Velocity Home Loans

Velocity Home Loans Mortgage Lender

The DunKings of Lending! Favorite SB Commericials! 🤣If you want to borrow our track suits give us a call, just return th...
02/16/2024

The DunKings of Lending!

Favorite SB Commericials! 🤣

If you want to borrow our track suits give us a call, just return them dry cleaned!

           

PRE-APPROVAL, What does it mean❓ It means a loan officer has looked at your finances—your income, debt, assets and credi...
02/13/2024

PRE-APPROVAL, What does it mean❓

It means a loan officer has looked at your finances—your income, debt, assets and credit history—and determined how much money you can borrow. ✅

Why is it important❓

🔹Let’s you know exactly how much you can afford to borrow
🔹Let’s you know what your projected monthly payment will be
🔹Gives you confidence when searching for a home

Why is it important in this market❓

🔹Helps you to be ready to move quickly when you find that perfect place
🔹Gives you the ability to fast track your approval to close
🔹Gives the seller confidence that you are a strong buyer and by accepting your offer the loan is fully expected to close (on time)

With rates on a downward trend and buyer activity is expected to pick up in the coming days, weeks and months. Pre-approval may be a buyers golden ticket to beating the competition and securing their dream home.🎟️💥

If you have questions, need to take the next step and get fully pre-approved…reach out! We would love to help! 📲

           

What Is the Debt-to-Income(DTI) Ratio ❓The debt-to-income (DTI) ratio is the percentage of your gross monthly income tha...
01/27/2024

What Is the Debt-to-Income(DTI) Ratio ❓

The debt-to-income (DTI) ratio is the percentage of your gross monthly income that goes to paying your monthly debt payments and is used by lenders to determine your borrowing risk.

To calculate your debt-to-income ratio:
➕Add up your monthly bills which may include:
Monthly rent or house payment
➗Divide the total by your gross monthly income, which is your income before taxes
🟰The result is your DTI, which will be in the form of a percentage. The lower the DTI, the less risky you are to lenders.

The formula for calculating a company’s debt ratio is:

TOTAL DEBT ➗ TOTAL GROSS INCOME 🟰 DTI Ratio

Understanding the Debt-to-Income (DTI) Ratio 🤔

A low debt-to-income (DTI) ratio demonstrates a good balance between debt and income. In other words, if your DTI ratio is 15%, that means that 15% of your monthly gross income goes to debt payments each month. Conversely, a high DTI ratio can signal that an individual has too much debt for the amount of income earned each month.

📲 With any questions

           

When you buy a home.. you want transparency and great communication right? Brody, we are grateful for the opportunity t...
01/23/2024

When you buy a home.. you want transparency and great communication right?

Brody, we are grateful for the opportunity to help you guys into your new home.

Welcome to the Velocity Home Loans Fam!

           

DID YOU KNOW, you don’t have to be a first-time homebuyer to put LESS than 20% down on a home?Want to know more informat...
01/03/2024

DID YOU KNOW, you don’t have to be a first-time homebuyer to put LESS than 20% down on a home?

Want to know more information about low down payment options?

Shoot me a DM. Let’s talk!

           

🎄Wishing everyone a Merry Christmas 🎄            
12/25/2023

🎄Wishing everyone a Merry Christmas 🎄

           

“The process was seamless, and I always knew I was getting the best of the best customer service from the whole team.”Th...
12/23/2023

“The process was seamless, and I always knew I was getting the best of the best customer service from the whole team.”

This couldn’t make me happier! 😁

Our goal is to make the home financing process as simple and smooth for our clients as possible.

Thank you Angie for trusting our team and I hope you enjoy your BEAUTIFUL home! 🎉

Less than a week before Christmas🎄Be smart with those purchases! 🎁Here is a tip for all you soon-to-be homeowners:Thinki...
12/19/2023

Less than a week before Christmas🎄

Be smart with those purchases! 🎁

Here is a tip for all you soon-to-be homeowners:

Thinking of buying a car right before closing on your house?

Stick to those stockings stuffers until those house keys are in your hand! You will be grateful you did!

Thank you for this review, Ashley!I appreciate you taking the time to leave us such a positive review. Finding a team th...
12/11/2023

Thank you for this review, Ashley!

I appreciate you taking the time to leave us such a positive review. Finding a team that provides the upmost customer service, throughout the loan process, really makes all the difference.

If you ever need mortgage assistance, please reach out
- my team and I would love to help!

           

Address

321 N County Boulevard, Suite B
American Fork, UT
84003

Telephone

+18014347337

Website

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