Ishakis Finance Report Mortgage Broker Brooklyn
Loan Officer Yael Ishakis’s take on mortgage and finance news.
The Benefits of Paying Points on Your Mortgage When you take out a mortgage, you may be given the option to pay points in exchange for a lower interest rate. A mortgage point, also known as a discount point, is equal to 1% of the loan amount. For example, if you re financing $200,000, one… Continue reading The Benefits of Paying Points on Your Mortgage
When considering refinancing your mortgage, two main options often come to the forefront: Cash-Out Refinance and Rate-and-Term Refinance. Both allow you to change the terms of your mortgage, but they serve different purposes and have distinct advantages. Understanding the differences between these two refinancing options is crucial to making an informed decision that best aligns… Continue reading Cash-Out Refinance vs. Rate-and-Term Refinance: Which One Is Right for You?
For generations, the goal was simple, pay off your mortgage before retirement and enjoy your golden years debt-free. But today’s retirees are changing the conversation. More and more, homeowners in or near retirement are choosing to take out a mortgage on purpose, not out of necessity. And for many, it is a smart financial move.… Continue reading Why Retirees Are Taking Out Mortgages on Purpose
For many people, the idea of getting pre-approved for a mortgage feels overwhelming. You are asked to hand over personal financial information, trust a stranger with your credit report, and answer questions you may not feel ready to face. It is no wonder some buyers delay this step, even when they are serious about purchasing… Continue reading Why Getting Pre-Approved Feels So Intimidating, and Why It Shouldn’t
House flipping, the practice of buying a property, renovating it, and quickly selling it for a profit, can be an exciting and potentially lucrative investment strategy. However, financing a flip with a traditional mortgage carries significant risks that investors should carefully consider before proceeding. Higher Interest Rates and FeesTraditional mortgages typically offer lower interest rates… Continue reading The Risks of Using a Mortgage for House Flipping
Deciding to buy a home when you know you might move within a few years can be a challenging choice. Many people wonder if it makes financial sense to take on a mortgage if they will not live in the property long term. The answer depends on several factors, including your personal goals, market conditions,… Continue reading Should You Get a Mortgage If You Plan to Move Soon?
Private mortgage insurance, or PMI, is often required when a homebuyer makes a down payment of less than twenty percent. While PMI helps lenders reduce risk, it adds extra cost to your monthly mortgage payment. The good news is that you may be able to remove PMI without refinancing your loan. Understanding the options available… Continue reading How to Remove PMI Without Refinancing
Private mortgage loans can be a useful option for buyers and sellers looking for flexible financing outside of traditional lending channels. However, these arrangements require careful structuring to avoid potential tax complications for both parties. Understanding the key elements of a private mortgage loan is essential to ensure compliance with tax laws and protect your… Continue reading How to Structure a Private Mortgage Loan to Avoid Tax Issues
When evaluating the housing market, many people focus on home prices and interest rates. However, one critical factor that often goes unnoticed is the strength of the local job market. Employment trends directly affect mortgage lending by influencing both buyer demand and lender confidence. Why Local Employment Matters A stable job market means more people… Continue reading The Effect of Local Job Markets on Mortgage Lending
When purchasing a home, every detail matters, especially your interest rate. One strategy that many buyers overlook is the mortgage rate buydown. A buydown allows you to lower your interest rate for the first few years of your loan, or even permanently, by paying upfront fees at closing. This option can significantly reduce your monthly… Continue reading The Benefits of Mortgage Rate Buydowns