Today we’ll check out “Blue Sky Financial,” whose goal is to save you time and money so you can get outside and enjoy those beautiful blue skies a little bit more.
The young company (formed in 2020) refers to itself as a discount mortgage brokerage, meaning they work with third-party lenders to find your loan a home.
Apparently they also offer low mortgage rates, which they say are possible thanks to “digital efficiencies” aka the latest technology and less overhead.
Let’s find out more about them.
Blue Sky Financial Fast Facts
- An independent discount mortgage brokerage
- Offers home purchase financing and mortgage refinances
- Founded in 2020, headquartered in Eagle, Idaho (Boise metro)
- Has only one physical location
- Currently licensed to do business in five states
As mentioned, Blue Sky Financial is a mortgage brokerage, meaning they link up borrowers with a wholesale mortgage lender, which actually provides the financing.
While that means they need to turn to another company to get your loan to the finish line, it gives them the advantage of offering more loan programs because they’ve got multiple lending partners.
Like other mortgage lenders, they offer home purchase financing, along with mortgage refinances.
They appear to have just one physical office in Eagle, Idaho, which is located in the Boise metro area.
At the moment, they’re only licensed in five states nationwide, including California, Colorado, Idaho, Oregon, and Washington. So primarily the West Coast.
It’s unclear if they plan to expand to additional states soon, or focus on those specific states for the time being.
In the past, they had more state licenses but perhaps downsized as mortgage rates nearly tripled and loan volume dried up.
How to Apply for a Home Loan with Blue Sky Financial
- They refer to their loan process as the “15 Minute Application”
- It is a digital mortgage platform powered by Ellie Mae (ICE)
- You can apply online, upload income and asset documents, and eSign disclosures
- Their online borrower portal allows you to keep track of loan progress and receive updates along the way
Blue Sky Financial is big on making it easy to apply for a home loan, and they’ve partnered with fintech company Ellie Mae (ICE) to make that possible.
They say they offer a better mortgage experience via their “15 Minute Application,” which sounds fast enough, even if Rocket Mortgage claims you can do it in just eight minutes.
Anyway, to get started you simply visit their website, then click on “Blue Skies Start Here.”
That will take you to the digital application page where you begin filling out personal and financial information online.
When prompted, you can link financial accounts and/or upload things like pay stubs and bank statements to verify your information.
You can also eSign important disclosures with the click of a button to breeze through what is often a painstaking process.
Once submitted, a loan officer and processor will discuss pricing and prep your file to submit to the underwriting department.
Those who are looking to get pre-qualified for a mortgage can follow the same instructions listed above.
If you want to work with someone specific, you can click on the loan officer bios on their website as well, then get in touch before you apply.
It may make more sense to get loan pricing with an actual loan officer first, then proceed to the application if you’re happy with what you hear.
All in all, it appears to be pretty easy to get started with Blue Sky Financial, and you can price a loan on your own via their website as well if you don’t want to speak to anyone.
Loan Programs Offered by Blue Sky Financial
- Home purchase loans
- Refinance loans: rate and term and cash out
- Conforming loans backed by Fannie Mae and Freddie Mac
- FHA loans
- VA loans
- Jumbo loans
- Fixed-rate mortgages: 30-year fixed, 15-year fixed, etc.
- Adjustable-rate mortgages: 5/1 ARM, 7/1 ARM
While they don’t list individual loan programs on their website, my guess is they offer the full suite of offerings you’d expect to find with any big lender.
Because they’re a mortgage broker, they can send your loan to one of a variety of their wholesale lender partners depending on its attributes.
For example, they may have a certain partner that accepts jumbo loans, and another that’s a good fit for FHA loans or VA loans.
You can take out a home purchase loan or a refinance loan, including a rate and term refinance or a cash out refinance.
They lend on all common property types, including single-family homes, condos/townhomes, 1-4-unit investment properties, and more.
It’s unclear if they offer USDA loans or any specialty options like interest-only loans.
It would be nice if they provided more information on their website regarding available loan programs so we don’t have to guess.
Blue Sky Financial Mortgage Rates
In the past, Blue Sky Financial had a “Loan Pricer” on their website.
It allowed you to plug in your loan details to see today’s mortgage rates, without having to sign up or log in.
It would show you both an interest rate and price, which is the associated lender credit or points required for said rate.
But it appears that feature has been removed and you’ll now need to call them to obtain pricing.
However, you may come across Blue Sky Financial’s mortgage rates on popular home loan comparison websites like Bankrate or Zillow.
That’s actually where they tend to advertise most. So they do seem to lead with their pricing, which is a great sign if you’re shopping for the lowest mortgage rates out there.
That being said, they don’t mention anything about lender fees, so it’s not clear if they charge an application fee, loan origination fee, and so on.
Be sure to inquire about those fees as well when comparing different lenders.
Blue Sky Financial Reviews
On Zillow, Blue Sky Financial has a very respectable 4.90-star rating out of 5 from about 170 customer reviews.
Similarly, they’ve got a 4.7-star review at Bankrate from about 60 reviews, with most perfect 5-star reviews.
They’ve also got a 4.9-rating on Google from 63 reviews at last glance. While the sample sizes aren’t huge, they appear to be making customers happy thus far across all ratings sites.
Blue Sky Financial isn’t an accredited company with the Better Business Bureau, nor does it have a rating, perhaps because they’re pretty small/new.
In summary, while relatively young, they’re a well-liked company and seem to employ the latest technology while offering attractive mortgage rates.
That means they could be a good fit for existing homeowners looking to refinance, or even a prospective home buyer looking to make their first purchase.
Because they are a broker, they should have access to tons of different loan programs to suit just about any loan scenario. You might also get a more personalized experience because they aren’t a big corporate mortgage company.
Blue Sky Financial Pros and Cons
The Good
- You can apply for a mortgage quickly and easily from any device
- Their digital mortgage application is powered by Ellie Mae (ICE)
- Lots of loan programs to choose from because they operate as a broker
- They appear to offer low mortgage rates (advertise in many comparison tables)
- Excellent customer reviews from past customers
- Free mortgage calculators on site
The Perhaps Not
- Not licensed in all states
- No BBB rating
- Unclear what lender fees they charge if any
(photo: Blake Matheny)
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Our experience with Blue Sky Financial was everything homeowners always hope it to be, whereas all our loans with with others over the past 28 years never were, whether it was with a lender directly or a broker. Blue Sky is fully transparent, respectful in every interaction with you, and doesn’t drop the ball with communication once things are in underwriting. They immediately get to the bottom of any confusion or discrepancy between what the loan officer says and what underwriting does, and there is no sneaky bait and switch with the fees or the rates. They work to get you the best possible rate and deal for your situation that exists among all the lenders they work with, and the lenders in their toolbox are fantastic. We actually have a lender now that is just as transparent and easy to work with as Blue Sky is. We got a better deal than we would have had we gone to the lender directly though, so sometimes, not always, a broker is worth it, and I can promise it’s worth it when it is Blue Sky.