Ishakis Finance Report Mortgage Broker Brooklyn
Loan Officer Yael Ishakis’s take on mortgage and finance news.
When you are ready to buy a home, it is natural to shop around for the best mortgage rate and terms. But you may have heard that submitting multiple loan applications can damage your credit score and throw a wrench in your homebuying plans. Here is the truth behind hard inquiries, rate shopping, and how… Continue reading Will Multiple Mortgage Applications Hurt Your Credit Score?
When applying for a mortgage, your creditworthiness plays a significant role in determining your loan approval and interest rates. Two commonly referenced terms are FICO score and credit score, which are often used interchangeably but have distinct differences. 1. What is a Credit Score? A credit score is a broad term that refers to a… Continue reading The Difference Between FICO Score and Credit Score: How It Affects Your Mortgage and Rates
When buying a home, one of the most critical factors is determining how much you can borrow through a mortgage. Lenders evaluate multiple financial aspects to assess your borrowing capacity. Here’s what they consider: Income and Debt-to-Income (DTI) Ratio Lenders assess your income to ensure you can afford monthly mortgage payments. A common guideline is… Continue reading How Do Mortgage Lenders Decide How Much You Can Borrow?
When considering homeownership, many potential buyers wonder: Will getting a mortgage help my credit score? The answer is yes—if managed correctly. A mortgage is a major financial commitment, but it can also be a powerful tool for building and maintaining strong credit. Here’s how a mortgage can affect your credit score and what you should… Continue reading How Obtaining a Mortgage Can Impact Your Credit Score
Credit inquiries, also known as credit pulls or checks, are a standard part of assessing creditworthiness. However, not all credit inquiries are the same. They fall into two main categories: hard and soft credit inquiries. Understanding the differences between these two types is crucial for managing your credit health and avoiding misconceptions. Below, we explore… Continue reading The Differences Between Hard and Soft Credit Inquiries
As we move into the last month of 2024, many potential homebuyers are eagerly awaiting a drop in mortgage rates. With inflation numbers looking promising, there’s hope that the Federal Reserve will lower the federal funds rate, which typically drives mortgage rates down as well. If you’re planning to buy a home or refinance when… Continue reading What You Can Do Now to Prepare for Mortgage Rate Drops
If you’re thinking about buying a new home next year, there’s one important factor to consider before you start browsing listings—your credit score. A strong credit score can make a huge difference in the interest rates you will qualify for and can also determine your mortgage approval. Starting the process of improving your credit now… Continue reading Steps to Take Now to Build Your Credit for a Home Purchase Next Year
When you’re looking to buy a home, one of the most important numbers you need to know is your FICO score. This three-digit number represents your creditworthiness and plays a crucial role in determining the terms of your home loan. Let’s discuss what a FICO score is, how it’s calculated, and why it matters for… Continue reading Understanding Your FICO Score: Key to Better Home Loan Rates
Knowing the difference between a hard inquiry vs soft inquiry can help you maintain a good credit score. Here’s what you need to know. Most people know that your credit score can drop if you miss a payment or have a new collection filed against you. But how about when you apply for new credit?… Continue reading Hard Inquiry vs. Soft Inquiry — What’s the Difference?
Building a credit profile from scratch can be a daunting task, especially for those who have no credit history. These individuals, often referred to as having a “thin credit file,” face challenges in securing loans, credit cards, or even mortgages. Interestingly, having no credit at all can sometimes be more problematic than having a poor… Continue reading Preparing for a Mortgage? 5 Ways to Build Credit Without Credit a History