Velocity Lending

How do I figure out how much I can afford to spend on a house or property?

Our team can help you understand your financial situation and how it applies to the property you’re interested in affording. When seeing if you can afford a new home or other property, consider ongoing costs you’ll need to cover such as your monthly loan payment, in addition to property taxes, insurance, and maintenance expenses. Knowing what interest rate you qualify for, your down payment amount, and the term length of your loan will help you understand how much you can afford with your current income and expenses.

What do I need to know about potential loan options?

We’ll help you consider factors that can impact the affordability of your loan. This includes your term length or how long you pay your loan. We’ll also help you understand your overall loan amount and how to get a loan that will comfortably cover the value of the property you’re looking to purchase or refinance. Your interest rate is also a factor. We can help you understand how it’s impacted by the market as well as your own finances.

When should I refinance my property?

Refinancing provides options to lower your monthly loan payment and interest rate or even borrow cash from the equity you have in your property. In many cases, you can refinance after having owned the property for more than 6 months. You’ll also want to consider whether the closing costs or any other associated costs with refinancing will be worth it. Lowering your interest rate and monthly payments is worthwhile if the added expenses of refinancing can be paid off before you’re ready to sell the home, for example.