We’ll look at “Blue Sky Financial” today because it wants to help you save time and money so you can spend more time outside admiring those stunning blue skies.
The new business (established in 2020) describes itself as a discount mortgage brokerage, which means they work with outside lenders to find a home for your loan.
They reportedly also provide low mortgage rates, which they claim are made possible by “digital efficiencies,” or modern technology and reduced overhead.
Blue Sky Financial Fast Facts
As was already mentioned, Blue Sky Financial acts as a mortgage broker, connecting borrowers with a wholesale mortgage lender who actually provides the financing.
Due to their numerous lending partners, they have the advantage of being able to offer more loan programs, even though it means they must go to another business to complete your loan.
They provide financing for home purchases and refinances, just like other mortgage lenders.
They have three physical offices, including ones in West Palm Beach, Florida, and Boise and Sun Valley, Idaho.
Currently, only eight states across the country—California, Colorado, Florida, Idaho, Illinois, New Jersey, Ohio, and Washington—have granted them licenses.
It’s unclear if they intend to concentrate on those particular states for the time being or soon expand to other states.
How to Apply for a Home Loan with Blue Sky Financial
In order to make applying for a home loan as simple as possible, Blue Sky Financial has partnered with fintech firm Ellie Mae (ICE).
Even though Rocket Mortgage claims you can complete the application in just eight minutes, they claim to provide a better mortgage experience with their “10 Minute Application,” which sounds quick enough.
Anyway, to begin, simply go to their website and select “Blue Skies Start Here.” ”.
That will direct you to the page of the online application where you can start entering your personal and financial details.
You can upload documents like pay stubs and bank statements or link financial accounts when asked to do so in order to verify your information.
You can also quickly complete what is frequently a tedious process by electronically signing important disclosures.
A loan officer and processor will review the pricing after submission and prepare your file for submission to the underwriting department.
Anyone looking to pre-qualify for a mortgage can adhere to the same guidelines provided above.
You can also click on the loan officer biographies on their website, then get in touch before you apply, if you want to work with a specific loan officer.
If you’re satisfied with the loan pricing you hear from an actual loan officer, it might make more sense to fill out the application afterward.
Overall, Blue Sky Financial seems to be fairly simple to use, and if you don’t want to speak to anyone, you can price a loan on your own through their website.
Loan Programs Offered by Blue Sky Financial
Although they don’t list specific loan programs on their website, I’m guessing they provide the full range of services you’d anticipate from a major lender.
They can send your loan to any of their partners because they are a mortgage broker, depending on its characteristics.
They might, for instance, have one partner who accepts jumbo loans and another who is a good fit for FHA or VA loans.
A home purchase loan or a refinance loan, such as a rate and term refinance or a cash out refinance, are both available to you.
In addition to single-family homes, condos/townhomes, 1-4-unit investment properties, and other common property types, they also lend on them.
It’s not clear if they provide interest-only loans, USDA loans, or any other specialty options.
It would be nice if they provided more information about available loan programs on their website so we don’t have to hazard a guess.
Blue Sky Financial Mortgage Rates
The “Loan Pricer” on Blue Sky Financial’s website is one advantage of using their services.
You can enter your loan information to view current mortgage rates without registering or logging in.
It will display an interest rate along with a price that represents the associated lender credit or points needed to obtain that rate.
If you’re merely shopping around, you can fiddle around to view various rates and prices across various scenarios, then get in touch with a loan officer to confirm pricing.
Considering how few lenders actually make their mortgage rates public online, it’s a nice gesture of transparency.
Additionally, popular home loan comparison websites like Bankrate or Zillow may list Blue Sky Financial’s mortgage rates.
Therefore, they do appear to lead with their pricing, which is excellent news if you’re looking for the best deals available.
However, they make no mention of lender fees, so it’s unclear whether they impose an application fee or a loan origination fee, for example.
When comparing various lenders, be sure to enquire about those costs as well.
Blue Sky Financial Reviews
On Zillow, Blue Sky Financial has a very respectable 4. 83-star rating out of 5 from about 60 customer reviews.
Similarly, they’ve got a 4. 8-star rating at Bankrate, with the majority of the reviews being perfect 5-star ratings.
They’ve also got a 5. 0-rating on Google from 21 reviews at last glance. Despite the small sample sizes, they seem to be satisfying customers so far across all ratings sites.
Blue Sky Financial lacks both accreditation and a rating from the Better Business Bureau, possibly because they are a relatively new company.
In conclusion, despite being a young company, they have a solid reputation, appear to use the most recent technology, and provide competitive mortgage rates.
That suggests that they might be a good fit for current homeowners looking to refinance or even for a potential buyer looking to buy their first home.
Blue Sky Financial Pros and Cons
The Perhaps Not
Is Blue Sky loans legit?
Customer testimonials for BlueSky Auto Finance The business is accredited by the Better Business Bureau (BBB) and has an A+ rating, but there are only three testimonials available on the BBB website. BlueSky averaged a 1. 0 out of 5 stars after three customer reviews.
Is Blue Sky Financial a direct lender?
BlueSky collaborates with “buy here, pay here” dealerships in addition to direct lenders. You could purchase a car from any state-licensed car dealer if you accept a loan offer from a direct lender. You would have to purchase one of the dealership’s vehicles if you agreed to an auto loan from a “buy here, pay here” business.
How do I know if a loan company is legitimate?
- Check for contact information. Even if a lender only operates online, it should still be possible to easily find its contact information (phone number, email, and physical address) online.
- Investigate online reviews. …
- Make sure it’s registered.
What is blue sky in lending?
Blue sky laws are anti-fraud regulations at the state level that demand that issuers of securities register and disclose specifics of their offerings. Blue sky laws make issuers liable for not adhering to the laws’ provisions, allowing authorities and investors to take legal action against them.