Ishakis Finance Report Mortgage Broker Brooklyn
Loan Officer Yael Ishakis’s take on mortgage and finance news.
Creative financing can be an attractive option for sellers, especially those with significant equity. One popular approach is carrying back a second mortgage, where the seller effectively becomes a lender to help the buyer complete the purchase. While this can be a beneficial arrangement, it’s essential to understand the risks and the protections available, particularly… Continue reading What Sellers Need to Know About Becoming a Lender with Creative Financing
Buying a home without a down payment is possible, but it requires exploring the right loan programs and financial assistance options. While lenders have tightened their requirements since the 2008 housing crisis, there are still ways to achieve homeownership with little to no upfront cash. Loan Programs That Require No Down Payment VA Loans If… Continue reading How to Buy a Home with Zero Down Payment
When buying a home or refinancing, comparing mortgage options can make a significant financial difference. Many borrowers assume that the first loan offer they receive is the best one, but taking the time to explore multiple lenders can lead to substantial savings. How Comparing Mortgages Saves Money Lower Interest Rates: Even a slight difference in… Continue reading Why Shopping for a Mortgage Can Save You Thousands
Knowing how to calculate mortgage payments can help you plan for homeownership and budget effectively. Several factors determine your monthly payment, including the loan amount, interest rate, and loan term. Here’s a step-by-step guide to understanding the process. Key Factors in Mortgage Payment CalculationLoan Amount – This is the total amount borrowed after the down… Continue reading Understanding Mortgage Payments and How to Calculate Them
If you have a reverse mortgage, you may be wondering whether refinancing is an option. The good news is that yes, you can refinance a reverse mortgage, and doing so may offer financial benefits depending on your situation. Here’s what you need to know about refinancing, including reasons to consider it, eligibility requirements, costs, and… Continue reading What You Need to Know About Refinancing a Reverse Mortgage
A mortgage escrow account is a financial tool used by lenders to manage and disburse payments for property-related expenses, like property taxes and homeowners insurance. Rather than paying these expenses separately, a portion of your monthly mortgage payment is set aside in the escrow account. When taxes or insurance premiums are due, the lender pays… Continue reading Understanding Mortgage Escrow Accounts and Why They Are Important
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?
Deciding to finance a new home can be exciting, and because of that buyers tend to want to jump right in. Not so fast! Before you start searching for your dream home, you need to get pre-approved and that means applying for a loan. You will need to get things in order by deciding how… Continue reading To Finance Or Not To Finance
When homeowners need access to funds or want to optimize their mortgage terms, they often face a critical decision: Should I get a second mortgage or refinance? Both options have unique advantages and considerations, making it essential to evaluate your financial situation and long-term goals before choosing the best path. Understanding a Second Mortgage A… Continue reading Second Mortgage vs. Refinancing and How to Identify Which Option is Right for You
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