Skyla Credit Union Blog

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

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.

A jumbo loan is a mortgage that exceeds the conforming loan limit set by the Federal Housing Finance Agency (FHFA). Conforming loan limits are updated annually and may vary depending on the location of the property. As of 2025, the baseline conforming loan limit for most areas is $806,500, although higher limits may apply in certain high-cost housing markets. Jumbo loans are available in both fixed-rate and adjustable-rate mortgage options, allowing borrowers flexibility when financing higher-priced properties.

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!

A Federal Housing Administration (FHA) loan is a government-backed mortgage insured by the FHA and regulated by the U.S. Department of Housing and Urban Development (HUD). While FHA loans are insured by the government, the loan itself is issued and funded by an approved lender.

A VA home loan is a mortgage loan that is guaranteed by the U.S. Department of Veterans Affairs (VA). The loan is available to eligible veterans, service members, and surviving spouses.

A USDA home loan is a mortgage that is insured by the US Department of Agriculture. These loans are available to rural homeowners who may not qualify for other types of mortgage loans.

Ever heard of the term second mortgage? If you have, have you ever wondered if you should get one?

A reverse mortgage is where the borrower doesn’t make monthly payments to the lender. Instead, the lender makes payments to the borrower, and the loan balance increases over time. The borrower is not required to repay the loan until the home is sold or the borrower dies. At that time, the lender is repaid from the proceeds of the sale or from the borrower’s estate. Reverse mortgages can be helpful for seniors ages 62 and up who wish to stay in their homes but do not have the income to make monthly mortgage payments. IMPORTANT NOTE: Skyla does not currently offer reverse mortgage products. This article is for educational purposes only to help readers understand how reverse mortgages work and whether they may be worth exploring.