rate can stay the same for months or years. Once the introductory period is over your interest rate will go up and down. Part of the interest rate you pay is tied to a broader measure of interest rates called an index. Many ARMs will limit the amount of each adjustment and set a maximum cap on how high your interest can go over the life of the loan. Some also limit how low the rate can go.

Q: What is a balloon loan?

A: A balloon loan has a big payment at the end of the loan. Generally it is more than one and a half or two times the loan's average monthly payment, and often it can be thousands of dollars. Balloon payment mortgages are more common in commercial real estate.


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Sky Financial Loans

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Hours: Monday - Friday 9:00am to 6:00pm Weekends by Appointment
Sky Financial Services, Inc. 5540 West Valley Road, Center Valley, PA 18034 - Phone: 610-282-3000
NMLS ID # 141744 Licensed by the Pennsylvania Department of Banking