WELCOME, FROM ALL OF US AT SKYRIDGE LENDING!
In today’s ever-changing markets, it is vital to stay informed about the latest loan products and rates available, both for our in-house products and for our many portfolio banks and investors with whom we do business. Rather than put the burden of daily research on our loan officers and loan counselors, we have product specialists and underwriters who study the market daily, providing the most current products available. We then customize your loan, based on your mortgage needs and financial situation. As a result, we are able to provide you with personalized options to help you make an informed decision about your mortgage. We want you to KNOW YOUR OPTIONS! This unique process sets us apart from other companies and ultimately benefits you, the client.
It is our goal to keep communication lines open with all parties during the mortgage process. With in-house marketing reps and account managers, we make every attempt to keep Realtors and home builders apprised of loan status for our clients. Keeping all parties informed as much as possible contributes to a smoother and more productive loan process. Our staff is committed to making this a positive experience for you and your loved ones. Contact us today!
Phone: (833) SKY-RIDGE, (833) 759-7434
We are proud of the team of individuals who represent our company. Our employees and loan officers were chosen for their integrity, work ethic, and commitment to meeting our clients’ needs. You will not find a group of more loyal or dedicated workers than these. Please contact one of our staff below and let them know how we can serve.
Meet the Team
James D Laing II
CEO / Loan Officer
Corporate Branch Manager / Loan Officer
Hawaii Branch Manager / Loan Officer
Organizations we support
Woodland Park, CO
Mission: CHOICES exists to support the teens and young adults of Teller County, as they face life-altering decisions, empowering them to make healthy choices for themselves, their children and their future.
Vision: CHOICES aims to improve the outcomes for those who face an unplanned pregnancy by providing support, education and assistance.
The Exodus Road
Colorado Springs, CO
Year Founded: 2012
Mission: Sons and daughters will be trafficked tonight: bought, sold, abused, and enslaved. We’re on a mission to find and free them. | The Exodus Road. End Human Trafficking. We Fight Sex Trafficking.
Conifer, CO | Year Founded: 1990
Mission: We strengthen our community with services that empower people.
Programs: Basic Needs Assistance, Health Insurance Enrollment Assistance, Veterans Support Services, Early Childhood, Family and Health Education & Parents As Teachers, Center for Family Opportunity Workforce Program
Generally speaking, you can purchase a home with a value of two or three times your annual household income. However, the amount that you can borrow will depend upon your employment history, credit history, current savings and debts, and the amount of down payment you are willing to make. You may also be able to take advantage of special loan programs for first-time buyers to purchase a home with a higher value. Give us a call and we can help you determine exactly how much you can afford.
With a fixed-rate mortgage, the interest rate stays the same during the life of the loan. With an adjustable-rate mortgage (ARM), the interest changes periodically, typically in relation to an index. While the monthly payments that you make with a fixed-rate mortgage are relatively stable, payments on an ARM loan will likely change. There are advantages and disadvantages to each type of mortgage, and the best way to select a loan product is by talking to us.
An index is an economic indicator that lenders use to set the interest rate for an ARM (Adjustable Rate Mortgage). Generally, the interest rate you pay is a combination of the index rate and a pre-specified margin. Three commonly used indices are the One-Year Treasury Bill, the Cost of Funds of the 11th District Federal Home Loan Bank (COFI), and the London InterBank Offering Rate (LIBOR).
There is no simple formula to determine the type of mortgage that is best for you. This choice depends on a number of factors, including your current financial picture and how long you intend to keep your house. We can help you evaluate your choices and help you make the most appropriate decision.
For most homeowners, the monthly mortgage payments include three separate parts:
Principal: Repayment on the amount borrowed
Interest: Payment to the lender for the amount borrowed
Taxes & Insurance: Monthly payments are normally deposited into a special escrow account for items like hazard insurance and property taxes. This feature is sometimes optional, in which case the fees will be paid by you directly to the County Tax Assessor and property insurance company.
The amount of cash that is necessary depends on a number of items. Generally speaking, you will need to supply:
Earnest Money: The deposit that is paid when you make an offer on the house
Down Payment: A percentage of the cost of the home that is due at settlement
Closing Costs: Costs associated with processing paperwork to purchase or refinance a house
Yes, we do our best to look at every situation. If we believe that your financial situation makes sense, and the loan can be funded, we will do everything we can to help you. Please refer to our products page to learn about our Credit Builders Program, or contact one of our loan officers for more information.
This is a great question. Many people have heard that it only makes sense to refinance if you save at least two percentage points off of your current loan. This is a general statement that can be very misleading. It is important to calculate your break-even point and determine if you will be in the house long enough to justify the cost. Most people are somewhere between six to thirty months when calculating a break-even analysis. Many times, when more cost is involved, there is more savings over the long term, so it is a good idea to go over these options with your loan specialist. Here is an example: Brian has two options, one saves him $200 per month but costs $3000 to close. The second option only costs $1200 to close but only saves him $100 per month. The first option takes eighteen months to recoup the cost or break-even point. After that, Brian will save $200 additional per month for the rest of his loan term. In option two, it only takes twelve months for Brian to break even, but he only saves $100 over the rest of the life of the loan. Brian is planning on staying in the house for at least the next five years. In this example, option one saves Brian an additional $3600 over the first five years, even though the closing costs were more. It is important to calculate the break-even point in order to make an informed decision and save the most money possible. Many people also consider shorter terms or debt consolidation when refinancing to get out of debt quicker. It is important when doing debt consolidation to make sure you aren’t just setting yourself up for additional debt at a later date. Call one of our loan counselors for more details.