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Skyline Client News

We beat the Illinois Bankrate average!

 


Yesterday, a client asked me “So, how’s business”?  My response was…”The music is about to stop with everyone scrambling for a chair”. 

The whole world has been enjoying easy and cheap credit through the globalization of finance, which has tapped the savings of billions of people in the developing countries. This in turn has fueled the longest and strongest period of global growth in modern history, the most spectacular effect of which has been a housing boom allowing millions of people to buy homes they never thought they could afford. But the credit boom, which also inflated the market price of stocks and bonds, is now being superseded by a global credit crunch.

 Banks that got into the easy-lending mode are reverting to the days when they avoided the riskier (and more profitable) loans.  But the biggest problem is that many banks cannot off load the loans they wish they’d never made; they will have to live with them for a long time.  It is this inability of the large banks to sell off their leveraged loans that is causing the credit markets to freeze up.

With more than $1.8 trillion worth of securities backed by sub-prime and low (no-doc) documentation mortgages created since 2000, banks and investors are suffering losses that are exposed every week, affecting the overall confidence in the credit markets.  The housing boom was dependent on these loans that pushed home prices to levels far above what many current and would-be owners could afford, and the risk of further, nationwide decline in home prices will inflict real hardship on millions of Americans.

While I hope that this current difficult environment will be short-lived, it’s important to be realistic and be prepared to work within this tough market for a protracted period.  In that respect, it may take quick action in order for some to evaluate and negotiate the current mortgage markets. 

I also want to reaffirm to you our commitment to the mortgage business and assure you we will stay focused on remaining a stable, reliable mortgage banker you can count on to meet your needs.  Skyline Funding’s financial strength combined with our diversified and vast lending resources will ensure we will be one of the strong survivors from this difficult period.  I want to thank you for your support and loyalty.  It’s important that you know…I always have time for you or someone you care about. I’m looking forward to us building an even stronger relationship in the months and years to come.

M. Klein

 

Homes For Sale By Owner...Would you like to turn 'lookers' into 'home buyers', sell the house for full price, and get a written contract within 21-28 days --go to: http://www.skylinefunding.org/Ready_20_Willing_20_Able_20_Buyers2 


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Skyline Funding "BEST PRICE GUARANTEE"

We will match the interest rate quoted by any competing lender for a first mortage product with the same terms offered by Skyline Funding.  We will even beat the other lender's fees by $500, or pay you $500.  That's the Skyline Funding "Best Price Garantee"