Matthew Sanford | Source | AVP of Mortgage Lending at Skyla Federal Credit Union

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Matthew Sanford

AVP of Mortgage Lending at Skyla Federal Credit Union
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Matthew is AVP Mortgage Lending at Skyla Federal Credit Union who believes that a community is strongest when there is diversity, equality, and inclusion. He is skilled in sales, underwriting, and mortgage lending.

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  • Understanding Mortgages: Expert Insights from Skyla Federal Credit Union
    Matthew explains that conventional loans require stronger credit and larger down payments. "Conforming loans meet Fannie Mae/Freddie Mac guidelines," he notes. For long-term stability, "a fixed-rate mortgage is the way to go." Jumbo loans demand a credit score of 700+, low debt-to-income ratio, and significant reserves.
  • Exploring Top Loan Options for Debt Consolidation
    Matthew highlights cash-out refinances, home equity loans, HELOCs, personal loans, and credit cards as viable options. He advises using home equity for high-interest debts, while personal loans suit non-homeowners. HELOCs offer flexibility, and credit cards with 0% interest are ideal for disciplined borrowers. Each option has unique benefits, making it crucial to choose based on individual financial situations.
  • Home Improvement Loans: Expert Insights from Skyla Federal Credit Union
    Matthew explains that personal loans are popular for home improvements due to quick approval and no collateral. However, they may have "higher interest rates and shorter terms." He advises getting detailed project quotes and comparing lenders. Alternatives include home equity loans, HELOCs, and credit cards with 0% APR for smaller projects.
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  • When completing a cash-out refinance, you're not only taking on new debt, but you're also changing the rate on your existing mortgage balance. If the refinanced interest rate is higher, this could result in you paying substantially more interest than you would otherwise.

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