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Learning & Guidance

Skyla's Learning and Guidance provides you with dozens of educational resources, guides, quizzes, and customizable templates to make connecting the financial dots in planning, implementing, and reaching success simple. Check it out!

Yanna

As the Content Specialist and author of the Learning & Guidance Center, Yanna enjoys motivating others by uncovering all that's possible in the world of finance. From financial tips and tricks to ultimate guides and comparison charts, she is obsessed with finding ways to help readers excel in their journey towards financial freedom.

Home Buying

By: Yanna
October 12th, 2022

A fixed-rate mortgage is a mortgage product that has a set interest rate for the life of the loan. Most financial institutions like Skyla offer 15-&-30-year fixed-rate mortgages.

Home Buying

By: Yanna
October 12th, 2022

A jumbo loan is a mortgage that exceeds the conforming loan limit set by the Federal Housing Finance Agency. This limit varies depending on the location of the property but is typically $484,350 or higher. Jumbo loans are available in both fixed-rate and adjustable-rate mortgage options. For many homebuyers, the main advantage of a jumbo loan is that it allows them to purchase a more expensive property than they would be able to with a standard mortgage. Additionally, jumbo loans often come with lower interest rates than other mortgage products.

Home Buying

By: Yanna
October 12th, 2022

You can look at conventional mortgages as normal (or regular) loans. These loans are mortgages that aren't insured or guaranteed by the government. This means that if you can't make your mortgage payments, you won't be able to get help from the government as you could with a Federal Housing Administration (FHA) loan.

Home Buying

By: Yanna
October 12th, 2022

Interest-only mortgages work similarly to adjustable-rate mortgages (ARMs). In a nutshell, interest-only mortgages are when you only pay the interest on the mortgage for the first couple of years of the loan and not any of the principal payments.

Home Buying

By: Yanna
October 12th, 2022

Homebuying can be a complex process but understanding the basics of mortgages is a good place to start! There are many different mortgage products available, and the terms of the loan will vary depending on the lender and the borrower's circumstances.

Home Buying

By: Yanna
October 12th, 2022

Are you in the market for a new home but not sure which mortgage option is right for you? Don’t worry - you're not alone!

Home Buying

By: Yanna
October 12th, 2022

So you’re ready to buy a home? As you research lenders, you're probably wondering how long it takes to get approved for a mortgage

Home Buying

By: Yanna
October 12th, 2022

Have you ever wondered what the difference is between being pre-qualified and pre-approved for a mortgage? It can certainly be confusing, especially if you're new to mortgages, but they’re helpful when it comes to purchasing your new home.

Home Buying

By: Yanna
October 12th, 2022

You may have heard the term "adjustable-rate mortgage" (or "ARM"). But what exactly is it? And should you consider getting one?