Posts by Velocity Lending

Ways to Build Credit More Effectively

Advice and articles on how to build credit are fairly common. But in this post, we’re going to look specifically at ways to build credit more effectively. What do I mean by “effectively”? We’re going to focus on the types of credit building strategies that are likely to give you a strong credit score from […]

Keep Reading

5 Things Not to Do Before You Close on Your Mortgage

Home buyers and people refinancing sometimes get complacent once they get a mortgage approval. They assume the approval is set in stone. But that’s not the case. There are at least five things you should not do before you close on your mortgage. The mortgage process is dynamic. Even after you get your approval, things […]

Keep Reading

The Pros and Cons of Different Types of Mortgages

While it’s common to use the term “mortgage” as if it’s a single type of financial product, there are several different variations. Each provides basic home financing but with its features and nuances. You may find one loan type preferable to another, either based on personal circumstances or financial goals. Let’s take a look at […]

Keep Reading

What You Need to Know Before You Sign Student Loan Papers

Student loans have become so common that both students and their parents may pay little attention to the details. But as is the case with any kind of loan, the details matter! There’s much to be aware of before you sign student loan papers. Go through all loan documents carefully, and consider having them reviewed […]

Keep Reading

How Your Credit Score Affects Your Ability to Buy a Home

Your credit score has a big impact on whether you’ll be able to buy a home. From being able to get approved for a mortgage to your interest rate and the amount of house you’ll be able to afford, your FICO credit score matters when you’re shopping for a home. What Your Credit Score Means […]

Keep Reading

What Are Property Taxes?

There are many adventures on the road to homeownership. One of them is learning the ins and outs of property taxes. Every year, millions of homeowners pay real estate property taxes to their local municipality. The amount of the tax, the way it’s calculated, and even how it’s paid vary from place to place. Adding […]

Keep Reading

What You Should Know About Short Sales

When a homeowner runs into problems on a mortgage, they may try a short sale to avoid a foreclosure. A short sale is a way for a homeowner to sell a home for less than the remaining mortgage loan balance. The process is more complicated than a typical home sale and can have a negative […]

Keep Reading

Why 20% Down Payment Isn’t Necessary

Many first-time home buyers think a 20% down payment is recommended, or even required, to purchase a home. With today’s rising home prices, a 20% down payment is no small amount of money. However, you may be surprised to know that a 20% down payment is not necessary to buy a home in today’s market. […]

Keep Reading

Are Bi-Weekly Mortgage Payments for You?

For most homeowners, mortgage payments are paid once a month. Yet some homeowners opt to make a payment twice a month, a proven strategy that can help you pay off your mortgage faster, save thousands on interest and quickly accrue more home equity. On the other hand, bi-weekly mortgage payments aren’t for everyone. Not everyone […]

Keep Reading

How to Know When to Refinance Your Mortgage

How do you know when to refinance your mortgage? Many people know that refinancing a home loan could save them money, but it isn’t always true that you’ll come out ahead with a refinance. Your potential savings depends on your circumstances, the terms of the old loan and the terms of the new refinance loan. […]

Keep Reading